Income Tax News

Post Budget notifications giving effect to prov of Finance Act 08

13 May 2008 at 11:17

The Finance Bill, 2008 received the assent of the President of India on the 10th May, 2008 and consequently the Finance Act, 2008 is being published in the Gazette of India dated 10th May, 2008 as Act No.18 of 2008. Central Government has issued s

Posted in Income Tax | 7737 Views

Expect lobbying for perpetual STPI to continue

03 May 2008 at 16:33

Author : C Chitti Pantulu/DNA-Daily News & Analysis Brokerages and analysts are reworking their numbers to re-rate IT counters following the government's decision to extend the Software Technology Parks of India (STPI) scheme for one more year. Finan

Posted in Income Tax | 4110 Views

CLARIFICATION ON TDS ON SERVICE TAX ON RENT U/S 194 -I

02 May 2008 at 14:35

Clarification on deduction of tax at source (TDS) on service tax component on rental income under section 194-I of the Income-tax ActCIRCULAR NO. 4/2008, DATED 28-4-2008 Representations/letters have been received in the Board seeking clarificati

Posted in Income Tax | 2 comments | 10485 Views

Ammendment - Sec 40(a) (ia)

01 May 2008 at 17:36

Sec 40 (a) (ia) ammendment retrospectively to allow deduction of expenses in case TDS of Mar month not paid in time but paid before due date of return

Posted in Income Tax | 6 comments | 16398 Views

Tax tribunal's ruling may open floodgates of claims : Sec 80(I)A

25 April 2008 at 10:10

Tax tribunal's ruling may open floodgates of claims from contractors supplying to infrastructure projects Author : Renni Abraham/DNA-Daily News & AnalysisContent : In a precedent-setting ruling, the Income Tax Appellate Tribunal (ITAT) has allowed AB

Posted in Income Tax | 1 comments | 5745 Views

E-FILING OF INCOME TAX RETURN FOR AY 2008-09

21 April 2008 at 21:53

Dear friends,e-filing of Income tax return for Assessment Year 2008-09 has been been started.Intially it has been started for three forms .All the three Return preparation Utilities (RPU)software are excel based.you can use them as efiling so

Posted in Income Tax | 26139 Views

Basic salary allowances = lesser loan eligibility

21 April 2008 at 14:28

Author : Khyati Dharamsi/DNA-Daily News & AnalysisWith tax reduction being the motive of job seekers, both employers and employees prefer a mix of basic salary and reimbursements. These allowances are being used by human resource executives to attrac

Posted in Income Tax | 8574 Views

MANDATORY E PAYMENT OF TAXES RBI DIRECTIVES

12 April 2008 at 20:11

RBI/2007-08/280DGBA.GAD. No. H. 10875 / 42.01.038 /2007-08April 10, 2008The Chairman & Managing Director/Managing DirectorState Bank of India and its Associates/ All Nationalised banks/ Axis Bank Ltd/HDFC Bank Ltd/ ICICI Bank Ltd/ IDBI Ltd/J&K Bank L

Posted in Income Tax | 5982 Views

CAs can audit, Sales Tax lawyers can't: HC

10 April 2008 at 14:05

Mumbai, April 7: In a decision that will affect the lawyers specialising in Sales Tax laws as well as former Sales Tax officers' who work as sales tax practitioners, Bombay High Court has held that only Chartered Accountants (CAs) can audit and certi

Posted in Income Tax | 3015 Views

HOW TO PAY ONLINE INCOME TAX

01 April 2008 at 20:38

As you may know that income tax payment online would be mandatory from 1/04/08(PRESS RELEASE HAS BEEN ISSUED BY CBDT READ THIS). As per press release and rule amended there after the following person are required to deposite Income tax online1.All

Posted in Income Tax | 2 comments | 26826 Views