Income Tax Filing: Why Mobile Apps Are Risky
Posted Date : 30-Jul-2014 , 09:05:21 pm | Posted By CASANSAAR
The due date for filing income tax returns is almost upon us. And for those who have not yet filed their returns yet, they may be tempted to download mobile applications and finish the job on their handheld devices. Thursday is the due date to file tax returns.
But wait! The Income Tax Department h...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 973
|
 |
Email PIN by Income tax Department - Check Spam or Junk Folder
Posted Date : 30-Jul-2014 , 02:56:25 pm | Posted By CASANSAAR
If you have not received Email PIN Verification at the time of updating Profile at Income Tax efiling Website then Please check for email in your Inbox as well as the Spam or Junk folder (mail id - DONOTREPLY@incometaxindiaefiling.gov.in).
Best way to receive Email PIN in your In...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1684
|
|
Result of the CA Final Exam held in May/June,14 is likely to be declared on 8th Aug.14
Posted Date : 30-Jul-2014 , 11:22:30 am | Posted By CASANSAAR
The result of the Chartered Accountants Final Examination held in May/June, 2014 is likely to bedeclared on Friday, the 8th August, 2014 around 2.00 P.M. and the same as well as the merit list(candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and inaccordance wit...
Continue Reading...
Category :
Students Zone |
Comments :
0 | Hits : 1302
|
|
Taxman's missive makeover: Politeness is the new mantra for the Income Tax department
Posted Date : 30-Jul-2014 , 08:32:18 am | Posted By CASANSAAR
Politeness is the new mantra for the Income Tax department which has asked its officials to be more courteous while approaching taxpayers with queries regarding their financial transactions or returns.
The I-T department had begun the practise of writing such clarification-seeking letters t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1123
|
|
Income from Alternate Investment Fund to be taxed at 30%
Posted Date : 30-Jul-2014 , 08:29:23 am | Posted By CASANSAAR
The Finance Ministry has said that income of Alternative Investment Funds (AIF) will be taxed at the rate of 30 per cent. Such funds basically pool in money from domestic and overseas investors and invest on the basis of a pre-determined policy.
The Central Board of Direct taxes was request...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1053
|
|
RBI suggests SEBI action against 'Wilful' defaulters
Posted Date : 29-Jul-2014 , 07:58:05 pm | Posted By CASANSAAR
Tightening the regulatory noose around wilful defaulters of bank loans, RBI has suggested to watchdog Sebi that such entities should be prevented from raising funds through capital markets. To facilitate such restrictions on entities found to have 'wilfully' defaulted on bank loans, the Reserve...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1047
|
|
ITR e-filing faces page downloading issues; ISP asked to improve connectivity
Posted Date : 29-Jul-2014 , 07:16:50 pm | Posted By CASANSAAR
The internet service providers have been asked by the Income Tax Department to take prompt action on e-filing of income tax return which is facing severe connectivity issues.
Since the deadline for online filing of ITR is nearing, online tax filing portal is witnessing a huge traffic during the pea...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1164
|
|
SBI wins over Rs. 1,000 cr income tax case
Posted Date : 29-Jul-2014 , 07:12:18 pm | Posted By CASANSAAR
The Income Tax Appellate Tribunal has held that State Bank of India was not required to deduct any tax at source (TDS) on over Rs. 11,000 crore in the Site Restoration Fund (SRF) account maintained by Oil and Natural Gas Corporation (ONGC) from 2002.
Total stakes involved in his case includ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1189
|
|
Key Changes in New / Revised Tax Audit Report Form 3CD
Posted Date : 29-Jul-2014 , 06:41:33 pm | Posted By CASANSAAR
The CBDT has notified Income-tax (7th amendment) Rules, 2014 which substitutes the existing Form No. 3CD with a new form. The new Form 3CD prescribes certain new reporting clauses and substitutes some existing clauses with new ones. The new form requires tax auditor to furnish more and detailed info...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 8110
|
|
3CD report uploaded in Old format not valid, Withdrawal of OLD Utility
Posted Date : 29-Jul-2014 , 06:39:40 pm | Posted By CASANSAAR
The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect.
