Black money list: Centre discloses 3 account holders, says no intention to hold back any name
Posted Date : 27-Oct-2014 , 04:46:19 pm | Posted By CASANSAAR
In an important revelation, the central government on Monday released names of three persons holding accounts in foreign banks currently under the scrutiny of the income tax authority.
Pradip Burman (former director, Dabur India Limited), Pankaj Chimanlal Lodhiya (chief promoter of Rajkot-bas...
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NGO's spending over Rs 20000 in cash will attract intensive government scrutiny
Posted Date : 25-Oct-2014 , 07:01:22 pm | Posted By CASANSAAR
Tightening the screws on Non Government Organisations (NGOs) and associations, the Home Ministry has said that any association indulging in cash payments in the excess of Rs 20000 will attract "intensive scrutiny" from government. This follows a detailed inspection lately of records and account...
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Ram Jethmalani takes on Narendra Modi govt over black money controversy
Posted Date : 25-Oct-2014 , 06:57:31 pm | Posted By CASANSAAR
Slamming the Narendra Modi-led NDA government for stating that it cannot disclose details of the data shared by it with foreign countries regarding black money, Rajya Sabha MP and senior lawyer Ram Jethmalani today said that its recent submission in Supreme Court in the matter was "ill-advised".
&n...
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Income Tax |
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Income tax return up for scrutiny? Don
Posted Date : 22-Oct-2014 , 09:01:23 am | Posted By CASANSAAR
After A taxpayer files his annual return (ITR) online and sends ITR V, the signed hard copy, the department sends a confirmation on receiving it. Then, it runs an assessment under various sections of the income tax law.
Assessment under Sec 143(1)
This is an initial checking of the...
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ICAI invites suggestions on Income-tax Returns (ITRs) and other forms notified under Income-tax Rules, 1962
Posted Date : 21-Oct-2014 , 11:02:26 pm | Posted By CASANSAAR
The Direct Taxes Committee of the ICAI is in the process of compiling suggestions on Income tax Return forms (ITRs) and other forms to be made applicable for Assessment year 2015-16. With regard to the same, suggestions are invited from the members. The suggestions so received would be compl...
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CBI Arrests Dy Commissioner IT on Bribery Charges
Posted Date : 21-Oct-2014 , 08:02:14 am | Posted By CASANSAAR
The Central Bureau of Investigation on Monday night arrested a Deputy Commissioner Income Tax in Hyderabad on the charge of accepting a bribe of Rs 23 lakh through a middleman.
Sources in the investigative agency said that the accused Jai Prakash, posted as Deputy Commissioner Income Tax in...
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Your insurance payout will now come after a tax cut!
Posted Date : 20-Oct-2014 , 08:32:55 am | Posted By CASANSAAR
In a quiet move, the impact of which is being felt only now, the statute books have been amended to deduct tax at source on some insurance payouts, which could particularly affect people above 45 and those with single-premium policies.
This, by way of a new section -- 194DA -- in the I...
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Can't levy tax on accident claim amount, interest: HC to I-T department
Posted Date : 19-Oct-2014 , 06:26:48 pm | Posted By CASANSAAR
The Himachal Pradesh high court has rules that no income tax is payable on claim amount and interest on the deposits made under the orders of the court in motor accident claims cases.
The high court held that compensation awarded for death of a person or bodily injury suffered in a vehi...
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Rs1,381 crore of tax exemption to political parties in 2 years: RTI
Posted Date : 19-Oct-2014 , 06:09:28 pm | Posted By CASANSAAR
The tax-exempted income of 13 major political parties of the country, in last two years, amount to Rs 1,381 crore, according to an RTI query.
Of this the Congress and BJP have cornered around 80 per cent.
During 2012-13 and 2013-14, the Congress had a tax- exempted ...
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Last date of filing of the TDS/TCS Statements for the 2nd Quarter of FY 2014-15 extended in 4 States
Posted Date : 18-Oct-2014 , 08:41:52 am | Posted By CASANSAAR
In view of the recent natural calamities in the States of Andhra Pradesh, Jammu & Kashmir, Odisha & Telangana, the Central Board of Direct Taxes has issued an order extending the due date for filing the TDS/TCS Statements for the 2nd Quarter of Financial year 2014-15 by the deductors/collect...
