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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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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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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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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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 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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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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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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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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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 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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