Income tax department to initiate action against big TDS defaulters
Posted Date : 10-Mar-2013 , 10:44:07 am | Posted By CASANSAAR
The Income Tax department has decided to crack the whip on big companies and organisations that do not remit TDS money even after deducting it from their workers' salaries.
The Central Board of Direct Taxes (CBDT), the controlling and administrative authority of the department...
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Income Tax |
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Hundreds of Chinese couples divorce to avoid paying property tax
Posted Date : 09-Mar-2013 , 09:03:38 pm | Posted By CASANSAAR
At Shanghai's Zhabei District marriage registration centre, officials divorced a record 53 couples in a single day this week - that's about one every five minutes - as couples rushed to untie the knot to avoid tougher tax laws on home sales.
There were similar scenes in Wuhan, Nanjing and Ningbo as...
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General |
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0 | Hits : 764
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I-T department gets a week to defend 'illegal' IBM tax charge
Posted Date : 09-Mar-2013 , 05:18:57 pm | Posted By CASANSAAR
The I-T Department on Friday sought one more week from the Supreme Court to defend the Karnataka HC order directing IBMto cough up by March 31, 2013, half of 1090-crore tax claim made by the department.
IBM counsel Harish Salve dubbed the demand "thoro...
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Income Tax |
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0 | Hits : 656
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RBI sign first Currency Swap Agreement with Royal Monetary Authority of Bhutan
Posted Date : 09-Mar-2013 , 05:16:20 pm | Posted By CASANSAAR
The Reserve Bank of India - RBI today signed the first Currency Swap Agreement with the Royal Monetary Authority of Bhutan. A notification issued by RBI said the Royal Monetary Authority of Bhutan can draw US Dollar, Euro or Indian Rupee in multiple tranches up to a maximum of 100 million US do...
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RBI |
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0 | Hits : 740
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CA Rajesh murder case: High Court stays final verdict
Posted Date : 09-Mar-2013 , 08:44:42 am | Posted By CASANSAAR
The Punjab and Haryana High Court on Friday stayed the final verdict against four accused in the murder of Rajesh Goyal, a chartered accountant, in his Sector-42 office. This was conveyed to the court of District and Sessions Judge on Friday.
Iqbal Singh Sabarwal, one of the witnesses and G...
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Category :
ICAI |
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0 | Hits : 1421
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Sebi allows issuance of preference shares on stock exchanges
Posted Date : 09-Mar-2013 , 08:44:27 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has allowed issuance and listing of non-convertible redeemable preference shares on stock exchanges, making it easier for companies and banks to raise funds through this route.
In a series of decisions announced on Friday evening,Sebi a...
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SEBI |
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0 | Hits : 849
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Details of Share of States in Central Taxes
Posted Date : 08-Mar-2013 , 09:36:32 pm | Posted By CASANSAAR
As per accepted recommendations of 13th Finance Commission (FC-XIII), the States’ share has been fixed at 32% of the net proceeds of sharable Central Taxes for the period from 1.4.2010 to 31.03.2015, and accordingly, devolution is being made to the State Governments.
...
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Category :
VAT |
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0 | Hits : 841
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E-Governance in Debts Recovery Tribunals
Posted Date : 08-Mar-2013 , 09:33:24 pm | Posted By CASANSAAR
In order to enhance the efficiency of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs) and to provide a platform for seamless operations to Banks, Financial Institutions and general public to expedite recovery of public money, there is a proposal for introduction of e-gov...
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General |
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0 | Hits : 662
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Double Taxation Avoidance agreement (DTAA) with South Korea
Posted Date : 08-Mar-2013 , 09:30:15 pm | Posted By CASANSAAR
India has signed 88 Double Taxation Avoidance Agreements (DTAAs) out of which 85 have entered into force, with various countries including Sri Lanka and South Korea. The DTAAs provide for allocation of taxation rights to source State and residence State in respect of business profits including ...
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Category :
Income Tax |
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0 | Hits : 679
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Govt opens country
Posted Date : 08-Mar-2013 , 09:21:06 pm | Posted By CASANSAAR
The government today opened the country’s first all-women post office here and announced plans to open more such branches completely operated by women employees.
“In coming days, I believe there will be more all-women post offices across country for convenience of women,” ...
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Category :
General |
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0 | Hits : 883
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I-T Dept detects bogus bills of Rs 6,500 cr in Mumbai
Posted Date : 08-Mar-2013 , 08:55:24 pm | Posted By CASANSAAR
Recent investigations conducted by the Income Tax Department in about 150 cases in Mumbai have led to detection of bogus bills of Rs 6,500 crore. Another 39 cases in Pune have also been detected amounting to Rs 722 crore.
