CCI issues order against Cement Manufacturers, Imposes penalty of more than six thousand crores on 11 Cement companies
Posted Date : 22-Jun-2012 , 07:37:23 am | Posted By CASANSAAR
The Competition Commission of India has found cement manufacturers in violation of the provisions of the Competition Act, 2002 which deals with anticompetitive agreements including Cartels. The order was passed pursuant to investigation carried out by the Director General upon information filed by B...
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Income Tax department probe against political parties, trusts to check evasion
Posted Date : 21-Jun-2012 , 08:21:11 am | Posted By CASANSAAR
The Income Tax department has launched a probe against a number of political parties as well as charitable and religious trusts after it found that they were receiving "huge funds" beyond the exemption cap for filing tax returns. The department has compiled a list of those non-filers of I-T returns ...
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BBM, Nokia's Ovi, online retailers under Income Tax department lens in India
Posted Date : 20-Jun-2012 , 07:09:43 am | Posted By CASANSAAR
With increase in transactions taking place in the e-world, the Income Tax department is keeping a vigil on online shopping stores and messenger services like BBM, Ovi to keep a tab on deals that could have ramifications of international taxation. Subscription-based interactive&nb...
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I-T to refund Rs 191cr to 4 Kerala banks
Posted Date : 19-Jun-2012 , 07:55:37 am | Posted By CASANSAAR
A dispute between the income tax department and banks over how to go about writing off bad loans appears to have been resolved in the latters' favour.
The income tax department is refunding Rs 191 crore to four Kerala-based private banks following the Supreme Court ruling in February that t...
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Rupee payment for Iranian crude oil exempted from tax
Posted Date : 19-Jun-2012 , 07:53:21 am | Posted By CASANSAAR
The government has exempted refiners from paying withholding tax on the purchase of crude oil from Iran. This would reduce costs for Indian refiners, while facilitating payments to Iran in rupees.
The finance ministry issued a notification under the Income tax Act to exempt “in the na...
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RBI enhances export credit refinance limit; injects Rs 30K cr
Posted Date : 18-Jun-2012 , 03:19:10 pm | Posted By CASANSAAR
The Reserve Bank Monday decided to enhance the Export Credit Refinance (ECR) limit to 50 percent of the outstanding rupee export credit for banks, from 15 percent, a move that will inject Rs 30,000 crore into the system."With a view to enhancing the credit flow to the export sector, it has been deci...
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IIT, IIM clients on Income Tax radar
Posted Date : 18-Jun-2012 , 08:53:01 am | Posted By CASANSAAR
Consultancy services taken from the elite IIMs and IITs and cash payments made to surgeons of large multi-speciality hospitals have come under the tax scanner as a country-wide Income Tax department probe has found that these transactions are largely escaping the tax net.
An elaborate 'anal...
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Status of Intervening Holidays during CA Examination - ICAI
Posted Date : 15-Jun-2012 , 07:33:19 am | Posted By CASANSAAR
ANNOUNCEMENTStatus of Intervening Holidays during CA Examination
The Council of the Institute recently considered the issue regarding status of intervening holidays during CA Examinations and decided that the break in between examination days, though not holidays, be treated as period a...
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I-T to begin internal audits for better revenue collection
Posted Date : 14-Jun-2012 , 11:36:59 pm | Posted By CASANSAAR
The Income Tax department is planning to start internal audits for its various tax collection arms after it was rapped by the CAG recently for non-recovery of tax arrears worth over Rs 4,500 crore from various entities.The tax department's idea through these audits is to plug any leakages ow...
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Foreign remittances come under scanner
Posted Date : 14-Jun-2012 , 08:16:45 am | Posted By CASANSAAR
The Income-Tax (I-T) Department has started looking at new areas in revenue mobilisation to substantially augment revenue collections in 2012-13. As part of this plan, the I-T Department is set to closely scrutinise tax deducted at source (TDS) on foreign remittances.
A senior finance minis...
