High court picks holes in hospital
Posted Date : 14-Mar-2015 , 08:41:21 am | Posted By CASANSAAR
The Bombay high court refused any relief to a hospital run by Yash Society, a charitable trust of the Birla group, that was seeking income tax exemption on the grounds that it was running a philanthropic institution.
A division bench of Justice M S Sanklecha and Justice G S Kulkarni questioned th...
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Income Tax |
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MNCs face retro tax notice after tax notice to Cairn India
Posted Date : 13-Mar-2015 , 08:31:40 am | Posted By CASANSAAR
Even after the government clarified that multinational companies in India do not have to pay retrospective tax, sword is still hanging on more than 500 MNCs whose underlying assets are in India.
The income tax department is doing reassessment of all retrospective tax cases that a...
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Income Tax |
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0 | Hits : 993
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Income Tax Dept slaps $1.6 bn tax demand on Cairn Energy
Posted Date : 11-Mar-2015 , 08:03:08 am | Posted By CASANSAAR
Income Tax Department has slapped a Rs 10,247 crore (USD 1.6 billion) tax demand on Cairn Energy Plc, which termed the action as “very disappointing” and said it would contest the order.
The tax demand relates to an alleged Rs 24,500 crore worth capital gains it made in 2006 while t...
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Income Tax |
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0 | Hits : 854
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MAT will become irrelevant once tax sops are removed - CBDT
Posted Date : 04-Mar-2015 , 08:16:04 am | Posted By CASANSAAR
The minimum alternate tax (MAT) is likely to become irrelevant with the removal of exemptions from direct taxesthat corporates currently avail, according to Anita Kapur, chairperson, Central Board of Direct Taxes (CBDT). Her statement came during an interaction with reporters here on Tuesday.
...
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Income Tax |
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0 | Hits : 999
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Proposed amendment in section 288 of Income tax act related to Audtiors
Posted Date : 03-Mar-2015 , 09:06:14 pm | Posted By CASANSAAR
Hon'ble Finance Minister has proposed to amend Section 288 of the income tax Act to provide that an auditor who is not eligible to be appointed as an auditor under Section 141(3) of Companies Act, 2013 shall not be eligible for carrying out any audit or furnishing of any report/certificate under any...
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Income Tax |
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Highlights of the Pradhan Mantri Suraksha Bima Yojana for Life Insurance
Posted Date : 01-Mar-2015 , 08:51:20 pm | Posted By CASANSAAR
Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
Premium: Rs.330 per a...
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Income Tax |
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0 | Hits : 1089
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Highlights of the Pradhan Mantri Suraksha Bima Yojana for Accidental Death Insurance
Posted Date : 01-Mar-2015 , 08:50:17 pm | Posted By CASANSAAR
Eligibility: Available to people in age group 18 to 70 years with bank account.
Premium: Rs.12 per annum.
Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
Risk Coverage: ...
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Income Tax |
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0 | Hits : 926
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Budget 2015 - Education Sector Allocated Rs. 68968 Cr while Rural Development gets Rs 79526 Cr in the Year 2015-16
Posted Date : 28-Feb-2015 , 01:43:37 pm | Posted By CASANSAAR
The Finance Minister, Shri Arun Jaitley has said that adequate provision has been made for the schemes for the poor and disadvantaged in the Budget of 2015-16. Delivering his Budget Speech in the Parliament today, the Finance Minister said that an amount of Rs. 68,968 crore has been allocated to the...
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Income Tax |
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0 | Hits : 811
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An amount of Rs 4.5 lakh crore stuck in tax appeals
Posted Date : 26-Feb-2015 , 09:55:14 pm | Posted By CASANSAAR
The centre and Supreme Court are taking progressive measures to reduce the tax litigation in India but it may not be such an easy task.
As per an analysis of the annual report of ministry of finance for the fiscal year 2013 - 14 the quantum of money stuck in tax appeals ...
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Income Tax |
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1 | Hits : 944
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Creation of two additional benches of the Authority for Advance Rulings (Income Tax)
Posted Date : 26-Feb-2015 , 08:02:47 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to the following:- i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai; ii. creation of two posts of Vice-Chairmen ...
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Income Tax |
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0 | Hits : 764
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More than 7 years after CBDT circular, difference between business income & capital gains unclear
Posted Date : 25-Feb-2015 , 08:41:04 am | Posted By CASANSAAR
After more than seven-and-a-half years of Central Board of Direct Taxes’ (CBDT) circular, which sought to differentiate cash market earnings as business income and capital gains, there is still no clarity on the subject.
