Income Tax department issues mass transfer and promotion orders to over 100 officials
Posted Date : 21-May-2015 , 08:23:57 am | Posted By CASANSAAR
In a major reshuffle, the Income Tax department has issued mass transfer and promotion orders to over 100 tax officials across the country.
The transfers on Tuesday, included officials of the rank of Commissioner of assistant and deputy commissioners of income tax and principal chief commis...
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Income Tax |
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Income Tax Dept issues detailed circular to address tax grievances
Posted Date : 20-May-2015 , 08:35:26 am | Posted By CASANSAAR
To address grievances of taxpayers, the Income-Tax department on Tuedsay put in place a detailed framework for “verification and correction” of the outstanding tax demand, while rectifying the inaccuracies arising due to delayed or non-reporting of TDS (tax ...
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Income Tax |
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Income Tax department to target tier-II cities to double the count of taxpayers
Posted Date : 13-May-2015 , 08:45:53 am | Posted By CASANSAAR
Desperate to widen the tax base in a country where just about 2 per cent of the population files tax returns, the income-tax authorities now plan to corner tax evaders in smaller cities and towns, and double the number of taxpayers in a year.
Anita Kapur, chairperson of the Central Board of...
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Income Tax |
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0 | Hits : 888
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Income Tax Related Public Grievances
Posted Date : 12-May-2015 , 09:41:26 pm | Posted By CASANSAAR
The Citizen’s Charter 2014 of Income Tax Department includes ‘Redressal of grievances’ within the specified timeline of 60 days, as one of the key taxpayer services provided by the Department. Redressal of grievances has been included as a key result area in the Interim Action Plan...
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Income Tax |
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SIT Recommends making Tax Evasion a Crime
Posted Date : 12-May-2015 , 09:38:56 pm | Posted By CASANSAAR
In Chapter III of Second SIT report, the SIT has recommended as under:
“Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Money Laundering Act, 2002. There are more ...
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Income Tax |
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1 | Hits : 796
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Income Tax Department Puts on Hold MAT Demand on Foreign Investors
Posted Date : 11-May-2015 , 10:24:45 pm | Posted By CASANSAAR
In a move to pacify investors, the income tax department has said in a statement that it will hold off from issuing new demands to foreign investors for payment of the controversial minimum alternate tax or MAT, and will take no coercive action to pursue claims that have already been filed.
1) Th...
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Income Tax |
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0 | Hits : 732
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SC notice to Govt, RBI over top Jobs in Banks
Posted Date : 06-May-2015 , 07:56:08 am | Posted By CASANSAAR
The Supreme Court on Tuesday sought response from the Centre, RBI and others on a petition challenging the government’s move to appoint private bank executives to head five public sector banks.
A bench headed by Justice AR Dave also sought reply from the five public sector banks — B...
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Income Tax |
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1 | Hits : 976
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Tax Concession on Interest Paid on Education Loan
Posted Date : 05-May-2015 , 10:02:41 pm | Posted By CASANSAAR
Section 80E of the Income-tax Act, 1961 provides that in computing the total income of an individual, their shall be allowed a deduction of the amount paid by way of interest on loan taken by him from any financial institution or approved charitable institution for the purpose of pursuing his own hi...
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Income Tax |
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0 | Hits : 918
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CA Exams - Observations of the candidates on the question papers of CA examinations-May 2015
Posted Date : 04-May-2015 , 10:22:13 pm | Posted By CASANSAAR
3rd May 2015
Observations of the candidates on the question papers of CA examinations-May 2015.
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in May 20...
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Income Tax |
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Income Tax department collects Rs 6.96 lakh cr revenue during 2014-15
Posted Date : 04-May-2015 , 07:21:43 am | Posted By CASANSAAR
Government collected over Rs 6,96,200 crore revenue under the direct taxes kitty in the just concluded financial year 2014-15, about 14 per cent short of target.
Officials said the I-T Department which collects a variety of taxes like Income Tax and Corporate Tax collected approximately Rs 6,96...
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Income Tax |
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Foreign investors get exemptions from MAT
Posted Date : 30-Apr-2015 , 09:57:00 pm | Posted By CASANSAAR
The government on Thursday announced tax relief to foreign investors, exempting income from securities transactions, royalties and technical service from the contentious minimum alternative tax (MAT).
