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: ACCOUNTING STANDARDS :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: VAT RATES :: form 3cd :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

New software soon for Goan taxpayers
August, 08th 2011

To bring about relief to Goan taxpayers, the income tax department is in the process of developing a new software to apportion income between Goan spouses covered under the Portuguese Civil Code.

Section 5A of the Income Tax Act, 1961, provides for the apportionment of non-salary income between the spouses governed by the system of community of property (which is in force in the state).

The income tax department, Panaji, has asked the Goa Chamber of Commerce and Industry (GCCI) to assist the Central Board of Direct Tax (CBDT), New Delhi, in coming up with a new software to ensure the smooth filling of IT returns for Goans under Section 5A of the Income Tax Act, 1961.

Speaking to STOI, chief commissioner of income tax D K Das Sharma said that e-returns are supposed to be filed by referring to the Portuguese Civil Code in corporate and auditable cases.

"It is difficult to divide the income between spouses and to modify the existing software available with the income tax department. Hence, we have asked the GCCI to assist system officers of the director general of income tax to prepare a new software which can apportion the income between Goan spouses covered under the Portuguese civil code," said Sharma.

GCCI, as well as the chapter of institute of chartered accountants, made a representation to income tax department and CBDT officials and pointed out that the general software, does not differentiate between taxpayers governed under Section 5A of the Income Tax Act and those that are not.

In the representation, it was pointed out that the existing software does not allow the apportionment of non-salary income and non-salary TDS of such Goan tax payers, thus causing unnecessary tension among them.

Stating that the new software is under the consideration of the CBDT, sources in the income tax department said that the new software needs careful screening as the benefits it offers to only a class of taxpayers could be misused.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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