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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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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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Income Tax |
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0 | Hits : 966
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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 |
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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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Income Tax |
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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 : 1323
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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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Income Tax |
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Money paid under consent settlement can be treated as business expense - ITAT
Posted Date : 12-Nov-2014 , 07:55:33 am | Posted By CASANSAAR
The Income Tax Appellate Tribunal (ITAT) has clarified that money paid under the consent decree mechanism to settle disputes is permissible as business expenditure and cannot be equated to penalty levied for breaching law. The clarification will set precedence as many companies are currently negotia...
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Packwell
Posted Date : 11-Nov-2014 , 07:24:28 am | Posted By CASANSAAR
The apex body of Chartered Accountants, ICAI said it is making efforts to expedite the next course of action with respect to a complaint filed against one of its Member by Packwell Manufacturers.
An official of Packwell Manufacturers (Delhi) Pvt Ltd had filed a complaint against a Chartered...
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Income Tax |
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Black money: ITAT rules against 3
Posted Date : 11-Nov-2014 , 07:05:47 am | Posted By CASANSAAR
Five years after Germany gave New Delhi a list of Indians with secret bank accounts in the Alpine tax haven Liechtenstein, the first tribunal ruling has gone in favour of the government.
The case pertains to three Kolkata-based individuals - Mohan Manoj Dhupelia, Ambrish Manoj Dhupelia and Ms...
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Download Revised Utility updated on 06th November for Tax Audit Report for AY 2014-15
Posted Date : 10-Nov-2014 , 08:15:47 am | Posted By CASANSAAR
CBDT on 06-11-2014 released Revised Form 3CA-3CD & Form 3CB-3CD filing utility along with updated Schema. Revised Utility is is now available for e-Filing.
Form 3CA-3CD
Audit report under section 44AB of the Income-tax Act, 1961 in a case where the accou...
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New depreciation regime: Clarity needed on transitional provisions, say Auditors
Posted Date : 08-Nov-2014 , 10:33:10 pm | Posted By CASANSAAR
The new depreciation regime is impacting corporate bottomlines in interesting ways this fiscal. While the new norms provide more flexibility to companies and are a step toward aligning with international practices, there is a need for more clarity on the transitional provisions, say audit experts.
...
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Income Tax |
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Top exchanges BSE and NSE to suspend trading in Kingfisher Airlines, UB Engineering
Posted Date : 08-Nov-2014 , 07:50:05 pm | Posted By CASANSAAR
In a major clampdown for non- compliance of Listing Agreement, top exchanges BSE and NSE today announced suspension of trading in shares ofKingfisher Airlines and another group firm, UB Engineering, from next month. Besides, the entire promoter shareholding of these companies hav...
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Income Tax |
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ICAI to participate in World Congress of Accountants
Posted Date : 08-Nov-2014 , 08:11:23 am | Posted By CASANSAAR
The country's apex body of chartered accountants ICAI will be participating in the world congress of accountants to be held in Italy next week. The World Congress of Accountants (WCOA) is scheduled to be in Rome, Italy, from November 10-13. Around 4,000 professionals from more than 100 cou...
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Income Tax |
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CBDT Issues Instructions to Its Field Offices Regarding Endeavour Towards a Non-Adversarial Tax Regime
Posted Date : 07-Nov-2014 , 07:28:20 pm | Posted By CASANSAAR
In its constant endeavour towards a non-adversarial tax regime, the Central Board of Direct Taxes (CBDT) has issued instruction dated 7th November, 2014 to its field offices. Emphasis has been laid on cleanliness in office, punctuality, timeliness in appointment and avoiding unnecessary adjournments...
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Anita Kapur is CBDT New Chairperson
Posted Date : 06-Nov-2014 , 08:23:05 am | Posted By CASANSAAR
Senior IRS officer Anita Kapur has been appointed as the new chairperson of the Central Board of Direct Taxes (CBDT), the apex authority of the Income-Tax Department.
Kapur, a 1978-batch officer of the Income-Tax cadre, was till now serving as Member (Legislation and Computerisation and Inc...
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Income Tax |
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Income Tax department may pass ex parte order against overseas account holders
Posted Date : 04-Nov-2014 , 08:00:39 am | Posted By CASANSAAR
The income-tax department could pass ex parte orders against overseas account holders who don't cooperate or appear before the authorities as it rushes to complete investigations in five months. "We could look at ex parte assessment orders," said a government official familiar with the matter. ...
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HC stays penal interest on I-T returns filed till extended November 30 deadline
Posted Date : 03-Nov-2014 , 08:46:23 am | Posted By CASANSAAR
The Madras high court has granted an interim stay on imposing penal interest on taxpayers who are required to file their income tax (I-T) returns by the extended due date of November 30.
The CBDT had issued the notification extending the due date to comply with the judgments of various high...
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Income Tax |
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Cyber Crimes Cell detects Nation-wide tax returns Fraud
Posted Date : 02-Nov-2014 , 08:39:03 pm | Posted By CASANSAAR
A nation-wide fraud involving fake Income Tax Department websites, fraudulent emails and phising websites cheating tax-payers by promising IT refunds has been detected by the Cyberabad’s Cyber Crimes Cell.
Using proxy servers, the culprits are sending emails that appear to have been s...
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CBDT asks I-T to tap over 5L taxpayers who didn't file returns
Posted Date : 31-Oct-2014 , 09:48:39 pm | Posted By CASANSAAR
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
The electronic database and systems unit of the Central Board of Direct Taxes has issued an official communication in th...
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Finance Minister Asks the Senior Officers of the Income Tax Department not to Lose Sight of Domestic Black Money
Posted Date : 30-Oct-2014 , 09:11:55 pm | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley asked the senior officers of the Central Board of Direct Taxes (CBDT) not to lose sight of domestic black money keeping in view its much higher magnitude. He asked the senior officers of the Income Tax Department to make their best efforts to chase those ...
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Black money: Govt submits before SC names of 627 Indians holding foreign bank accounts
Posted Date : 29-Oct-2014 , 04:05:37 pm | Posted By CASANSAAR
In a major step forward in the black money case, the Central government on Wednesday submitted before the Supreme Court a list of names of Indians having accounts in foreign banks.
In total, the Centre has placed before the apex court in a sealed envelope names of 627 Indians who have account...
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Income Tax |
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Anita Kapur likely to be new CBDT Chairperson
Posted Date : 29-Oct-2014 , 07:53:58 am | Posted By CASANSAAR
Senior IRS officer Anita Kapur is tipped to be the new chairperson of Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department.
Kapur, a 1978-batch officer of the Income Tax cadre, is currently serving as Member of Legislation and Computerisation and Income Ta...
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0 | Hits : 1116
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Black money: SC orders Centre to reveal all names by tomorrow
Posted Date : 28-Oct-2014 , 05:22:29 pm | Posted By CASANSAAR
In a major development, the Supreme Court on Tuesday ordered the central government to reveal by Wednesday the names of all Indian account holders in foreign banks.
Resuming its hearing in the black money case, the SC pulled up government for seeking modification of its order on disclosing names of...
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