Saral efile : Taxation

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		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.

Taxation

Admin & Procedures	Income Tax
Tax Authorities & Power Tax Returns Permanent Account Number Collection & Recovery Types of Assessment Time Limit for Assessment Payment of Income Tax Tax Information Network (TIN)	Definition Taxable Heads of Income Types of Assessment Tax Benefits - Deductions, Rebates & Donations Filing of Income Tax Return (Sec. 139) Tax upon Capital Gains Save Tax Through Investments Income Tax Rates/ Slab 2008-09 Who, When & How to Pay IT Clubbing Provisions Tax Planning

Corporate Tax	Sales Taxes
Introduction Corporate Taxable Income Assessment and rate of tax Minimum Alternative Tax (MAT) Depreciation, set-off, carry forward Tax on Distributed Profits Rebates and allowances for the corporate sector Tax Holiday in Free Trade Zones	Who has the power to levy and collect sales tax ? Principles related to sales tax, interstate trade and commerce are also there. Also tells what is a sales tax ID number. Click for Value Added Tax (VAT)

Value Added Tax (VAT) in India

A milestone achieved only in four years on April 1, 2005. Launching VAT in India, the country joined the school of 123 countries worldwide which started in UK in 1973 to bring out uniqueness and uniformity in tax system.

Excise Duty	Custom Duty
Gives information on who is liable to pay excise duty ? and what types of Excise duties are levied in India. Where and when they are applied	Introduces to Customs duty prevailing in India. Tells about the restriction on imports and exports, what is legal and what is not ? Information on the baggage rules, import and export by post and tariff valuation of exported items

Capital Gains Tax	Tax Rebates
What is capital gains tax ? Defines long term and short term capital gains. Lists the rates and concessions offered. Also a category relating to NRI capital gains	The rebates, allowances, incentives applicable while paying tax. Includes different sections for individual and corporate tax

NRI Taxation	Tax Treaties
Taxation of Non-Residents, taxable NRI income. What does total income of Non-resident includes. Exemptions and concessions for NRI's.	India has tax treaties with over 40 countries with whom it has significant economic relationships. This section includes Rates for Dividends, Interest, Royalties and Technical Fees