forms

New Direct Tax Code may replace Income Tax Act, 1961

29 jun 2007

New Direct Tax Code may replace Income Tax Act, 1961
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.

Filing Income Tax return – check out the new forms

06 jun 2007

Filing Income Tax return – check out the new forms
“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.