Don't harass taxpayers on pretext of scrutiny: CBDT to I-T
Posted Date : 29-Sep-2014 , 08:58:37 am | Posted By CASANSAAR
Taking a stern view of the undue "harassment" of taxpayers during scrutiny of their cases, the CBDT has issued orders asking the I-T department to complete these enquiries in quick time and not drag them "unnecessarily". Compulsory scrutiny cases have been a matter of grieva...
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Income Tax |
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Banks get a nudge from RBI to mine social media, know Customers better
Posted Date : 29-Sep-2014 , 08:57:44 am | Posted By CASANSAAR
The Reserve Bank of India is nudging banks to mine Facebook, Twitter and other social media data to access customers’ social profiles and possibly gain insights into individual customer behaviour.
RBI deputy governor, HR Khan, at a September 16 presentation in a conference in Mumbai, ...
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Banking |
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Net direct tax collection at Rs 2.60 lakh crore
Posted Date : 29-Sep-2014 , 08:48:04 am | Posted By CASANSAAR
Net direct tax collection so far in the current fiscal stood at Rs 2.60 lakh crore, said a senior finance ministry official.
The gross direct tax collection till September 26, 2014-15 fiscal, was at Rs 3.37 lakh crore.
Of this, corporate tax contributed was Rs 1.55 lakh crore during the period, th...
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Income Tax |
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Justice Dattu sworn in as Chief Justice of India
Posted Date : 28-Sep-2014 , 01:50:41 pm | Posted By CASANSAAR
ustice Handyala Lakshminarayanaswamy Dattu was on Sunday sworn in as the 42nd Chief Justice of India by President Pranab Mukherjee.
63-year-old Justice Dattu took oath in the name of God at a brief ceremony held at the chandeliered Durbar Hall of the Rashtrapati Bhawan.
Vice Presid...
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General |
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Jayalalithaa convicted in disproportionate wealth case
Posted Date : 27-Sep-2014 , 02:34:55 pm | Posted By CASANSAAR
A special court in Bangalore, Saturday, deferred its verdict in the 18-year-old Rs 66.65 crore disproportionate assets case against Tamil Nadu Chief Minister Jayalalithaa till 3 pm.
According to sources, the Tamil Nadu Chief Minister told the court that ...
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Income Tax |
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CBDT extends return of Income / ITR Due date to 30.11.2014 in Specified Cases
Posted Date : 27-Sep-2014 , 08:35:30 am | Posted By CASANSAAR
As per the provisions of the Income-tax Act, 1961 (the Act), for an assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessment Year.
The Central Board of Direct Taxes (the Board...
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Income Tax |
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Sebi notifies norms for REITs and infrastructure investment trusts
Posted Date : 27-Sep-2014 , 08:33:03 am | Posted By CASANSAAR
Market regulator Sebi on Friday notified norms for listing of business trust structures, REITs and InvITs that would help attract more funds in a transparent manner into realty and infrastructure sectors.
Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InvITs), whose norms ...
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SEBI |
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How is Google paying tax but Facebook is not: Delhi High Court asks government
Posted Date : 27-Sep-2014 , 08:28:32 am | Posted By CASANSAAR
The Delhi High Court questioned why Facebook Inc is not paying any service tax when Google is doing so and directed the Centre to file a "better affidavit" on the issue.
"How is Google paying (service tax), but not Facebook? How is Facebook exempted? We are finding it difficult to understand," a be...
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Income Tax |
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S&P upgrades India's sovereign credit outlook to stable from negative
Posted Date : 26-Sep-2014 , 04:39:57 pm | Posted By CASANSAAR
Rating agency Standard & Poors has reversed its opinion about the Indian economy and upgraded the rating outlook to stable from negative while maintaining the credit rating at BBB-.
This is a major change from its position last year when it said India faces one in three chances of a downg...
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International Business |
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Non-salaried may get to file returns by November 30
Posted Date : 26-Sep-2014 , 07:51:21 am | Posted By CASANSAAR
The Bombay high court on Thursday directed the Central Board of Direct Taxes(CBDT) to consider an extension of the due date for filing of income tax (I-T) returns by non-salaried taxpayers to November 30 from September 30. Non-salaried taxpayers, who are ...
