INCOME TAX
By admin at 7 October, 2009, 7:31 am
Anticipating an adverse impact of the new Direct Tax Code, life insurance companies have demand amendments in the proposed code. The draft code had recommended a maturity tax on all life insurance products, if the term was less than 20 years and the premium exceeded 5 per cent of the sum assured. At present, there is no tax if the sum assured is five times the premium on all maturities.
In a presentation to the [...]
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By admin at 24 September, 2009, 9:20 pm
Income tax department has recently issued a circular that preference will be given to person who has filed their returns online .With this assurance the voluntary e filing of returns has been increased many fold.But before giving this assurance department has not done any home work.The software for processing the returns filed online is not fully operationalize so refund for the ay 2008-09 may take time up to [...]
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By admin at 24 September, 2009, 8:59 pm
Taxes paid by Indian companies more than doubled in the three months through September, suggesting growth in Asia’s third biggest economy may be strengthening. Advance taxes paid by local companies rose to Rs44,010 crore in the July-September quarter from Rs20,720 crore in the previous three months and 14.7% more than the same quarter last year, said a finance ministry official who declined to be identified. Comp [...]
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By admin at 23 September, 2009, 8:58 pm
The insurance claims paid to policy holders in the event of death or disability will be subject to payment of income tax if the new Direct Taxes Code proposals are implemented. The Code proposes that contributions by the insured are subject to the EET method of taxation of savings. This means that the sum received under a life insurance policy, including any bonus, is taxed. Only a pure life insurance policy is exe [...]
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By admin at 23 September, 2009, 9:35 am
Notification No. 70/2009, dated 22-9-2009
In exercise of the powers conferred by sub-section (1B) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), vide S.O. 1281(E) dated the 27th July, 2007, published in the Gazette of India, Extrao [...]
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By admin at 22 September, 2009, 9:42 pm
Few days earlier some changes has been done in data of e TDS return .Now to validate new data changes Tin-Nsdl has released its new FVU(File validation utility) version 2.128 which required for e-TDS return furnished from 01.10.2008 .The new FVU can be downloaded from the link Given below
Extraction of e-TDS/TCS FVU:
To extract these files, double-click on 'e-TDS FVU.exe'.
A 'WinZip Self-Extractor - e-TDS [...]
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By admin at 21 September, 2009, 3:20 pm
Tax deducted at source (TDS) collections in Mumbai for the April-September period have crossed last year’s figure with income-tax collections showing an 8% increase, according to figures available till last week. Income-tax officials said if the economic recovery continues for the remaining part of the current fiscal year, TDS collections as well as regular tax collections could end up on a higher note. Mumbai’ [...]
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