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: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: VAT RATES :: TDS :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT Audit :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

New taxpayer schemes to be introduced this year by I-T department
May, 20th 2010

With the present Income Tax Act proposed to be replaced by the Direct Taxes Code (DTC) next year, the I-T department is planning to introduce a host of services related to processing of tax returns and refunds in the current fiscal.

The department will also observe 150 years of the introduction of the first ever I-T Act in 1860, as it will celebrate the 'Income Tax day' on July 24 this year.

The event is likely to be inaugurated by Finance Minister Pranab Mukherjee, who will also lay out a roadmap of the department for the future.

"This is the last year of the 1961 Income Tax Act. This year, a number of taxpayer programmes of the department can be initiated and completed," CBDT Member (Revenue) Durgesh Shankar told PTI.

The department, this fiscal, is planning to set up an independent Tax Deducted at Source (TDS) directorate while fast processing of tax returns and technological upgrade of tax refunds are the other core issues, he said.

The revenue accrued from TDS has been constantly growing over the years and with the increase in the number of service organisations across the country, the share from under this category of taxes is bound to grow, Shankar said.

According to estimates, the TDS revenue contributes almost 40 per cent to the direct taxes kitty.

Programmes like the Refund Banker scheme, presently on in 15 cities of the country, will also be extended to other locations this fiscal.

The DTC, aimed at simplifying the tax structure, is proposed to be introduced in April next year and will ultimately replace the Income Tax Act, 1961, bringing all other direct taxes, including wealth tax, under its purview.

Mukherjee had said that if a reasonable level of discussion happens on the code, a bill could be placed in the winter session of Parliament.

According to Finance Ministry records, the first I-T Act was introduced in India in 1860 by James Wilson who became the first Finance Member of the country. This became necessary since suppression of the 1857 struggle entailed heavy expenditure and made a large addition to public debt.

The Act received the assent of the Governor General on July 24, 1860. It came into effect immediately and was modelled on the English Statute.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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