Money-laundering law: Rigorous jail, hefty fines await tax offenders
Posted Date : 14-May-2012 , 07:38:23 am | Posted By CASANSAAR
Tax evaders could be in for trouble as the government is mulling placing tax crimes on a par with money laundering offences that have severe criminal and financial implications.India could bring income-tax offences under its anti-money laundering law, making way for easier prosecution, rigorous ...
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Income Tax |
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FinMin examining CBDT committee report on Black Money
Posted Date : 13-May-2012 , 01:04:07 pm | Posted By CASANSAAR
Nearly ten months after it was formed to examine ways to check the menace of black money, a committee under the chairmanship of Central Board of Direct Taxes (CBDT) chief has submitted its report to the Finance Ministry.The Ministry, however, declined to share its details saying "action taken"...
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Income Tax |
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FinMin to recover Rs 20,300 crore tax from Vodafone
Posted Date : 09-May-2012 , 10:42:23 pm | Posted By CASANSAAR
A day after the approval of the Finance Bill by the Lok Sabha, the government on Wednesday said that it will move ahead to recover the tax and penalty from the British telecom major Vodafone which is currently estimated at Rs 20,300 crore.Finance Secretary R S Gurjal said that no new notice would be...
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Income Tax |
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Pranab's Vodafone message to MNCs: India no tax haven
Posted Date : 09-May-2012 , 08:54:24 am | Posted By CASANSAAR
Finance minister Pranab Mukherjee on Tuesday offered no relief to British telecom major Vodafone on its five-year-old tax dispute with the Indian government, making it clear there was no rethink on the proposal to allow authorities to tax older corporate deals. The remarks are seen as a ...
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Income Tax |
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Direct Tax collection at Rs 4.93 lakh cr in 2011-12
Posted Date : 08-May-2012 , 10:29:21 pm | Posted By CASANSAAR
The government today said it has collected over Rs 4.93 lakh crore as per provisional estimates from direct taxes during the 2011-12 fiscal, as against a revised estimate of Rs 5 lakh crore.
The net direct tax collection (provisionally) stood at Rs 4,93,912 crore, Minister of State for Fi...
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Income Tax |
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LS passes Finance Bill 2012, Govt to bring white paper on black money in current Parl session
Posted Date : 08-May-2012 , 10:26:37 pm | Posted By CASANSAAR
The Lok Sabha today passed the Finance Bill, giving effect to the financial proposals of the Central government for the fiscal 2012-13. The government will bring a white paper on black money in the current session of Parliament. Mr. Pranab Mukherjee disclosed this while replying to a debate on the F...
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Income Tax |
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FinMin announces implementation of GAAR deferred till April 2013
Posted Date : 07-May-2012 , 09:52:18 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today announced deferment of that implementation of the General Anti-Avoidance Rules or GAAR till April 2013. The proposal was made in the budget for the current fiscal. The rule is being used to check avoidance of tax. Introducing the Finance Bill for the curr...
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Income Tax |
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Tax on long-term capital gains for PE investors slashed to 10%
Posted Date : 07-May-2012 , 05:49:32 pm | Posted By CASANSAAR
India will slash the tax on long-term capital gains for private-equity investors to 10 percent from 20 percent, a finance ministry statement said on Monday.
India will also exempt long-term capital gains on the sale of unlisted securities in initial public offerings from tax, the statement sa...
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Tax dept unlikely to waive penalty on Vodafone dues
Posted Date : 07-May-2012 , 07:51:31 am | Posted By CASANSAAR
The income tax department is unlikely to waive penalty on Vodafone’s tax dues as it feels this will create a bad precedent for all its major pending tax cases. It has also decided to make it compulsory for all its officers from now on to charge penalty on taxes that get due but are not paid...
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Income Tax |
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Income Tax department detects over Rs 5,800 crore hidden income in MSME sector
Posted Date : 04-May-2012 , 07:48:06 am | Posted By CASANSAAR
The Income Tax department has detected more than Rs 5,800 crore of concealed income in the low-profile micro, small and medium enterprises (MSME) sector during the fiscal 2010-11.The department, which carries out a number of searches against other high income sectors like real estate, manufactu...
