PM sets up panel to review taxation of development centres, IT
Posted Date : 30-Jul-2012 , 02:40:12 pm | Posted By CASANSAAR
In yet another move to provide clarity on taxation issues, Prime Minister Manmohan Singh today set up a committee to look into such matters pertaining to IT sector and research and development related activities.
The panel, headed by former Central Board of Direct Taxes (CBDT) chairman N Ra...
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New evidence, materials must to reopen Income-tax assessments: High Court
Posted Date : 30-Jul-2012 , 07:57:37 am | Posted By CASANSAAR
The Income-tax department cannot reopen an assessment on the sole basis of a change in the opinion of its officers, the Bombay High Court has said in a significant judgement.New materials and evidence are pre-requisites to reopen assessments, the court has said. The high court or...
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Income Tax |
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India detects Rs 565 crore worth undisclosed income in France
Posted Date : 30-Jul-2012 , 07:53:10 am | Posted By CASANSAAR
Undisclosed income of Indians totalling Rs 565 crore has been detected in France, according to Income Tax authorities, indicating that the Double Taxation Avoidance Agreementis showing results. The figure was disclosed in the information that India received from France on Indians havi...
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Income Tax |
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Institute of Chartered Accountant of India to organize a tax awareness camp
Posted Date : 30-Jul-2012 , 07:51:29 am | Posted By CASANSAAR
Department of Income Tax(Range IV & V, Chandigarh) in association with the Institute of Chartered Accountant of India (ICAI) will jointly organize a Tax Awareness and Facilitation Camp on Monday, July 30 at Rajasthan Bhawan, Sector 33, Chandigarh.BS Sandhu, IRS, Commissioner of Income Tax, ...
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Income Tax |
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Income tax returns: Users face problems in online filing
Posted Date : 29-Jul-2012 , 08:59:08 am | Posted By CASANSAAR
With the last date for filing income tax returns fast approaching on Monday, the I-T department as well as assessees are facing problems with online data entry.
This year onward, it is mandatory for all those who earn over Rs 10 lakh per annum to file their returns online, and this has caus...
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Income Tax |
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Income tax department gets nod to prosecute employees at HSBC Geneva
Posted Date : 28-Jul-2012 , 11:34:34 am | Posted By CASANSAAR
The income tax department plans to initiate prosecution proceedings against employees ofHSBC Switzerland for allegedly helping Indians stash away illegal wealth in Swiss banks.The finance ministry has given permission to the income tax department to initiate a...
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Income Tax |
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India & Indonesia sign double taxation avoidance agreement
Posted Date : 27-Jul-2012 , 06:26:22 pm | Posted By CASANSAAR
India and Indonesia today signed an agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.The agreement was signed by the visiting Indonesian Foreign Affairs Minister Marty Natalegawa and his Indian Counterpart S.M Krishna at the Hyderabad house ...
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Income Tax |
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Petrol, diesel prices hiked in seven states on local tax adjustments
Posted Date : 26-Jul-2012 , 07:30:49 am | Posted By CASANSAAR
Just two days after petrol prices were hiked by 70 paise by oil marketing companies, prices of petrol and diesel went up in seven states, including West Bengal and Maharashtra, as the oil firms recalibrated rates to reflect changes in local levies.This hike is independent of Monday’s 70 paise ...
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Income Tax |
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Govt may appeal against Madras HC order on Esops
Posted Date : 26-Jul-2012 , 06:38:18 am | Posted By CASANSAAR
The government may appeal against a Madras high court judgement on employee stock options (Esops) that could have a bearing on how corporate tax is calculated. The appeal plan was disclosed by a senior income tax department official, who didn’t want to be identified.
In a 19 June judg...
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Income Tax |
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Bombay High Court rejects IT department's appeal against Amitabh Bachchan
Posted Date : 26-Jul-2012 , 06:32:51 am | Posted By CASANSAAR
Bombay High Court recently dismissed an Income Tax department appeal against an order in favour of actor Amitabh Bachchan, holding that the plea did not involve ‘any substantial question of law’.
