Direct Tax Collections Up

Net direct tax collections in the first five months in the present fiscal (up to August 2008) stood at Rs.84,409 crore, up from Rs.61,030 crore, registering a growth of 38.31 percent. The cost of direct tax collection, on the other hand, which had declined to an all-time low of 0.54 percent during fiscal 2007-08, is likely to further decline to about 0.43 percent during the current fiscal, the lowest among all large economies in the world. Press Release

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.

Business Process Reengineering study of Income Tax Department

The directorate of BPR has circulated a note on BPR study which contains re-designed processes and recommendations which would decide the future direction of the Department. It is a major initiative taken by the Government in the area of tax reform globally. It will also ensure bonding and trust with the taxpayers. More

Growth in Tax Collections - Indicator of Healthy Economy

The growth in Corporate TDS in First Quarter of 2008-09 is 60.5% as against 43.1% in last years. Combined growth rate of advance tax and TDS this year is 40.3% as against 34.3% last year. So, it is erroneous to deduce that there is slowdown in economy. Press Release

Allocation of charge/region to Income Tax Inspector

List of 815 canditates who have qualified Graduate Level Examination, 2005 and recommended for appointment to the post of Income Tax Inspector in the Income Tax Department have been allotted charges. More...

Direct Tax Collections Up

Net direct tax collections up to July 2008 stood at Rs.71,648 crore, up from Rs.48,756 crore, registering a growth of 46.95 percent. The cost of direct tax collection, on the other hand, had declined to an all-time low of 0.54 percent during 2007-08, amongst the lowest in the world. Press Release

Circular No. 7

CBDT has issued Circular No. 7 through which corporations which are set up for the welfare and economic upliftment of ex-servicemen and whose income qualifies for exemption from income-tax have been exempted from TDS/TCS on their receipts.

Overwhelming response to e-filing

The facility of e-filing of income-tax returns has received overwhelming response from the taxpayers. As on 31st July 2008, 12.49 lakh e-returns were filed compared to 1.46 lakh e-returns filed up to the same date last year. About 97 percent of the 12.49 lakh e-returns have been filed voluntarily by individuals, professionals and small businesses. Press Release

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

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.
Press Release   Circular No.6

Clarification on media reports

The Income Tax Department clarifies that the media reports on processing of tax returns and issuance of refunds are delayed due to shortage of manpower are incorrect and misleading.
Press Release

Industrial Park Scheme 2008

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.
Press Release Notification