Income Tax News

Tax compliance in India improving steadily

16 October 2007 at 19:59

85% assessees file tax returns now Number of returns filed after notices has dropped sharply. Tax compliance in India is improving steadily. Four years ago, 76 per cent of the 28.8 million tax-payers (assessees) filed annual income tax returns.

Posted in Income Tax | 1 comments | 3264 Views

Heights become tax lows for businessmen

14 October 2007 at 15:03

Call them covert SEZs. To an enterprising businessman these pockets resemble tax havens. Places such as Leh in J&K, Itanagar in Arunachal Pradesh, Shillong and Tura in Meghalaya, Aizwal in Mizoram and many others have become hotspots for big-ticket i

Posted in Income Tax | 3006 Views

GUIDANCE NOTE ON TAX AUDIT U/S 44AB

13 October 2007 at 23:01

For the kind attention of members Guidance Note on Tax Audit Under Section 44AB of the Income-tax Act, 1961Changes approved subsequent to the publication of the Supplementary Guidance Note.For further details on the guidance note click on the followi

Posted in Income Tax | 20823 Views

TAX-FREE INVESTMENT LIMIT MAY BE HIKED

12 October 2007 at 22:03

Individual tax payers may be in for some cheer. The tax-free investment limit for individuals may soon be hiked from the present Rs 1 lakh to Rs 1.5 lakh. The proposal that the government is deliberating has a condition though: the additional Rs 50,0

Posted in Income Tax | 9006 Views

IT dept.-Single window facility for large tax payers

10 October 2007 at 23:45

After the success of large tax payer unit (LTU) at Bangalore, the Income Tax Department is keen on setting up the facility in Mumbai, which accounted for 40 per cent of the total direct tax collections. "IT Department, Mumbai region, will be organisi

Posted in Income Tax | 2604 Views

Advance tax by IT firms increase by 110% ::

10 October 2007 at 17:20

IT companies may be struggling to cope with a rising rupee, but their tax payments are on an upswing. The total advance tax collection from IT companies in September grew by 110% to Rs 507 crore from Rs 242 crore in September, 2006. September 15 was

Posted in Income Tax | 2511 Views

Extension of due date of filing returns in Bihar!!

08 October 2007 at 16:57

Considering the disruption caused by floods in the State of Bihar, the Central Board of Direct Taxes, in exercise of powers conferred under Section 119 of the Income Tax Act, 1961, hereby extends the due date for filing of returns required to be furn

Posted in Income Tax | 3141 Views

Will increased Tax revenue bring smile on taxmen's face!!

05 October 2007 at 11:22

TAXMEN DEMAND BETTER DEAL AS COLLECTIONS TOUCH NEW HEIGHTSIncome tax officers are awaiting the day when Finance Minister P Chidambaram approves a proposal to earmark 1 per cent of annual direct tax collections for meeting the annual expenditure of th

Posted in Income Tax | 2796 Views

Revision facilities of MEF-2007-08

04 October 2007 at 19:55

Facilities for revision of MEF 2007-08 as detailed below will be available upto 15th October 2007 on MEF website http://www.meficai. org/mefcorrectio n0708.htm Correction of data filled in the MEF Change in the status in which application was filed (

Posted in Income Tax | 2805 Views

Baksheesh, Saab!! no whispering now, its official!!

04 October 2007 at 19:55

HC: Baksheesh is official spend Shibu Thomas | TNN Mumbai: "Saab, baksheesh.'' The Persian word for tip used by everyone from the MTNL linesman to the postman at Diwali has now been accorded legal sanctity. In an important judgment that will doubtles

Posted in Income Tax | 1 comments | 4974 Views