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Maruti Suzuki to merge Suzuki Powertrain; Suzuki to up stake to 56.2%
Posted Date : 12-Jun-2012 , 02:31:10 pm | Posted By CASANSAAR
Maruti Suzuki today said its Japanese parent Suzuki Motor Corporation's stake in the company will go up to 56.2 per cent following merger of Suzuki Powertrain with India's largest carmaker."The Board of Directors of Maruti Suzuki India (MSI) today approved a proposal to merge Suz...
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Govt proposes to increase tax scrutiny, reduce refunds
Posted Date : 12-Jun-2012 , 07:17:33 am | Posted By CASANSAAR
With slowing economic growth impacting tax revenue collections, the finance ministry is proposing to make good the shortfall by shifting its focus to companies operating in the still rapidly growing consumer economy and a closer scrutiny of the top 100 assessees to check for any tax evasion.
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Direct Tax Code Bill likely to be tabled in monsoon session: Pranab
Posted Date : 12-Jun-2012 , 07:03:26 am | Posted By CASANSAAR
India hopes to introduce a bill for a direct tax code (DTC) during the monsoon session of Parliament, finance minister Pranab Mukherjee said on Monday.The monsoon session usually runs from July to August. The code, which will replace the existing Indian Income Tax Act 1961, inten...
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Kolkata bench of ITAT allows Rajarani Exports to claim benefit for bribe
Posted Date : 09-Jun-2012 , 07:48:24 am | Posted By CASANSAAR
Debunking a norm that income-tax laws in India strictly prohibit any allowance to illegal payments, including kickbacks, a Kolkata bench of the Income-Tax Appellate Tribunal (ITAT) has allowed deduction for illegal kickbacks paid by an Indian company to authorities in Iraq, on the ground t...
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Tax department ‘go slow’ on 13,000 crore Vodafone notice
Posted Date : 09-Jun-2012 , 06:46:22 am | Posted By CASANSAAR
After a rush to retrospectively amend the I-T Act, tax authorities are going slow on raising a fresh demand on Vodafone as the government weighs the possible implications on the arbitration proceedings demanded by the British telecom giant. "We are moving cautiously," confirmed a senior governm...
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Income Tax bribery case: Top IRS officer under scrutiny
Posted Date : 07-Jun-2012 , 07:41:14 am | Posted By CASANSAAR
Another top official has come under scrutiny in Kanpur's alleged bribery case, in which top Income Tax officials were arrested. Sources say the Central Bureau of Investigation (CBI) will soon be interrogating top IRS official SS Bajpayee. He is the Director General for Investigations in UP and Uttar...
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Direct Tax Collections During Financial Year 2011-12 Up by 13.02 Percent at Rs. 5,90,077 Crore as Against Rs 5,22,104 Crore During Financial Year 2010-11
Posted Date : 06-Jun-2012 , 08:34:45 pm | Posted By CASANSAAR
Gross direct tax collections during April-March of the F.Y. 2011-12 was up by 13.02 percent and stood at Rs.5,90,077 crore as against Rs.5,22,104 crore in the same period in F.Y.2010-11. While gross collection of corporate taxes was up by 11.52 percent. The gross collections on this account stood at...
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Reebok fraud case: Adidas asked to file I-T returns in India
Posted Date : 06-Jun-2012 , 08:21:56 am | Posted By CASANSAAR
Adidas, the German headquartered sports goods maker, has more problems on its hands than tackling the alleged fraud in its Reebok India business.
The international tax division, a wing of the Central Board of Direct Taxes (CBDT), has asked the parent company to file income-tax r...
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Senior income tax official from Kanpur arrested for 25-lakh bribe
Posted Date : 04-Jun-2012 , 07:53:57 pm | Posted By CASANSAAR
One of Kanpur's most senior income tax officers, the Commissioner of Investigations, has been arrested by the CBI. Kunal Singh of the Internal Revenue Service (IRS) was arrested this morning along with three other senior tax officials. They reportedly accepted bribes from the head of a re...