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All info on black money can't be disclosed: Centre tells SC
Posted Date : 17-Oct-2014 , 03:38:13 pm | Posted By CASANSAAR
The Centre on Friday submitted before the Supreme Court that all the information on black money received from foreign countries, with which India has double taxation avoidance agreement, cannot be disclosed.
In its application, the Centre said that the foreign countries have objected to disclosing ...
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Expeditious issue of refunds to the assesses of Jammu & Kashmir
Posted Date : 16-Oct-2014 , 07:44:48 am | Posted By CASANSAAR
In view of the large devastation caused by the recent floods in Jammu & Kashmir, the Income tax Department is taking necessary steps to process expeditiously the refund claims of the taxpayers residing in the state of Jammu & Kashmir who have submitted their returns through electronic mode. ...
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Income Tax |
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CBDT to promote over 200 officers to clear pending disputes
Posted Date : 14-Oct-2014 , 09:03:45 am | Posted By CASANSAAR
The Central Board of Direct Taxes has speeded up the process of promoting more than 200 officers to the commissioner level for redressing appeals piling up before the department, a top CBDT official said today.
"Currently, there are 2,50,000 appeals pending before commissioners. We ...
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Income Tax department launches secure email system for staff to curb frauds
Posted Date : 13-Oct-2014 , 07:43:41 am | Posted By CASANSAAR
To curb misuse of official cyber tools and attempts of phishing, the Income Tax department has rolled out a secure email system for all its employees and officers. The department, official sources said, has recently discontinued its existing email systems (called Lotus mail and IMail) and has i...
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Income Tax |
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Vodafone wins Rs 3,200 Cr Transfer Pricing case in Bombay High Court
Posted Date : 11-Oct-2014 , 08:20:17 am | Posted By CASANSAAR
The Bombay High Court on Friday ruledVodafone is not liable to pay an income tax demand of Rs 3,200 crore in a case relating to transfer pricing, a verdict which comes as a big relief for the UK-based mobile service provider already locked in a big tax dispute with the Government.
&n...
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Tax relief on transfer of technical manpower in SEZs
Posted Date : 11-Oct-2014 , 06:41:22 am | Posted By CASANSAAR
The income tax (I-T) department has allowed profit-linked tax deductions to new Special Economic Zone (SEZ) units upon transfer of technical manpower up to 50 per cent from an existing unit — a further relaxation from 20 per cent allowed earlier in July this year. This will provide a...
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Net Direct Tax Collection Up 7 Per Cent at Rs. 2.68 Lakh Crore in April-September
Posted Date : 08-Oct-2014 , 08:06:58 am | Posted By CASANSAAR
Net direct tax collection has risen 7.09 per cent to Rs.2,68,836 crore in the first six months of the current fiscal year (2014-15).
It was Rs. 2,51,028 crore in the corresponding period of fiscal year 2013-14, the Finance Ministry said in a statement.
Gross direct t...
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Life Insurance Corporation gets Rs 11,500 crore in income tax refunds, policy holders to benefit
Posted Date : 03-Oct-2014 , 07:44:22 am | Posted By CASANSAAR
Life Insurance Corporation (LIC) has received more than Rs 11,500 crore in income tax refunds and a big chunk of the amount would be passed on to policyholders, an official said."We received I-T refunds in two tranches aggregating to more than Rs 11,500 crore, after winning a dispute with the I...
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Due date for deposit of TDS for month of September, 2014 extended to October 10, 2014
Posted Date : 01-Oct-2014 , 02:24:43 pm | Posted By CASANSAAR
Considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, the Central Board of Direct Taxes has issued an order to extend the last date of deposit of tax deducted at source/tax collected at source during the month...
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Don't harass taxpayers on pretext of scrutiny: CBDT to I-T
Posted Date : 29-Sep-2014 , 08:58:37 am | Posted By CASANSAAR
Taking a stern view of the undue "harassment" of taxpayers during scrutiny of their cases, the CBDT has issued orders asking the I-T department to complete these enquiries in quick time and not drag them "unnecessarily". Compulsory scrutiny cases have been a matter of grieva...
