Delhi High Court once again Adjourned the Tax Audit Deferment Case to Monday
Posted Date : 17-Jan-2015 , 12:19:56 pm | Posted By CASANSAAR
Delhi High Court once again Adjourned the Tax Audit Deferment case to Monday in the case of Mahesh Kumar And Company Vs. Union Of India & Anr. – W.P.(C) 5990/2014 (Delhi High Court)
CBDT Lawyer told the CBDT the Govt will suffer a loss of Rs.15K Crore if Date ...
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Gujrat High Court Adjourned the ITR Extension Case to Monday
Posted Date : 17-Jan-2015 , 12:18:19 pm | Posted By CASANSAAR
Gujrat High Court Adjourned the ITR Extension Case to Monday in the case of Rajni Mangaldas Shah V/S Central Board Of Direct Taxes (Gujrat High Court Replica Watches), SCA/12571/2014.
After a long arguments Gujrat High Court agrees to extend the due date for ITR but wa...
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Updates on TAR Deferment / ITR Extension in Various High Courts
Posted Date : 17-Jan-2015 , 12:16:48 pm | Posted By CASANSAAR
Matter came up for hearing after lunch. Deptt filed affidavit as per previous order that no penal action if return revised & income increased on basis of qualifications/ observations in TAR. Court opened their mind to dismiss the WP. Adv fake rolex Rashmi Chopra sought adjournment till tomo...
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Black money: CBDT issues directive to finish probe by March 31
Posted Date : 14-Jan-2015 , 08:54:15 am | Posted By CASANSAAR
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end.
The latest development relates to the disclos...
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Tax department issues show-cause notices to over 35 foreign portfolio investors
Posted Date : 13-Jan-2015 , 09:25:04 pm | Posted By CASANSAAR
At a time when the government has promised a more predictable tax regime as well as a far less aggressive one than under the previous administration, several foreign portfolio investors have been alarmed by moves to levyminimum alternate tax (MAT) on their capital gains from the market.
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Industry body suggests e-hearing for tax assessment cases
Posted Date : 13-Jan-2015 , 08:40:39 am | Posted By CASANSAAR
To make it convenient for taxpayers, an industry body has suggested 'e-hearing' to deal with tax disputes rather than insisting on physical appearance before assessment officers for trivial issues.
The suggestion has been made by Assocham in a letter addressed to Prime Ministe...
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Bribery racket: Joint Commissioner of Income Tax, CAs arrested by CBI
Posted Date : 12-Jan-2015 , 08:37:17 am | Posted By CASANSAAR
CBI smashed a major bribery racket allegedly involving senior Income Tax officials, Chartered Accountants and businessmen, arresting four persons including a Joint Commissioner of I-T department. In the operation which started yesterday across Mumbai and Chennai, the agency has so far arrested ...
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CBDT issues revised draft on Income Computation and Disclosure Standards; seeks public comments
Posted Date : 09-Jan-2015 , 05:34:41 pm | Posted By CASANSAAR
New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015
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CBDT appoints 15 commissioners to five DRPs
Posted Date : 08-Jan-2015 , 08:45:48 am | Posted By CASANSAAR
On the heels of ushering in new dispute resolution mechanism, the CBDT has appointed 15 commissioners as members of the newly set up five dispute resolution panels (DRPs).
These 15 commissioners will staff the five DRPs set up in Delhi (two panels), Mumbai (two panels) and Bengaluru (one DR...
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Check your tax office jurisdiction before filing returns
Posted Date : 05-Jan-2015 , 08:35:52 am | Posted By CASANSAAR
Check details about your new tax assessment range if you are going to file Income Tax returns, apply for refunds or conduct any I-T related business in future. A huge cadre restructuring in the I-T department, with the creation of over 20,700 posts recently, has brought about a number of change...
