The Ministry of Finance, Department of Revenue has given Press Release for Signing of Multilateral Convention on Mutual Administrative Assistance in Tax Matters On 26th January, 2012.

The Central Board of Direct Taxes (CBDT) has decided to extend the time limit for filing ITR-V forms relating to income-tax returns for A.Y. 2010-11 filed electronically (without digital signature) on or after 1st April 2010. These ITR-V forms can now be filed up to 31st December 2011 or within a period of 120 days of uploading of the electronic return data, whichever is later.

CBDT Press Release regarding Gross direct tax collection during April-October of the current fiscal.

The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned.

The Government of India signed an Agreement for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Georgia.

Gross direct tax collections during the first four months of the current fiscal (April - July 2011) were up by 26.63 percent at Rs.132,542 crore as against Rs.104,668 crore.

Shri M. C. Joshi has taken over as Chairman, Central Board of Direct Taxes with effect from 1st August 2011. Shri Joshi belongs to the 1974 batch of the Indian Revenue Service.

The Government of India signed an Agreement and Protocol for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital (DTAA) with Government of Lithuania.

Gross direct tax collections during the first quarter of the current fiscal (April - June 2011) were up by 23.91 percent at Rs.104,136 crore as against Rs.84,041 crore.

The Government of India signed a Protocol, amending Double Taxation Avoidance Agreement (DTAA) with Government of Singapore for effective exchange of information in the tax matters on 24th June, 2011.

The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.

Net direct tax collections during the first two months of the current fiscal (April & May 2011) stood at Rs.12,954 crore, down from Rs.24,878 crore in the same period last fiscal, a decline of 47.93 percent. Gross direct tax collections were, however, up by 37.34 percent at Rs.50,405 crore as against Rs.36,702 crore.

The Government of India notified the Double Taxation Avoidance Agreement (DTAA) with the Government of Mozambique for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 31st May 2011.

Shri Prakash Chandra, an IRS (IT) officer of the 1973 batch, took over as Chairman of the Central Board of Direct Taxes.

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the United Republic of Tanzania for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th May 2011 at Dar es Salaam.

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Federal Democratic Republic of Ethiopia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 25th May 2011 at Addis Ababa.

Central Board of Direct Taxes has reviewed its scrutiny selection procedure. In order to redress the grievance of the taxpayers, it has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information.

Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period last fiscal, registering a growth of 20.75 percent.

India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11th February 2011 by the High Commissioner of India to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of India and the Minister of State for Finance on behalf of the Government of the Commonwealth of The Bahamas.

The Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V forms relating to income tax returns for A.Y 2010 – 2011 filed electronically on or after 1st April 2010.

In order to speed up refunds, TDS claims in all tax returns (ITR-1 to ITR-6) will be accepted without verification if the difference between the amount claimed in the return and the amount reflected in the TDS return (AS-26 statement) does not exceed one lakh rupees.

Net direct tax collections during the period April 2010 to January 2011 stood at Rs.3,17,501 crore, up from Rs.2,63,765 crore in the same period last fiscal, registering a growth of 20.37 percent.

During the period April-November 2010, net direct tax collections stood at Rs.2,16,628 crore, up from Rs.1,83,822 crore during the same period last fiscal, registering a growth of 17.85 percent and crossing 50 percent of the BE target of Rs.4,30,000 crore for fiscal 2010-11.

Net direct tax collections crossed the mark of rupees two trillion and stood at Rs.2,04,351 crore as on 31st October 2010, up from Rs.1,73,447 crore during the period April-October last fiscal, thereby registering a growth of 17.82 percent.

The Central Board of Direct Taxes (CBDT) has clarified vide Circular No.7/2010 that the approvals under sub-clause (vi) and (via) of section 10(23C) granted on or after 1.12.2006 shall be valid until withdrawn.

The Income Tax department has issued an order raising a tax demand of Rs.11, 217.95 crore on Vodafone International Holdings BV treating it as an assessee in default under section 201(1) of the Income Tax Act, 1961.

Net direct tax collections during the period April-September 2010 stood at Rs.1,81,758 crore, up from Rs.1,52,625 crore in the same period last fiscal, registering a growth of 19.09 percent in H-1 against the Budgeted annual growth target of 13.67 percent.

