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 Company with Rs 50 lakh fresh capital induction may come under Tax lens Know More>> |
'Unbranded/customised software' marketed by Infosys eligible for CST benefits: HC
Know More>> |
Taxpayers need not pay interest if not specified in assessment order
Know More>> |
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Income Tax |
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Extension of due date for filing of returns for J&K: The CBDT has extended the due date for filing of returns from 31st July, 2008 to 30th September, 2008, in the cases of income-tax assessees in J&K after considering the dislocation of general life caused due to the law and order problem. More Details
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Extension of due date for filing of returns and tax audit reports for Bihar: The CBDT has extended the due date for filing of returns and tax audit reports from 30th September, 2008 to 30th November, 2008, in the cases of income-tax assessees in Bihar after considering the disruption caused by the floods in the state. More Details
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Notification related to " Professional Services ": CBDT has issued Notification dated 21.08.2008 through which services rendered by certain persons in relations to the sport activities has been notified as Professional Services for the purpose of Section 194J. More Details
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E-Filing of Returns : Over 10 Lakh e-returns have been filed by 29th July, and the number is expected to cross over 13 lakh by 31st July compared to 1.6 lakh e-returns received last year for the same period. More Details
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Karnataka Budget Highlights: State Chief Minister BS Yeddyurappa, who is also the Finance Minister presented the state budget. The budget is termed as farmer pro by the Chief Minister. More Details
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Annexureless Returns : To enable taxpayers to file returns in the electronic mode, Income Tax Returns (except ITR-7) have been made annexureless. The CBDT has issued clarifications on annexureless returns. More Details
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Quoting of PAN for benefit under Indo-Chinese DTAA: Indian resident taxpayer having income from sources in China would be required to quote their Permanent Account Number (PAN) allotted in India when applying for benefits under the Indo-Chinese Double Taxation Avoidance Agreement (DTAA).
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Income Tax Act, 2008: Income Tax Act as amended by the Finance Act 2008 is now available on this website. Click here
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Filing of Income-tax Returns for A.Y.2008-09: CBDT has notified the Forms of the return of income for the assessment year 2008-09 vide notification S.O. 752(E) dated 28-3-2008. The returns can be e-filed by clicking here and for Forms click here.
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E- Payment of Taxes made mandatory: Electronic payment of taxes has been made mandatory for all corporate assesses and all assesses to whom provisions of section 44AB of the Income Tax Act are applicable from 1st April, 2008. Press Release
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TDS to be charged at 30% if No PAN from Party : Now department is planning to bring in strict policy on the same. It is about to come with an amendment in the Act, where TDS will be deducted at a flat rate of 30%, if party is not providing PAN.... More Details
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E-Payment of Taxes: To facilitate e-payment of taxes CBDT has clarified that an assessee can make e- payment of taxes from the account of any other person. It is also clarified that tax deducted at source (TDS) or tax collected at source (TCS) shall fall within the meaning of tax for the purpose of e-payment.. Circular No.5
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Notification relating to due date for filing of TDS/ TCS statements for quarter ending 30th September 2007 of financial year 2007-08 : Order under section 119(2)(a) of the Income –Tax Act, 1961 regarding
extension of time for filing of Tax Deduction/Collection at source
Returns for the 2nd quarter and non-levy of penalty for delay in filing for
the same. More Details
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Clarification regarding TDS Certificates by Central Board of Direct Taxes - Clarification in connection with Income-tax (Third Amendment) Rules, 2007 - Amendment
to Forms used as certificates of deduction of tax at source (TDS) and collection of tax at
source (TCS). More Details
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Mandatory quoting of PAN in TDS/TCS returns : The threshold limit for PAN quoting without which TDS/TCS returns will not be accepted has been enhanced to 95% from 90% in case of Form 24Q and to 85% from 70% in case of Forms 26Q and 27EQ. The enhanced limits will be applicable for and from the quarter ending 31.03.2008 . More
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Service Tax accounting codes for new services: The Government while imposing new taxes, is not prompt in announcing the Head of accounts under which the tax is to be paid, leaving the tax payers as well as the Department in utter confusion... More Details |