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Income Tax |
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FinMin clears the air on service tax levy on joint ventures
Posted Date : 26-Sep-2014 , 07:41:13 am | Posted By CASANSAAR
The Finance Ministry has made it clear that 'taxable services' provided by members of a joint venture to a JV and vice-versa will attract service tax.
This will be the case when the 'taxable services' are provided for consideration, the Finance Ministry had said in a circular on Wednesday.
...
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Service Tax |
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Bombay HC to CBDT - Consider the Representation of the of the chamber before 30th September.
Posted Date : 26-Sep-2014 , 07:39:41 am | Posted By CASANSAAR
The Chamber of Tax Consultants vs. UOI (Bombay High Court)
September 25th, 2014
Non-Extension Of due date for filing ROI will cause “substantial hardship“. CBDT must look into practical difficulties & take “just and proper” decision before 30.09.2014
...
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Income Tax |
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Govt to form joint venture of Maharatnas to revive sick PSU
Posted Date : 25-Sep-2014 , 09:49:09 pm | Posted By CASANSAAR
Heavy Industries and Public Enterprises Minister Anant Geete today said, a Joint Venture of Maharatnas will be formed to help revive sick Public Sector Undertakings. Addressing a Press conference in New Delhi this evening, Mr Geete said, out of 11 sick PSUs, process for reviving five has starte...
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Finance |
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Updates on TAR Deferment / ITR Extension in Various High Courts
Posted Date : 25-Sep-2014 , 02:36:00 pm | Posted By CASANSAAR
LATEST & Most Awaited News from Delhi High Court in case of Mahesh Kr & Co. Vs UOI & ors WP 5990/14 reg issue of furnishing Tax Audit Report subsequent to filing of ITR & Dt.extension.--
Petitioner's Counsel Ms Rashmi Chopra gracefully seeks permission to withdraw. Court order...
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Income Tax |
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Supreme Court quashes law for setting up national tax tribunal
Posted Date : 25-Sep-2014 , 12:22:11 pm | Posted By CASANSAAR
The Supreme Court onThursday struck down the National Tax Tribunal Act, holding it unconstitutional.
A Constitutional Bench of the apex court, headed by Chief Justice R.M. Lodha, said that Parliament could not take away the powers of the judiciary and rest them in a tribunal which is not a ...
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Corporate Law |
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New company law will not be a burden on independent directors: MCA official
Posted Date : 25-Sep-2014 , 08:06:00 am | Posted By CASANSAAR
Independent directors should not see the new company law provisions governing their functioning as “onerous”, said a top Corporate Affairs Ministry (MCA) official.
There need not be any apprehension that the new company law has loaded independent directors with more work and mad...
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Corporate Law |
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0 | Hits : 1162
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Get Income Tax benefit through contribution for clean Ganga mission
Posted Date : 25-Sep-2014 , 08:02:16 am | Posted By CASANSAAR
You can get tax relief by contributing towards the Clean Ganga project. The Government has announced setting up a Clean Ganga Fund (CGF) to help in the Integrated Ganga Conservation Mission called ‘Namami Gange.’
The Union Cabinet on Wednesday gave its approval for the fund. &ld...
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Income Tax |
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NCDEX to launch pan-India forward contract for trade
Posted Date : 25-Sep-2014 , 07:59:59 am | Posted By CASANSAAR
For the first time in the country, leading commodity exchange NCDEX is set to launch a pan-India forward contract on its electronic platform starting Thursday for facilitating trade between Farmer Producer Organisations (FPOs) and bulk buyers of agricultural commodities.
Titled ‘Agrim...
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Shares & Stock |
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EPFO's minimum monthly pension of Rs 1,000 to benefit 32 lakh immediately
Posted Date : 24-Sep-2014 , 08:10:02 pm | Posted By CASANSAAR
The government's decision to amend the Employees Pension Scheme, 1995 (EPS-95) run by Employees' Provident Fund Organisation (EPFO) to provide a minimum monthly pension of Rs 1,000 will immediately benefit an estimated 32 lakh pensioners who get less than the aforementioned amount.
...
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General |
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IDBI says has near 20 billion rupees exposure to companies affected by coal ruling
Posted Date : 24-Sep-2014 , 04:15:35 pm | Posted By CASANSAAR
Indian state-run lender IDBI Bank Ltd has close to Rs. 20 billion ($328 million) loan exposure to companies affected by a Supreme Court order scrapping coal blocks but not all of it will be problematic, the lender's head said on Wednesday.
