Income Tax News

Income-tax Department seeks exemption from 'Right to information' Act ::

27 August 2007 at 09:26

The income-tax department has asked the department of personnel and training to amend the Right to Information (RTI) Act to shield itself from unsolicited queries on its investigations. The RTI Act has exempted the department of revenue intelligence,

Posted in Income Tax | 3624 Views

HC ON NEW IT RETURNS..!!

23 August 2007 at 16:57

HIGH COURT OF ALLAHABADOm Prakash Tewariv. Union of India Section 139 of the Income-tax Act, 1961, read with rule 12 of the Income-tax Rules, 1962 - Return of income - General - Assessment year 2007-08 - Petitioners, lawyers/advocates, challenged In

Posted in Income Tax | 4089 Views

NO PAN ! NO REFUND ON FD EARNINGS...!

23 August 2007 at 08:37

Come April 2008, fixed deposit holders will not be allowed to avail any credit against taxes paid on their interest earnings if banks do not quote their PAN numbers.Many fixed deposit holders could be left in lurch as income tax department has tighte

Posted in Income Tax | 3027 Views

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 | 2679 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 | 3141 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 | 3558 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 | 3303 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 | 3072 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 | 13929 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 | 2445 Views