Income Tax News

ITAT makes trusts' registration with I-T Dept easier

23 March 2008 at 15:18

New Delhi (PTI): Making it easier for trusts to register themselves with the Income Tax Department, the tax tribunal has ruled that registration process would be deemed to be complete if the application is not rejected by the concerned official withi

Posted in Income Tax | 3153 Views

Giving is joyful, receiving taxing

23 March 2008 at 15:18

Gift is “something given voluntarily without payment in return, as to show favour towards someone”. The practice of giving and receiving gifts possibly started with Adam and Eve. Gifts are usually given out of natural love and affection,

Posted in Income Tax | 6063 Views

E-payment mandatory from 01.04.08

19 March 2008 at 19:12

Allincome tax payments are mandatorily to be made only electronicallyw.e.f.1.4.2008, for companies and others liable for tax audit undersection 44 AB. The relevant Notification is given below.NOTIFICATION NO 34/2008, Dated: March 13,2008 Inexercise

Posted in Income Tax | 3 comments | 6867 Views

Tax targets go up only to face low collection level

19 March 2008 at 14:56

New Delhi, Mar 17 In this world nothing is certain but for death and taxes, it is said. But collecting a part of these taxes, estimated at close to Rs 1 lakh crore, is proving to be full of uncertainties for tax authorities. The revenue department ha

Posted in Income Tax | 2727 Views

Clarification of amendment in Penalty for concealment provisions

16 March 2008 at 23:14

In view of the apprehension raised on the retrospective amendment to section 271 of the Income-tax Act, proposed in the Finance Bill, 2008, empowering the assessing officer to, inter-alia, levy penalty in case of concealment of income, the Ministry o

Posted in Income Tax | 4509 Views

Financing of LOAN WAIVER

16 March 2008 at 11:11

FINANCING THE FARM LOAN WAIVER PACKAGE 18:59 ISTFollowing is the text of the statement on Financing the Farm Loan Waiver Package made by Finance Minister Shri P. Chidambaram in Lok Sabha today.1. In my budget speech before the House, I had an

Posted in Income Tax | 3810 Views

The Next-may be Biometric PAN cards

14 March 2008 at 11:46

Security concerns and duplication of the PAN cards are reasonswhich have prompted the government to look at introducing biometric PANcards. The government is worried that terrorists can easily get a PANcard and open bank accounts or get a mobile conn

Posted in Income Tax | 2 comments | 5871 Views

I-T to Become Expeditious

08 March 2008 at 17:24

I-T to Become Expeditious After escorting in e-filing, the government is now set to revolutionize processing of returns. Jurisdiction-free processing of income-tax returns could be a reality soon, with the Finance Bill authorising the gove

Posted in Income Tax | 5130 Views

Aam admi gives "Thumbs-up" to the Union Budget

01 March 2008 at 17:01

Aam admi gives "Thumbs-up" to the Union BudgetThe 'aam admi' (common man) gave his thumbs-up to the Union Budget 2008-09, in which, apparently with an eye on elections, a large number of sops have been announced for the middle class and the far

Posted in Income Tax | 2922 Views

BCTT Withdrawn

29 February 2008 at 22:14

BCTT Withdrawn The Banking Cash Transaction Tax, which provided for a 0.1% levy on certain cash withdrawals from banks has been withdrawn.In the budget proposals for the fiscal year 2008-09, he said that no BCTT would be charged in respect

Posted in Income Tax | 1 comments | 11694 Views