- Sunday, March 22, 2009, 3:40
- Income Tax
Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through [...]
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- Wednesday, March 18, 2009, 17:29
- Income Tax
Income-tax (Sixth Amendment) Rules, 2009 – Insertion of rule 37BA and 37-I NOTIFICATION NO. 28/2009, DATED 16-3-2009 In exercise of the powers conferred by section 295 read with sub-section (3) of section 199 and sub-section (4) of section 206C of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes [...]
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- Friday, March 6, 2009, 18:04
- Income Tax
The income-tax department has commenced a series of raids on divisions of the state’s electricity department unofficially citing irregularities in tax deduction at source (TDS), while the excise and customs department has sought details on sale of power to consumers. Officials in the electricity department told TOI that they received notices from the IT department [...]
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- Friday, March 6, 2009, 1:59
- Income Tax
The Mumbai income tax department has detected that self assessment tax worth Rs 1,000 crore has not been paid since September 2008. Self assessment tax is the amount payable by the taxpayer’s own admission in the return filed by him. Despite this information, many taxpayers have not paid the tax till now. Self assessment return [...]
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- Wednesday, March 4, 2009, 1:36
- Income Tax
Indian financial year runs from 1 April to 31 March. Accordingly, the Income-Tax Return is to be prepared and filed for the relevant financial year. 31st March is an important date as it marks the end of a financial year. The last few weeks are when we rush for the documents/investment proofs, based on which [...]
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- Saturday, February 28, 2009, 15:47
- Income Tax
The income-tax department is expected to fall short of its targeted collections from tax deduction at source (TDS) by 10% in 2008-09. Against a target of Rs 47,000 crore, TDS collections are expected to be around Rs 42,000 crore. To make good the shortfall, the department has carried out surveys to identify corporates that have [...]
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- Saturday, February 21, 2009, 15:15
- Income Tax Case Laws
CASE LAW DETAILS Decided by: ITAT, `F’ BENCH, MUMBAI, In The Case of : Kusum R. Ghuwalewala v. ACIT , Appeal No. : ITA No. 3408/Mum/2005, Decided on:February 12, 2009. RELEVANT PARAGRAPHS: 8. We have considered the issue. It is the assessee 1s contention that the assessee is paying secret commission and the amount [...]
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- Friday, February 20, 2009, 17:20
- Income Tax
The income-tax department has launched a campaign against those assessees who deduct tax from various payments they make but don’t remit the same into the government treasury, Pradeep Sharma, commissioner of income-tax for tax deducted at source (TDS) said on Monday. Sharma said the department has begun checking the records of assessees to find out [...]
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