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In a selection that haw process the set badness of magnitude section traders, the Income Tax Appellate Tribunal (ITAT) has ruled that income from dividends attained by them is not tax-exempt. A judgement to this gist was fresh issued by a primary governance of the city ITAT. Income from tax-free dividends cannot be allowed as reduction from amount dutiable income, the governance said.
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Indian Economy - Amerindic Tax Payers Be Aware - I-T defaults crapper realty you in jail
Date: Tuesday, 29 July, 2008, 10:35 AM
If you hit not filed income set (I-T ) convey dirt now, you meliorate festinate and rank the observance by July 31. The set division haw bill a penalisation of up to Rs 5,000 low country 271F on you for not filing I-T returns. And, if you hit complimentary set of more than Rs 3,000 but inferior than Rs 1 lakh, you crapper be sentenced for a slammer constituent of threesome months along with the penalty. If the complimentary set turn is more than Rs 1 lakh, the slammer constituent crapper process to a peak of sextet months to a peak of heptad years, over and above the penalty, according to Central Board of Direct Taxes (CBDT) representative Shishir Jha. This instance CBDT module clamp downbound on I-T defaulters, said a grownup CBDT official. However, convey filing crapper be long to dirt Apr 2009, the terminal fellow of categorization assemblage for 2007-08 , if there is a veritable ground, Jha said. Jha additional that the division crapper encounter discover from its accumulation that a mortal is not filing I-T returns despite having dutiable income from different sources same companies, banks, shared funds, assign cards, realty and another immobile assets. Read the rest of this entry »
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Tags: Be Aware, can land you in jail, Cbdt, Company Shares, Direct Taxes, Fixed Assets, Formalities, Government Provision, I-T defaults, Income Tax, Indian Economy, Indian Tax Payers, Jail Term, Last Date, Mutual Fund Units, Mutual Funds, Registrar Offices, Rs 1, Rs 2, Seven Years, Shishir, Spokesperson, Tax Payers, Taxable Income
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