tds

Income Tax website to have a new look

03 jan 2009

Income Tax website to have a new look
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. With the advent of online filing of returns, online payment of taxes, it had become imperative for the existing website to become more customer friendly with easily accessibility.

Compilation of recent changes in TDS provisions

26 sep 2007

1. Interest on RBI 8% Savings Bonds, 2003 though taxable was till now exempted from TDS since they are Govt. securities. Effective 1.7.2007, any interest over Rs 10,000 in a financial year from such bonds would be subject to  TDS @ 10%.

TAN – Facts you should know

26 jul 2007

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.

Income Tax returns filing date not to be postponed

17 jul 2007

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. Also, submitting of returns at post offices may not be allowed this year.

Clarifications on filling new ITR forms

16 jul 2007

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. Herein certain clarifications are provided to ease the filling process.

Taxpayers can heave a sigh of relief

13 jul 2007

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. They are unlikely to resort to the most dreaded measures of income surveys, searches and raids thereby giving good relief to taxpayers.