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Net direct tax collection at Rs 2.60 lakh crore
Posted Date : 29-Sep-2014 , 08:48:04 am | Posted By CASANSAAR
Net direct tax collection so far in the current fiscal stood at Rs 2.60 lakh crore, said a senior finance ministry official.
The gross direct tax collection till September 26, 2014-15 fiscal, was at Rs 3.37 lakh crore.
Of this, corporate tax contributed was Rs 1.55 lakh crore during the period, th...
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Jayalalithaa convicted in disproportionate wealth case
Posted Date : 27-Sep-2014 , 02:34:55 pm | Posted By CASANSAAR
A special court in Bangalore, Saturday, deferred its verdict in the 18-year-old Rs 66.65 crore disproportionate assets case against Tamil Nadu Chief Minister Jayalalithaa till 3 pm.
According to sources, the Tamil Nadu Chief Minister told the court that ...
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CBDT extends return of Income / ITR Due date to 30.11.2014 in Specified Cases
Posted Date : 27-Sep-2014 , 08:35:30 am | Posted By CASANSAAR
As per the provisions of the Income-tax Act, 1961 (the Act), for an assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessment Year.
The Central Board of Direct Taxes (the Board...
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How is Google paying tax but Facebook is not: Delhi High Court asks government
Posted Date : 27-Sep-2014 , 08:28:32 am | Posted By CASANSAAR
The Delhi High Court questioned why Facebook Inc is not paying any service tax when Google is doing so and directed the Centre to file a "better affidavit" on the issue.
"How is Google paying (service tax), but not Facebook? How is Facebook exempted? We are finding it difficult to understand," a be...
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Non-salaried may get to file returns by November 30
Posted Date : 26-Sep-2014 , 07:51:21 am | Posted By CASANSAAR
The Bombay high court on Thursday directed the Central Board of Direct Taxes(CBDT) to consider an extension of the due date for filing of income tax (I-T) returns by non-salaried taxpayers to November 30 from September 30. Non-salaried taxpayers, who are ...
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Bombay HC to CBDT - Consider the Representation of the of the chamber before 30th September.
Posted Date : 26-Sep-2014 , 07:39:41 am | Posted By CASANSAAR
The Chamber of Tax Consultants vs. UOI (Bombay High Court)
September 25th, 2014
Non-Extension Of due date for filing ROI will cause “substantial hardship“. CBDT must look into practical difficulties & take “just and proper” decision before 30.09.2014
...
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Updates on TAR Deferment / ITR Extension in Various High Courts
Posted Date : 25-Sep-2014 , 02:36:00 pm | Posted By CASANSAAR
LATEST & Most Awaited News from Delhi High Court in case of Mahesh Kr & Co. Vs UOI & ors WP 5990/14 reg issue of furnishing Tax Audit Report subsequent to filing of ITR & Dt.extension.--
Petitioner's Counsel Ms Rashmi Chopra gracefully seeks permission to withdraw. Court order...
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Get Income Tax benefit through contribution for clean Ganga mission
Posted Date : 25-Sep-2014 , 08:02:16 am | Posted By CASANSAAR
You can get tax relief by contributing towards the Clean Ganga project. The Government has announced setting up a Clean Ganga Fund (CGF) to help in the Integrated Ganga Conservation Mission called ‘Namami Gange.’
The Union Cabinet on Wednesday gave its approval for the fund. &ld...
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Madras High Court Directs CBDT to Extend Due Date of filing ITR to 30/11/2014
Posted Date : 24-Sep-2014 , 03:43:54 pm | Posted By CASANSAAR
In a Writ Filed to Madras High Court for the Extension of Income Tax Returns due date, Madras High Court directs CBDT to Extend Due Date of filing ITR to 30/11/2014.
Extension order be passed before 30/09/2014.
Waiting for the details....
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Consider extension of Due date of ITR to 30.11.2014 - AP High Court to CBDT
Posted Date : 24-Sep-2014 , 10:03:39 am | Posted By CASANSAAR
In the High Court at Hyderabad for the States of Telangana and Andhra Pradesh, AIFTP –South Zone represented by Vice President for the State of Telangana and Vice President –Andhra Pradesh have filed two Writ Petition Nos. 28159 & 28672 of 2014 questioning the&nbs...
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