Income Tax News

Direct tax collections at Rs.3,14,468 crore for 2007-08

07 June 2008 at 00:55

The Finance Minister Shri P. Chidambaram will inaugurate the 24th Annual Conference of Chief Commissioners & Directors General of Income Tax here on coming Monday. The valedictory address will be given by Minister of State for Finance Shri S.S. Palan

Posted in Income Tax | 3435 Views

India Signs Double Taxation Avoidance Agreement with Luxembourg

03 June 2008 at 10:39

Government of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Grand Duchy of Luxembourg for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on Income and on capital,

Posted in Income Tax | 4674 Views

Income-tax officers are now demanding annexures with IT returns

28 May 2008 at 13:44

The income-tax department in Mumbai appears to be reversing the finance ministry's efforts to simplify the filing of tax returns. Last year, in an effort to reduce the paperwork

Posted in Income Tax | 1 comments | 15216 Views

Cess on income tax proposed to fund fuel subsidy

28 May 2008 at 13:33

Finmin seeks formula for 'revenue-neutral' halving of subsidies, The petroleum ministry has proposed to impose a surcharge on direct taxes to offset the staggering losses oil companies

Posted in Income Tax | 4857 Views

House rent receipts can save you tax

26 May 2008 at 12:57

Under section 10 (13A) of the Income Tax Act, you can claim a deduction on the rent you pay, Aam aurat and aam aadmi just moved into the city of dreams.

Posted in Income Tax | 1 comments | 17568 Views

SAVE TAX ON LOSS FROM SHARE

23 May 2008 at 11:23

By reading the title of the post you will be thinking that there is no tax on long term capital gain on shares then what is the relation between tax saving and long term capital loss?But after reading the next few lines you will definitely understand

Posted in Income Tax | 6 comments | 7515 Views

Post Budget notifications giving effect to prov of Finance Act 08

13 May 2008 at 11:17

The Finance Bill, 2008 received the assent of the President of India on the 10th May, 2008 and consequently the Finance Act, 2008 is being published in the Gazette of India dated 10th May, 2008 as Act No.18 of 2008. Central Government has issued s

Posted in Income Tax | 7734 Views

Expect lobbying for perpetual STPI to continue

03 May 2008 at 16:33

Author : C Chitti Pantulu/DNA-Daily News & Analysis Brokerages and analysts are reworking their numbers to re-rate IT counters following the government's decision to extend the Software Technology Parks of India (STPI) scheme for one more year. Finan

Posted in Income Tax | 4098 Views

CLARIFICATION ON TDS ON SERVICE TAX ON RENT U/S 194 -I

02 May 2008 at 14:35

Clarification on deduction of tax at source (TDS) on service tax component on rental income under section 194-I of the Income-tax ActCIRCULAR NO. 4/2008, DATED 28-4-2008 Representations/letters have been received in the Board seeking clarificati

Posted in Income Tax | 2 comments | 10482 Views

Ammendment - Sec 40(a) (ia)

01 May 2008 at 17:36

Sec 40 (a) (ia) ammendment retrospectively to allow deduction of expenses in case TDS of Mar month not paid in time but paid before due date of return

Posted in Income Tax | 6 comments | 16395 Views