Vol. XIII Issue no.55
Chennai, Sep 5 , 2010
Direct tax collection up 15.75% in April-July
New Delhi, August 5: Net direct tax collections during first four months of the present fiscal (up to July 2010) stood at Rs.85,647 crore, up from Rs.73,990 crore in the same period last fiscal, registering a growth of 15.75 percent. Growth in Corporate Income Tax was 20.95 percent (Rs.5
Filing of I-T return deadline extended till Aug 4
New Delhi, July 31: The Income Tax Department today extended the last date of filing income tax returns to August 4 due to inclement weather and some technical snags. Last dates for filing of income tax returns was to expire today.
"The Central Board of Direct Taxes has decided to exten
I-T Dept streamlines tax refund procedure for faster payment
New Delhi, July 22: In a move that will speed up the issuance of I-T refunds, the Income Tax Department for the first time will accept all TDS credit and refund claims not exceeding Rs 3 lakh and Rs 25,000, respectively, at the stage of processing of income tax returns itself.
The Centr
Now companies can only e-file I-T returns
New Delhi, July 13: The finance ministry made it mandatory for all companies to file income tax returns electronically with digital signatures, a move that will facilitate faster filing of I-T returns.
However, digital signatures will not be mandatory for individuals and Hindu un
July 24 to be celebrated as Income Tax Day
New Delhi, July 11: Income Tax department has decided to celebrate July 24, as the annual Income Tax Day from this year, to mark 150 years of existence of this levy. "Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of
Direct tax collections up 15.49% in Q1
New Delhi, July 6: Net direct tax collections during first quarter of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore
IT Dept demands tax over transfer pricing
New Delhi, June 20: The Income Tax Department is likely to slap a demand of Rs 8,500 crore on foreign companies and their domestic subsidiaries which allegedly transferred profits to other countries to reduce tax liability. There has been scrutiny of 8,105 such cases, Finance Minis
TPA cos. To deduct tax on hospital payments
Mumbai, June 14: Tax authorities can now raise an additional Rs 600 crore or more after a Bombay High Court order that held that third party administrators (TPA)—companies that liaise between insurers and hospitals to facilitate cashless treatment for policyholders—are required to