"We are assessing," M.S. Raghavan, ...
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General |
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Madras High Court Directs CBDT to Extend Due Date of filing ITR to 30/11/2014
Posted Date : 24-Sep-2014 , 03:43:54 pm | Posted By CASANSAAR
In a Writ Filed to Madras High Court for the Extension of Income Tax Returns due date, Madras High Court directs CBDT to Extend Due Date of filing ITR to 30/11/2014.
Extension order be passed before 30/09/2014.
Waiting for the details....
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Income Tax |
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Supreme Court cancels 214 illegal coal blocks, gives companies six months to comply
Posted Date : 24-Sep-2014 , 02:50:12 pm | Posted By CASANSAAR
The 4 coal blocks that were spared are government-run, non joint ventures. Two of the exempted coal blocks are in Madhya Pradesh and two in Jharkhand. The apex court gave "six months" breathing time to the coal blocks that are already operational.
The 42 blocks would till then b...
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General |
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Mumbai University looks to avoid clash of TY BCom and CA Exams
Posted Date : 24-Sep-2014 , 01:39:55 pm | Posted By CASANSAAR
Mumbai University will frame the exam time-table for TYBCom students on odd days to avoid clashes with the chartered accountancy intermediate (IPC) exam.
Since many university students appear for IPC and not CA final exam in November, officials have decided to start the exams post November...
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Students Zone |
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Consider extension of Due date of ITR to 30.11.2014 - AP High Court to CBDT
Posted Date : 24-Sep-2014 , 10:03:39 am | Posted By CASANSAAR
In the High Court at Hyderabad for the States of Telangana and Andhra Pradesh, AIFTP –South Zone represented by Vice President for the State of Telangana and Vice President –Andhra Pradesh have filed two Writ Petition Nos. 28159 & 28672 of 2014 questioning the&nbs...
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Income Tax |
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Mars Orbiter Mission: India creates history, Mangalyaan enters Martian orbit
Posted Date : 24-Sep-2014 , 08:50:12 am | Posted By CASANSAAR
Finally the moment has arrived as India has created history in space. The country's first interplanetary mission Mars Orbiter Mission (MOM) entered the Martian orbit at around 8 am on Wednesday morning.
Prime Minister Narendra Modi was there to witness the...
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General |
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RBI panel gives roadmap for Bank Directors
Posted Date : 24-Sep-2014 , 08:07:03 am | Posted By CASANSAAR
A panel set up by the Reserve Bank of India has proposed that the Government and the RBI should consider laying a road map for prescribing certain specific qualification or certification while considering appointment of directors on the board of commercial banks.
It also proposed that a Bankin...
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Income Tax |
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Sebi approves new name for MCX Stock Exchange
Posted Date : 24-Sep-2014 , 08:03:54 am | Posted By CASANSAAR
The MCX Stock Exchange (MCX-SX) has a new name. According to a press release, the bourse has received the Securities and Exchange Board of India (Sebi)’s approval to rename it Metropolitan Stock Exchange of India (mSXI). The name change is part of the revamp the exchange ha...
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Shares & Stock |
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File validation utility (FVU) version 2.140 from FY 2007-08 to FY 2009-10 and 4.4 from FY 2010-11 and onwards released
Posted Date : 23-Sep-2014 , 05:35:34 pm | Posted By CASANSAAR
e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.
The e-TDS/TCS FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or 1.4.2_04or IBM JRE:&nb...
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Income Tax |
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e-TDS/TCS RPU (Version 4.1) for Statements from FY 2007-08 onwards released
Posted Date : 23-Sep-2014 , 05:26:49 pm | Posted By CASANSAAR
e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.The e-TDS/TCS FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or 1.4.2_04or IBM JRE:&nb...
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Income Tax |
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Syndicate Bank Chairman and Managing Director Sudhir Kumar Jain Sacked
Posted Date : 23-Sep-2014 , 02:41:03 pm | Posted By CASANSAAR
State-owned Syndicate Bank on Tuesday said that it has terminated its suspended chairman and managing director Sudhir Kumar Jain's term, with immediate effect.
"Syndicate Bank has informed the Exchange that the Central Government (vide their letter dated 22.09.2014), in terms of Sub-Clause ...
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Banking |
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