The circular, issued in June 2007, had said that purchase and sa...
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Income Tax |
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0 | Hits : 1282
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WhatsApp Voice Calling Feature Available on Android, Need a Invite to Get It
Posted Date : 21-Feb-2015 , 10:23:58 pm | Posted By CASANSAAR
A cross platform messaging app, Whatsapp messenger, which allows user to send messages, now added the latest feature of voice calling. To get this feature, Android users need to update to the latest version and then find out a friend who already has the feature. After this, your friend, who has who ...
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Income Tax |
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0 | Hits : 1861
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Fin Min detects Rs 250 cr tax evasion through entry operators
Posted Date : 17-Feb-2015 , 10:01:04 pm | Posted By CASANSAAR
Tightening noose around the illegal entry operators, the Finance Ministry has detected routing of about Rs 250 croreblack money through fake entries via non-existent business entities.
The modus operandi of providing 'accommodation entries by entry operators' was found by Central Eco...
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Income Tax |
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0 | Hits : 1448
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Income Tax department to file case against HSBC bank
Posted Date : 17-Feb-2015 , 08:16:43 am | Posted By CASANSAAR
Income Tax department is likely to file a case against HSBC bank, Geneva, for allegedly “abetting” tax evasion in India by way of unauthorisedly operating accounts of its citizens in its overseas branch.
The department has come under fire after International Consortium of Invest...
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Income Tax |
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0 | Hits : 1233
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NRI payments: CBDT clarifies on scope of Disallowance
Posted Date : 14-Feb-2015 , 08:56:10 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has clarified on the scope of disallowance on payments made to non-residents on which tax ought to have been withheld.
It has now issued a clarificatory circular, which will help bring certainty in the law so as to avoid potential litigation, say tax...
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Income Tax |
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0 | Hits : 1094
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CBDT sets up committee to simplify tax procedures
Posted Date : 13-Feb-2015 , 08:16:08 am | Posted By CASANSAAR
In yet another step to simplify tax procedures, CBDT has constituted a committee to redraft existing guidelines for undertaking write-off procedures in irrecoverable tax demand cases. The five-member committee will be headed by a Chief Commissioner of Income Taxand has been asked...
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Income Tax |
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0 | Hits : 866
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Shift in the Focus of the Income Tax Department (ITD) from Civil Consequences to Criminal Consequences in Serious Cases of Tax Evasion
Posted Date : 13-Feb-2015 , 07:52:47 am | Posted By CASANSAAR
Shift in the Focus of the Income Tax Department (ITD) from Civil Consequences to Criminal Consequences in Serious Cases of Tax Evasion; During 2014-15 (upto Dec, 2014) the ITD Has Conducted Searches in 414 Groups, Seized Undisclosed Assets of Rs. 582 Crore; Undisclosed Income of Rs. ...
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Income Tax |
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0 | Hits : 853
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AAP, Congress get income tax notices
Posted Date : 12-Feb-2015 , 08:09:29 am | Posted By CASANSAAR
The income tax department has served a notice on the Aam Aadmi Party (AAP), seeking an explanation about the charges of receiving funds from dubious sources as alleged by a splinter group of the party.
A similar notice has also been served on the Congress party...
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Income Tax |
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0 | Hits : 1108
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I. Tax Dept Initiates Investigation into Issuance of Cheques by Companies Which are Acting as Entry Operators to Convert Illegal Cash into Legitimate Money
Posted Date : 11-Feb-2015 , 06:47:30 pm | Posted By CASANSAAR
Income Tax Department, Ministry of Finance, Government of India had initiated investigation into issuance of cheques by companies which are acting as entry operators to convert illegal cash into legitimate money. Recently in Kolkata, this investigation led to detection of substantial unaccounted inc...
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Income Tax |
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0 | Hits : 1117
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SIT expects income tax department to recover Rs 10,000 crore by March 31
Posted Date : 11-Feb-2015 , 08:35:22 am | Posted By CASANSAAR
The Supreme Court-appointed special investigation team (SIT) on black money expects the income tax department to recover Rs 10,000 crore by March 31 as tax and penalty for tax evasion from 300-odd Indians who hold illegal accounts in Swiss banks. "Under the supervision of the SIT, the I-T depar...