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Income Tax |
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Govt may clarify stand on Vodafone issue in Parliament: Pranab
Posted Date : 03-May-2012 , 07:39:14 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee on Thursday said government may clarify its stand on Vodafone tax controversy in Parliament at the time of discussion on Finance Bill, 2012.
“I cannot respond to any speculative questions. Parliament is in session. If anything is to be clarified, I will (do...
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Income Tax |
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Advisory Group for International Taxation and Transfer Pricing Constituted
Posted Date : 03-May-2012 , 03:50:16 pm | Posted By CASANSAAR
An Advisory Group for International Taxation and Transfer Pricing has been constituted by Central Board of Direct Taxes , Department of Revenue, Ministry of Finance. The Group would comprise of the following members:-
i. &nb...
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Income Tax |
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Inaccurate / False TDS returns may attract penalty from July 1
Posted Date : 03-May-2012 , 08:07:39 am | Posted By CASANSAAR
Attempting to raise revenue, the government has targeted Tax Deducted at Source (TDS) and proposed penal provisions for inaccurate details and ensuring filing of corrective returns from July 1. "From July 1, government may impose penalty of Rs 10,000 and Rs 1,00,000 for inaccurate TDS returns and...
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Income Tax |
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Clarification on Vodafone Tax Issue - CBDT
Posted Date : 02-May-2012 , 08:46:09 pm | Posted By CASANSAAR
A news report has appeared in the Financial Express, Delhi edition, 27th April, 2012 captioned “I-T didn’t warn Vodafone of tax burden or dispute deal format”. In this regard, the Central Board of Direct Taxes (CBDT) has issued the following clarification:- In this connection,...
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Income Tax |
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Download ITR-1 (SAHAJ) Return Preparation Software
Posted Date : 01-May-2012 , 07:03:24 am | Posted By CASANSAAR
Income Tax Department has finally released Return Preparation Software for ITR-1 (SAHAJ) which is applicable for A.Y. 2012-13 or financial year 2011-12. The same can be used to file your return online.
Form Name
Return Preparation Software
...
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Toal Amount & No. of IT Cases Pending before CIT(A) to SC
Posted Date : 30-Apr-2012 , 07:24:40 am | Posted By CASANSAAR
The quantity of money locked in income tax disputes has seen a sharp rise in 2011, with more aggression by the tax department. The disputed amount jumped from Rs 2,43,603 crore to Rs 4,36,741 crore between January and December 2011.
The disclosure was made by the finance ministry...
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FII earnings won’t be taxed as biz income under final GAAR rules
Posted Date : 30-Apr-2012 , 07:09:06 am | Posted By CASANSAAR
The primary concern of foreign institutional investors that they might be taxed for business income in India under the proposed GAAR regime will be addressed as the finance ministry finalises the rules.
Government sources said there was no reason for FIIs to worry about their earnings fr...
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Income Tax |
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Back-dated I-T law will not override tax treaties: Pranab
Posted Date : 27-Apr-2012 , 11:19:03 pm | Posted By CASANSAAR
The proposed retrospective changes in the income tax law are only ‘clarificatory' and will not override double tax avoidance pacts, the Finance Minister, Mr Pranab Mukherjee, has said.
Mr Mukherjee's statement is unlikely to bring any relief to telecom major, Vodafone, in the ...
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Income Tax |
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Cabinet Approves Banking Law Amendment Bill
Posted Date : 26-Apr-2012 , 08:50:57 pm | Posted By CASANSAAR
The Cabinet on Thursday okayed the Banking Laws (Amendment) Bill seeking to raise voting rights ceilings in private banks.
The cabinet chaired by Prime Minister Manmohan Singh cleared the bill as recommended by the parliamentary standing committee on finance.
The Banking Laws (Amendment) Bill, 2...
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Income Tax |
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FinMin hits back, says Vodafone was aware of tax liability
Posted Date : 25-Apr-2012 , 11:25:34 pm | Posted By CASANSAAR
The Finance Ministry on Wednesday hit back at Vodafone's claim that it was not told of the tax liability on the Hutchison deal, saying that the British telecom giant was provided a copy of the notice. "We have provided copies of the letter (about tax liability) to the concerne...
