Income Tax News
ITAT makes trusts' registration with I-T Dept easier
23 March 2008 at 15:18New 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
E-payment mandatory from 01.04.08
19 March 2008 at 19:12Allincome 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
Tax targets go up only to face low collection level
19 March 2008 at 14:56New 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
Clarification of amendment in Penalty for concealment provisions
16 March 2008 at 23:14In 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
Financing of LOAN WAIVER
16 March 2008 at 11:11FINANCING 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
The Next-may be Biometric PAN cards
14 March 2008 at 11:46Security concerns and duplication of the PAN cards are reasonswhich have prompted the government to look at introducing biometric PANcards. The government is worried that terrorists can easily get a PANcard and open bank accounts or get a mobile conn
I-T to Become Expeditious
08 March 2008 at 17:24I-T to Become Expeditious After escorting in e-filing, the government is now set to revolutionize processing of returns. Jurisdiction-free processing of income-tax returns could be a reality soon, with the Finance Bill authorising the gove
Aam admi gives "Thumbs-up" to the Union Budget
01 March 2008 at 17:01Aam admi gives "Thumbs-up" to the Union BudgetThe 'aam admi' (common man) gave his thumbs-up to the Union Budget 2008-09, in which, apparently with an eye on elections, a large number of sops have been announced for the middle class and the far
Now file returns on 30th September
29 February 2008 at 22:09Advancement of due date from 31st October to 30th September in respect of certain categories of assessees.Section 139 provides for filing of return of income by certain categories of assessees. Due dates, for filing such return of income in respect o
Now pay for health insurance of your parents and claim rebate
29 February 2008 at 22:09Additional deduction for health insurance premium paid for parentsSection 80D of the Income-tax Act provides for a deduction of up to fifteen thousand rupees to an assessee, being an individual or a Hindu undivided family. The deduction is allowed fo
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