starting from April 1, 2008, the deductors of TDS are not required to give TDS certificates to the recipients of income or payment in respect of which tax has been deducted. It is one thing to abolish the requirement to attach TDS certificates with the returns filed by the taxpayers but quite another to abolish the very requirement of furnishing TDS certificates to the recipients of income because it can cause considerable inconvenience to them.
The office of the Andhra Pradesh Chief Commissioner of Income Tax today informed that e-payment of Direct Taxes was mandatory for Corporate Tax payers and those coming under the purview of Sec 44 AB, with effect from January 1, 2008.
Reserve Bank of India Governor Dr Y Venugopal Reddy on Tuesday presented the First Quarter Review of Annual Statement on Monetary Policy for the Year 2007-08 on Tuesday. Dr Reddy kept the interest rates unchanged, but hiked the Cash Reserve Ration by 50 basis points to 7.0 percent.
NEW SCRUTINY NORMS FOR FINANCIAL YEAR 2007-08 – Board hereby lays down the following procedure for selection of returns / cases of *Non-Corporate Assessees* for scrutiny during the current financial year i.e. 2007-08.2. The following categories of cases shall be compulsorily scrutinized; –
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1. Slow Speed of Data Entry 2. Data Recovery 3. Tally Turn Educational quite often 1. Slow Speed of Data Entry. 2. Data Recovery 3. Tally Turn Educational quite often
The tribunal took this view in case of Bajaj Auto Finance. It distinguished a hire purchase arrangement from a hire purchase finance arrangement for taxation purpose. The tribunal held that fundamentally, in case of hire purchase arrangement, the title to the goods remains with the hire purchase company whereas in case of hire purchase financing arrangement, the title to the goods remains with the hirer.
The State-level Value Added Tax (hereinafter referred to as ‘Value Added Tax’ or ‘VAT’) comes into effect from April 1, 2005, in place of the sales tax structure prevalent in various States. The VAT intends to bring harmonisation in the tax structure of various States and rationalise the overall tax burden. The essence of VAT is that it provides credit/set-off for input tax, i.e., tax paid on purchases, against the output tax, i.e., tax payable on sales.
The Income Declaration Scheme, 2016 came into effect from 1st June, 2016. It provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. Declarations can be made online as well in printed copies of the prescribed form up to midnight on 30th September, 2016.
Explanatory memorandum issued with the Finance Bill, 2001 FINANCE BILL, 2001- PROVISIONS RELATING TO DIRECT TAXES The provisions in Finance Bill, 2001, in the sphere of direct taxes relate to the following matters:- (i) Prescribing the rates of income-tax on incomes liable to tax for the assessment year 2001-2002; the rates at which tax will be deductible at source during the financial year 2001-2002 from interest (including interest on securities), winnings from lotteries or crossword puzzles, winnings from horse races, card games and other categories of income liable to deduction of tax at source under the Income-tax Act
