Income Tax News
Income Tax Department Starts Two More Taxpayer Friendly Initiatives : 'Register for Home Visit' and 'Online Tax Help'
24 July 2012 at 17:09In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’. To avail these fac
Setting Up of Tax Kiosks, Mumbai
23 July 2012 at 11:47The Income Tax Department, Mumbai is setting-up ‘Tax Kiosks’, manned by Tax Return Preparers, at various locations in Mumbai to assist the Individual & HUF taxpayers in preparation and filing of their Returns of Income. Prescrib
Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13
20 July 2012 at 15:54Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the f
Correct TDS credit resposibility is of the deductor
10 July 2012 at 15:57Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2
Net Direct Tax Collections During April-June 2012 up by 47.16%
10 July 2012 at 11:07Gross Direct Tax collections during April-June of the Financial Year 2012-13 was up by 6.77 percent at Rs. 1,11,182 crore as against Rs. 1,04,135 crore in the same period during the last year. Gross collection of Corporate Taxes showed an increase
New ITR-5 and ITR-6 forms released
04 July 2012 at 17:43NOTIFICATION NO.25/2012 [F.NO.142/31/2011 -TPL]/S.O. 1453(E) DATED 2-7-2012 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further t
CBDT Issues Notification Making E-Filing of Income Tax Returns Mandatory
02 July 2012 at 14:42Central Board of Direct Taxes (CBDT) has issued a notification S.O. 626(E) dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for an individual or a Hindu undivided family, if hi
CBDT Invites Comments/Suggestions on Draft GAAR Guidelines
29 June 2012 at 16:38The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GA
Clarification Regarding Draft GAAR Guidelines
29 June 2012 at 10:45Background The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating th
Clarification regarding exemption from DE for ITIs
26 June 2012 at 11:22Clarification regarding exemption from DE for ITIs
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