- Sunday, May 31, 2009, 11:12
- Income Tax
Income Tax Department has introduced a scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information relating to payment of TDS and TCS so that the credit for TDS and TCS can be granted accurately and the risk of financial fraud is minimized.
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- Thursday, May 21, 2009, 16:27
- Income Tax
ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest Chargeable to income-tax under the head Income from other sources; (ii) ITR-2 return of income for Individuals and Hindu Undivided Families (HUFs) not having any income under the head Profits or gains of business or profession;
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- Thursday, May 21, 2009, 16:19
- Income Tax
NEW TDS AND TCS PAYMENT AND INFORMATION REPORTING SYSTEM- NOTIFICATION NO. 858(E), DATED 25thMARCH, 2009 PUBLISHED IN OFFICIAL GAZETTE CIRCULAR NO. 02 / 2009, DATED 21-5-2009 The Finance Act, 2008 inserted a new sub-section (1A) in section 143 of the Income-tax Act, 1961 empowering the Board to make a scheme for centralised processing of returns [...]
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- Tuesday, April 28, 2009, 16:04
- Income Tax
A new form introduced by the Central Board for Direct Taxes (CBDT) to improve tax deductions at source (TDS) has allegedly made the process more cumbersome, and may even prompt the government to put the transition to the new regime in abeyance. The new form for tax deductors — those responsible for deducting tax while [...]
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