The official website of Income Tax department www.incometaxindia.gov.in is being revamped and modified to host a whole range of features and utilities.
The once hugely popular investment option of Post Office Monthly Income Scheme has been losing its shine since February, 2006 primarily due to the removal of 10% bonus on maturity clause.
TAN or Tax Deduction and Collection account number is a unique ten digit alpha-numeric number required to be compulsorily obtained by all persons who are responsible for deducting or collecting tax at source on behalf of Income Tax Department.
1. Interest on RBI 8% Savings Bonds, 2003 though taxable was till now exempted from TDS since they are Govt.
FM has clarified that July 31 will be the last date for filing returns thereby ruling out any postponement, and requested taxpayers not to delay the filing process.
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.
Satisfied with the direct tax collections for the first quarter and confident of achieving the set targets, tax authorities are in the seventh heaven.