Income Tax News

Gift in Kind above value of 50000 to become taxable from 1st Oct

30 September 2009 at 16:38

GIFTS OF PROPERTY (GIFTS-IN-KIND) ABOVE VALUE OF RS. 50,000 TO BECOME TAXABLE FROM 1ST OCTOBER 2009 The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or

Posted in Income Tax | 9 comments | 19086 Views

Due date of filing of IT return extended in 3 district

29 September 2009 at 12:13

CBDT extends date of filing IT return filing from Sep 30, 2009 to Oct 31, 2009 for Pune, Sangli and Kolhapur No.402/92/2006-MC (20 of 2009) Government of India / Ministry of FinanceDepartment of RevenueCentral Board of Direct Taxes*** New Delhi dated

Posted in Income Tax | 7 comments | 25227 Views

ICAI requests CBDT to extend the due date for filing return of income

23 September 2009 at 16:45

REPRESENTATION MADE FOR EXTENSION OF DUE DATE FOR FILING THE RETURN OF INCOMEDue to the fact that most of the establishments are virtually closed on account of festivals of Durga Pooja, Navratra’s and Dussehra, representations were received fro

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FVU for Quarterly e-TDS/TCS with new validations released

23 September 2009 at 12:31

A. Procedure for preparation of returnDeductors' Manual for quarterly returnsDos and Don’ts for Deductors/CollectorsB. Forms Form 24Q Form 26Q Form 27Q Form 27EQ Form 27A C. The data structure1. New structure w.e.f October 01, 2009 File

Posted in Income Tax | 1 comments | 18960 Views

Cost Inflation Index for F.Y. 2009-10

10 September 2009 at 10:20

Cost Inflation Index for F.Y. 2009-10Notification No. 67/2009Dated 9-9-2009In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following

Posted in Income Tax | 15 comments | 17898 Views

Modifications in the e-TDS/TCS data structure and new File Validation Utility

05 September 2009 at 11:47

Modifications in the e-TDS/TCS data structure and new File Validation Utility applicable from October 1, 2009The data structure of quarterly e-TDS / TCS statements has been modified by the Income Tax Department to incorporate certain additional field

Posted in Income Tax | 6 comments | 25320 Views

Constitution of a Committee to examine the suggestion on DT Codes

04 September 2009 at 12:31

Constitution of a Committee to examine the suggestions on the draft Direct Taxes CodeF.No. 402/78/2009-ITCCGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesDated : August 28, 2009Sub : Constitution of a Committe

Posted in Income Tax | 4827 Views

Direct tax collections register 4.12 % growth in first 5 mnt

04 September 2009 at 10:53

Direct tax collections register 4.12 % growth in first five months of fiscalNet direct tax collections during first five months of the present fiscal (up to August 2009) stood at Rs.87,888 crore, up from Rs.84,409 crore in the same period last fiscal

Posted in Income Tax | 3273 Views

Guidance on clause 17A in the Form No.3CD

25 August 2009 at 15:14

Guidance on clause 17A in the Form No.3CD 38A. Clause 17A- Amount inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 This is a new clause inserted by the Central Board of Direct Taxes through its Notificati

Posted in Income Tax | 10 comments | 21882 Views

Extension of time limit for filing ITR-V form

14 August 2009 at 10:59

Extension of time limit for filing ITR-V formThe Central Board of Direct Taxes had, vide circular No.3/2009 dated 21.05.2009, allowed assessees who file their income tax returns in electronic form without digital signature to submit their verified IT

Posted in Income Tax | 15 comments | 33648 Views