On October 13, 2002, Bachchan had filed his income tax return, declaring his earnin...
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Income Tax |
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Announcement regarding IAASB’s Invitation to Comment - Improving the Auditor’s Report - ICAI
Posted Date : 26-Jul-2012 , 06:30:56 am | Posted By CASANSAAR
ANNOUNCEMENT FOR THE ATTENTION OF THE MEMBERSInternational Auditing and Assurance Standards Board’sInvitation to Comment, Improving the Auditor’s Report
The International Auditing and Assurance Standards Board (IAASB), has recently published an Invitation to ...
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Income Tax |
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Income Tax Department Starts Two More Taxpayer Friendly Initiatives : ‘Register for Home Visit’ and ‘Online Tax Help’
Posted Date : 25-Jul-2012 , 07:09:49 am | Posted By CASANSAAR
In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’. To avail these facilities, a taxpayer must visit th...
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Income Tax |
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I-T department offers help in filing returns at door steps
Posted Date : 24-Jul-2012 , 08:57:24 pm | Posted By CASANSAAR
In a major drive to help taxpayers file returns, the Income Tax Department on Tuesday offered to provide expert services at door-steps in the four metros and some major cities like Bangalore, Jaipur and Patna.
Also, it has started 'Online Tax Help' to provide professional services to ...
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Income Tax |
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Special IT return receipt counters for Delhi
Posted Date : 24-Jul-2012 , 08:55:56 pm | Posted By CASANSAAR
The income tax department has set up special I-T return receipt counters in Delhi. People having income from salary can file their I-T returns at the counters in Mayur Bhavan, Connaught Place till tomorrow.
According to the department, I-T returns will later on be only accepted at the new I...
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Income Tax |
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Income Tax Department adds new column for declaring foreign assets
Posted Date : 24-Jul-2012 , 07:56:19 am | Posted By CASANSAAR
Tightening the norms, Income Tax (I-T) Department has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the 2012-13 assessment year.Taxpayers, who hold foreign bank accounts or properties, will now have to furnish details of their foreign as...
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Income Tax |
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Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13
Posted Date : 20-Jul-2012 , 06:06:37 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:- • Employe...
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Insurers accused of Rs 300 cr tax fraud
Posted Date : 19-Jul-2012 , 07:58:21 pm | Posted By CASANSAAR
Insurance companies have come under the scanner of a government intelligence agency for allegedly evading service tax of over Rs 300 crore.
The Directorate General of Central Excise Intelligence (DGCEI) has initiated a probe following complaints of the service tax evasion by various insurance provi...
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Income Tax |
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CA.T.N.Manoharan, Kulkarni additional directors at Mahindra Satyam
Posted Date : 19-Jul-2012 , 07:45:12 am | Posted By CASANSAAR
IT major Mahindra Satyam today said it has appointed T N Manoharan and Ravindra Kulkarni as additional directors on its Board.
"TN Manoharan and Ravindra Kulkarni are co-opted as additional directors on the Board of the Company, wef July 18, 2012," Satyam Computer Services said in a filing ...
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Income Tax |
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No power with ITAT to stay tax demands beyond 365 days: High Court
Posted Date : 19-Jul-2012 , 07:41:32 am | Posted By CASANSAAR
The Karnataka High Court has said that theIncome-tax Appellate Tribunal or ITAT does not have powers to stay the tax demands beyond 365 days, an order which is expected to have a wide bearing. The ruling of the High Court on July 5 in the case of Ecom Gill Cof...
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Income Tax department rejects tax exemption applications of three institutes
Posted Date : 18-Jul-2012 , 07:33:14 am | Posted By CASANSAAR
The income tax (I-T) department has cancelled the applications of three educational institutions seeking exemptions under the Section 10 (23C) IVa of the Income Tax Act as these educational institutions have a turnover of more than Rs 1 crore and still had not applied for exemptions under the releva...
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CBDT's circular to offer clarity on indirect tax transfers under M&As
Posted Date : 18-Jul-2012 , 07:27:56 am | Posted By CASANSAAR
In a major boost to foreign investors’ sentiment, the Central Board of Direct Taxes (CBDT) is likely to come out with a circular to bring more clarity on indirect tax transfers under a particular merger or acquisition.