Taxpayers and CAs are advised to await the release of the new schema and utility to submit in the newly notified aforementioned Forms.
&nbs...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1642
|
|
GMR Infrastructure's Auditors flag up the dangers in Accounting Standards
Posted Date : 29-Jul-2014 , 08:31:35 am | Posted By CASANSAAR
The auditors - S R Batliboi & Associates - to publicly-held GMRInfrastructure, have raised red flags over accounting norms followed by the infrastructure developer with respect to certain of its power, airports and highway projects.
One of GMR's power projects which has been hit ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1543
|
|
Taxmen to focus on pay and perks of Corporate Bosses
Posted Date : 29-Jul-2014 , 08:28:48 am | Posted By CASANSAAR
The tax authorities are keeping close watch on compensation paid to top corporate bosses, including their allowances and perks, and income from your fixed deposits. The income tax department is also launching a city-specific drive focused on certain categories of spending ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1061
|
|
Union Bank of India has NPAs worth Rs 3,350 crore
Posted Date : 28-Jul-2014 , 08:04:06 pm | Posted By CASANSAAR
Union Bank of India has non-performing assets (NPAs) worth about Rs 3,350 crore from 20 defaulters.
Replying to an RTI query, the bank, however, declined to share the names of the defaulters citing "commercial confidence".
"List of the borrowers cannot be provided as they...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1145
|
|
Several riders in MCA move to protect resolutions
Posted Date : 28-Jul-2014 , 08:39:15 am | Posted By CASANSAAR
The Corporate Affairs Ministry (MCA) has issued a circular that seeks to protect the validity of the resolutions passed under the erstwhile Company Law.
But the circular comes loaded with several riders to the result that it may be prone to challenge in courts, say legal experts. It says re...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 1311
|
|
K V Chowdary tipped to be new CBDT chief
Posted Date : 27-Jul-2014 , 11:01:06 pm | Posted By CASANSAAR
Senior IRS officer K V Chowdary is tipped to be the new Chairman of the Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department.
The 1978-batch Indian Revenue Service officer is presently working as the Member (Investigations) in the CBDT and is expected to take over t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1171
|
|
RBI takes steps to prevent frauds in non- banking orgs against small investors
Posted Date : 26-Jul-2014 , 06:14:07 pm | Posted By CASANSAAR
RBI has started taking steps to prevent frauds in non- banking organisations against the small investors, and mechanism are being put so that those organisations, which do not abide by the RBI guidelines, could be prosecuted. Speaking to media in Ranchi, the Regional Director of Bihar - Jharkha...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1302
|
|
Relief for late I-T return filing - Per day Penalty clause relaxed
Posted Date : 26-Jul-2014 , 09:17:02 am | Posted By CASANSAAR
Late filing of I-T returns will no longer attract the stringent penalties as it currently does under the law. In a big relief to people who file their returns late, Finance Minister Arun Jaitley effected an amendment to the income tax law which imposes exorbitant per day penalties on late filers.
&...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3888
|
|
RBI penalises 12 banks including ICICI Bank for violating rules
Posted Date : 26-Jul-2014 , 08:49:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has fined 12 banks, includingICICI Bank, Axis Bank, Canara Bank and Corporation Bank, a total of Rs 1.5 crore in relation to the Deccan Chronicle Holdings Ltd (DCHL) loan default case. This fine has been levied as a result of not fol...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2050
|
|
Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha
Posted Date : 25-Jul-2014 , 03:33:55 pm | Posted By CASANSAAR
Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha
1. Unlisted securities and units of MF transferred between 1-4-2014 and 10-7-2014 shall be deemed to be long-term capital assets, if held for more than 12 months:
It is proposed that unlisted shares and units o...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2162
|
|
Finance Bill 2014 passed by Lok Sabha
Posted Date : 25-Jul-2014 , 03:23:16 pm | Posted By CASANSAAR
The Lok Sabha on Friday passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally.
The bill was passed after Finance Minister Arun Jaitley gave his...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1439
|
|
A S Durga Prasad & P V Bhattad elected as new ICAI President & Vice President
Posted Date : 25-Jul-2014 , 08:41:17 am | Posted By CASANSAAR
A S Durga Prasad has been elected as the new President of the Institute of Cost Accountants of India (ICAI).
