Income Tax News

Direct Tax Kitty Swelling

19 January 2008 at 10:23

DIRECT TAX COLELCTIONS UP BY 40% TILL 15TH JANUARY 15:19 IST Direct tax collections continued to record a growth of over 40 percent for the period April to January 15 in the current fiscal. Net tax collections stood at Rs.2,17,149 crore, up from Rs.

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IT department to be more friendly to bulk taxpayers:FM

17 January 2008 at 12:54

IT DEPT. TO BE MORE FRIENDLY TO BULK TAXPAYERS : FM CHIDAMBARAM COMMENDS FOR PERFORMANCE 17:50 IST The Union Finance Minister, Shri P. Chidambaram complimented the Chief Commissioners of Income Tax for the remarkable performance of the department, pa

Posted in Income Tax | 4464 Views

New tax code to tighten grip on individuals

17 January 2008 at 11:29

Individuals will have to start reporting their income from all sources in due course, including tax-free income. Thegovernment is vetting a proposal to shift from an exemption to adeduction-based regime for reporting income, a government officialsaid

Posted in Income Tax | 1 comments | 8733 Views

FM FINALIZES THE IT CODE

02 January 2008 at 14:55

FM FINALIZES THE IT CODEFinance Minister P Chidambaram today said, that the draft of the Income Tax code, which is expected to simplify and replace the present law, is ready and will be released along with a discussion paper. The release period has n

Posted in Income Tax | 10632 Views

Ammendment in 80C deduction

29 December 2007 at 00:32

Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or(ii) incurring expenditure on tuition fee and repayment

Posted in Income Tax | 3 comments | 29163 Views

Direct tax growth highest in Mumbai

21 December 2007 at 23:13

Direct tax collections continued to record a growth of over 40 percent for the period 1st April to 15th December 2007. According to provisional data, net tax collections stood at Rs.1,64,407 crore, up from Rs.1,15,377 crore during the same period las

Posted in Income Tax | 3507 Views

Professional tax ceiling may be raised

21 December 2007 at 23:05

Professionals, both salaried and self employed, as well as traders should be prepared to pay more tax. The Centre is considering amending the Constitution to raise the ceiling on professional tax from Rs 2,500 per annum at present to Rs 5,000.The tax

Posted in Income Tax | 1 comments | 11241 Views

Last date for filing return extended to feb 29

17 December 2007 at 17:03

The government is extending the due date of filing of income tax return to February 29, 2008. The centre on Friday informed the Supreme Court that the due date for of filing of income-tax return was being extended in view of the confusion regarding f

Posted in Income Tax | 5 comments | 18591 Views

Finance Ministry favours moderate income tax rates

07 December 2007 at 12:36

The Finance Ministry appears to be favorably inclined toward moderating income tax rates in view of the over 40 per cent growth in direct tax collections. "With improvement in voluntary tax compliance and tax administration, direct tax collections ar

Posted in Income Tax | 4 comments | 9966 Views

Professionals cannot claim Sec 32 tax benefit::SC

30 November 2007 at 17:05

NEW DELHI: The Supreme Court said on Tuesday professionals cannot claim depreciation under Section 32 of the Income Tax Act. The Section is applicable to an assessee carrying on business and not to a professional, the apex court said, dismissing an a

Posted in Income Tax | 10 comments | 17718 Views