income

The Reserve Bank on Thursday said 926 branches of private and public sector banks have been designated for receiving advance income tax in Mumbai and Navi Mumbai.  “Arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches, 862 are public sector bank bank branches, 35 HDFC bank branches, [...] Full Article

Harried investors of Pramod Agrawal’s Mahadeo Developers Private Limited and Kalamna Market Urban Credit Cooperative Society gathered in front of the income tax office at Saraf Chambers, Sadar, on Tuesday. They were protesting against the income tax department for taking action against both the entities. The investors alleged that it was the income tax raid [...] Full Article

No.402/92/2006- MC (11 of 2009) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes  New Delhi, Dated: April 11, 2009 PRESS RELEASE The Central Board of Direct Taxes have decided to defer the implementation of Notification No.31/2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income [...] Full Article

Citing the Supreme Court order in the Vodafone case, the Bombay High Court today dismissed the SABMiller writ petition against a showcause notice issued by the Income Tax Department. CNBC-TV18′s Ashwin Mohan reports on how this matter is similar to the Vodafone case? This case is similar to the Vodafone tax tussle. The Income Tax [...] Full Article

On the request of my viewers I have uploaded some of the Income Tax forms in Excel, Word and PDF Format. Although, I haven’t uploaded all the forms but I uploaded most of the important forms. If any viewers have any form other then those uploaded in excel word format he can mail those to us at our mail id info@taxguru.in and we will upload the same on our website for the benefit of other viewers. Full Article

DLF, the country’s biggest real estate developer, said the Income Tax  (I-T) Department, had raised an additional demand of Rs 300-400 crore for understating its income for the fiscal year ended March 31, 2006. The tax demand comes at a time when DLF’s profit has shrunk by 41 per cent to Rs 4,629 crore for [...] Full Article

Income tax assesseess may soon hope to get their refund amounts earlier than they are used to now. The income tax department will be coming up with a central processing centre in Hyderabad, which may help in early assessment of income, followed by early refunds. The facility, being developed in association with IT major Infosys, is expected [...] Full Article

The Income-Tax department routinely imposes cost on assesses for late filing of returns or delayed tax payment. For a change, it was at the receiving end when the high court imposed a cost of Rs 25,000 for retaining books of accounts impounded from a city builder for almost five years. Justice D V Shylendra Kumar, [...] Full Article