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No more TDS on locally-made software, assures Finance Minister
Posted Date : 02-Jun-2012 , 07:34:35 am | Posted By CASANSAAR
Sale of locally-made software in the country will no more be subject to tax cuts at various levels, assured the Finance Minister Pranab Mukherjee, on Wednesday, bringing much relief to those associated with the nation’s $5-billion industry, reports The Economic Times.
Reports coming i...
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India Signs Agreement with Bahrain for Exchange of Information with Respect to Taxes
Posted Date : 01-Jun-2012 , 09:26:02 pm | Posted By CASANSAAR
India signed an Agreement with the Government of the Kingdom of Bahrain for the Exchange of Information with respect to taxes (TIEA), here yesterday. The Agreement was signed by Shri Namo Narain Meena, Minister of State for Finance (Expenditure and Financial Affairs) on behalf of Government of India...
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ITAT rejects tax department use of retrospective amendments in case of royalties
Posted Date : 31-May-2012 , 08:31:52 am | Posted By CASANSAAR
In what is among the first of many legal battles over the controversial retrospective amendments to the income tax act, the Income Tax Appellate Tribunal has refused to accept the tax department's reliance on the restrospective amendments in the case of royalties. The ITAT, in a...
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DLF gets tax demand of Rs 457 crore from I-T dept
Posted Date : 31-May-2012 , 08:29:13 am | Posted By CASANSAAR
Country's largest realty firm DLF today said it has received an additional tax demand of Rs 457.39 crore from the Income Tax Department for the assessment year 2009-10, mainly on account of disallowance of profits from Special Economic Zone (SEZ). DLF has filed appeals before the appr...
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Vodafone, others to get I-T notices soon
Posted Date : 30-May-2012 , 08:50:22 pm | Posted By CASANSAAR
The Income Tax authorities will soon send reminder notice to Vodafone and raise demands from other companies to recover similar tax dues, which may yield the exchequer a total of Rs 40,000 crore. "We will send reminder notice to Vodafone," a top Finance Ministry official said. There are ei...
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I-T dept not to reopen cases prior to April 1, 2012
Posted Date : 30-May-2012 , 02:35:57 pm | Posted By CASANSAAR
Providing comfort to worried foreign investors, Finance Minister Pranab Mukherjee on Wednesday said the Income Tax Department will not re-open cases where assessment proceedings had been finalised before April 1, 2012.
"I gave a commitment in Parliament with regard to retrospective am...
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FM to inaugurate the biggest Income Tax building at New Delhi
Posted Date : 30-May-2012 , 08:00:15 am | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 O...
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Offline bit in online income tax filing to end
Posted Date : 30-May-2012 , 07:55:31 am | Posted By CASANSAAR
The one major irritant in online filing ofincome tax returns may be eliminated this year. This is the offline process at the end of the online one, where you need to take a printout of what is called the ITR-V form, sign it, and mail it to the I-Tdepartment's centralized pro...
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Finance Act, 2012 as Assented by President
Posted Date : 29-May-2012 , 08:45:17 am | Posted By CASANSAAR
FINANCE ACT, 2012
[Act No. 23 of 2012]
An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.
BE it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
Short title ...
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Vodafone to opt for international arbitration against Indian tax authorities
Posted Date : 29-May-2012 , 07:43:07 am | Posted By CASANSAAR
British telecom giant Vodafone is likely to rely on international arbitration under the India-Netherlands investment protection agreement rather than approach Indian courts as its epic dispute with the Indian tax authorities looks set to resume soon with the passa...
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RBI & 926 bank branches to collect advance income tax
Posted Date : 28-May-2012 , 05:37:02 pm | Posted By CASANSAAR
The Reserve Bank and 926 branches of public and private banks will accept advance income tax in Mumbai and Navi Mumbai to avoid long queues and inconvenience to the tax assesses, RBI said on Monday.
"As many as 926 computerised branches of public and private sector banks will receive...Thes...
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