Income Tax News
LAW FOR CREDIT CARD PAYMENTS :: FM..!
27 August 2007 at 09:32The government is planning to bring a new law to regulate credit card payment. While replying to a question regarding credit card problems, Finance Minister P Chidambaram told the Lok Sabha that such a move is in the offing. In his question, CPI(M) M
Income-tax Department seeks exemption from 'Right to information' Act ::
27 August 2007 at 09:26The income-tax department has asked the department of personnel and training to amend the Right to Information (RTI) Act to shield itself from unsolicited queries on its investigations. The RTI Act has exempted the department of revenue intelligence,
HC ON NEW IT RETURNS..!!
23 August 2007 at 16:57HIGH COURT OF ALLAHABADOm Prakash Tewariv. Union of India Section 139 of the Income-tax Act, 1961, read with rule 12 of the Income-tax Rules, 1962 - Return of income - General - Assessment year 2007-08 - Petitioners, lawyers/advocates, challenged In
NO PAN ! NO REFUND ON FD EARNINGS...!
23 August 2007 at 08:37Come April 2008, fixed deposit holders will not be allowed to avail any credit against taxes paid on their interest earnings if banks do not quote their PAN numbers.Many fixed deposit holders could be left in lurch as income tax department has tighte
Direct tax Growth figures are pleasant facts!!
22 August 2007 at 12:42Improved tax administration and a robust economic growth have started showing results. Continuing with its buoyant growth, the Centre's net direct tax collections grew 44.39 per cent since the beginning of the current fiscal till August 15 to Rs 59,2
FREQUENTLY ASKED QUESTIONS ON 'TAN'..!!
21 August 2007 at 05:47What is TAN?Ans. TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in all TDS/TCS returns (i
Confusion in AIR for taxpayers!!
21 August 2007 at 05:17Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assesse
FBT cannot substitute liability of employees !
20 August 2007 at 23:27A client pays his senior employees a quarterly bonus, a fixed sum, revised once a year. Since, this is given to all senior executives, this is taxed at 30 per cent plus SC plus cess in the hands of the employees. These employees request that the comp
LOSS ABROAD CAN BE SET OFF FROM TAXABLE INCOME IN INDIA ..!
20 August 2007 at 23:05A large number of Indian companies have set up offices outside India. The profits or losses of such offices are liable to be taxed in the foreign country. But how such profits or losses should be treated in India is a vexed question. A recent judgmen
Scrutiny Norms..a study..!
20 August 2007 at 00:49Computing the income chargeable to tax as per the provisions of the Income-Tax Act, 1961 is the first step in tax compliance. The natural sequence thereafter would be filing the return of income and awaiting approval of the tax authorities in respect
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