tax returns

By now, many of you would have filed several tax returns of your clients or your own companies or even your own returns. It has been brought to our notice that this year, whenever an ITR form is filed electronically without the digital signature, the system shows that the ITR-V has been e-mailed to the e-mail ID registered with the Income-tax Department’s web site. Thereafter, when the ITR-V is tried to be opened, the system asks for a password. This was creating probl.. Full Article

More than five crore people are estimated to pay tax in the current fiscal, of which two crore are likely to pay taxes through the online medium, an online tax service portal today said. These projections are on the basis of the trends seen over the past few years and also after discussing the matter with some government officials," Taxsum.com Chairman Sanjay Kapadiaa told reporters here. Full Article

An Income-Tax appellate authority here has upheld the order of Central Public Information Officer (CPIO) not to provide a copy of NHRC chairperson and former CJI K G Balakrishnan's I-T returns to an RTI applicant. Disposing off an appeal by the RTI applicant, the authority said that to provide a copy of IT return to the appellant either he should be able to establish a "larger public interest" or there should be no objection from the former CJI. Full Article

The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. "It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information,"Central.. Full Article

Tax returns are not sacrosanct when it comes to calculating the maintenance paid by a man to his estranged wife and kids, the Bombay high court has ruled. In two recent cases, the HC thwarted the attempt of two businessmen who challenged the maintena Full Article

The Finance Ministry today said safe harbour rules --- a set of norms that would enable the income tax (I-T) authorities to accept without scrutiny the tax returns by the Indian units of foreign companies -- would be soon put in place. "Safe harbour Full Article

An outsourcing contract to Infosys, India’s second-largest software company, has resulted in an unexpected reprieve for those with income to hide from the taxman. Irked by the contract, under which Infosys is processing tax returns filed online, and rattled by the prospect of more outsourcing, officials of the investigation wing of the income-tax department, the arm of the tax administration that conducts raids, have refused to step out of their offices for at least a .. Full Article

The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).The department, in its tax returns for 2008-09 that is assessed in the current financial year, found that most of brokers or market entities paying STT calculated total income and the tax liability on such income before availing of the rebate under section 88E of the Income Tax Act. Full Article