Income Tax News

CBDT's commitment to clear all refunds by March 31 2011 has been breached

07 April 2011 at 11:29

From the desk of Chairman,CBDTCBDT’s commitment to clear all refunds by March 31 2011 has been breached It is a matter of great anguish, desperation & dejection that despite repeated requests, reminders & alerts from the CBDT, we have

Posted in Income Tax | 8 comments | 7551 Views

Income-tax (Second Amendment) Rules, 2011 - Substitution of rule 28AA and Form No. 13 in Appendix II and amendment in rule 31A

01 April 2011 at 12:21

Income-tax (Second Amendment) Rules, 2011 - Substitution of rule 28AA and Form No. 13 in Appendix II and amendment in rule 31A NOTIFICATION NO. 16/2011 [F.NO. 133/11/2011-SO(TDL)/S.O. NO. 647(E) DATED 29-3-2011 S.O. 647 (E).� In exercise of

Posted in Income Tax | 21498 Views

Tax Exemption under section for the ICC Cricket World Cup 2011

01 April 2011 at 12:12

Tax Exemption under section for the ICC Cricket World Cup 2011 The Union Cabinet today approved the proposal of Ministry of Finance for exempting ICC Cricket World Cup 2011 from income tax under section 10(39) of the Income Tax Act 1961 in respe

Posted in Income Tax | 6069 Views

Facility of Income Tax Payment Through ATMs by Union Bank of India Launched

01 April 2011 at 12:12

Facility of Income Tax Payment Through ATMS by Union Bank of India Launched The Minister of State for Finance Shri Namo Narain Meena launched facility of Income Tax payment through ATMs by Union Bank of India here today. Senior officials from Minist

Posted in Income Tax | 3768 Views

Direct Tax - Suggestions of ICAI Accepted in the Finance Bill, 2011

25 March 2011 at 11:46

Direct Tax - Suggestions of ICAI Accepted in the Finance Bill, 2011

Posted in Income Tax | 3 comments | 11550 Views

I-T Dept issues Rs 616.53 cr tax notice to Mahindra Satyam

22 March 2011 at 18:11

I-T Dept issues Rs 616.53 cr tax notice to Mahindra Satyam The Income Tax Dept has issued a notice to Mahindra Satyam, the new brand identity of Satyam Computer Services Ltd, to pay Rs 616.53 crore in taxes, the company said in a stock exchange

Posted in Income Tax | 4995 Views

CBDT chief for quick payment of IT refunds

22 March 2011 at 11:31

CBDT chief for quick payment of IT refunds Issuance of about 15 lakh income tax refunds to taxpayers across the country has become a bone of contention between the I-T department and CBDT, with the Board chairman issuing instructions that failur

Posted in Income Tax | 2 comments | 7527 Views

Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit

21 March 2011 at 12:11

Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in subsequent quarters has exceeded threshold limit (as issued by the Directorate of Income Tax – Systems)

Posted in Income Tax | 7 comments | 17070 Views

New validation for quarterly e-TDS/TCS statement pertaining to FY 2010-11 and onwards. Amended file format and FVU version 3.1 and 2.130 released

21 March 2011 at 12:11

New validation for quarterly e-TDS/TCS statement pertaining to FY 2010-11 and onwards. Amended file format and FVU version 3.1 & 2.130 released (March 18, 2011) A. Procedure for preparation of return Deductors' Manual for quarterly retur

Posted in Income Tax | 13185 Views

Acceptance of e-TDS/TCS statements in Pen Drive

18 March 2011 at 17:53

Acceptance of e-TDS/TCS statements in Pen Drive 1. Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD. 2. Deductors /Collectors are advised to check the feasibility of accepta

Posted in Income Tax | 5 comments | 13386 Views