Income Tax News

Direct tax collections top Rs 3 lakh cr

01 April 2008 at 16:24

For the first time, the Centre's net direct tax collections have crossed the Rs 3-lakh crore mark.To grasp the significance of this milestone, one needs to go back only 15 years or so. In 1990-91, the Centre's net direct tax collections were about Rs

Posted in Income Tax | 3186 Views

Only 2 private firms in top ten advance tax payer list

31 March 2008 at 11:39

Private sector presence in the top ten advance taxpayers’ league has dwindled, going by the latest data compiled for 2007-08 by the revenue department. ICICI Bank, which had a presence in the top ten league up to December 15

Posted in Income Tax | 5862 Views

New ITR for 2008-09

31 March 2008 at 09:50

Find the latest ITRs in the share files section.To download the same click on the link belowNEW ITRs 2008-09

Posted in Income Tax | 4 comments | 11079 Views

I-T offices to stay open this weekend

31 March 2008 at 09:44

Responding to the appeal made by the All India Federation of Tax Practitioners (AIFTP), eastern zone, Mr T.K. Chatterjee, Chief Commissioner of Income-Tax, Kolkata, on Thursday issued orders that income tax offices throughout the State should remain

Posted in Income Tax | 3480 Views

ITAT makes trusts' registration with I-T Dept easier

23 March 2008 at 15:18

New Delhi (PTI): Making it easier for trusts to register themselves with the Income Tax Department, the tax tribunal has ruled that registration process would be deemed to be complete if the application is not rejected by the concerned official withi

Posted in Income Tax | 3153 Views

Giving is joyful, receiving taxing

23 March 2008 at 15:18

Gift is “something given voluntarily without payment in return, as to show favour towards someone”. The practice of giving and receiving gifts possibly started with Adam and Eve. Gifts are usually given out of natural love and affection,

Posted in Income Tax | 6063 Views

E-payment mandatory from 01.04.08

19 March 2008 at 19:12

Allincome tax payments are mandatorily to be made only electronicallyw.e.f.1.4.2008, for companies and others liable for tax audit undersection 44 AB. The relevant Notification is given below.NOTIFICATION NO 34/2008, Dated: March 13,2008 Inexercise

Posted in Income Tax | 3 comments | 6870 Views

Tax targets go up only to face low collection level

19 March 2008 at 14:56

New Delhi, Mar 17 In this world nothing is certain but for death and taxes, it is said. But collecting a part of these taxes, estimated at close to Rs 1 lakh crore, is proving to be full of uncertainties for tax authorities. The revenue department ha

Posted in Income Tax | 2730 Views

Clarification of amendment in Penalty for concealment provisions

16 March 2008 at 23:14

In view of the apprehension raised on the retrospective amendment to section 271 of the Income-tax Act, proposed in the Finance Bill, 2008, empowering the assessing officer to, inter-alia, levy penalty in case of concealment of income, the Ministry o

Posted in Income Tax | 4512 Views

Financing of LOAN WAIVER

16 March 2008 at 11:11

FINANCING THE FARM LOAN WAIVER PACKAGE 18:59 ISTFollowing is the text of the statement on Financing the Farm Loan Waiver Package made by Finance Minister Shri P. Chidambaram in Lok Sabha today.1. In my budget speech before the House, I had an

Posted in Income Tax | 3810 Views