Recent regulation regarding tax

Industrial Park Scheme, 2008

CBDT has notified the Rules relating to Industrial Park Scheme, 2008. More..

Directorate of Human Resources

Directorate of Income Tax (Human Resources Development) has been constituted under the Central Board of Direct Taxes. Its role and functions may be seen in the notification

Due date extended in certain category of cases

Central Board of Direct Taxes has extended by an Order under section 119 of the Income-tax Act extended the due date for filing returns of income for all categories of assesses to 29.2.2008, if the assessee has,- (i)filed the return on or after 14th May, 2007; and (ii) filed the return in a form other than one of the forms notified for assessment year 2007-08.

Deposit instruments included in Section 80C

Investment by an individual or a Hindu undivided family (HUF) in ‘Five Year Post Office Time Deposit Account’ and ‘Senior Citizens Savings Scheme’ during the previous year 2007-08 and subsequent years, shall be eligible for deduction under section 80C of the Income-tax Act. Press Release

Finance Minister releases FAQs on Fringe Benefit Tax on ESOPs

Finance Minister, Shri P.Chidambaram, released a Circular titled "Fringe Benefit Tax on Employee Stock Option Plans - Frequently Asked Questions", at Mumbai. The Circular clarifies in a question and answer format the queries raised by industry associations, chambers of commerce and tax practitioners on issues relating to levy of FBT on ESOPs. Circular

Direct Tax Collections

Direct tax collections continued to record a growth of over 40 percent for the first eight months of the current fiscal. Net tax collections stood at Rs.1,45,053 crore, up from Rs.1,00,135 crore during the same period last fiscal, registering a growth of 44.86 percent and achieving over 54 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release

Guidelines on Standing Counsels

CBDT has prescribed the revised schedule of fees payable to Standing Counsels of the Income-tax Department before various High Courts. The procedure for appointment of counsels and renewal of their terms has also been prescribed by specifying the requisite qualification and terms and conditions of their engagement. Instruction

Amendment to Rule 3 of the Income-tax Rules

Rule 3 of the Income-tax Rules, 1962 has been amended to give consequential effect to the amendment to section 17 of the Income-tax Act made by the Finance Act, 2007.
Press Release Notification