Income Tax News

Economic Survey predicts GDP growth at 8.7% for 2007-08

28 February 2008 at 13:11

Pushing for reforms, theEconomic Survey said inflationary impact of foreign funds flow, a slowdown inthe US,an appreciating rupee and sluggish infrastructure sector were major challengesbefore economy. "The new challenge is to maintain growth at thes

Posted in Income Tax | 2649 Views

Economic survey 2007-08

28 February 2008 at 13:00

To download the economic survey click on the link belowhttp://www.caclubindia.com/share_files/files_display.asp?files_id=5086

Posted in Income Tax | 2421 Views

Highlights of Railway Budget-2008

26 February 2008 at 17:52

Following are the highlights of Railway Budget 2008 being presented in Parliament right now:- First Class AC fares reduced by 7%, Second AC by 4% and Third AC by 3%- Second class fares cut by 5%- 53 new trains, 10 Garib Raths -&n

Posted in Income Tax | 3759 Views

Should dividend remain exempt from IT

22 February 2008 at 09:24

The industry andhigh-income taxpayers abhor a tax on dividends. They say it would amount todouble taxation. The argument is that it is wrong to tax the same income twice,once when it is earned by companies and then in the hands of the shareholders a

Posted in Income Tax | 1 comments | 8610 Views

TDS may cover more incomes

20 February 2008 at 17:11

TDS may cover more incomes The upcoming Budget is expected to bring more income heads in the ambit of tax deducted at source (TDS). The scope of TDS may be expanded to include more trades and professions. At present, the TDS net covers income fr

Posted in Income Tax | 1 comments | 6165 Views

Tax Refund on 3 new services for Exporters

20 February 2008 at 16:07

The service tax refund scheme for exporters has been extended by the Finance Minister, to three more services, but stopped short of including 14 other areas for a similar relaxation. 13 services used by exporters have been made eligible for refund of

Posted in Income Tax | 4122 Views

Tax Exemption for Co-op banks may come up::

19 February 2008 at 19:52

Income generated from agricultural advances by state cooperative banks and district central cooperative banks is likely to be exempted from tax from 2008-09. The finance ministry is considering a proposal to this effect in order to boost farm sector

Posted in Income Tax | 3624 Views

Gratuity - a Right not Bounty

16 February 2008 at 11:34

Gratuity - a Right not Bounty The Supreme Court has ruled that, Gratuity is an inalienable right of an employee and not a bounty or reward that is offered by the management, A Bench of Justices S B Sinha and H S Bedi said that when a benefit is

Posted in Income Tax | 6267 Views

CBDT Press Release - e-Tds

14 February 2008 at 13:27

No.402/92/2006-MC (10 of 2008) Government of India / Ministry of Finance Department of RevenueCentral Board of Direct Taxes*** New Delhi dated the 12th February 2008 PRESS RELEASE All tax deductors / &

Posted in Income Tax | 7932 Views

Budget allocation for minorities to double

13 February 2008 at 21:34

Budget allocation for minorities todouble In what is likely to be fodder for the Opposition BJPbefore the elections, the coming Union Budget is likely to double theallocation for minorities' welfare schemes. Sources said the focus on

Posted in Income Tax | 1 comments | 2835 Views