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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Vodafone issue: Government rules out easy settlement for fear of political fallout
Posted Date : 20-Apr-2012 , 04:28:25 am | Posted By CASANSAAR
India will rebuff any move by Vodafone Plc to mutually settle their multi-billion-dollar tax dispute and is intent on pursuing its claim on the company, despite growing international pressure and repeated statements by the UK-headquartered telco that it is willing to amicably r...
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DTC to be implemented from April 2013 DTC will replace the existing Indian Income Tax Act 1961
Posted Date : 19-Apr-2012 , 02:47:18 pm | Posted By CASANSAAR
India will implement the direct tax code (DTC) from April 1, 2013, Finance Secretary R.S. Gujral told a television channel.
The code, which will replace existing Indian Income Tax Act 1961, intends to cut tax rates to bring more people and companies under the tax net, phase out profit-linked exem...
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CBDT pegs tax refunds at Rs 1.25 lakh crore
Posted Date : 18-Apr-2012 , 08:57:36 am | Posted By CASANSAAR
The finance ministry issued tax refunds of Rs 98,000 crore (Rs 980 billion) in 2011-12, as against Rs 74,000 crore (Rs 740 billion) in the previous year, as about half the country's taxpayers filed their returns online. Higher online filing of returns that is expected in the ongoing financial y...
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Income Tax |
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Income Tax department issues notice to Bharti-Airtel on overseas roaming operations
Posted Date : 17-Apr-2012 , 08:24:30 am | Posted By CASANSAAR
The Income Tax department has issued fresh notices to telecom giant Bharti Airtel in connection with taxation of overseas roaming charges for additional two financial years. The department has issued the notices for financial years 2001-02 and 2006-07 to the company after recently issuing a Rs 1...
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Income Tax |
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Allow customers to opt for electronic repayment:RBI to banks
Posted Date : 13-Apr-2012 , 07:55:03 pm | Posted By CASANSAAR
Following complaints from customers, the Reserve Bank has made it clear to banks that there are no restrictions in allowing use of electronic modes for various transactions including repayment of loans. "It is, therefore, advised that all banks should allow the customers to choose National Electr...
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Income Tax |
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Blackmoney: Government deputes 7 IRS officers for Income Tax units abroad
Posted Date : 13-Apr-2012 , 07:45:28 am | Posted By CASANSAAR
The government has deputed seven senior IRS officers to officiate as First Secretaries at the newly created Income Tax overseas units in countries like the US, the UK and Germany, as part of its efforts to curb the problem of blackmoney and illegal funds stashed abroad.The Income Tax officials, h...
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Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12
Posted Date : 13-Apr-2012 , 07:39:35 am | Posted By CASANSAAR
During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different businesses / activities. On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income e...
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ICAI Zone-shifting of candidates for May – 2012 CA Exams
Posted Date : 11-Apr-2012 , 09:22:31 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
April 11, 2012
Subject: Zone-shifting of candidates for May - 2012 CA Exams
Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Delhi, Indore, Mumbai and Kolkatta, some of the candidates have been allotted ex...
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Income Tax |
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E-filing of return must for person with income over Rs 10 lakh
Posted Date : 11-Apr-2012 , 08:19:13 pm | Posted By CASANSAAR
The government has made it mandatory for individuals with income of over Rs 10 lakh to file their tax returns for 2011-12 electronically."e-filing has been made compulsory for the person who is an individual or a Hindu Undivided Family, if his or its total income, or the total income in respect of w...
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Now, prosecution of tax evaders made easier
Posted Date : 11-Apr-2012 , 07:39:19 am | Posted By CASANSAAR
Retrospective amendments to handle cases akin to the Vodafone deal and provisions to tackle black money as proposed in the Budget may have received huge attention, but that isn’t all about it. A ‘silent amendment’ to the Income Tax Act related to prosecution powers is being seen ...
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Ministry wants bank audit panels to get more time to vet earnings
Posted Date : 10-Apr-2012 , 08:32:18 am | Posted By CASANSAAR
The Union finance ministry has proposed that banks give their balance sheet to their respective audit committees at least two days before their boards of directors meet for finalising the results.
In a recent communication to banks, the proposal was suggested and feedback sought. The mini...
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Income Tax |
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E-filing taxpayers won't have to acquire a digital signature
Posted Date : 10-Apr-2012 , 08:24:55 am | Posted By CASANSAAR
The income tax department is set to introduce a free-of-cost and easy-to-operate electronic signature facility to file income tax returns electronically.
The facility will help taxpayers who do not have a digital signature. It will save them from the mandatory requirement of sending a har...
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Income Tax |
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Govt panel proposes additional taxes on personalised vehicles
Posted Date : 09-Apr-2012 , 09:38:29 am | Posted By CASANSAAR
A government sub-committee looking into probable sources of funds for urban transport projects in the 12th Plan has suggested the creation of a national fund, resource for which can be generated through taxes on vehicles and petrol consumption. The recent report of the Sub-Committee on Financing ...
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Pranab expresses satisfaction over increase in direct tax base
Posted Date : 09-Apr-2012 , 09:35:23 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee has expressed satisfaction over increase in direct tax base. Speaking after inaugurating the Direct Taxes Training Institute in Bangalore on Sunday, the Minister said the country's heavy dependence on indirect taxes earlier was worrying, but now direct tax base has ...
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Income Tax |
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Supreme Court rejects Essar Oil's plea in tax case
Posted Date : 04-Apr-2012 , 09:53:25 pm | Posted By CASANSAAR
Essar Energy Plc said the country's supreme court dismissed its unit Essar Oil's petition to review an earlier verdict that asked Essar Oil not to defer the payment of $1.24 billion in sales tax. London-listed Essar Energy said the decision would not have any new impact on the company's business...
