Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: empanelment :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES
News Headlines »
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly
 Income Tax Return (ITR) filing: 6 last-minute things you can still do to save tax for FY17-18

IT dept collects Rs 10 crore advance tax
November, 11th 2006

The Income Tax department has, for the first time, realised an advance tax of Rs 10 crore from the 16 cooperative banks of the State in September.

The collection comes after an amendment in the Section 80 P (4) of the Income Tax Act through which the exemption given to the cooperative banks was withdrawn in the last Union budget and they were brought under the ambit of Income Tax(IT).

Bank representatives, who were invited for an interaction by the IT department here today, were asked to deposit advance tax on time as per provisions of the law to avoid punitive action.  Tax would be calculated on the gross profit of the banks and the department expects to earn an additional Rs 1543 crore from the banks around the country.

Addressing senior officials of the cooperative banks, Lucknow chief income tax commissioner, Vinod Kumar explained the implications of removal of Sec 80 P (4) from the IT Act and its implications on the tax liabilities of the banks.In his address, Lucknow chief income tax commissioner-I, Anjani Kumar informed senior officers of the banks that insertion of new sub-section (4) in the 80 P exemption, given to the cooperative banks from paying tax, had been withdrawn making it mandatory for them to deposit advance tax.

IT officer range II, Harish Gidwani coordinated an interactive session held to educate the bank officials about the new provisions of the Act.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions