Income Tax News

Tax should be paid on Gross or Net Income????

08 August 2007 at 05:57

Salaried people now pay income-tax on their gross income while businessmen, self-employed persons and others pay tax on their net income, even as the income-tax exemption limit is the same for everyone. This gross injustice needs to be removed. As pe

Posted in Income Tax | 3411 Views

Retailers Rosy days out-IT Dept

08 August 2007 at 05:48

The party for retailers taking space in malls may soon end with the tax sleuths on prowl to check evasion of tax deducted at source (TDS) by them. Income-tax department is laying special emphasis on tightening of TDS administration, as these payments

Posted in Income Tax | 3024 Views

80C benefit may be increased to 2 lac..

08 August 2007 at 05:31

Additional tax-saving avenues are on their way. A Securities & Exchange Board of India committee has proposed tax exemptions up to Rs2 lakh under Section 80 C of the Income Tax Act, as against the current limit of Rs1 lakh. The only caveat is that th

Posted in Income Tax | 5010 Views

New IT Code by December !

08 August 2007 at 05:15

New I-T code to be tabled before December!Finance Minister P Chidambaram has been working on drafting the code, which after being tabled in Parliament, will have to go through a process that will take quite some time before it is passed. The new inco

Posted in Income Tax | 2943 Views

Long term capital exemption may go ...

07 August 2007 at 23:19

The Central Board of Direct Taxes (CBDT) is considering a proposal to restrict the exemption on long-term capital gains only to companies constituting the BSE-500 index. At present, the exemption under Section 10 (38) is allowed on transactions of sh

Posted in Income Tax | 2940 Views

Cost Inflation Index for Financial Year 2007-08

07 August 2007 at 04:59

The Cost Inflation Index for the Financial Year 2007-08 has been notified as 551 vide NOTIFICATION NO. 214/2007, DATED 3-8-2007.

Posted in Income Tax | 8199 Views

ITR-5 released in Excel Format by Income tax Dept

06 August 2007 at 10:01

The Income Tax department has devised ITR-5 in Excel format. To download the file click on the link given below.. http://www.caclubindia.com/files_display.asp?files_id=893

Posted in Income Tax | 4197 Views

E-PAYMENT MADE MANDATORY FOR CORPORATES

04 August 2007 at 23:24

E-PAYMENT MADE MANDATORY FOR CORPORATESThe office of the Andhra Pradesh Chief Commissioner of Income Tax today informed that e-payment of Direct Taxes was mandatory for Corporate Tax payers and those coming under the purview of Sec 44 AB, with effect

Posted in Income Tax | 3408 Views

CBI registers a case against former Director General (Income Tax) and conducts raids

04 August 2007 at 22:50

CBI registers a case against former Director General (Income Tax) and conducts raids The Central Bureau of Investigation has registered a case against a former Director General (Investigation), Income Tax, Pune, an Income Tax Officer & othe

Posted in Income Tax | 3330 Views

CBI raids Income Tax Official: Locates assets worth several Lakh Rupees

04 August 2007 at 22:48

New Delhi, 14.06.2007 CBI raids Income Tax Official: Locates assets worth several Lakh Rupees CBI''s Anti-Corruption Branch of Delhi, after registering a case under Prevention of Corruption Act against an Income Tax Inspector, today conduc

Posted in Income Tax | 5730 Views