1. Income Tax (Third Amendment) Rules – 2008

Notification No. S.O.243(E) dt. 5-2-2008

CBDT makes the following rules further to amend the Income Tax Rules, 1962, namely

i)

a) These rules may be called Income Tax (Third Amendment) Rules –2008

b) They shall come into force from the date of their publication in the Official Gazette.

ii) In the Income Tax Rules 1962 after rule 14A the following rule shall be inserted namely –

“Rule – 14B- Guidelines for the purposes of determining expenses for special Audit".

As per these new rules the expenses of and incidental to audit (including the remuneration of the accountant, qualified assistants, semi qualified and other assistants who may be engaged by such accountant) shall not be less than Rs.3,750/- and not more than Rs.7,500/- for every hour of the period of specified by A.O. under sub-section (2C) of section 142.

(Notification No.20/2008 F.No.142/33/2007 – TPL (Pt)

2. Press Release & News

Press Release No. 402/92/2006 MC (5 of 2008) dt. 23-1-2008

Scheme of electronic payment of Taxes for IT Payers Mandatory for certain category

Now it is proposed to make scheme of e-payment of taxes mandatory for the following categories of the payers –

1. All corporate assessee

2. All assessee (other than company) to whom provisions of Section 44AB of IT Act are applicable.

The scheme of mandatory electronic payment of taxes of I.T Payers is proposed to make applicable from 1st April, 2008.

All tax-payers can make electronic payment of taxes through the internet banking facility offered by the authorized banks. They will also provide with an option to make electronic payment of taxes through internet by way of credit or debit cards.

3. I.T. Refund details on website

Income Tax Department has put on its website the list of income tax refunds of all salary tax-payers, which could not be sent to the concerned persons for want of correct address. Salary tax-payers who have not received refunds for assessment years 2003-04 to 2006-07 can log on to the website (www.incometaxindia.gov.in (Mumbai region) and query using the PAN number and assessment year whether any refund due to them has been returned undelivered from the menu “undelivered salary refund management system”, an official release said. If any refund has been returned undelivered due to change in address, then the taxpayer can enter the present address and the refund will be sent to the taxpayer at the new address.

(Source – Business Line, dt. 29-1-2008)