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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Income Tax |
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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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Income Tax |
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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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Mobile service providers need not deduct tax on pre-paid kits: Karnataka High Court
Posted Date : 10-Dec-2014 , 08:14:15 am | Posted By CASANSAAR
In a major relief to the leading mobile phone service providers, the Karnataka High Court has ruled that they are not liable to deduct tax at source on the discount given to the distributors while supplying them in bulk pre-paid cards and related starter-kits and recharge vouchers.
A Divisi...
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Tax evasion of Rs 9,951 crore detected in last 3 years - FM
Posted Date : 06-Dec-2014 , 06:35:24 am | Posted By CASANSAAR
Tax authorities detected as many as 672 cases of tax evasion, in the current financial year through September, valued at Rs 1,379.57 crore, Finance Minister Arun Jaitley informed th Parliament on Friday.
In the last three financial years, 4,590 cases involving cross border tax evasion of Rs...
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Advance Ruling facility extended to domestic tax-payers, too
Posted Date : 05-Dec-2014 , 07:46:14 am | Posted By CASANSAAR
Domestic tax-payers can now apply for an ‘advance ruling’ to understand tax liability on their transactions. The Central Board of Direct Taxes (CBDT) has enabled the facility, which till now was open only to non-resident Indians.
With this facility, taxpayers can get a view upfr...
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CBDT orders IT probe against select real estate firms
Posted Date : 30-Nov-2014 , 09:34:37 am | Posted By CASANSAAR
CBDT has ordered an Income Tax department investigation against a number of real estate developers who were recently shown by an investigative portal to be willing to accept alleged black money in property transactions.
The apex authority of the I-T department has asked its investigation un...
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Tax System Has to be Friendly to Taxpayer : Finance Minister
Posted Date : 28-Nov-2014 , 08:25:57 am | Posted By CASANSAAR
India is moving towards a tax-friendly regime to erase the "bad name" it has earned over the years, Finance Minister Arun Jaitley said on Thursday.
"Our tax system has to be friendly with tax payers and that is what we are trying to do step by step," he said, replying to a debate on tax evasi...
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Public sector banks may take hit of Rs 96000 Cr due to coal block cancellation
Posted Date : 25-Nov-2014 , 08:15:19 pm | Posted By CASANSAAR
Public sector banks may take a hit of Rs 96,484 crore due to cancellation of coal blocks to power projects, Minister of State for Finance Jayant Sinha said on Tuesday.
The Supreme Court had in September cancelled allocation of 204 coal mines since 1993 to power plants and other user industr...
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Finance minister Arun Jaitley says Union Budget to unveil 2nd generation reforms
Posted Date : 24-Nov-2014 , 06:12:23 pm | Posted By CASANSAAR
A "whole set of second generation reforms" will be unveiled in the next Union Budget, Finance Minister Arun Jaitley said on Sunday, promising "a lot of exciting time ahead".
The country needs "a larger opening out in more sectors," it requires stability of policy and tax regime be...
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RBI Asks Taxpayers to Pay Income Tax Dues in Advance
Posted Date : 19-Nov-2014 , 10:22:31 pm | Posted By CASANSAAR
The Reserve Bank on Wednesday asked taxpayers to deposit income tax dues in advance at RBI or authorised bank branches to avoid last minute rush at December end.
"Pay IT dues in advance at RBI or at authorised bank branches. The RBI appeals to income tax assessees to remit their income tax ...
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Transfer pricing case: Shell not liable to pay tax, says HC
Posted Date : 19-Nov-2014 , 08:31:06 am | Posted By CASANSAAR
The Bombay High Court on Tuesday ruled in favour of Shell in a transfer-pricing order that sought to tax the energy giant’s 2009 investment in its Indian subsidiary. The order will have an impact on other multinationals fighting the tax department on similar grounds.
The income-tax ...
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Banks turn to Facebook and Twitter to keep track of education loan takers
Posted Date : 19-Nov-2014 , 08:26:22 am | Posted By CASANSAAR
Be careful of friends and followers. Some banks have started using Facebook and Twitter to try and keep track of students who have taken education loans from them, casting a wider net to keep defaults in check. When payments are delayed, these banks use information available on social networkin...
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Income Tax department issues mass transfer & promotion orders to 500 officials
Posted Date : 18-Nov-2014 , 08:14:54 am | Posted By CASANSAAR
In a major reshuffle, the Income Tax department has issued mass transfer and promotion orders to about 500 tax officials across the country. The transfers on Saturday, included officials of the rank of Commissioner of Income Tax, Director of Income Tax, Chief Commissioner, Director General, Pri...
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Kisan Vikas Patra to be relaunched today; money to Double in 100 months
Posted Date : 18-Nov-2014 , 08:12:55 am | Posted By CASANSAAR
In view of popular demand, the government will on Tuesday relaunch saving instrument Kisan Vikas Patra (KVP), wherein the invested money will get doubled in 8 years and 4 months.
The KVP, which will be relaunched by Finance Minister Arun Jaitley, will be available in the denomination of Rs 1,000; 5...
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Income Tax |
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0 | Hits : 1445
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Govt to scan advance tax for black money
Posted Date : 13-Nov-2014 , 08:13:48 am | Posted By CASANSAAR
The government is exploring options to set up a facility to monitor advance income tax filings by companies and high networth individuals, on the lines of dedicated monitoring of returns and tax deducted at source (TDS) categories.
The move is in line with the government’s plan ...
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