taxman news

If you salary has larger proportion of perquisites then you will need to pay more tax for this year

It's not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukherjee's decision to abolish the fringe benefits tax (FBT) last July is only now being clarified by the taxman, and the net result is that you will pay more tax.Not everybody, though. The abolition of FBT affect...

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Posted Under: Income Tax |

Income Tax Department raid at Buldhana credit society

Buldhana Urban Co-operative Credit Society, the country's largest, has come under the taxman's scanner for suspected money-laundering. A team of Income Tax officials has conducted a search and seizure operation on around 15 premises that include the society's offices as well as those of its promoter Radheyshyam Chandak and other office-be...

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Posted Under: Income Tax |

Beware Income Tax evaders, taxman’s watching

Officials of the air intelligence unit at Delhi’s IGI Airport recently identified a traveler suspected to be carrying huge cash in his baggage. But before the suspect could be detained, he had boarded the aircraft for Hyderabad. All that the airline staff could divulge about the traveller were his initials and mobile number. The num...

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Posted Under: Income Tax |

Taxman probes Satyam exemptions

Though happy with the fact that troubled IT major Satyam Computer Services had paid income tax on unreal profits — as claimed by its chairman B Ramalinga Raju — the income-tax department is planning to re-examine the exemptions the company had claimed under the income tax regulations....

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Posted Under: Income Tax |

Valuation methodology at fault not the assessee

The Delhi Income-Tax Tribunal has held that valuation of perquisite determined by the assessee relying on interpretation of Taxman’s Direct Taxes Ready Reckoner, the assessee could not be deemed to be an assessee-in-default and consequently, interest under section 201(1A) could not be levied though the valuation methodology was held not...

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Posted Under: Income Tax |

IT – Inefficient Taxman !

5 - 2007.

Hope all of you are familiar with efiling of ITR - 1, 2, 3, 4, &5. I have a message for you.... IT people (You may call them Income Tax People or Inefficient Taxman) are not very clear about Circular No. 5 - 2007. I find it very difficult to convince them that their department has enabled efiling and it is also sufficient to submit a veri...

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Posted Under: Income Tax |

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