The members elected P V Bhattad as Vice President of the apex body of cost accountants. Both have been elected for 2014-15 year.
Prasad has more than 37 years of exper...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1847
|
|
Tax Tribunal accepts LinkedIn info as proof
Posted Date : 25-Jul-2014 , 08:38:05 am | Posted By CASANSAAR
A tax tribunal has accepted information on social networking site LinkedIn as additional evidence to determine whether the liaison office of a foreign entity generated taxable income in India.
GE Group had set up a liaison office in India to act as a communication channel b...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1415
|
|
Government Approves 19 Proposals of Foreign Direct Investment (FDI) Amounting to about Rs. 2326.72 Crore
Posted Date : 24-Jul-2014 , 08:01:53 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 11th June, 2014, the Government has approved Nineteen (19) proposals of Foreign Direct Investment (FDI) amounting to Rs. 2326.72crore approximately.
Details of Proposals...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 1906
|
|
I.Tax Offices to Remain Open on 26th & 27th July, 2014 (Saturday & Sunday) for Accepting the Returns
Posted Date : 24-Jul-2014 , 07:30:02 pm | Posted By CASANSAAR
For the convenience of the taxpayers, the Income Tax Department has decided to keep the offices open for accepting the returns of income during normal office hours on 26th July and 27th July, 2014, being Saturday and Sunday. This direction has been issued by the Central Board of Direc...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1097
|
|
Cabinet clears insurance FDI to 49%; to fetch Rs 25k Cr funds
Posted Date : 24-Jul-2014 , 04:34:42 pm | Posted By CASANSAAR
The Cabinet today gave go-ahead to FDI cap hike in insurance to 49 per cent with a rider that management control will remain in the hands of Indian promoters, thus paving way for inflow of as much as Rs 25,000 crore foreign funds in the sector.
The approval to hike the FDI limit from the cu...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 1030
|
|
How can a CA or CS help determine the Question of Law involved in a Taxation Dispute - SC
Posted Date : 24-Jul-2014 , 09:18:27 am | Posted By CASANSAAR
The Supreme Court on Wednesday reacted sharply to the Centre's stand that the purpose behind creation of National Tax Tribunal (NTT) was to associate domain experts in deciding taxation disputes as it was often felt that judges lacked expertise in specialized fields.
A five-judge constitution...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3394
|
|
New Curriculum for Chartered Accountants to be Modern, Global - ICAI
Posted Date : 24-Jul-2014 , 08:09:56 am | Posted By CASANSAAR
The new curriculum for chartered accountants will be modern and globally accepted as per the expectations of the industry and regulators, President of the Institute of Chartered Accountants of India, K Raghu said. A committee set up to discuss and prepare the new curriculum was holding discussi...
Continue Reading...
Category :
Students Zone |
Comments :
1 | Hits : 1844
|
|
Income Tax department's bid to simplify TDS process
Posted Date : 24-Jul-2014 , 08:01:10 am | Posted By CASANSAAR
The TDS wing of Mumbai Income Tax Department has decided to submit a detailed report to Central Board of Direct Taxes (CBDT) with its recommendations on various issues dealt with taxpayers.
On Wednesday, the department held a proactive meeting with the Standing Committee on Tax Deducted at ...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1595
|
|
Holes and gaps in National Tax Tribunal Act: Supreme Court
Posted Date : 24-Jul-2014 , 08:00:01 am | Posted By CASANSAAR
The Supreme Court today said there are "holes and gaps" in the legislation meant for setting up the National Tax Tribunal (NTT) which also lacks autonomy in its function. "Once the NTT comes into existence, the prerogative of constituting the bench is with the central government, i.e. executive...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1155
|
|
Firms with 10 or more employees may come under EPF Act
Posted Date : 23-Jul-2014 , 06:22:49 pm | Posted By CASANSAAR
The government is considering a proposal to reduce threshold limit for coverage of firms under the EPF Act to 10 persons.
At present, all those firms employing 20 or more workers are covered by the retirement fund body Employees' Provident Fund Organisation (EPFO) for providing social security net....
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1284
|
|
|