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Income Tax |
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Vodafone tax demand may exceed Rs 20,000 cr
Posted Date : 25-Apr-2012 , 08:13:34 am | Posted By CASANSAAR
After the enactment of retrospective amendments to the Income Tax Act next month, the government may ask Vodafone to pay in excess of Rs 20,000 crore — more than two and half times the tax amount the telecom major was “advised to withhold” on its $11-billion deal with Hutchison i...
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Retrospective change in I-T Act may yield around Rs 40,000 crore
Posted Date : 24-Apr-2012 , 04:03:17 pm | Posted By CASANSAAR
The controversial proposal to amend theIncome Tax Act with retrospective effect to bring into tax net Vodafone-type deals is expected to yield to the exchequer Rs 35,000 to Rs 40,000 crore, the government said today.
"The Income Tax department has made an estimation that the total tax im...
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Nestle India could face Rs 100 cr addl tax in FY13
Posted Date : 24-Apr-2012 , 10:11:59 am | Posted By CASANSAAR
FMCG major Nestle India could face an additional tax burden of Rs 100 crore this year due to increased rate of taxation.
"...The major challenge for the company would be to ensure high trajectory growth while bearing an additional tax burden due to Union Budget proposals for 2012-13 of approximat...
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SBI, 4 other banks cut fixed deposit rates up to 1 pc
Posted Date : 23-Apr-2012 , 08:54:43 pm | Posted By CASANSAAR
Led by SBI, five more banks on Monday cut interest rates on loans and deposits upto one per cent, following reduction in the short-term policy rates by Reserve Bank last week.While banks have tweaked rates differently, the net effect is that depositors lose more than the gains accruing to borrowers ...
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FinMin may cut capital gains tax on PE investments
Posted Date : 23-Apr-2012 , 05:09:29 pm | Posted By CASANSAAR
In order to attract foreign capital, the Finance Ministry may cut long-term capital gain tax from 20 per cent to 10 per cent on investments made by private equity funds into shares of unlisted companies. Several PE investors have appealed to the ministry to bring them at par with the Fo...
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Income Tax |
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GAAR fear: Separate tax threshold likely for FIIs
Posted Date : 23-Apr-2012 , 08:03:43 am | Posted By CASANSAAR
In an attempt to assuage apprehensions of tax payers regarding the proposed general anti-avoidance rules (GAAR), the government will put in place a threshold to ensure that tax payers and foreign investors don’t attract the GAAR provisions. In fact, foreign institutional investors (FIIs) will ...
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Income Tax |
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Provisions of Section 40 (a) (ia) are retrospective in nature: ITAT
Posted Date : 21-Apr-2012 , 08:54:17 am | Posted By CASANSAAR
The Mumbai bench of the income tax appellate tribunal (ITAT) has passed an order in the case of one Piyush Mehta versus Asst Commissioner Income Tax in which it has been held that provisions of Section 40 (a) (ia) are retrospective in nature, according to an amendment made by the Finance Act 2010. ...
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Accounting standards advisory panel reconstituted
Posted Date : 20-Apr-2012 , 03:51:29 pm | Posted By CASANSAAR
The Centre has reconstituted the National Advisory Committee on Accounting Standards (NACAS).
The panel advises on accounting standards and policies to be followed by corporates.
The Corporate Affairs Ministry has now said that Mr M.M. Chitale, a Chartered Accountant, will be the Chairman of NAC...
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Income Tax |
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‘Avoid PAN as ID proof for rail tickets under tatkal scheme’
Posted Date : 20-Apr-2012 , 08:09:12 am | Posted By CASANSAAR
Avoid using your permanent account number (PAN) to book railway tickets under the tatkal scheme, as it can be misused to carry out benami transactions.
The Indian Railways accepts the PAN card as indentity proof to book tickets under the scheme, but anybody can access the details as they ar...
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Income Tax |
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Retrospective change in tax laws hurt investments, CEOs tell PM
Posted Date : 20-Apr-2012 , 08:06:04 am | Posted By CASANSAAR
A group of CEOs has told Prime Minister Manmohan Singh that retrospective changes in tax laws proposed in the Budget have seriously damaged the country's credibility as an investment destination. The CEOs, led by Godrej Group chairman Adi Godrej, communicated industry captains' concerns to Singh...
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