Online eFiling Software
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.
 
 
 
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. We have been getting several frantic calls from concerned assessees as to what the codes are for the new taxes imposed in this year's budget. When we expressed our ignorance, many taxpayers asked us, if you don't know, who will know? We only report; we don't create.
 
The Principal Chief Controller of Accounts, CBEC has notified the accounting codes for the new services:
 
Head of Accounts
Description
Serial Code
SCCD Code
'004400205'
Minor Head - Services provided by any person in relation to information technology software for use in the course, or furtherance, of business or commerce.
'00440449'
111
'00440020501'
Sub-head - Tax Collection
'00440452'
111
'00440020502'
Sub-head - Other Receipt
'00440450'
113
'00440020503'
Sub-head - Deduct Refunds
'00440451'
118
'004400206'
Minor Head - Services provided by an insurer on life insurance business, in relation to management of investment, under unit linked insurance business, commonly known as Unit Linked Insurance Plan (ULIP) scheme
'00440429'
113
'00440020601'
Sub-head - Tax Collection
'00440430'
111
'00440020602'
Sub-head - Other Receipt
'00440431'
110
'00440020603'
Sub-head - Deduct Refunds
'00440432'
119
'004400207'
Minor Head - Services provided by a recognized stock exchange in relation to assisting, regulating or controlling the business of buying, selling or dealing in securities and includes services provided in relation to trading, processing, clearing and settlement of transactions in securities.
'00440433'
112
'00440020701'
Sub-head - Tax Collection
'00440434'
117
'00440020702'
Sub-head - Other Receipt
'00440435'
114
'00440020703'
Sub-head - Deduct Refunds
'00440436'
115
'004400208'
Minor Head - Services provided by a recognized/registered association in relation to assisting, regulating or controlling the business of the sale or purchase of any goods or onward contracts and includes services provided in relation to trading,
'00440437'
116
 

The Sub-head "Other Receipt" is meant for interest, penalty leviable on delayed payment of Service Tax.

The Sub-head "Deduct Refunds" is not to be used by the assessees, it is meant for the department while allowing refund of Tax.

Primary Education Cess on all taxable services will be booked under '00440298' and Secondary and Higher Education Cess will be booked under '00440426'.