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Taxation News


Advance FBT paid in FY 2009-10 can be adjusted against Advanvce Tax

   08 February 2010 at 17:30

The CBDT vid circular no 2 of 2010 dated 29-1-2010 has decided that any installment of advance tax paid in respect of fringe benefit for A.Y. 2010-11 shall be treated as Advance Tax paid by assessee concerned for A.Y. 2010-11. The assessee can adjust ..

Posted in Taxation |   657 Views


Entry Tax Imposed on New Goods in Punjab

   06 February 2010 at 13:19

The Government of Punjab,Department of Excise & Taxation has levied Entry tax on 12 new items Punjab Tax on Entry of Goods into Local Areas Act, 2000 (Punjab Act No.9 of 2000) with effect from 05-02-2010 vide notifications dated 01-02-2010. The n ..

Posted in Taxation |   2074 Views


Ten most overlooked tax deduction

   03 February 2010 at 17:21

1) Tuition fee paid for the education of childrenBelieve it or not, but many taxpayers often forget to claim deduction in respect of the tuition fee paid for the education of their children. Deduction, however, is available to an individual under Sec ..

Posted in Taxation  4 comments |   1278 Views


Recover Tax fast or face Trial-SC

   02 February 2010 at 19:42

Inordinate delays in filing appeals for recovery of tax dues by the government have often attracted the attention of the apex court. These delays caused by lapses on the part of revenue officials at Centre and states, however, also represent a system ..

Posted in Taxation |   309 Views


VAT rate changed under PVAT Act from 4% to 5%]

   01 February 2010 at 21:08

The VAT rate on goods as mentioned in schedule B has been changed fro4% to 5% with effect from 29-01-2010. As per notification GOVERNMENT OF PUNJABDEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION II BRANCH) Notification The 29th January, ..

Posted in Taxation |   662 Views


The due date of filing VAT Audit Report in Maharastra extended up to 31/03/10

   28 January 2010 at 20:09

The Commissioner of Sales Tax of Maharashtra issued the circular No 5T of 2010 on 28th January and extended the date of filing the VAT audit report in form 704 for the year 2008-09 form 31st January 2010 to 31st March 2010 ..

Posted in Taxation |   3198 Views


CBDT Extends Date for Filing ITR-V Form

   28 January 2010 at 16:47

Delhi , January 27,2010Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V form relating to income-tax returns filed electronically (without digital signature) on or after 1st April 2009, up to 31st March 2010 or withi ..

Posted in Taxation |   932 Views


Income Tax Assessment shall become Sppedly now

   25 January 2010 at 17:25

Income tax evaders are being pushed into an increasingly tight corner – the I-T department is planning restructuring that will help assessing officers spend more time on an assessee than they do now. Currently in Mumbai, an assessing officer, t ..

Posted in Taxation |   537 Views


Income tax refunds may get delayed by a fortnight

   24 January 2010 at 10:43

Income tax refunds may get delayed for a fortnight, following a complete revamp of security buffers in the computer software system of tax departments across the country, after the discovery last week that someone had hacked into an account and made ..

Posted in Taxation |   440 Views


Date for MVAT audit in form 704 in Maharashtra extended

   24 January 2010 at 10:41

On 22/01/10 the Hon. Finance Minister Mr. Sunil Tatkare has announced at the time of bhoomipujan ceremony of proposed building of sales tax office of Ratnagiri that MVAT Audit date is extended by 2 months. This announcement was made in the presence o ..

Posted in Taxation |   2963 Views