« Top Headlines » Open DEMAT Account in 24 hrs  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025  15 income tax rule changes in 2024 that will impact your ITR filing in 2025   How to check income tax return (ITR) status  Income tax rules: How much cash can you receive in one day to avoid an I-T notice?  Tax saving tips: How you can reduce tax burden under the new regime  Condonation of delay under section 119(20) of the Income-tax Act, 1961 in filing of Form No. 9A/10/108/10BB for Assessment Year 2018-19 and subsequent assessment years  Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22 and 2022-23 «  Draft of new service tax form issued... E-filing rakes in success... » `Less awareness hindering more tax compliance' October, 09th 2006 Attributing the current buoyancy in direct tax collections of the Government to growing voluntary tax compliance, the Chief Commissioner of Income Tax , Kolkata, Mr D.K. Das, said here today that two things have to be ensured by the department in the current context rewarding the cost of compliance by the taxpayers and making the cost of non-compliance quite heavy for the errant taxpayer. Speaking at a national workshop on `Finance Act '06, TDS, e-Filing and FBT', organised by the Delhi-based Institute of Socio Economic Research & Action (ISERA) here, Mr Das said lack of awareness on the part of the assessees to both changing income-tax laws and the approach of the department was coming in the way of greater compliance. Intensive investigation While the annual information reports filed during 2004-05 have yielded a whole host of information, only 9 out of every 1,000 transactions reported are being taken up for deeper investigation (by the traditional method). In the days to come, even this figure may go down. Explaining the rationale behind the Finance Act and its correlation with the charging section (Sec 4) of Income Tax Act 1961, Mr Das said out of the 4.6 crore PAN cards allotted countrywide, only 2.9 crore are filing their returns. Large taxpayer units Asked on the fate of the large taxpayer units, Mr Das said it was taking time as a complete foolproof system based entirely on a voluntary approach was yet to evolve, going by the response of the large taxpayers. Mr Das said that all the commissioners in the Bengal zone would be meeting on October 20 to finalise their recommendations, which would then be forwarded to the revenue department, which was now working on a new I-T Act.