Income Tax News

Direct tax Growth figures are pleasant facts!!

22 August 2007 at 12:42

Improved tax administration and a robust economic growth have started showing results. Continuing with its buoyant growth, the Centre's net direct tax collections grew 44.39 per cent since the beginning of the current fiscal till August 15 to Rs 59,2

Posted in Income Tax | 2637 Views

FREQUENTLY ASKED QUESTIONS ON 'TAN'..!!

21 August 2007 at 05:47

What is TAN?Ans. TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in all TDS/TCS returns (i

Posted in Income Tax | 3096 Views

Confusion in AIR for taxpayers!!

21 August 2007 at 05:17

Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assesse

Posted in Income Tax | 3525 Views

FBT cannot substitute liability of employees !

20 August 2007 at 23:27

A client pays his senior employees a quarterly bonus, a fixed sum, revised once a year. Since, this is given to all senior executives, this is taxed at 30 per cent plus SC plus cess in the hands of the employees. These employees request that the comp

Posted in Income Tax | 3249 Views

LOSS ABROAD CAN BE SET OFF FROM TAXABLE INCOME IN INDIA ..!

20 August 2007 at 23:05

A large number of Indian companies have set up offices outside India. The profits or losses of such offices are liable to be taxed in the foreign country. But how such profits or losses should be treated in India is a vexed question. A recent judgmen

Posted in Income Tax | 3039 Views

Scrutiny Norms..a study..!

20 August 2007 at 00:49

Computing the income chargeable to tax as per the provisions of the Income-Tax Act, 1961 is the first step in tax compliance. The natural sequence thereafter would be filing the return of income and awaiting approval of the tax authorities in respect

Posted in Income Tax | 1 comments | 13890 Views

I-T dept moves SC against ruling on taxing foreign firms !

18 August 2007 at 23:53

The Income Tax Department has moved the Supreme Court against the ruling by a quasi-judicial body which held that foreign firms are not liable to pay tax on assignment amount charged from their Indian subsidiaries if contracts are signed outside the

Posted in Income Tax | 2412 Views

Massive increase in efiling

16 August 2007 at 08:09

E-filing of income tax returns is likely toincrease sharply to 3 million in the current financial year (2007-08),up from around 322,000 in 2006-07. Non-corporate assessees, whose accounts are auditedunder Section 44AB of the Income Tax Act, are

Posted in Income Tax | 3789 Views

Tougher penalties for serious tax offences proposed !

16 August 2007 at 07:48

Not paying your taxes in time could soon result in heftier fines and longer prison sentences if proposals being considered by the income-tax department are any indication. According to sources, as part of its proposed restructuring of penalties for t

Posted in Income Tax | 2958 Views

TRPs IN TROUBLE !

15 August 2007 at 06:28

The Tax Return Preparer (TRP) scheme of the Income Tax department is facing an uncertain future, or so it appears. A cross section of TRPs accept that the scheme has not generated much income. No wonder many are contemplating to quit. The pilot schem

Posted in Income Tax | 2 comments | 5043 Views