The income tax department raided contractors and firms at 60 locations across India in connection with alleged irregularities in Commonwealth Games (CWG) contracts, an official said. “The raids are being conducted on the premises of some contractors and firms as part of a probe to detect alleged financial irregularities in the organisation of the Commonwealth [...]
Archive for the ‘Income Tax’ Category
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Direct Tax collection rises by 17.2 per cent
Posted by admin on October 28th, 2010
Revenue through Direct Tax collection rose by 17.2 per cent to around Rs 2.02 lakh crore as on September 30, 2010, which is 47 per cent of the finance ministry’s budgetary target for the current fiscal, Sunil Mitra, revenue secretary, ministry of finance, said. Speaking to reporters after participating in an interactive session on Direct [...]
Sale of Esops Shares can be taxing
Posted by khyati on October 27th, 2010
With the stock market nearing its all-time high, the best way out is to sell them in tranches. Employee stock option plans, or Esops, are touted as one of the best tools to create long-term wealth. These are the shares an employee gets of his/her employer at a discounted rate to the current market price. [...]
All you want to know about Infra Bonds
Posted by admin on October 26th, 2010
Infrastructure bonds are the talk of the town. Most taxpayers are happy that they have one more avenue to save taxes from this year. Till last year, they could invest only Rs 1 lakh and save tax of Rs 30,900 if they were in the highest tax bracket under Section 80C of the Income Tax [...]
IT expects Rs 5000 cr from CWG as TDS
Posted by admin on October 26th, 2010
The Income Tax department is expecting to collect Rs 5,000 crore (Rs 50 billion) as taxes from the payments and salaries relating to award of contracts and payments made by various agencies in the Commonwealth Games. The department will get this revenue from under tax deducted at source category as ‘payment to contractors in pursuance [...]
Results of delay in filing income tax returns
Posted by admin on October 24th, 2010
The penalty for late filing is actually not much. But it is important that the details are all there and without error As we all know, the last date for filing the tax return is July 31. What if you were unable to file your return in time? Even then, there is no cause to [...]
