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CIRCULAR No. 8/2008
 
DATED 22-9-2008
 
The Central Board of Direct Taxes, vide notification S.O. No. 752(E) dated 28.03.2008, inter-alia, notified a new return forms for all the assessee for assessment year 2008-09. It was provided in the rule 12 of Income-tax rule 1962 that, a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable or a company required to furnish the return in Form ITR-6, shall compulsorily furnish the return of income electronically for assessment year 2008-09.
2. It has been brought to the notice of the Board that the agents of non-residents, within the meaning of section 160(1)(i) of the Income-tax Act, are facing difficulties in electronically furnishing the returns of non-residents. This is because of the reason that there may be more than one agent for a non-resident in India for different transactions or a person in India may be an agent of more than one non-resident. Such situations are not covered by the existing software which functions on the principle of one assessee - one PAN - one return. Accordingly, it has been decided by the Board that it will not be mandatory for agents of non-residents, within the meaning of section 160(1)(i) of the income-tax Act, to electronically furnish the returns of non-residents for assessment year 2008-09.
 

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New Tax Rates
New Tax Rates

The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with

Defending Your Client
Defending Your Client

The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with

Issue of Rs. 2000 banknotes
Issue of Rs. 2000 banknotes

The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with

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