The tax, which continues to be effective retrospectively on foreign institutional investors (F...
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Income Tax |
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0 | Hits : 824
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Income Tax nod in 2 days for charity firms for relief work in Nepal
Posted Date : 29-Apr-2015 , 07:49:50 am | Posted By CASANSAAR
The Income Tax Department will provide the mandatory permission within two days to charitable organisations seeking to undertake relief and rehabilitation activities in earthquake-hit Nepal.
"Charitable organisations under IT Act can render help to earthquake victims in Nepal. Applicat...
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Income Tax |
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0 | Hits : 1178
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Outstanding Tax Due from Corporates are Rs. 4.85 Lakh Crore
Posted Date : 28-Apr-2015 , 09:52:28 pm | Posted By CASANSAAR
Corporates owed over Rs.4.85 lakh crore to the government as outstanding dues under direct and indirect taxes towards the end of the last fiscal, parliament was told on Tuesday.
"The total outstanding tax demand pending collection under the head corporate tax under the Direct Tax laws as o...
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Income Tax |
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0 | Hits : 956
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Income Tax department publishes list of big tax defaulters in newspapers
Posted Date : 27-Apr-2015 , 08:51:01 am | Posted By CASANSAAR
As part of its strategy of 'naming and shaming' big defaulters, the Income Tax department on Sunday published names of 31 tax evaders who owe over Rs 1,500 crore (Rs 15 billion) tax to the government.
The names, last known addresses and vital financial details of these entities were pub...
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Income Tax |
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Section 80DD of the Income Tax Act - Tax Relief To Family Members of Differently Abled
Posted Date : 24-Apr-2015 , 10:06:15 pm | Posted By CASANSAAR
Section 80DD of the Income Tax Act, 1961, inter alia, provides for a deduction to an individual or HUF, who is a resident in India, and
• Incurs expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or
•...
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Income Tax |
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Govt meets FIIs on tax issues, refuses relaxation on MAT
Posted Date : 22-Apr-2015 , 09:35:22 pm | Posted By CASANSAAR
The government has refused to give any relaxation to the Foreign Institutional Investors,FIIs on the 40,000 crore rupees past tax demand and said remedy lies in judicial appeal. Talking to reporters after meeting with FIIs Minister of Finance Jayant Sinha said, NDA government is a responsive governm...
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Income Tax |
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Income Tax Dept. awarded PMs award for excellence in public administration
Posted Date : 22-Apr-2015 , 07:51:40 am | Posted By CASANSAAR
The Income Tax Department has been awarded the 'Prime Minister's Award for Excellence in Public Administration' for 'Easy Tax Compliance through Quality Service'.
The award was presented at a function at the Vigyan Bhawan here today by Prime Minister Narendra Modi on the occ...
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Income Tax |
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0 | Hits : 646
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Need to give Foreign visit details in tax returns
Posted Date : 18-Apr-2015 , 08:43:29 am | Posted By CASANSAAR
Widening its net to check generation of black money, the Income Tax department has introduced significant changes in the income tax return form for AY assessment year 2015-16. Taxpayers will now have to disclose instances of foreign travel, details of theirbank&nb...
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Income Tax |
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1 | Hits : 1420
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Income Tax Dept launches probe into inflated equity sales by unlisted companies
Posted Date : 16-Apr-2015 , 07:08:09 am | Posted By CASANSAAR
The income-tax department, which stumbled upon a few cases of illegal share sales involving high premium payments by companies, has initiated an investigation and drawn up a massive list of private companies since 2005.
Senior I-T officials told dna that the department would soon question compa...
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Income Tax |
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Income Tax Dept Names 31 Major Tax Defaulters Who Owe 1,500 Cr
Posted Date : 15-Apr-2015 , 11:42:16 pm | Posted By CASANSAAR
Moving ahead with its strategy of 'naming and shaming' large tax defaulters, the Income Tax department today came out with a list of 31 defaulters who owe over Rs 1,500 crore to the government.
Some of the big defaulters of income tax/corporate tax in the list are: Hyderabad-based Totem I...
