Income Tax News

CAAT - Going to use by IT Department

03 October 2007 at 20:39

The Income Tax department will soon introduce a new accounting tool that will be used against business houses suspected of concealing huge income by fudging their accounts and making fake entries to concoct balance-sheets. To be called Computer Assi

Posted in Income Tax | 3420 Views

MAN RECEIVES INCOME TAX REFUND AFTER 11 YEARS

01 October 2007 at 16:46

Eleven years after he began his fight for an income tax refund, a man has finally managed to receive his due from the authorities coupled with accrued interests following delay in payment. Prakash Aswani, who took voluntary retirement from United In

Posted in Income Tax | 5094 Views

Paper Documents back as I-T refunds not e-asy

28 September 2007 at 16:47

NEW DELHI: Switching back to paper may help corporate tax payers who had e-filed returns and are still awaiting tax refunds. With Rs 14,000 crore worth of refunds stuck due to non-processing of e-returns, the income-tax department plans to ask them t

Posted in Income Tax | 3546 Views

FBT on Stock Options To Hit MNC Expats!!

27 September 2007 at 20:19

The fringe benefit tax (FBT) on employee stock option plans (Esop) could hit expatriate employees of multinational companies as credit cannot be claimed against it under double taxation avoidance agreements (DTAA). Thus, expat employees of multinatio

Posted in Income Tax | 3219 Views

Judicial proceedings beyond purview of RTI

26 September 2007 at 21:02

In a landmark decision, the Central Information Commission (CIC) has ruled that judicial proceedings of all courts and tribunals are beyond the purview of the Right to Information Act."...a judicial authority must function with total independence and

Posted in Income Tax | 2610 Views

I-T Dept not to accept tds returns without PAN details

26 September 2007 at 20:46

The government on Tuesday said it will not accept tax returns for the quarter ending September 30 and thereafter if companies fail to provide PAN details of a majority of their employees. The Income Tax Department will not accept the quarterly TDS re

Posted in Income Tax | 3555 Views

Govt to notify guidelines on ESOP soon

26 September 2007 at 20:46

After a delay of more than five months, the government is likely to notify within a week the guidelines for evaluating fringe benefit tax (FBT) on stock options given by companies to their employees. "Finance Minister P Chidambaram has given his appr

Posted in Income Tax | 2394 Views

CBDT warns action if No PAN data in TDS returns

26 September 2007 at 11:28

This to inform that CBDT has warned action to be taken if TDS returns for salaries is filed with less than 90% of PAN data and returns for payments other than salaries is filed with less than 70% of PAN data furnished for quarter ending Sept 30, 2007

Posted in Income Tax | 4047 Views

Playing Hard to save Capital Gains Tax??

24 September 2007 at 23:01

Strike when the iron is hot. Banking on the bullish market sentiments, National Highways Authority of India (NHAI) plans to issue capital gains bonds worth Rs 2,000 crore on Monday. The bonds, with a face value of Rs 10,000, carry an annual coupon ra

Posted in Income Tax | 3810 Views

SC admits incometax department plea on dividend income !!

24 September 2007 at 22:52

THE Supreme Court has admitted a petition moved by revenue department levy of tax on the dividend income of assessee on which no tax was paid in the contracting country which has signed Double Tax Aviodance Agreement with India. A bench comprising Ju

Posted in Income Tax | 3495 Views