Income Tax News
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
I-T dept moves SC against ruling on taxing foreign firms !
18 August 2007 at 23:53The Income Tax Department has moved the Supreme Court against the ruling by a quasi-judicial body which held that foreign firms are not liable to pay tax on assignment amount charged from their Indian subsidiaries if contracts are signed outside the
Massive increase in efiling
16 August 2007 at 08:09E-filing of income tax returns is likely toincrease sharply to 3 million in the current financial year (2007-08),up from around 322,000 in 2006-07. Non-corporate assessees, whose accounts are auditedunder Section 44AB of the Income Tax Act, are
Tougher penalties for serious tax offences proposed !
16 August 2007 at 07:48Not paying your taxes in time could soon result in heftier fines and longer prison sentences if proposals being considered by the income-tax department are any indication. According to sources, as part of its proposed restructuring of penalties for t
TRPs IN TROUBLE !
15 August 2007 at 06:28The Tax Return Preparer (TRP) scheme of the Income Tax department is facing an uncertain future, or so it appears. A cross section of TRPs accept that the scheme has not generated much income. No wonder many are contemplating to quit. The pilot schem
'TDS' on Director's 'LOANS'...!
14 August 2007 at 23:25The Supreme Court has ruled that the companies have statutory obligation to deduct tax at sources (TDS) on interest payments for the loans taken in the name of its directors. The revenue department is empowered to impose interest on such a company fo
ITR 8 in excel format released by Income tax dept
14 August 2007 at 06:21<body><p>To download the same click on the link below<br><br>http://www.caclubindia.com/files_download.asp?files_id=930</p></body>
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