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Income Tax |
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0 | Hits : 1204
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Government to press ahead with Rs 40,000 crore tax demand on FIIs - FM
Posted Date : 15-Apr-2015 , 07:26:15 am | Posted By CASANSAAR
Finance minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors (FIIs) as they lost acase against levy of tax on capital gains they made.
"FIIs went to a tribunal, which is c...
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Income Tax |
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Income Tax department slaps notices worth $5-6 billion on nearly 100 FIIs
Posted Date : 06-Apr-2015 , 07:50:35 am | Posted By CASANSAAR
In the biggest-ever tax demand slapped on them, nearly 100 foreign funds have been asked to cough up an estimated US $5-6 billion for 'untaxed gains' made by them in the domestic markets over the past years by income tax department.
The number of affected investors can rise substantiall...
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Income Tax |
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0 | Hits : 923
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Top income tax official arrested on bribery charge
Posted Date : 01-Apr-2015 , 04:26:18 pm | Posted By CASANSAAR
CBI today arrested Jodhpur's Chief Commissioner of Income Tax PK Sharma on bribery charges after Rs 15 lakh were allegedly received by a local jeweller on his behalf.
CBI had last night detained Income Tax Officer Shailendra Bhandari in connection with the case, agency so...
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Income Tax |
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Income Tax dept publishes names of 18 big defaulters
Posted Date : 31-Mar-2015 , 09:02:40 pm | Posted By CASANSAAR
With the curtains coming down on the current fiscal, the Income Tax department on Tuesday for the first time issued newspaper notices on 18 tax defaulters -- 11 of them Gujarat-based -- who collectively owe over Rs.500 crore to the exchequer.
The defaulters' names were put up on t...
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Income Tax |
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0 | Hits : 1323
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Income Tax to send OTP, include Aadhar to ease taxpayer e-filing
Posted Date : 27-Mar-2015 , 08:12:21 am | Posted By CASANSAAR
Taxpayers will soon get relief from sending a paper acknowledgement of their e-filed return as Income Tax department is set to introduce a new customer verification system for the task by sending One Time Passwords, validating net banking identity and enrolling Aadhaar number in the returns form.
...
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Income Tax |
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0 | Hits : 1647
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18 tax defaulters owe Rs 500cr to exchequer-Govt releases list
Posted Date : 26-Mar-2015 , 05:23:37 pm | Posted By CASANSAAR
The Revenue Department has made public the names of 18 tax defaulters who collectively owe over Rs 500 crore to the exchequer.
Out of the 18 defaulters, 11 are Gujarat-based, including Somani Cement with tax arrears of Rs 27.47 crore; Blue Information Technology (Rs 75.11 cr); Appletech Solutio...
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Income Tax |
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0 | Hits : 1221
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The Income Tax department collects over Rs 3,500 cr from non-filers
Posted Date : 24-Mar-2015 , 09:26:09 pm | Posted By CASANSAAR
The Income Tax department has issued over 20 lakh “intimations” and collected Rs. 3,569 crore in the current financial year from those taxpayers who had either not filed their tax returns or did so incorrectly.
Under its ‘non-filers tracking management system’,...
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Income Tax |
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0 | Hits : 1035
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Finmin launches national electronic I-T judicial database
Posted Date : 24-Mar-2015 , 07:52:48 am | Posted By CASANSAAR
The Finance Ministry has operationalised an ambitious electronic national database of judicial orders and appeals to de-congest and streamline huge litigation in the Income Tax Department and the Central Board of Direct Taxes (CBDT).
The much-talked about repository called the National Judicial R...
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Income Tax |
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0 | Hits : 824
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CBDT announces Audit relief for MNCs
Posted Date : 17-Mar-2015 , 08:35:01 am | Posted By CASANSAAR
The finance ministry on Monday announced rules for multinational companies to seek the benefit of “no-audit-agreements” they sign with the tax department for four prior years as well.
Central Board of Direct Taxes (CBDT) has amended income tax rules to allow a four year ro...
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Income Tax |
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0 | Hits : 1430
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High Court lays down rules on taxation of ad spend by MNCs
Posted Date : 17-Mar-2015 , 08:28:39 am | Posted By CASANSAAR
The Delhi High Court has laid down principles governing taxation of advertising and marketing spends by multinational firms, a ruling that could bring significant relief to these companies facing thousands of crores in income tax demands and potentially make doing business in India easier. ...
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