Income Tax : Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct ...
Income Tax : Self Assessment Tax alongwith interest is required to be deposited before furnishing the return of income and the proof of such ...
Income Tax : All taxpayers are assessed u/s.143, u/s.147, u/s.148 and u/s.153 of the Income-tax Act, 1961. After filing of return, when an asse...
Income Tax : For the current year, there have been a few changes which have been introduced and need to be kept in mind while filing the retur...
Income Tax : Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. ...
Income Tax : In order to avoid the last-minute rush for customers paying their income-tax dues, the Reserve Bank on Friday said tax payers may ...
Income Tax : The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in th...
Income Tax : Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department’s decision to attach the c...
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...
Income Tax : Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure ...
Income Tax : Whether CIT(A) is correct in deleting the penalty levied u/s 221(1) by the AO on the ground that assessee has paid the self assess...
Income Tax : CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment o...
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 […]
Today, the fraud at Satyam Computer Services is one of the hottest topics around. There are so many questions relating to various taxation issues that are constantly cropping up. One of the common questions going through everyone’s mind is: Can Satyam claim a refund of taxes already paid on its inflated income for all the earlier years?
Noticing instances of non-remittance of Tax Deducted at Source (TDS), the Income Tax department on Thursday said that any failure to remit the tax would attract serious consequences including prosecution.
During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion).
(i) no annexures, TDS/ TCS certificates are required to be annexed to the returns of income. Wherever documents are attached with the return, the receiving official is required to detach and return to the tax-payers all such annexures; (ii) ITR-V verification form is in the nature of an acknowledgement, and therefore, the same should be received by giving a Return Receipt Number, as if it were a return. These ITR-V verification forms are to be received in separate counters to be set up for the purpose and these forms should be kept in safe custody