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Income Tax |
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0 | Hits : 1044
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Nuns, priests in Govt service have to pay income tax: Kerala HC
Posted Date : 07-Feb-2015 , 08:52:15 am | Posted By CASANSAAR
Kerala High Court on Friday has held that the priests and nuns drawing government salary were liable to pay income tax. Justice A K Jayasankaran Nambiar said that if the salary of priests and nuns working in government-aided institutions is submitted to the common pool of their congregation, such co...
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Income Tax |
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I-T dept to step up Prosecution against TDS defaulters
Posted Date : 04-Feb-2015 , 08:49:02 am | Posted By CASANSAAR
Concerned over latest shortfall in TDS revenue collections, the Income Tax department has decided to enhance prosecution action against large defaulters with the help of its specialised electronic database and processing centre created for this exclusive task. The department's Central Processin...
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Income Tax |
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0 | Hits : 1603
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Shortfall in TDS collections: CBDT asks I-T department to act
Posted Date : 02-Feb-2015 , 08:04:55 am | Posted By CASANSAAR
Worried over a huge shortfall in TDS collections, CBDT has asked the Income Tax department to pull up its socks and initiate special measures to achieve the direct taxes collection target for this fiscal.Officials said the instructions were issued last week after a high-level 'video conference' meet...
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Income Tax |
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0 | Hits : 1349
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Gold award for the Income Tax Department under National Award on E-Governance 2014-15
Posted Date : 30-Jan-2015 , 07:55:03 pm | Posted By CASANSAAR
The Income Tax Department has been awarded GOLD by the Government of India under category “Cat-I-Excellence in Government Process Re-engineering” for National Award on e-governance 2014-15. The award has been conferred for “TDS Reconciliation Analysis & Correction Enabling Syst...
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Income Tax |
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0 | Hits : 777
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DRI unearths Rs 2700 crore scam of fradulent exports to convert black money into white
Posted Date : 30-Jan-2015 , 05:38:52 pm | Posted By CASANSAAR
As government focuses on bringing back black money parked abroad, those having illegal wealth on foreign shores seem to be already working to bring it back, albeit unscrupulously. Directorate of Revenue Intelligence (DRI) has unearthed what looks like a Rs 2,700 crore racket to turn black money park...
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Income Tax |
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0 | Hits : 1384
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Centre not to appeal Bombay High Court order in Vodafone tax case
Posted Date : 28-Jan-2015 , 08:16:15 pm | Posted By CASANSAAR
In a decision aimed at improving the investment sentiment, the Cabinet Committee on Economic Affairs (CCEA) on Wednesday took a decision to not challenge against a Bombay High Court ruling that said Vodafone was not liable to pay a tax demand of Rs. 3,200 crore in a transfer pricing case.
T...
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Income Tax |
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0 | Hits : 756
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Non-payment of TAX may land you in Jail
Posted Date : 24-Jan-2015 , 08:07:16 am | Posted By CASANSAAR
The government may prosecute those accused of evading taxes under the Prevention of Money Laundering Act (PMLA) as part of a wide ranging crackdown on black money. Further, non-declaration of foreign bank accounts and assets may also be made a criminal offence, according to people who have been brie...
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Income Tax |
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0 | Hits : 1104
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Govt may allow tax exemption for 3-year bank FDs
Posted Date : 23-Jan-2015 , 08:16:33 am | Posted By CASANSAAR
The government may consider the demand of banks to make fixed deposits for three years and more tax-free instead of the five-year lock-in period at present, providing these lenders a level-playing field with mutual funds and tax-free bonds that have been weaning away a large chunk of investors.Indic...
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Income Tax |
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0 | Hits : 1375
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I-T department moves Supreme Court on Vodafone income for FY 08
Posted Date : 22-Jan-2015 , 08:40:43 am | Posted By CASANSAAR
The income tax department has moved the Supreme Court seeking directions to a tax tribunal to consider certain facts relating to the taxable income of Vodafone India Services for the 2007-08 fiscal. This relates to the sale of its calls centre business and an alleged exercise of call options in a co...
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Income Tax |
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0 | Hits : 881
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Tax evasion could soon become a prosecutable offence inviting jail term for offenders
Posted Date : 21-Jan-2015 , 08:36:18 am | Posted By CASANSAAR
Tax evasion could soon become a prosecutable offence inviting jail term for offenders as the Supreme Court appointed special investigation team (SIT) on black money has suggested this to the government and sought a decision by March 31.
"The Central Board of Direct Taxes (CBDT) is examining w...
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Income Tax |
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0 | Hits : 1186
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