India and Bermuda signed a Tax Information Exchange Agreement (TIEA). The agreement was signed by Shri S. S. Palanimanickam, Minister of State for Revenue, on behalf of India and Dr. Ewart Brown, Premier, on behalf of Bermuda.

The Central Board of Direct Taxes have extended the due date of filing income tax returns for the assessment year 2010-11 from 30th September 2010 up to 15th October 2010. The due date has been extended in view of disturbance to general life caused by floods.

The Central Board of Direct Taxes (CBDT) has extended the due date of filing of income tax returns for all categories of taxpayers in the state of Jammu and Kashmir to 30th November 2010 for the assessment year 2010-11.

Net direct tax collections during the period April to August 2010 of the present fiscal stood at Rs.1,00,112 crore, up from Rs.87,888 crore in the same period last fiscal, registering a growth of 13.91 percent.Growth in Corporate Income Tax was 17.05 percent (Rs.57,750 crore as against Rs.49,339 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 9.68 percent (Rs.42,217 crore as against Rs.38,491 crore).

The Central Board of Direct Taxes (CBDT) has decided to extend the time limit for filing ITR-V forms relating to income-tax returns for A.Y. 2009-10 filed electronically (without digital signature) on or after 1 st April 2009. These ITR-V forms can now be filed up to 31 st December 2010 or within a period of 120 days of uploading of the electronic return data, whichever is later.

Net direct tax collections during first four months of the present fiscal (up to July 2010) stood at Rs.85,647 crore, up from Rs.73,990 crore in the same period last fiscal, registering a growth of 15.75 percent.

The Central Board of Direct Taxes (CBDT) has extended the due date of filing of income tax returns to 04-August-2010 for taxpayers for whom the due date ends today, which is 31-July-2010. All paper returns or e-returns filed on or before 04-August-2010 will be considered as filed within the due date.

Our Honorable Finance Minister, Shri Pranab Mukherjee delivered a speech on the occasion of the celebration of 150 years of Income Tax in India.

The Income Tax department is celebrating 150 years of Income Tax in India. On this historic occasion, an artists' workshop was recently organized in Kolkata to ponder and reflect on creativity in the field of resource mobilization.

The Central Board of Direct Taxes (CBDT) has amended the Rules relating to electronic filing of income tax returns vide Notification No.49/2010 dated 9th July 2010.

The Central Government has specified bonds to be issued as “Long-term Infrastructure Bond” for the purpose of section 80CCF of the Income Tax Act, 1961. Investment in these bonds up to rupees twenty thousand will be eligible for deduction from the total income of the assessee.

Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent.

The Central Board of Direct Taxes has approved notification of ten lakh rupees as the maximum amount of gratuity entitled to exemption under sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961.

The Union Finance Minister, Shri Pranab Mukherjee, will inaugurate the 26th Annual Conference of Chief Commissioners and Directors General of Income Tax at the Ashok, New Delhi on 9th June 2010 at 9:45 AM.

The Central Board of Direct Taxes (CBDT) have directed the Income Tax Department (ITD) to make arrangements for receiving income tax returns on 31st July 2010.

The Central Board of Direct Taxes (CBDT) have amended the Rules relating to TDS provisions date and mode of payment of tax deducted at source (TDS).

The Union Finance Minister, Shri Pranab Mukherjee, will dedicate the Centralized Processing Center of the Income Tax department at Bengaluru to the nation on 29th May 2010.

The Central Board of Direct Taxes have amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to give effect to the extension of the ending date of operation of the Scheme.

The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961.

Excerpts from the speech of the Finance Minister before the Central Direct Tax Advisory Committee (CDTAC) delivered on 18.05.2010 at North Block, New Delhi.

The e-filing facility for AY 2010-11 has now been restored. Taxpayers can now e-file income tax returns for AY 2010-11 without any difficulty.

Income Tax department clarifies that the e-filing portal of the Income Tax department remains fully secure and lapse of the security certificate does not mean that its security features are slackened or compromised.

The Central Government has notified the "Hong Kong Special Administrative Region of the People’s Republic of China" as 'specified territory' for the purpose of Explanation 2 to Section 90 of the Income Tax Act 1961.

The Income Tax department clarifies that it is investigating only the taxation aspects of transactions relating to the Indian Premier League.

