Income Tax News
Cash registers at North Block are ringing !!!
23 September 2007 at 02:29The cash registers at North Block are ringing loud, thanks to the India growth story which shows no signs of any twist in the tale. Signalling a buoyant trend in revenue growth, direct tax collection crossed the Rs 1-lakh crore milestone this fiscal,
Taxpayers may pay for I-T's delay
23 September 2007 at 02:36Taxhounds may once again spoil the sleep of a lot of people. This time it won't be the bark or bite but their deafening silence on valuation norms for fair market value of Esop shares. The Central Board of Direct Taxes (CBDT) is formulating the guide
Tds efforts finally pays off
22 September 2007 at 12:37Tax deducted at source (TDS) accounts for as much as 50 per cent direct tax collections in this fiscal so far. This figure was 28 per cent and 35 per cent in 2006-07 and 2005-06, respectively. The main reason for this increase is the widening of t
Vodafone drags I-T to court over tax claim!!!
21 September 2007 at 15:27Vodafone Essar has filed a writ petition in the Bombay High Court challenging the right of the tax authorities to levy a capital gains tax on it.The writ is aimed at preventing the income-tax department from taking further action. The I-T department
NEW DIRECT TAX CODE WILL BE IMPLEMENTED SOON : SHOME
19 September 2007 at 13:11The Union Finance Ministry in consultation with tax experts is drafting a new Direct Tax Code which was likely to be ready by October, advisor to the Finance Ministry Parthasarathi Shome said today.The main objective of drafting the new code was to m
I-T REFUNDS TO GO ONLINE FROM DECEMBER
19 September 2007 at 13:06Come December, and all the nagging income tax refund worries will be over. The I-T department would be crediting the refunds directly to tax payers' SBI accounts. "Tax payers need not come to Aikar Bhawan to persue their refunds. It will be electroni
New hubs to bolster tax kitty
18 September 2007 at 00:23The Central Board of Direct Taxes (CBDT) has discovered new hubs to bolster the tax kitty at this time at the grassroots. The CBDT has spotted Panchayats in states such as Gujarat, Maharashtra, Karnataka and Madhya Pradesh as the potential tax p
Fee is income rules Tribunal
17 September 2007 at 13:15HOUSING SOCIETIES in the city that disputed the applicability of income tax on transfer fees - collected by a society when a flat is sold by a member - may have to pay up. The Income-Tax (I-T) Department has begun issuing notices to such housing soci
DTAA between INDIA and MEXICO !
16 September 2007 at 09:28With India and Mexico signing the double taxation avoidance agreement on Monday, companies using Mexico to route investments into India will have to be ready for a differently structured tax regime. The DTAA has provided for a limitation of benefits
Due date of advance FBT extended
15 September 2007 at 12:59By virtue of the provision of clause (d) of sub-section (1)section 115 WB, introduced by Finance Act, 2007, an employer isliable to pay Fringe Benefit Tax on any consideration for employmentprovided by way of any specified security or sweat equity sh
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