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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 325
|
 |
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 402
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 241
|
|
Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source
Posted Date : 11-Jul-2012 , 07:53:00 am | Posted By CASANSAAR
All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before 30th July 2012. While submitting their statements, the deductors have to choose cor...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 439
|
|
Tatkal Rail Ticket Booking to start at 10 A.M from 10th July 2012
Posted Date : 10-Jul-2012 , 07:42:56 am | Posted By CASANSAAR
The Ministry of Railways has further streamlined the delivery of tickets under Tatkal Scheme and the new amendment in the scheme will come into effect from tomorrow i.e. 10th July 2012 (Tuesday). Under the new amendment the booking of Tatkal tickets will ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 559
|
|
Finance Ministry rejects Vodafone's rejoinder on retrospective tax
Posted Date : 10-Jul-2012 , 07:32:29 am | Posted By CASANSAAR
The Finance Ministry has rejected telecom operator Vodafone’s rejoinder, seeking an undertaking that a retrospective tax amendment would not apply to it.
The Finance Ministry’s reply will now go to the Prime Minister Office for approval.
Late in June, Prime Minister Manmohan Singh took...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 284
|
|
Net Direct Tax Collections During April-June 2012 up by 47.16%
Posted Date : 10-Jul-2012 , 07:28:51 am | Posted By CASANSAAR
Gross Direct Tax collections during April-June of the Financial Year 2012-13 was up by 6.77 percent at Rs. 1,11,182 crore as against Rs. 1,04,135 crore in the same period during the last year. Gross collection of Corporate Taxes showed an increase of 3.48 percent and stood at Rs. 70,594 crore as aga...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 213
|
|
CBDT may get Poonam Saxena as new chief
Posted Date : 09-Jul-2012 , 07:13:19 am | Posted By CASANSAAR
The CBDT, responsible for administration of direct taxes, is likely to have a woman as its chairperson after six years. A Finance Ministry official said the name of Poonam Kishore Saxena, a 1974-batch Indian Revenue Services (IRS) officer, has been forwarded to Prime Minister Manmohan Singh for appo...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 882
|
|
Black money: I-T consumes most FIU generated suspicious reports
Posted Date : 09-Jul-2012 , 07:06:56 am | Posted By CASANSAAR
The Income Tax department, which is at the forefront of cracking down against black money, has been the largest consumer of Suspicious Transaction Reports (STRs) generated by the elite financial intelligence unit, an official data has revealed.The I-T department, with a total of 26,488 STRs in the l...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 226
|
|
India's tax proposals: Domestic laws should not over-ride tax treaties, says Mauritius
Posted Date : 07-Jul-2012 , 08:01:49 am | Posted By CASANSAAR
Amid concerns over India's new tax proposals, Mauritius on Friday said domestic legislations should not over-ride the double taxation avoidance treaties between the two countries."Once 'Limitation of Benefit' clause is embedded in the taxation treaties, we expect it to prevail and no domestic legisl...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 256
|
|
Tax officials stumble upon a list of names from another Swiss bank; unlikely to ‘nab’ all account holders
Posted Date : 06-Jul-2012 , 07:47:30 am | Posted By CASANSAAR
The last time the taxman went after those with Swiss bank accounts, many said they had no clue how their names cropped up; quite a few escaped saying that they were non-residents, some simply ignored the missives, and only a few broke down and confessed.And there were the hard nuts who, without...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 346
|
|
Tax benefits cannot be withdrawn from a past date: Gujarat High Court
Posted Date : 04-Jul-2012 , 08:07:05 am | Posted By CASANSAAR
A Gujarat High Court verdict has thrown open the debate on constitutional validity of retrospective changes in the income tax laws. It has said that an amendment in income tax law, withdrawing benefits under a popular export incentive scheme, could not be done from a past date.A divis...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 336
|
|
Chartered Accountants are capable of putting a stop to corruption and black money - Narendra Modi
Posted Date : 04-Jul-2012 , 08:03:20 am | Posted By CASANSAAR
Kicking off the golden jubilee celebration of Institute of Chartered Accountant of India's (ICAI) Ahmedabad branch today Chief Minister Narendra Modi said that chartered accountants are capable of putting a stop to corruption and black money. They should come out for fulfill their obligation towards...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 908
|
|
Roadmap to create world class Professionals soon: Moily
Posted Date : 03-Jul-2012 , 07:57:30 am | Posted By CASANSAAR
A meeting between three bodies including ICAI and ICSI, will be convened soon to prepare a roadmap to create world class professionals, who should be on demand at global level, corporate affairs minister M Veerappa Moily today said.
