Income Tax News

Income Tax department's website to get new address

03 January 2009 at 11:51

New Delhi, Jan 2: The income tax department website which is used by lakhs of tax payers to file their returns online will soon be revamped along with a new website address or URL.The new online facility will host of several user-friendly features.Th

Posted in Income Tax | 2 comments | 28389 Views

New definition of Charitable Purpose

24 December 2008 at 14:42

Definition of 'Charitable purpose' under section 2(15) of the Income-tax Act, 1961Section 2(15) of the Income Tax Act, 1961 ('Act') defines "charitable purpose" to include the following:-(i) Relief of the poor(ii) Education(iii) Medical relief, and(i

Posted in Income Tax | 1 comments | 24216 Views

CBDT substitutes rules 6DD vide seventh amendment

13 October 2008 at 12:07

Rule 6dd new notificationINCOME-TAX (SEVENTH AMENDMENT) RULES, 2008 - SUBSTITUTION OF RULE 6DD NOTIFICATION NO. 97/2008 [F.NO. 142/10/2008-TPL], DATED 10-10-2008 The CBDT has substituted Rule 6DD of the Income-tax Rules vide the Income-tax

Posted in Income Tax | 3 comments | 25368 Views

Income-tax grievances to be registered online soon !!

10 October 2008 at 09:42

Income-tax grievances to be registered online soon NEW DELHI: Taxpayers will now be able to lodge their grievances with the taxman at the click of a mouse, with the launch of an online complaint redressal mechanism on the lines of the exis

Posted in Income Tax | 1 comments | 6165 Views

Collection of third party information to check tax evasion

01 October 2008 at 12:58

The Central Government has issued five notification nos. 38/2008 CE(NT) to 42/2008 CE(NT) all dated 29.9.2008 to facilitate collection of information from third party sources or from manufacturers themselves, in order to identify manufacturers with a

Posted in Income Tax | 3 comments | 13296 Views

TDS on arrears of salary paid to govt employees

01 October 2008 at 12:54

Clarification regarding tax deduction at source on arrears of salary paid to government servants on account of implementation of the recommendations of Sixth Central Pay Commission The Implementation Cell of the Department of Expenditure,

Posted in Income Tax | 19275 Views

Extension of due date of filing income tax returns for Sikkim

01 October 2008 at 02:06

The Central Board of Direct Taxes have extended the last date of filing of income tax returns, due by 31st July 2008, to 31st October 2008 in the state of Sikkim in view of the delay in issuing of Instruction No.8/2008 in respect of filing of income-

Posted in Income Tax | 5460 Views

EXTENSION OF DATE OF FILING IT RETURNS IN ORRISA

30 September 2008 at 09:52

EXTENSION OF DATE OF FILING IT RETURNS AND OBTAINING TAX AUDIT REPORT IN THE STATE OF ORISSAPRESS RELEASE NO. 402/92/2006-MC (45 OF 2008), DATED 29-9-2008 The Central Board of Direct Taxes have extended the last date of filing of income tax returns

Posted in Income Tax | 7341 Views

Interest Rates for Tax Overpayments and Underpayments

26 September 2008 at 13:01

The IRS has announced the interest rates for tax overpayments and underpayments for the calendar quarter beginning October 1, 2008.For non-corporate taxpayers, the rate for both underpayments and overpayments will be 6%. For corporations, the overpa

Posted in Income Tax | 2 comments | 11574 Views

TAX DEPT MUST ACCEPT COS' AUDITED ACCOUNTS: SC

25 September 2008 at 18:02

The Supreme Court has said the Income-Tax Department has to accept the authenticity of the accounts maintained in accordance with the provisions of the Companies Act and certified by the auditors. The assessing officer cannot go beyond the

Posted in Income Tax | 5 comments | 14001 Views