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ICAI remarks on CAG Report - Appreciation of Third Party (Chartered Accountant) Reporting in Assessment proceedings
Posted Date : 29-Dec-2014 , 10:58:13 am | Posted By CASANSAAR
Attention has been drawn to certain issues raised on the certification work done by the members of the profession in the report of Comptroller and Auditor General of India (C&AG) entitled ‘Appreciation of Third Party (Chartered Accountant) Reporting in Assessment proceedings&r...
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Key features of NSDL Form 24G RPU / FUV version 1.4 wef 26.12.2014
Posted Date : 27-Dec-2014 , 10:21:01 pm | Posted By CASANSAAR
Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.4 for the Form 24G Statements from FY 2005-06 onwards released (26/12/2014)
Key features of NSDL Return Preparation Utility (RPU) version 1.4
Quoting of structurally valid TAN of DDO: Quoting of...
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CVC issues guidelines to check tax evasion by contractors
Posted Date : 26-Dec-2014 , 02:12:38 pm | Posted By CASANSAAR
Tax liability of government contractors or suppliers should be examined properly to check leakage of any revenue, the Central Vigilance Commission (CVC) has said. The probity watchdog, in a fresh set of guidelines issued to all Central government ministries or departments, has said that award o...
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Finance ministry to reserve Wednesdays for redressal of tax related grievances
Posted Date : 26-Dec-2014 , 10:41:00 am | Posted By CASANSAAR
Your local tax office head would now set aside a day just to meet you and address your woes related to the department. Apex direct and indirect taxes bodies have identified a number of measures to deepen engagement with taxpayers for better services as part of the Narendra Modi government's good gov...
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PM Nominates ICAI for Swachh Bharat Abhiyan
Posted Date : 25-Dec-2014 , 02:04:03 pm | Posted By CASANSAAR
Today Prime minister Nominated 9 Persons/Organizations to be part of Swachhta Abhiyan. It includes Institute of Chartered Accountants of India (ICAI). He said ICAI is very Big Organization at National level.
They are doing cleaning process in Accounting and should also Participate in Swach...
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I-T department to unveil online tax decision reference system to facilitate tax-related litigation
Posted Date : 24-Dec-2014 , 08:22:25 am | Posted By CASANSAAR
The income tax department is creating a central repository of judicial decisions to facilitate tax-related litigation and online searches. "The National Judicial Reference System (NJRS) is expected to become operational by March next year," Gagan Rai, MD and CEO at NSDL e-Governance Infrastructure, ...
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Don't coerce assessee to falsely admit income: CBDT to I-T department
Posted Date : 20-Dec-2014 , 08:54:16 am | Posted By CASANSAAR
Taking cognizance of a number of complaints from assessees who said they were "coerced" by I-T officials to admit having black money, the CBDT has issued a stern warning to the taxmen asking them to "strictly avoid" indulging in acts which later embarrass the entire department. The CBDT said an...
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NSDL releases FVU version 4.5 & 2.141for quarterly e-TDS/TCS statement wef 20.12.2014
Posted Date : 20-Dec-2014 , 08:44:54 am | Posted By CASANSAAR
e-TDS/TCS FVU version 4.5 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and e-TDS/TCS FVU version 2.141 from FY 2007-08 to FY 2009-10 released and made available on NSDL website wef 20.12.2014.
Key features of FVU version 4.5
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Government approves 8.75 % interest rate on PF deposits for 2014-15
Posted Date : 19-Dec-2014 , 10:04:19 pm | Posted By CASANSAAR
The Finance Ministry has approved 8.75 per cent interest rate on Provident Fund, PF deposits for the year 2014-15. This rate of interest on PF deposits will now be notified by the Labour Ministry as well as by the Income Tax Department. The decision will be implemented from the date of notification....
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17 Crore PAN holders in India & only 3.5 crore files Income Tax Return
Posted Date : 16-Dec-2014 , 05:14:07 pm | Posted By CASANSAAR
Further, PAN has been allotted to around 17 crore entities while I-T returns have been filed by only 3.5 crore entities. The gap between PAN card holders and number of taxpayers is growing over time. While the number of PAN card holders increased by 175 per cent during FY2005-06 to FY20 10-11, the n...
