Income Tax News
P Note curbs to raise tax issues
18 October 2007 at 15:02The proposed curbs on inflow through P-notes could raise tricky tax issues for foreign investors and institutional players. If the measures are imposed in totality, it could have adverse tax implications for many investors. The issue primarily concer
DTA Agreements can lower tax bill for NRIs
17 October 2007 at 20:08Taxation can be a complicated issue for a non resident (NRI). He may be subject to tax in India on some income and further doubly taxed in both countries on another source of income. This situation of double taxation can be avoided by appropriate pla
Tax compliance in India improving steadily
16 October 2007 at 19:5985% assessees file tax returns now Number of returns filed after notices has dropped sharply. Tax compliance in India is improving steadily. Four years ago, 76 per cent of the 28.8 million tax-payers (assessees) filed annual income tax returns.
Heights become tax lows for businessmen
14 October 2007 at 15:03Call them covert SEZs. To an enterprising businessman these pockets resemble tax havens. Places such as Leh in J&K, Itanagar in Arunachal Pradesh, Shillong and Tura in Meghalaya, Aizwal in Mizoram and many others have become hotspots for big-ticket i
GUIDANCE NOTE ON TAX AUDIT U/S 44AB
13 October 2007 at 23:01For the kind attention of members Guidance Note on Tax Audit Under Section 44AB of the Income-tax Act, 1961Changes approved subsequent to the publication of the Supplementary Guidance Note.For further details on the guidance note click on the followi
TAX-FREE INVESTMENT LIMIT MAY BE HIKED
12 October 2007 at 22:03Individual tax payers may be in for some cheer. The tax-free investment limit for individuals may soon be hiked from the present Rs 1 lakh to Rs 1.5 lakh. The proposal that the government is deliberating has a condition though: the additional Rs 50,0
IT dept.-Single window facility for large tax payers
10 October 2007 at 23:45After the success of large tax payer unit (LTU) at Bangalore, the Income Tax Department is keen on setting up the facility in Mumbai, which accounted for 40 per cent of the total direct tax collections. "IT Department, Mumbai region, will be organisi
Advance tax by IT firms increase by 110% ::
10 October 2007 at 17:20IT companies may be struggling to cope with a rising rupee, but their tax payments are on an upswing. The total advance tax collection from IT companies in September grew by 110% to Rs 507 crore from Rs 242 crore in September, 2006. September 15 was
Extension of due date of filing returns in Bihar!!
08 October 2007 at 16:57Considering the disruption caused by floods in the State of Bihar, the Central Board of Direct Taxes, in exercise of powers conferred under Section 119 of the Income Tax Act, 1961, hereby extends the due date for filing of returns required to be furn
Will increased Tax revenue bring smile on taxmen's face!!
05 October 2007 at 11:22TAXMEN DEMAND BETTER DEAL AS COLLECTIONS TOUCH NEW HEIGHTSIncome tax officers are awaiting the day when Finance Minister P Chidambaram approves a proposal to earmark 1 per cent of annual direct tax collections for meeting the annual expenditure of th
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