Taxation & Law

Indian Laws, Accounting and Taxation News, Service Tax, Financial Planning

Dealing with Income Tax Scrutiny

Modus Operandi of Income Tax Scrutiny The main objective of the IT officer during scrutiny is to make sure that the income shown in the return is real and there is no tax evasion.

Latest instructions and clarifications for filing ITR Forms

The CBDT has recently issued a circular specifying instructions and clarifications on furnishing of returns in the new ITR forms: It is mandatory for the proprietory and partnership firms, which are tax auditable u/s 44AB and companies (other than claiming exemption u/s 11) to electronically furnish the return of income/fringe benefits.  

Clarifications on filling new ITR forms

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.

Taxpayers can heave a sigh of relief

Satisfied with the direct tax collections for the first quarter and confident of achieving the set targets, tax authorities are in the seventh heaven.

July 31 – Last date for filing your Income Tax returns

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.

Reverse Mortgage in India – The Tax Implications

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

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.