Latest News About Income Tax

Net direct tax collections stood at Rs.2,28,745 crore, up from Rs.1,61,776 crore during the same period last fiscal, registering a growth of 41.40 percent and achieving over 85 percent of budgeted direct tax target of Rs.2,67,490 crore.

CBDT has extended the due date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending 30th September 2007 to 29th February 2008.

Electronic payment of taxes has been made mandatory for all corporate assesses and all assesses to whom provisions of section 44AB of the Income Tax Act are applicable from 1st April, 2008.

New Return Preperation Utility (Version 1.5) regarding 24Q and 26Q has been prepared. Download from tin-nsdl.com and use. It is very user friendly. File Validation Utility is inbuilt in it. Please remember that at least 75% of PAN quoting is mandatory in 26Q and 90% in 24Q.

The F.M is seriously thinking about some reliefs to the taxpayers. Wait for just a few hours to know the actual figures.