Taxation & Law

Clarifications on filling new ITR forms

16 jul 2007

As the last date for filing returns for the Asstt.Year 2007-08 is drawing to close, a lot of issues confuse the assessees as they fill the new forms. Herein certain clarifications are provided to ease the filling process.

Taxpayers can heave a sigh of relief

13 jul 2007

Satisfied with the direct tax collections for the first quarter and confident of achieving the set targets, tax authorities are in the seventh heaven. They are unlikely to resort to the most dreaded measures of income surveys, searches and raids thereby giving good relief to taxpayers.

July 31 – Last date for filing your Income Tax returns

11 jul 2007

For the financial year 2006-07 (Asstt. year 2007-08), all non-corporate taxpayers, salaried persons, pensioners, professionals/self employed taxpayers with turnover below the tax audit limits have to file returns by July 31.

Facing problem in filing IT returns, try this option

01 jul 2007

With the introduction of new annexure less ITR forms by the government, the complications for the taxpayer has increased rather than reducing. It is difficult to comprehend the tax forms for the common taxpayer without the help of a professional CA or advocate.

New Direct Tax Code may replace Income Tax Act, 1961

29 jun 2007

The finance ministry in consultation with tax experts is drafting the new Direct Tax Code which will be introduced in 2008. It will be placed for discussion in the monsoon session of Parliament and replace the existing Income Tax Act which has become so complicated with the amendments made every year that it could only be comprehended by tax professionals and practitioners.

Reverse Mortgage – Tax implications

10 jun 2007

With the government still unclear about the final tax treatment of the periodic payments received by the borrower under a reverse mortgage scheme, many banking companies and especially the senior citizens (users for the product) are in a state of dilemma.

Income Tax Department Blog To Answer Tax Queries

07 jun 2007

The sarkari babus in India are blogging! The tech-savvy Income Tax Department of India under the Ministry of Finance now has an official blog (yes, with feeds) to connect better with the tax payers of India.

Micro-Insurance – Gateway to rural upliftment

07 jun 2007

70% of Indian population resides in the rural area but they have negligible insurance coverage. Thus it opens a huge opportunity for insurance marketers of micro-insurance products. Micro-insurance is a form of finance designed to suit the needs of rural people who do not have access to conventional forms of insurance.

Filing Income Tax return – check out the new forms

06 jun 2007

“Today it takes more brains and effort to make out the income tax form than it does to make the income.” This quote by Alfred E. Neuman aptly describes the plight of assessee on the recently introduced income tax return forms under the series ITR by the government.

Reverse Mortgage – A Financial Lifeline for Senior Citizens

03 jun 2007

Estimates show that India’s old age population will increase to 113 million by 2016, 179 million by 2026, and 218 million by 2030. Life expectancy, currently at 77 years could increase to around 80 years by 2020.

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