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CBDT chief to keep exclusive charge of Income Tax investigations
Posted Date : 15-Dec-2014 , 06:49:48 am | Posted By CASANSAAR
A major reshuffle has been effected in the CBDT, with the board's Chairperson Anita Kapur deciding to assume exclusive charge of Income-Tax department investigations in order to personally spearhead ongoing probes into cases of tax evasion and blackmoney. The charge of I-T investigations, usual...
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PAC raps I-T dept for surge in uncollected taxes, laxity
Posted Date : 15-Dec-2014 , 06:29:59 am | Posted By CASANSAAR
A Parliamentary committee has rapped the income tax department for the rising uncollected tax demand and “lack of sustained efforts” on its part to recover the pending amount, which rose to Rs 4.86 lakh crore in 2012-13 from Rs 4.08 lakh crore in 2011-12.
According to the figure...
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Delhi HC refuses to ban astrology-based TV shows
Posted Date : 14-Dec-2014 , 08:46:18 pm | Posted By CASANSAAR
The Delhi high court has refused to prohibit astrology-based shows on television while saying it was not in its domain to prescribe what the programming code should be.
A division bench of Chief Justice G Rohini and Justice R S Endlaw, which was hearing a petition filed by NGO Sai Lok Kalyan ...
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Shah Rukh Khan's loan to wife not sham deal to avoid tax, says ITAT
Posted Date : 13-Dec-2014 , 07:12:33 am | Posted By CASANSAAR
Shah Rukh Khan has obtained a clean chit from the Mumbai bench of the Income Tax Appellate Tribunal (ITAT), which in its recent order has held that tax avoidance was not the motive %behind the actor giving a substantial interest-free loan to wife. The ITAT also held that residenti...
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Government to Not Implement Banking Transaction Tax
Posted Date : 12-Dec-2014 , 10:24:11 pm | Posted By CASANSAAR
The government is not considering implementing Banking Transaction Tax to replace all taxes in the country, Parliament was informed on Friday.
Banking Cash Transaction Tax (BCTT) was introduced in June 2005 to track unaccounted money and trace its source and destination, but was withdrawn i...
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Online facility to provide Grievance relating to Income Tax CPC
Posted Date : 12-Dec-2014 , 10:21:19 pm | Posted By CASANSAAR
The facility to provide Grievance relating to the CPC is made available to the assessee in the e-Filing portal. After Login, select Helpdesk –> Submit Grievance–> CPC then from the drop down select Assessment Year, category and sub category of the grievance.
www.incometax...
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Online facility to provide response against outstanding income Tax demand
Posted Date : 12-Dec-2014 , 10:20:26 pm | Posted By CASANSAAR
The facility to provide response against outstanding tax demand is made available to the assessee in the e-Filing portal. After Login, select e-File then select Response to Outstanding Tax Demand and the most appropriate options may be selected to provide...
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New Facility to get direct access to your Income Tax Department e-Filing account
Posted Date : 12-Dec-2014 , 10:17:33 pm | Posted By CASANSAAR
If you have forgotten your e-Filing login password and you are unsuccessfull with the other options of resetting password, then you can use the new facility to get direct access to your Income Tax Department e-Filing account using the net-banking facility of your bank...
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Govt appoints four new Members in CBDT
Posted Date : 12-Dec-2014 , 08:26:31 am | Posted By CASANSAAR
Government appointed four senior IRS officers, including two women officials, as the new Members of theCentral Board of Direct Taxes (CBDT) -- the apex authority of the Income Tax department.
The posts, of the seven-member apex body, have been lying vacant for over ...
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Tax tribunal rules against Vodafone, says transfer pricing case within IT dept's jurisdiction
Posted Date : 10-Dec-2014 , 10:16:53 pm | Posted By CASANSAAR
British telecom giant Vodafone's tax woes continue, with the tax appellate tribunal ruling on Wednesday that the tax department was within its jurisdiction in the Rs 8,500 croretransfer pricing tax dispute involving the sale of its call centre business to Hutchison in 2007.
The&nbs...
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