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Refund of service tax paid on taxable services used by exporters which are not input services but could be attributable to export activities : The Annual Supplement to the Foreign Trade Policy, 2004-09 announced on 19.4.2007 stated that service tax on services rendered and utilised by exporters would be exempted/remitted and the remission mechanism would be institutionalised after working out the modalities. More Details
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Guidelines in respect of the Dispute Resolution Scheme, 2008 : The Dispute Resolution Scheme, 2008 has been notified vide Chapter VI of the Finance Act, 1994. This compounding scheme has been notified as a one time measure for quick resolution of disputes (a) involving small service tax amounts upto Rs 25000; and (b) involving non-recovery of penalty or interest. More Details
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Filing of claim for refund of service tax paid under notification No. 41/2007-ST dated 6/10/2007 : This notification stipulates that a merchant exporter shall file the claim of refund to the Assistant Commissioner/Deputy Commissioner of Central Excise having jurisdiction over the registered office or the head office.. More Details
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Guidelines in respect of publication of names under section 73D of the Finance Act, 1994: Adequate restriction has been provided so that the particulars in relation to any penalty are not published until the time for presenting an appeal has expired without an appeal having been presented or the appeal, if presented, has been disposed of. More Details
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Amendment to Circular No. 97/8/2007-ST dated the 23rd August, 2007: The undersigned is directed to refer to para 12.2 of the Circular No. 97/8/2007-ST dated the 23rd August, 2007, which prescribes monetary limits of Central Excise Officers at various levels for adjudicating of cases. More Details
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Major Highlights :
- The requirement of filing the annual VAT
statements by traders in addition to monthly returns
will be dispensed with.
- The penalty levied on late filing of monthly
returns will be reduced from 10% to 5% if the delay does not exceed 10 days.
- The system of e-filing of tax returns will be
introduced selectively during the current year.
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eFiling of Karnataka VAT Amended [Included Exporters]: The Government of Karnataka has made it mandatory for every registered dealers having a export turnover to outside the Indian territory for the year ending 31st March 2008 or any subsequent years is 10 lac or more and claiming the refund or input ... More Details
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Discussion paper of Karnataka : Measures to reform the existing commodity taxation system in the States have been the subject of discussion in various conferences on economic reforms for the last many years. The Government of Karnataka recognizes the need to modernize its tax administration, adopt the best tax policy design to suit the present day's requirements in the light of increasing globalization of the economy. More Details
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Press Release on Reduction of CST Rate to 2% with effect from 01/06/2008 - The Central Government hereby reduces the rate of tax as specified in sub - section (1) of Section 8 of the said act from three percent to two percent with effect from 1s June 2008. More Details
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Communication of CCT Tamil Nadu on CST rate of tax - It was proposed to reduce the rate of CST from 3% to 2% with effect from
1.4.2008 in the Union Budget Speech for the year 2008-2009 More Details
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Saral TDS Suite - Version 8.0 : Saral TDS is the complete TDS management software With domain experts working on the software over several years has made Relyon possible to bring a complete solution... - Click Here to Download the setup
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Saral TaxOffice - Version 3.9 - Saral TaxOffice is a complete Taxation software solution for a Chartered Accountant [CA] or any Tax Practitioner. It automates all the activities related to Tax Compliance and Back office. - Click Here to Download the setup
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Saral IncomeTax - Version v3.10 - Saral IncomeTax is the software for filing of Indian ITR Forms [ITR-1 to ITR-8] which covers Computation of Income Tax as well as generation of ITR, either by the way of XML [eFiling] or a print out [Paper Filing]. - Click Here to Download the setup
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Saral VAT XML - Version 1.10 - Saral VAT XML, makes the process of converting user data to XML as prescribed by Commercial taxes Department, Karnataka. - Click Here to Download the setup
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Saral VATInfo - Version 8 - Saral VATInfo unique by itself and is serving large number of Chartered Accountants, Tax Practitioners, Consultants, Corporate and Trade and Industry. - Click Here to Download the setup
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Saral VAT100 - Version 3.00 - Saral VAT100 comes with editable Form 100 (original, correction/revised and final returns), URD purchase management, Gross Profit analysis, DOS and Excel printing of Form 100 and Challan Printing in Quick and Excel. - Click Here to Download the setup
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