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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: due date for vat payment :: VAT Audit :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT RATES
 
 
News Headlines »
 How will goods and service tax impact state revenues?
 Tax officers can issue certificates to avoid taking TDS from NRIs
 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

Single I-T, FBT form likely
April, 14th 2007
The income tax department is planning to integrate the forms for filing fringe benefit tax (FBT) and income tax returns into a single form. 
 
The change, which may be announced in a week or two, is expected to be a part of the new tax return form for assessment year 2007-08. As a result, Form 3B, announced last year for filing FBT returns, may become redundant. 
 
The authorities are also considering scrapping the present practice that requires assessees to file separate challans for income tax and FBT. Instead, a single consolidated challan (a statement that is submitted along with actual tax payment at banks or state treasuries) may be introduced, income tax sources said. 
 
The income tax department has advised all taxpayers to wait for the notification of the new return form and not file returns using the old one. 
 
The moves will reduce the administrative burden of the department, banks and taxpayers. 
 
The change would mean less paperwork for the corporate accounting department, which has complained about the additional burden imposed by FBT provisions. 
 
A single challan system is also likely to reduce the instance of tax refunds since adjustments will be allowed. A single tax challan will simplify tax payment and reduce complications arising out of separate filings, said G Ramaswamy, fiscal committee chairman, Institute of Chartered Accountants of India. 
 
In Budget 2007-08, the finance ministry had proposed that payment of advance tax on fringe benefits be done on the same dates as for income tax on the 15th of June, September, December and March. 
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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