The Integrated Tax Payer Data Management System (ITDMS) developed by the Income Tax Department was conferred the Prime Minister’s Award for excellence in governance and administration at Vigyan Bhawan on the Civil Service Day on 21st April 2010.

The Central Board of Direct Taxes (CBDT) has notified the rules relating to determination of fair market value of property, other than immovable property for the purposes of section 56 of the Income Tax Act 1961.

The Central Government has approved notification of ‘specified territory’ for the purpose of Explanation 2 to Section 90 of the Income Tax Act 1961. Section 90 of the Income Tax Act was amended by the Finance Act 2009 to enable the Central Government to enter into an agreement with any specified territory outside India, in addition to the already existing provision of agreement with the government of any country. Explanation 2 provides for notification of such specified territories.

The Central Government has approved notification of ten year Deep Discount Bond (Zero Coupon Bond) of Rural Electrification Corporation Limited (REC) to be issued by 31st March 2011 as specified bonds for the purpose of sub-section 48 of section 2 of the Income Tax Act, 1961.

The Central Board of Direct Taxes (CBDT) and the Income Tax department has received certification under IS 15700:2005 from the Bureau of Indian Standards for excellence in public delivery system after audit of the Directorate of Organisation and Management Services (DOMS), the nodal agency for implementation of Sevottam scheme, and the Aayakar Sewa Kendra (ASK) unit at Pune.

The Ministry of Finance hosted a key meeting of the Steering Group of the Global Forum on Transparency and Exchange of Information for Tax Purposes at New Delhi on 11th – 12th February 2010.

The Central Government have authorized the Indian Railway Finance Corporation to issue tax-free, secured, redeemable, non-convertible bonds and also NABARD for issuing 10 years zero-coupon Bhavishya Nirman Bonds, both to be issued by 31st March 2010.

The Central Board of Direct Taxes (CBDT) convened a meeting of all cadre-Controlling Chief Commissioners of Income Tax at New Delhi on 04.02.2010 to discuss strategies for achieving the revenue collection target.

The Central Board of Direct Taxes have decided that any installment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11.

Adjustment of “Advance Tax in respect of Fringe Benefits” for Assessment Year 2010-11 against “Advance Tax”.

Relaxation of the stipulation in Circular No. 3/2009 dated 21.05.2009 – Extension of time limit for filing ITR-V form relating to income-tax returns filed electronically (without digital signature).

Refund Fraud scamsters Identified. Swift action by the Income tax Department to put in place a robust method of issuing refunds.

CBDT has notified that the new provision relating to tax deduction at source (TDS) under the Income Tax Act 1961 will become applicable with effect from 1st April 2010.

Revised Agreement and Protocol signed between the Republic of India and the Republic of Finland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA).

All India TDS conference inaugurated by the Finance Minister, more tax collection expected in the last quarter. Momentum of growth from TDS to be augmented further

Net direct tax collections during first three quarters of the present fiscal (up to December 2009) stood at Rs.2,50,232 crore, up from Rs.2,30,598 crore in the same period last fiscal, registering a growth of 8.51 percent.

Net direct tax collections during first eight months of the present fiscal (up to November 2009) stood at Rs.1,83,822 crore, up from Rs.1,77,251 crore in the same period last fiscal, registering a growth of 3.71%.

CBDT has issued the Circular No.9 issuing clarifications on the remittances to non-residents under section 195 of the Income-tax Act.

The CBDT has notified the rules to regulate the procedure of the Dispute Resolution Panel (DRP) constituted under section 144C of the Income Tax Act, 1961 inserted by the Finance Act 2009. The rules come into effect from 20th November 2009. Under the said rules, DRPs will be constituted at eight cities in India, namely Delhi, Mumbai, Ahmedabad, Kolkata, Chennai, Hyderabad, Bengaluru and Pune. The Dispute Resolution Panel will be a collegium comprising of three Commissioners of Income Tax. The mechanism is investor-friendly and is also expected to reduce taxpayer grievance and litigation.

Shri Durgesh Shankar joined as Member of the Central Board of Direct Taxes on 6th November. Shri Shankar belongs to 1973 batch of the Indian Revenue Service. Before joining the CBDT, he was a Chief Commissioner of Income Tax in Delhi. He has also served, on deputation, as Managing Director of Central Cottage Industries Corporation and Senior Director of Crafts Museum, Ministry of Information & Broadcasting, Department of Science & Technology and Ministry of Railways.

Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. Taxpayers are, therefore, cautioned not to respond to such mails.

CBDT has Notified that the due date for filing tax return in Pune, Sangli & Kolhapur has been extended till 31st October 2009.

Net direct tax collections during first four months of the present fiscal (up to July 2009) stood at Rs.73,990 crore, up from Rs.71,648 crore in the same period last fiscal, registering a growth of 3.27 percent. Growth in Corporate Taxes was 2.61 percent (Rs.42,685 crore as against Rs.41,598 crore), while Personal Income Tax (including STT, FBT and residual BCTT) grew at 4.33 percent (Rs.31,279 crore as against Rs.29,982 crore).

The 25th Annual Conference of Chief Commissioners & Directors General of Income Tax will be held at the Convention Hall, The Ashok, Chanakyapuri, New Delhi on 11th & 12th August, 2009. The Finance Minster will inaugurate and deliver the keynote address on 11th August 2009. The Conference will deliberate upon ways and means to maximise direct tax collections; further improve taxpayer services; and optimise response to taxpayer grievances.

Shri Narindar Singh (IRS – 1972 batch) has joined the Central Board of Direct Taxes as Member.

Net direct tax collections during first three months of the present fiscal (up to June 2009) stood at Rs.59,465 crore, up from Rs.57,373 crore in the same period last fiscal, registering a growth of 3.65 percent. Growth in Corporate Taxes was 3.31 percent (Rs.35,709 crore as against Rs.34,566 crore), while Personal Income Tax (including FBT and STT) grew at 4.38 percent (Rs.24,564 crore as against Rs.22,782 crore). Lower growth in net tax collection was mainly on account of higher tax refund outgo of 52.01 percent at Rs.17,600 crore in the present quarter as against Rs.11,578 crore in the first quarter last fiscal.

The Central Board of Direct Taxes have ordered that any return of income for the assessment year 2008-09 filed electronically on 30th September 2008, in respect of which the electronic acknowledgement bears the date stamp of 1st October 2008, shall be treated as having been filed within the due date, i.e. 30th September 2008.

The Chairman CBDT has issued a Press Statement about the dismissal of the Writ Petition filed by Vodafone International Holdings, against a notice issued by the Income Tax department under section 201(1) of the Income Tax Act, 196, by the Hon’ble Bombay High Court, with cost. In the writ petition, the validity and legality of the notice issued by the Income Tax department was challenged. The decision of the Hon’ble High Court has strengthened the hands of the Income Tax department in its attempt to bring to tax in India transactions involving transfer of assets situate in India between entities located outside the country.

Net direct tax collections during first seven months of the present fiscal (up to October 2008) stood at Rs.166,905 crore, up from Rs.128,864 crore, registering a growth of 29.52%. Growth in Corporate Taxes was 33.49%, while Personal Income Tax grew at 23.14%. The momentum of growth in direct taxes could be maintained, despite present global financial crises / recession and its resultant impact on the Indian economy, mainly on account of a shift in the tax collection strategy of the Central Board of Direct Taxes (CBDT) towards improving the tax deduction at source (TDS) mechanism and encouraging better tax compliance.

Net direct tax collections during first six months of the present fiscal (up to September 2008) stood at Rs.147,197 crore, up from Rs.111,055 crore, registering a growth of 32.54%. Growth in Corporate Taxes was 35.65%, while Personal Income Tax grew at 26.94%. Continued high growth in tax collections (including self assessment taxes) indicates inherent strength of the Indian economy and continued improvement in tax administration as well as in tax compliance levels.

In a survey action conducted recently on a Prominent Builder Group based in Mumbai, the Income Tax Department has unearthed evidence to suggest substantial income.

The Central Board of Direct Taxes have extended the last date of filing of income tax returns, due by 31st July 2008, to 31st October 2008 in the state of Sikkim in view of the delay in issuing of Instruction No.8/2008 in respect of filing of income-tax return by non-Sikkimese residing in that state.

CBDT has clarified in the Press Release issued on 30th September, 2008 that that TDS would be deducted u/s 192 only from the arrears of salary actually paid during FY 2008-09. On the balance, tax would be deducted during the financial year in which these pay arrears are actually paid.

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 31st October 2008 in the state of Orissa in view of the disruption caused due to floods in the state.

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 30th November 2008 in the state of Jammu & Kashmir in view of the dislocation caused due to law and order problem in the state.

Central Board of Direct Taxes notifies exemption to agents of non-residents from filing return electronically.

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 30th November 2008 in the state of Bihar in view of the disruption caused by floods in the state.

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.

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.

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.

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.

Over 10 Lakh e-returns have been filed by 29th July, and the number is expected to cross over 13 lakh by 31st July compared to 1.6 lakh e-returns received last year for the same period.

In a search and seizure action conducted recently on a prominent builder group based in Mumbai, the Income Tax department has unearthed evidence to suggest substantial income.

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.

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.

Net direct tax collections in the first two months of the present fiscal stood at Rs.22,840 crore, up from Rs.13,335 crore, registering a growth of 71.28 percent.

During Annual Conference of Chief Commissioners & Directors General of Income Tax the FM observed that trend of voluntary tax compliance has gone up in the country.

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Grand Duchy of Luxemburg.

The Income Tax Department denies allegations of delay in issuance of Permanent Account Number (PAN) to Foreign Institutional Investors (FIIs).

Shri Rabender Singh Mathoda has taken over as Chairman of the Central Board of Direct Taxes with effect from 1st May, 2008.

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Union of Myanmar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 2nd April, 2008.

The threshold limit for PAN quoting without which TDS/TCS returns will not be accepted has been enhanced to 95% in salary cases and 85% in non-salary cases. This is applicable from the last quarter of 2007-08 onwards.

Shri Prasanna Kumar Misra has taken over as Chairman and Shri S. S. Khan as Member of the Central Board of Direct Taxes with effect from 01 April 2008.

Clause 48 of the Finance Bill, 2008 proposes to insert a new sub-section (1B) in section 271 of the Income-tax Act to clarify the proposed amendment to penalty proceedings.

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.

The threshold limit for PAN quoting without which TDS/TCS returns will not be accepted has been enhanced to 95% from 90% in case of Form 24Q and to 85% from 70% in case of Forms 26Q and 27EQ. The enhanced limits will be applicable for and from the quarter ending 31.03.2008.

The Central Board of Direct Taxes have 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 of financial year 2007-08 to 29th February 2008.

Income Tax Department conducted a search operation in the case of a group engaged in development of real estate and running a private airline.

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.

Direct tax collections continued to record a growth of over 40 percent for the period April to January 15 in the current fiscal. Net tax collections stood at Rs.2,17,149 crore, up from Rs.1,52,993 crore during the same period last fiscal, registering a growth of 41.93 percent and achieving over 81 percent of budgeted direct tax target of Rs.2,67,490 crore.

In his first live videoconference, the Finance Minister addressed the Chief Commissioners of Income Tax and complimented them for the remarkable performance of the Income Tax department, particularly on the revenue side.

Direct tax collections continued to record a growth of over 40 percent for the first nine months of the current fiscal. Net tax collections stood at Rs.2,06,029 crore, up from Rs.1,44,286 crore during the same period last fiscal, registering a growth of 42.79 percent and achieving over 77 percent of budgeted direct tax target of Rs.2,67,490 crore.

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.

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.

Shri R. N. Upadhyay, Member, Central Board of Direct Taxes, passed away on 20th November 2007. He was an IRS officer of 1971 batch. He is survived by his wife, a son and two daughters.

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.

The Income Tax department has already issued over 30 lakh refunds in the first 7 months of this fiscal involving a total amount of Rs.18,448 crore. Refund payouts in non-corporate personal income tax category are ahead by 47.16 percent as compared to the first 7 months of last fiscal (Rs.6,135 crore against Rs.4,169 crore).

Income Tax Search.

Income Tax Return Filed by 100 year old senior citizen.

The Central Board of Direct Taxes has extended the due date for filing the Returns due by 31st October in the case of electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and for paper returns (other than those required to file electronic returns) to 2nd November 2007.

The Central Board of Direct taxes had extended the last date of filing of income tax returns due by 31st October 2007 to 31st December 2007 in the state of Bihar in view of the disruption caused by floods in the state.

The Income Tax department has conducted a search on a business family on the basis of information that it is involved in unaccounted draft discounting.

Scope of mandatory filing of e-TDS returns has been expanded to include deductors who are required to get their accounts audited under section 44AB and those having fifty or more deductee records.