The meeting with the representatives of the Institute...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 546
|
|
E-filing of returns must for people earning over 10 lakh
Posted Date : 02-Jul-2012 , 07:33:42 pm | Posted By CASANSAAR
People with income of ten lakh rupees per annum will have to file their tax returns electronically beginning 2011-12 Financial year.The Central Board of Direct Taxes CBDT has issued a notification making E-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu undivided f...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 706
|
|
Balanced view needed on allowing foreign auditors - Veerappa Moily
Posted Date : 02-Jul-2012 , 08:31:37 am | Posted By CASANSAAR
Amid the debate on allowing foreign audit firms like PwC and KPMG to practice in India, Corporate Affairs Minister Veerappa Moily has said his ministry will have to take a balanced view as domestic companies and even government is utilising their services."This is a issue we are constantly in dialog...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 414
|
|
E-filing of I-T returns expected to double this fiscal
Posted Date : 02-Jul-2012 , 08:19:37 am | Posted By CASANSAAR
The Income Tax department is expecting a 100 percent increase in e-filing of returns this fiscal as taxpayers whose annual salary exceeds Rs 10 lakh and holding assets abroad will have to mandatorily file their statements in the electronic format.The department which reported 1.64 crore e-returns du...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 242
|
|
CBDT Invites Comments/Suggestions on Draft GAAR Guidelines
Posted Date : 29-Jun-2012 , 05:14:27 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GARR Guidelines were issued yesterday along with the...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 306
|
|
Parliament to take up DTC Bill in monsoon session: FinMin
Posted Date : 29-Jun-2012 , 08:34:48 am | Posted By CASANSAAR
The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50-year-old income tax laws, will be brought in Parliament in the monsoon session, Finance Secretary R S Gujral said today.
"We will also examine the recommendation of Parliamentary Standing Committee (PSC) and after that we will...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 277
|
|
Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961.
Posted Date : 29-Jun-2012 , 08:28:26 am | Posted By CASANSAAR
Background
The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating the guidelines for proper implementation of GA...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 288
|
|
Only top-level Polish exececutives exempted from tax net: ITAT
Posted Date : 28-Jun-2012 , 08:37:45 am | Posted By CASANSAAR
The Income-Tax Appellate Tribunal, Ahmedabad has said that all management functions cannot be classified as top-level management functions unless they are senior officials with titles such as chairperson, chief executive officer, managing director, president and executive directors.Th...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 319
|
|
Government to approach UN for changes in tax convention
Posted Date : 28-Jun-2012 , 08:27:05 am | Posted By CASANSAAR
The government plans to approach the United Nations (UN) to get international taxation norms tweaked to make Web marketing companies and cloud computing-enabled firms, which do not have a permanent establishment in India and yet earn profits from Indian customers, pay tax in the country.
Th...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 209
|
|
Now file your Income Tax returns at a kiosk, mobile van near you!
Posted Date : 26-Jun-2012 , 07:51:39 am | Posted By CASANSAAR
For the first time, the Income Tax department has decided to set up special 'tax kiosks' in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.The initiative will ensure that the taxpayers are...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 671
|
|
Policy Relating to FII Investments in Government Securities and Long-Term Infrastructure Bonds Rationalized; New Scheme for ECB Borrowings Introduced
Posted Date : 26-Jun-2012 , 07:38:42 am | Posted By CASANSAAR
The policies relating to FII Investments in Government Securities, Corporate Bonds, Long-Term Infra Bonds and ECB of Indian Companies and QFI have been reviewed and the following changes have been made therein.
Government Securities:
a. Currently FIIs ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 232
|
|
National CA Students' Convention - No answer for the question how 300 Students fialed in Final year exams become CA's after retotaling.
Posted Date : 25-Jun-2012 , 09:42:04 am | Posted By CASANSAAR
The Ludhiana Branch of the Institute of Chartered Accounts of India representing more than 1400 members and 4000 students hosted the first day of National CA Students' Convention in Ludhiana. The global business competitiveness intensifies the demand for improvements of communica...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1361
|
|
Ex-minister loses appeal in tax returns case
Posted Date : 25-Jun-2012 , 09:31:18 am | Posted By CASANSAAR
A division bench of the Madras high court has directed former agriculture minister Ku Pa Krishnan to appear before the assessing officer of the income tax department and present his case all over again. In August 1996, the I-T department estimated that Krishnan, who was the agriculture min...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 359
|
|
Income Tax department cracks whip on refund frauds
Posted Date : 25-Jun-2012 , 09:22:09 am | Posted By CASANSAAR
An internal probe by the Income Tax department, to detect the occurrence of a spate ofrefund frauds, has found that swindlers have hacked into the user-ids of retired officials and unclaimed "suspense" refunds were generated to siphon off the taxpayers hard-earned money.The department cracked t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 376
|
|
Government to announce measures to improve market conditions
Posted Date : 25-Jun-2012 , 09:17:07 am | Posted By CASANSAAR
The government will take measures to check depreciation of rupee, Finance Minister Pranab Mukherjee told this to reporters in Kolkata on Sunday. On his comment on measures to improve the depressed market condition, he said, that he has spoken to the RBI Governor and Finance Secretary on the iss...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 248
|
|
Refund excess tax despite 4 year limit period: CBDT to officials
Posted Date : 23-Jun-2012 , 07:57:11 am | Posted By CASANSAAR
Giving relief to taxpayers, the IncomeTax Department has asked its officials to take action to refund excess tax even if such applications are hit by limitation period of four years."After due verification of any such claim on merits, the assessing officer shall issue refund...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 258
|
|
No PAN needed for people outside income tax bracket: Karnataka High Court
Posted Date : 22-Jun-2012 , 07:50:19 am | Posted By CASANSAAR
People with income below taxable limit need not furnish Permanent Account Number (PAN), the Karnataka High Court ruled. The High Court order came as a relief to thousands of individuals who are asked to provide PAN despite having income below the taxable limit. Section ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 590
|
|
|