The CBDT’s circular will be on Section 9 of the Income Tax Act. Mo...
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Income Tax |
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Supreme Court orders Essar Oil to pay Rs 1000 crore tax dues to Gujarat govt by July 30
Posted Date : 17-Jul-2012 , 10:15:38 pm | Posted By CASANSAAR
The Supreme Court has asked the Ruias owned Essar Oil to pay dues of Rs 1,000 crore as sales tax to the Gujarat government by July 30, following which the coercive action taken by Gujarat government to force immediate payment of the remaining principal amount ...
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Reebok India case: Income Tax department finds no signs of big corporate fraud
Posted Date : 15-Jul-2012 , 08:20:49 pm | Posted By CASANSAAR
About two months after a criminal case was filed by Reebok India against two of its former employees over a scam allegedly involving Rs 870 crore, the Income Tax department has found that it may not be a case of corporate fraud as made out and could involve tax evasion to the tune of Rs 14...
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Filing your income tax return, look at CBDT circular first
Posted Date : 14-Jul-2012 , 08:59:17 am | Posted By CASANSAAR
With just 17 days left for filing income tax return (ITR), it is time to start the process. However, the CBDT has come out with guidelines on procedural aspects of filing ITR, based on tax payers' annual income. Here is a quick look of changes made by the Central Board of Di...
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I-T assessment may again miss its benchmark
Posted Date : 14-Jul-2012 , 08:52:08 am | Posted By CASANSAAR
Although the Central Board of Direct Taxes (CBDT) has chalked out a detailed strategy on quality scrutiny assessment for the current fiscal year to avoid tax evasion and maximise revenue collection, income tax (I-T) employees raised doubts on whether the target would actually be achieved.
&nb...
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PM sets up committee to frame GAAR guidelines by Sept 30
Posted Date : 13-Jul-2012 , 07:09:59 pm | Posted By CASANSAAR
Prime Minister Manmohan Singh Friday set up an experts' committee to review and rework the controversial General Anti Avoidance Rules (GAAR) tax provision. The four-member committee to be headed by Parthasarathi Shome, director and chief executive of the Indian Council ...
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Expert advice is not an excuse to avoid penalty for claiming false deductions: I-T tribunal
Posted Date : 13-Jul-2012 , 06:48:37 am | Posted By CASANSAAR
An income-tax tribunal has held that a company cannot avoid paying penalty for claiming false deduction on grounds that its claim was supported by advice from a chartered accountant. A division bench of the Income-tax Appellate Tribunal (ITAT), Kolkata, made this point in an appeal filed by Dar...
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56% of late income tax filers below 30 years of age
Posted Date : 13-Jul-2012 , 06:42:48 am | Posted By CASANSAAR
"Bangalore city leads in terms of late filers at 39% followed by NCR at 24%. On the other hand, people from Hyderabad and Chennai contribute about 9% each to the late filers," says a study by TaxSpanner.com, an online tax filing portal."Of the total return filers in Bangalore, about 45% file their r...
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Intra-bank Deposit Accounts Portability
Posted Date : 12-Jul-2012 , 03:45:01 pm | Posted By CASANSAAR
RBI/2011-12/528DBOD.AML. BC. No. 97/14.01.001/2011-12
April 27, 2012
The Chairmen/Chief Executive Officers,All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks
Dear Sir,
Intra-bank Deposit Accounts Portability
It has been brought to our notice that some banks are insisting on openin...
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Income Tax |
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Foreign account-holders with hidden wealth can approach Settlement Commission for amnesty
Posted Date : 12-Jul-2012 , 09:18:49 am | Posted By CASANSAAR
A Bloomberg report this week said that India has offered amnesty to over 100 wealthy citizens who evaded taxes by hiding money in HSBC accounts in Geneva. An unnamed finance ministry official denied the report to a newspaper, but there may well be a way out for those in the HSBC list who f...
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