Fashion designer an artist, can get tax rebate: High Court

The Bombay High Court on Monday held that a fashion designer is an artist and dismissed the appeal filed by the Income Tax (I-T) department challenging the tax exemption granted to one of the leading designer,Tarun Tahiliani, on his foreign income under section 80RR of the the Finance Act, 1969.

Press Information Bureau
Government of India
Friday, June 11, 2010
Ministry of Finance

EXEMPTION FROM TAX FOR GRATUITY PAYMENTS ENHANCED FROM RS. 3.5 LAKH TO RS. 10 LAKH
________________________________________
18:28 IST

The Central Board of Direct Taxes has approved notification of ten lakh rupees as the maximum amount of gratuity entitled to exemption under sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961.

The notification will be applicable to employees who retire, or become incapacitated before retirement, or expire, or whose services are terminated, on or after the 24th May 2010.

DSM/BY/GN-194/10

Press Information Bureau
Government of India
Friday, June 11, 2010
Ministry of Finance

EXEMPTION FROM TAX FOR GRATUITY PAYMENTS ENHANCED FROM RS. 3.5 LAKH TO RS. 10 LAKH
________________________________________
18:28 IST

The Central Board of Direct Taxes has approved notification of ten lakh rupees as the maximum amount of gratuity entitled to exemption under sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961.

The notification will be applicable to employees who retire, or become incapacitated before retirement, or expire, or whose services are terminated, on or after the 24th May 2010.

DSM/BY/GN-194/10

I-T dept drive to expedite refunds

NAGPUR: The income tax department has launched a drive to file corrected returns with a view to do away with the problem of held-up refunds and the tax already paid not being credited to the assessees’ name.

A large number of people whose tax is deducted at source did not get the payments credited which, in turn, held up refunds. It was because the National Securities and Depositories Limited (NSDL), which accounts the tax receipts, could not record the payments as I-T returns of many did not carry the permanent account number (PAN). In some cases, the returns were not filed at all, said a statement issued by the income tax department.

The drive, which will continue till July, will enable the tax payers to file returns and also update those already filed with corrected PAN. The department has asked the assessees to utlilise the online facility to confirm whether the amount is credited to their name or not by logging on to www.tinnsdl.com and seeing the statement of PAN holder in form number 26AS. In Nagpur, tax worth Rs 126.4 crore has been paid but not accounted for. Returns have not been filed in 1,488 cases at all which PAN was not quoted in 4,638 returns.

Vodafone to appeal I-T dept's 12,000 cr tax demand

With the Income Tax Authorities raising a demand for Rs 12,000 crore tax, telecom giant Vodafone today asserted that no tax was payable on the USD 11.1 billion deal it did with Hutchison in 2007. The mobile operator also said it is considering to appeal to the Bombay High Court to legally...