Income Tax News

FM soughts suggestions for Budget

02 February 2008 at 09:54

CONSULTATIVE COMMITTEE OF FINANCE MINISTRY MEETSFM SOUGHT SUGGESTIONS FOR THE BUDGET FROM THE MEMBERS16:16 ISTThis year's first Meeting of the Parliamentary Consultative Committee attached to Finance Ministry was held here today under the Chairmanshi

Posted in Income Tax | 4914 Views

Mandatory e-payment of taxes effective 01.04.2008

24 January 2008 at 10:14

No.402/92/2006- MC (05 of 2008)Government of India / Ministry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi dated the 23rd January 2008PRESS RELEASEThe optional scheme of electronic payment of taxes for income-tax payers was i

Posted in Income Tax | 2 comments | 12279 Views

Direct Tax Kitty Swelling

19 January 2008 at 10:23

DIRECT TAX COLELCTIONS UP BY 40% TILL 15TH JANUARY 15:19 IST Direct tax collections continued to record a growth of over 40 percent for the period April to January 15 in the current fiscal. Net tax collections stood at Rs.2,17,149 crore, up from Rs.

Posted in Income Tax | 5013 Views

IT department to be more friendly to bulk taxpayers:FM

17 January 2008 at 12:54

IT DEPT. TO BE MORE FRIENDLY TO BULK TAXPAYERS : FM CHIDAMBARAM COMMENDS FOR PERFORMANCE 17:50 IST The Union Finance Minister, Shri P. Chidambaram complimented the Chief Commissioners of Income Tax for the remarkable performance of the department, pa

Posted in Income Tax | 4449 Views

New tax code to tighten grip on individuals

17 January 2008 at 11:29

Individuals will have to start reporting their income from all sources in due course, including tax-free income. Thegovernment is vetting a proposal to shift from an exemption to adeduction-based regime for reporting income, a government officialsaid

Posted in Income Tax | 1 comments | 8715 Views

FM FINALIZES THE IT CODE

02 January 2008 at 14:55

FM FINALIZES THE IT CODEFinance Minister P Chidambaram today said, that the draft of the Income Tax code, which is expected to simplify and replace the present law, is ready and will be released along with a discussion paper. The release period has n

Posted in Income Tax | 10620 Views

Ammendment in 80C deduction

29 December 2007 at 00:32

Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or(ii) incurring expenditure on tuition fee and repayment

Posted in Income Tax | 3 comments | 29133 Views

Direct tax growth highest in Mumbai

21 December 2007 at 23:13

Direct tax collections continued to record a growth of over 40 percent for the period 1st April to 15th December 2007. According to provisional data, net tax collections stood at Rs.1,64,407 crore, up from Rs.1,15,377 crore during the same period las

Posted in Income Tax | 3465 Views

Professional tax ceiling may be raised

21 December 2007 at 23:05

Professionals, both salaried and self employed, as well as traders should be prepared to pay more tax. The Centre is considering amending the Constitution to raise the ceiling on professional tax from Rs 2,500 per annum at present to Rs 5,000.The tax

Posted in Income Tax | 1 comments | 11223 Views

Last date for filing return extended to feb 29

17 December 2007 at 17:03

The government is extending the due date of filing of income tax return to February 29, 2008. The centre on Friday informed the Supreme Court that the due date for of filing of income-tax return was being extended in view of the confusion regarding f

Posted in Income Tax | 5 comments | 18552 Views