It has been noticed that a large number of tax payers have obtained t...
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Category :
Income Tax |
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0 | Hits : 985
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Advocates only can appear before Income Tax Authorities
Posted Date : 08-Mar-2013 , 08:42:07 am | Posted By CASANSAAR
In a very interesting move which may not be a good news for practicing CA, CS, CMA etc. who are engaged in practice in the area of Law and taxation, Rajasthan Tax Bar Association have filed a petition before Chief Commissioner of Income Tax (CCIT), Rajasthan and urged...
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Category :
ICAI |
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1 | Hits : 5044
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Voluntary service tax scheme not for assesses under probe or audit
Posted Date : 08-Mar-2013 , 08:00:17 am | Posted By CASANSAAR
The voluntary compliance encouragement scheme (VCES) announced in the Union budget to boost service tax collections will not be made available to tax assesses against whom any inquiry or investigation is pending by issue of search warrant or summons or by way of audit.
Officials explained that this...
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Category :
Budget |
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0 | Hits : 1095
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RBI to clarify doubts on new bank licences
Posted Date : 08-Mar-2013 , 07:57:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today said it would clarify the issues raised by banking aspirants regarding the final norms on new bank licences. The clarifications would be put up on the central bank’s website, rbi.org.in.
“RBI has been receiving queries from intending applicants, see...
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RBI |
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0 | Hits : 841
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Govt firm on arresting indirect tax evaders
Posted Date : 08-Mar-2013 , 07:49:55 am | Posted By CASANSAAR
The government is firm on going ahead with the proposed amendments that will empower tax authorities to arrest those who collect service tax but do not deposit it with the government within the specified time.
The finance ministry's determination to steer the amendments comes agains...
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Category :
Service Tax |
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0 | Hits : 789
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Delhi govt initiates drive to nab tax evaders, zeroes in on 60,000 businessmen
Posted Date : 07-Mar-2013 , 06:59:00 pm | Posted By CASANSAAR
The Delhi government has initiated one of the biggest crackdowns on tax evaders to claim hundreds of crores of unpaid taxes.The trade and taxes departmentof the state government has zeroed in on over 66,000 businessmen after discrepancies in their accounts showed up while analysing th...
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VAT |
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0 | Hits : 970
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Subrata Roy appeals to SAT over attachment of personal assets
Posted Date : 07-Mar-2013 , 06:45:26 pm | Posted By CASANSAAR
Subrata Roy, head of the Sahara group, appealed against the attachment of his personal properties in the Securities Appellate Tribunal (SAT) on Thursday.
Tribunal member Jog Singh moved the hearing to Monday citing the absence of a presiding officer.
PK Malhotra, SAT's acting presiding offi...
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SEBI |
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0 | Hits : 754
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CA's in Demand, Initial pay package for newly qualified CA's Rs. 6 to 7 Lakh - ICAI Vice President
Posted Date : 07-Mar-2013 , 02:48:19 pm | Posted By CASANSAAR
Referring to placements for CAs, K. Raghu the newly elected Vice-President of the ICAI said there has been campus recruitment across 22 locations in 350 colleges where newly qualified CAs are offered a initial pay packet in the range of Rs 6 to 7 lakhs.
Qualified CAs not only get good ...
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ICAI |
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5 | Hits : 4707
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CBEC extends the date of e-filing of the new Service Tax Return (ST-3) for the period from 1st July 2012 to 30th September 2012, from 25th March, 2013 to 15th April, 2013
Posted Date : 07-Mar-2013 , 02:48:07 pm | Posted By CASANSAAR
CBEC extends the date of e-filling of the new Service Tax Return ST-3 for the period 1stJuly'2012 to 30 Sep'2012 from 25 March' 2013 to 15th April'2013.
The electronic version of the ST-3 form is under process and likely to be available on ACES around 20th March'2013.
Order...
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Category :
Service Tax |
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0 | Hits : 1271
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KPMG at risk of losing vital HSBC audit
Posted Date : 07-Mar-2013 , 07:51:10 am | Posted By CASANSAAR
KPMG could lose the biggest audit contract in corporate Britain after HSBC decided to consider bringing in a fresh pair of eyes to vet its accounts.
The bank said it would put its audit contract out to tender for the first time in more than two decades in the most striking sign ye...