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Income Tax department to revive 'demand notice' in Vodafone tax case
Posted Date : 04-Apr-2012 , 08:37:16 am | Posted By CASANSAAR
The tax authorities will revive the 'demand notice' to force Vodafone Group Plc to pay up thousands of crores in taxes, indicating the government's determination to press its claims on the UK-based mobile phone giant but at the same time setting the stage for further litigation.
The demand not...
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Investors with interest in Mauritius won't attract capital gains tax
Posted Date : 04-Apr-2012 , 08:25:34 am | Posted By CASANSAAR
Foreign institutional investors based in Mauritius will not be required to pay capital gains in India if they have 'substantial commercial interest' in the island nation, a finance ministry official has clarified. The official said the proposed General Anti Avoidance Rules, or GAAR, are very cle...
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Income Tax |
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GAIL (India) Limited –Campus Recruitment for CS -2011-12
Posted Date : 03-Apr-2012 , 07:38:41 am | Posted By CASANSAAR
GAIL (India) Limited, is a Navratna PSU and India's flagship Natural Gas company, integrating all aspects of the Natural Gas value chain (including Exploration & Production, Processing, Transmission, Distribution and Marketing) and its related services.
The company intends to recr...
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Income Tax |
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CA CS CMA to pay Service Tax on Accrual Basis if Turnover exceeded Rs. 50 Lakh
Posted Date : 03-Apr-2012 , 07:21:04 am | Posted By CASANSAAR
From 01.04.2012 CA, CS, CWA, Advocate, Interior Decorators, Architect, Scientific or Technical Consultants, Consulting engineers to pay Service Tax on Bill Basis if Turnover exceeded 50 Lakh in Previous Financial Year
With the Amendment in Point of Taxation Rules, 2011 ...
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Banks can't freeze accounts if KYC documents not supplied: HC
Posted Date : 02-Apr-2012 , 08:26:47 am | Posted By CASANSAAR
The Gujarat High Court has ruled that banks cannot freeze accounts nor can they stop issuing cheque book or providing ATM facility where the account holder has not supplied KYC (Know Your Customer) documents. The court has further ruled that presence of the account holder was not a 'mu...
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Direct Tax Code to roll by next year, says Pranab Mukherjee
Posted Date : 01-Apr-2012 , 08:01:25 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee on Saturday said that the long-awaited Direct Tax Code (DTC) would be rolled out from next year. "Next year, I will introduce the DTC fully after examining the recommendations of the parliamentary standing committee. The recommendations of the parliamentary...
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FM defends amendment of IT Act with retrospective effect
Posted Date : 31-Mar-2012 , 09:43:28 pm | Posted By CASANSAAR
Finance minister Pranab Mukherjee on Saturday defended the move to amend the Income Tax Act with retrospective effect following which UK’s Vodafone may have to pay Rs. 11,000 crore as tax for a buyout deal involving Indian business. “First the Supreme Court told in the Vod...
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Govt moves to make it pay Rs 11k tax unjust: Vodafone
Posted Date : 31-Mar-2012 , 06:54:31 am | Posted By CASANSAAR
Terming the move to tax cross-border deals with retrospective effect as “grossly unjust”, UK-based telecom giant Vodafone today said it is considering various courses of action to safeguard its position in India.
While Vodafone did not give details of possible recourse it may take, it...
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Income Tax |
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New Income Tax Return Forms for Assessment Year 2012-13.
Posted Date : 30-Mar-2012 , 08:23:36 pm | Posted By CASANSAAR
CBDT notifies New Income Tax Return Forms for the Assessment Year 2012-13.
NEW RETURN FORMS FOR ASSESSMENT YEAR 2012-13
Notification English
Notification Hindi
Form No.
ITR-1 SAHAJ
Indian Individual Income ...
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Income Tax offices to remain open on March 31.
Posted Date : 30-Mar-2012 , 04:50:46 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has instructed all income tax offices to function on March 31, the last day of the financial year.
Accordingly, Income Tax offices will function from 9.30 am to 6 pm tomorrow to handle year-end rush.
Arrangements have been made to ...
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P-Notes holders not liable to pay tax in India: Pranab
Posted Date : 30-Mar-2012 , 03:03:30 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said that persons investing in stock markets through participatory notes, P-Notes, will not have to pay taxes in India. The assurance pushed up the stock market today. He told reporters in New Delhi that the Minister said, the income tax department would ...
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Income Tax department mulling prosecution of HSBC bank in black money cases
Posted Date : 29-Mar-2012 , 08:08:51 am | Posted By CASANSAAR
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad. The department, which had received more than 700 names in a list of black money account holders in HSBC bank in Geneva reportedly provided b...
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Income Tax department attaches Unitech's shares in Uninor for outstanding tax dues
Posted Date : 28-Mar-2012 , 05:49:14 pm | Posted By CASANSAAR
The IT department has attached the shares of three companies through which realty firm Unitech Ltd holds about 33% stake in mobile phone company Unitech Wireless for alleged outstanding income tax dues.Realty firm Unitech acknowledged the development and clarified that the demand orders we...
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India not a tax haven: Pranab Mukherjee on Vodafone controversy
Posted Date : 28-Mar-2012 , 06:56:52 am | Posted By CASANSAAR
In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven.
"India is not a no-tax country, India has a determined tax rate, but it is not a tax haven ... If you pay tax in your country of...
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