Income Tax News

Cess on income tax proposed to fund fuel subsidy

28 May 2008 at 13:33

Finmin seeks formula for 'revenue-neutral' halving of subsidies, The petroleum ministry has proposed to impose a surcharge on direct taxes to offset the staggering losses oil companies

Posted in Income Tax | 4875 Views

House rent receipts can save you tax

26 May 2008 at 12:57

Under section 10 (13A) of the Income Tax Act, you can claim a deduction on the rent you pay, Aam aurat and aam aadmi just moved into the city of dreams.

Posted in Income Tax | 1 comments | 17586 Views

SAVE TAX ON LOSS FROM SHARE

23 May 2008 at 11:23

By reading the title of the post you will be thinking that there is no tax on long term capital gain on shares then what is the relation between tax saving and long term capital loss?But after reading the next few lines you will definitely understand

Posted in Income Tax | 6 comments | 7548 Views

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 | 7746 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 | 4128 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 | 10497 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 | 16401 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 | 5751 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 | 26157 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 | 8592 Views