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Category :
Auditing |
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0 | Hits : 1181
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Budget 2013: Parliamentarians oppose jail for service tax evaders with dues above Rs 50 lakh
Posted Date : 07-Mar-2013 , 07:45:47 am | Posted By CASANSAAR
Attempts by tax officials to garner power of arrest over individuals guilty of not paying service taxexceeding Rs 50 lakh has run into opposition from members of Parliament (MPs) across parties. Finance Minister P Chidambaram's proposal in the Budget to introduce Section 91, which wil...
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Category :
Budget |
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Cadbury slapped with Rs 250-cr notice for excise duty evasion
Posted Date : 06-Mar-2013 , 06:31:04 pm | Posted By CASANSAAR
Cadbury India Ltd has been slapped a notice for a demand of over Rs 250 crore in excise duty allegedly evaded by it by claiming exemption for a ‘ghost’ production unit.
The Directorate-General of Central Excise Intelligence has issued the show-cause notice after its investigatio...
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Category :
Excise |
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E-filing of tax returns must if annual income above Rs 5 lakh: Finance Ministry
Posted Date : 06-Mar-2013 , 08:34:26 am | Posted By CASANSAAR
A senior Finance Ministry official on Tuesday clarified that taxpayers having an annual income of over Rs 5 lakh will be required to file their returns in electronic form.
"Income tax returns for the group above Rs 5 lakh, all such returns will be e-filed. This is a move towards using technolo...
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Category :
Income Tax |
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0 | Hits : 1543
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Unclaimed, Rs 22,636 crore in dormant provident fund accounts
Posted Date : 06-Mar-2013 , 08:30:02 am | Posted By CASANSAAR
If you thought every rupee was valued in these days of rising prices, think again. A huge sum of Rs 22,636 crore is lying in inoperative accounts with the Employee Provident Fund Organization (EFPO).
These funds are linked to accounts that are lying dormant for more than 36 months and are e...
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Category :
Accounts |
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0 | Hits : 1501
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Rs 3,000 crore service tax refund stuck in red tape for indian tech companies
Posted Date : 06-Mar-2013 , 08:25:09 am | Posted By CASANSAAR
Software companies are miffed that the government is dragging its feet on refunding at least Rs3,000 crore in service tax despite promises to do so. While on one hand the government has said it will crack down on tax dodgers, it is unwilling to return the money it owes to information techn...
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Category :
Service Tax |
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0 | Hits : 826
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Sebi forms panel on insider trading
Posted Date : 06-Mar-2013 , 08:22:47 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India on Tuesday formed a panel to review insider trading rules to curb the rising menace of the illegal practice. Sebi appointed NK Sodhi, former chief justice of Karnataka High Court and former presiding officer of the...
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SEBI |
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0 | Hits : 744
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All bank branches to exchange damaged notes: RBI
Posted Date : 05-Mar-2013 , 10:23:47 pm | Posted By CASANSAAR
The Reserve Bank of India on Tuesday asked banks to make available the facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, at all bank branches (including those of co-operative banks and regional rural banks).
This fa...
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Banking |
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0 | Hits : 913
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IT dept digs up Rs20K cr undisclosed income in FY12
Posted Date : 05-Mar-2013 , 05:53:12 pm | Posted By CASANSAAR
Income Tax Department has detected undisclosed income of Rs 20,589.75 crore in searches and surveys conducted by it in 2011-12, government said today.
Minister of State for Finance S S Palanimanickam in a written reply to the Rajya Sabha said, "In the searches conducted by Income Tax Departme...
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Category :
Income Tax |
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0 | Hits : 779
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CAG finds lapses in Rs 52000 cr farm debt waiver scheme
Posted Date : 05-Mar-2013 , 05:50:03 pm | Posted By CASANSAAR
The government will have to explain allegations of malpractices in one of its flagship schemes to waive the debts of farmers across the country, a promise which helped power the coalition's victory in 2009 .
The government's auditor or CAG has said that the 52,000-crore scheme was mar...
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CAG |
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0 | Hits : 1071
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Government to seek parliament nod to change tax rules after resolving Vodafone dispute: FM
Posted Date : 05-Mar-2013 , 08:28:00 am | Posted By CASANSAAR
Finance minister P Chidambaram on Monday said amendment to the retrospective tax rules would be sought from Parliament only after the Vodafone tax dispute is resolved. According to the rules set last year, the government can make retrospective tax claims on long-concluded corpora...
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Category :
Income Tax |
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0 | Hits : 874
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