Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: cpt :: due date for vat payment :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd :: list of goods taxed at 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 India is second most complex tax jurisdiction
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017

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amendment in the Section 80 P (4) of the Income Tax Act through which the exemption given to the cooperative banks was withdrawn in the last Union budget and they were brought under the ambit of Income Tax(IT).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 2017 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