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Free tax calculators to get a preview of your 2008 taxes. |
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Browse through topics like PAN, Capital Gains etc..in Q & A form |
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Taxes n You |
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 News and Updates |
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Companies lose registration for not filing returns
The Government cancelled the registration of more than 1,00,000 companies for failing to file their annual returns. Out of 7,00,000-odd companies registered under the Companies Act, 1956 up to March 2007, only around 3,00,000 had filed their returns till February this year.[Source: The Financial Express, March 14, 2008] |
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Direct Taxes e-payment now compulsory for corporates
Effective April 1, 2008, India's corporate sector will have to pay their direct taxes electronically. Companies can pay electronically either by credit/debit cards or through the Internet banking facility offered by authorised banks. At present, 22 banks are authorised to offer this facility. |
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| If you earn interest more than Rs.10,000 from a company in a Financial Year (F.Y.), you need to ask for a TDS certificate (Form 16A) to claim tax credit while filing your return. |
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| "Previous Year" actually means the F.Y. for which you file your return and not the year before that. |
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| To open a time deposit account of more than Rs.50,000 with a Bank you must hold a Permanent Account Number. |
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| If you take a housing loan from a Bank or a Financial Institution, you can claim deduction of principal repayment and interest amounts both. |
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| If you take a housing loan from a person other than a Bank or a Financial Institution, you can claim deduction of the principal repayment amount but not of the interest. |
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