Income Tax News

Should dividend remain exempt from IT

22 February 2008 at 09:24

The industry andhigh-income taxpayers abhor a tax on dividends. They say it would amount todouble taxation. The argument is that it is wrong to tax the same income twice,once when it is earned by companies and then in the hands of the shareholders a

Posted in Income Tax | 1 comments | 8619 Views

TDS may cover more incomes

20 February 2008 at 17:11

TDS may cover more incomes The upcoming Budget is expected to bring more income heads in the ambit of tax deducted at source (TDS). The scope of TDS may be expanded to include more trades and professions. At present, the TDS net covers income fr

Posted in Income Tax | 1 comments | 6174 Views

Tax Refund on 3 new services for Exporters

20 February 2008 at 16:07

The service tax refund scheme for exporters has been extended by the Finance Minister, to three more services, but stopped short of including 14 other areas for a similar relaxation. 13 services used by exporters have been made eligible for refund of

Posted in Income Tax | 4137 Views

Tax Exemption for Co-op banks may come up::

19 February 2008 at 19:52

Income generated from agricultural advances by state cooperative banks and district central cooperative banks is likely to be exempted from tax from 2008-09. The finance ministry is considering a proposal to this effect in order to boost farm sector

Posted in Income Tax | 3645 Views

Gratuity - a Right not Bounty

16 February 2008 at 11:34

Gratuity - a Right not Bounty The Supreme Court has ruled that, Gratuity is an inalienable right of an employee and not a bounty or reward that is offered by the management, A Bench of Justices S B Sinha and H S Bedi said that when a benefit is

Posted in Income Tax | 6273 Views

CBDT Press Release - e-Tds

14 February 2008 at 13:27

No.402/92/2006-MC (10 of 2008) Government of India / Ministry of Finance Department of RevenueCentral Board of Direct Taxes*** New Delhi dated the 12th February 2008 PRESS RELEASE All tax deductors / &

Posted in Income Tax | 7938 Views

Budget allocation for minorities to double

13 February 2008 at 21:34

Budget allocation for minorities todouble In what is likely to be fodder for the Opposition BJPbefore the elections, the coming Union Budget is likely to double theallocation for minorities' welfare schemes. Sources said the focus on

Posted in Income Tax | 1 comments | 2856 Views

Wider Service Tax Net May Nip Hard

13 February 2008 at 21:34

Wider Service Tax Net May Nip Hard The service tax net is likely to be stretched and more items will be brought under its ambit. Hotel room tariffs, domestic air travel (business class) and the premium on life insurance policies are

Posted in Income Tax | 3786 Views

Exempt New Pension Scheme Also From Tax Regime: PFRDA's Urge

13 February 2008 at 21:34

Exempt New Pension Scheme Also From Tax Regime: PFRDA's Urge The Pension Fund Regulatory and Development Authority (PFRDA) has sought parity in tax treatment for the New Pension Scheme (NPS) for government employees with the Employees Provident

Posted in Income Tax | 4959 Views

OBUs Likely To Lose Tax Breaks

13 February 2008 at 21:34

Withdrawing direct tax benefits to offshore banking units (OBU) on the profits earned from special economic zones (SEZs)is a new proposal of the Finance Ministry. This could prove a major setback to developers, as tax exemptions and other benefits to

Posted in Income Tax | 3174 Views