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. | CBDT has notified Industrial Park Scheme 2008 expanding the ambit of “industrial activity” to include research and experimental development on natural sciences and engineering, development of computer software, and information technology enabled services. | Net direct tax collections in the first quarter of the present fiscal stood at Rs.57,373 crore, up from Rs.41,391 crore, registering a growth of 38.61 percent. | Shri Narendra Bahadur Singh has taken over as Chairman of the Central Board of Direct Taxes with effect from the afternoon of 30 June 2008. | As a part of the modernization of computer infrastructure in the Income Tax Department, the Computer Centers at Amritsar, Baroda and Rohtak will be shutdown for a period from 27.06.2008 to 09.08.2008. During this period the work of issue of PAN card would be stopped completely in these centers.