The income tax (IT) department is probing the cash flow and source of funds of some high net worth individuals (HNI) who had generously bid for shares in some of the high profile initial public offerings (IPO) that hit the market early this year. A s ..
Tax payers can now deposit income tax from the bank accounts of any person in addition to credit and debit cards, the Central Board of Direct Taxes (CBDT) said.The decision has been taken following representation from certain domestic and foreign ta ..
The Income-Tax Department will organise special camps in Delhi beginning Tuesday to facilitate salaried taxpayers to file their income-tax returns. All salaried returns are to be filed with the Department by July 31.The first of the two special camps ..
The move is being viewed as an effort by the government to expand the taxpayer base.Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source ( ..
Transporters, banks and power utilities may have to share information about their corporate clientele with the excise department. The Central Board of Excise and Customs (CBEC) is formulating a third-party information system to tackle the rampant eva ..
The government on Friday said annexures and certificates relating to tax deducted at source (TDS) like Form 16 are not required to be submitted along with income tax returns. “No annexures, TDS/TCS certificates are required to be annexed to the retur ..
NRIs should make their trips to the homeland shorter if they want to avail themselves of the gift tax exemptions, says a recent ruling by a tax tribunal.The gift tax exemptions will not be available to an NRI if he loses his special status on account ..
A company is entitled to tax treaty benefits between India and another country even if it fails to disclose some key information. This decision was made by the Income-Tax Appellate Tribunal (ITAT), Mumbai, in the case of Sun Chemical of the Netherlan ..
VAT on all types of components, accessories spares and parts including packing materials used by the textile industry will be notified as industrial inputs taxable at 4%.In order to encourage the manufacture of readymade garments in the State the VAT ..
The Central Board of Direct Taxes (CBDT) have vide notification S.O.No.493(E) dated 13.3.2008 notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008. A company and such oth ..
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