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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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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RBI panel gives roadmap for Bank Directors
Posted Date : 24-Sep-2014 , 08:07:03 am | Posted By CASANSAAR
A panel set up by the Reserve Bank of India has proposed that the Government and the RBI should consider laying a road map for prescribing certain specific qualification or certification while considering appointment of directors on the board of commercial banks.
It also proposed that a Bankin...
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File validation utility (FVU) version 2.140 from FY 2007-08 to FY 2009-10 and 4.4 from FY 2010-11 and onwards released
Posted Date : 23-Sep-2014 , 05:35:34 pm | Posted By CASANSAAR
e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.
The e-TDS/TCS FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or 1.4.2_04or IBM JRE:&nb...
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Income Tax |
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e-TDS/TCS RPU (Version 4.1) for Statements from FY 2007-08 onwards released
Posted Date : 23-Sep-2014 , 05:26:49 pm | Posted By CASANSAAR
e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.The e-TDS/TCS FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or 1.4.2_04or IBM JRE:&nb...
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Income Tax |
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I-T dept launches enhanced, 'Single Window' Website for taxpayers
Posted Date : 23-Sep-2014 , 11:58:13 am | Posted By CASANSAAR
A revamped online portal of the Income Tax department was launched on Monday which will enable taxpayers to file returns or apply for a PAN card through a 'single window' format.
Taxpayers so far had to go to different official websites of the I-T department for these matters.
"An updated version ...
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FM Arun Jaitley admitted to Hospital
Posted Date : 22-Sep-2014 , 10:34:15 pm | Posted By CASANSAAR
Around a fortnight after being discharged from hospital after a surgery, Finance Minister Arun Jaitley was admitted in a hospital again today after his medical condition deteriorated slightly.
Jaitley had undergone a planned diabetes management surgery at a private hospital in Delhi on 2 Se...
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Gujarat High Court directs CBDT to extend due date for filing of ITR to 30-11-2014 subject to Sec. 234A interest
Posted Date : 22-Sep-2014 , 08:08:22 pm | Posted By CASANSAAR
The CBDT vide Order [F.NO.133/24/2014-TPL], dated 20-8-2014 had extended the due date for filing of tax audit report to November 30, 2014. However, the CBDT had not extended the due date for filing of the Income-tax Return ('ITR'). Consequently, many taxpayers were facing difficulty in fil...
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Date of filing ITR is extended to 30 Nov 2014 by Gujrat High Court
Posted Date : 22-Sep-2014 , 07:28:28 pm | Posted By CASANSAAR
EXTENSION GRANTED by Gujarat High Court...
Gujrat Court gave his verdict, Date of filing ITR is extended to 30 Nov 2014
Victory of Mission TAR 2014.
The Hon. Gujarat High court has pronounced that Direction is Given to the Central Board of Direct Taxes to Extend the due...
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Assessees will not be made to wait to meet tax officials
Posted Date : 22-Sep-2014 , 07:37:02 am | Posted By CASANSAAR
In a taxpayer-friendly move, the revenue department has directed its officials to fix meetings with assessees in such a manner so that they do not have to wait.
As per the current practice, tax officials call assessees for meetings at one time and they have to wait for long hours for their ...
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Income Tax |
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Finance Minister to launch enhanced Single Window Website for Taxpayers
Posted Date : 21-Sep-2014 , 07:43:56 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley will launch an updated version of the existing website of income tax department tomorrow to enable taxpayers to file easily their I-T returns or apply for a PAN card.
This updated version of the existing website of the Income Tax department-- www.incometaxindia.gov.in-...
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Banks open 4 Crore accounts under Jan Dhan Yojana: FinMin
Posted Date : 19-Sep-2014 , 07:05:18 am | Posted By CASANSAAR
The finance ministry on Thursday said 40 million bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana and that banks have mobilised Rs 3,700 crore so far.
"Banks have opened 40 million accounts so far. Banks have mobilised about Rs 3,700 as deposits ...
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New trends in tax evasion under CBDT lens
Posted Date : 19-Sep-2014 , 07:00:03 am | Posted By CASANSAAR
Tax authorities are planning to look more actively into suspicious transaction reports (STRs) that provide information on dubious funds as they step up efforts against the menace of black money.
It has asked field formations to provide feedback on what kind of relevant information these rep...
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Income Tax |
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Date of Payment of the Sept. Instalment of Advance Tax Extended from 15th Sept.2014 to 15th Dec. 2014 for the Taxpayers in State of J&K
Posted Date : 18-Sep-2014 , 10:36:00 pm | Posted By CASANSAAR
Considering the large-scale devastation in the State of Jammu and Kashmir due to the natural calamity, the Central Board of Direct Taxes (CBDT) has extended the date for payment of second instalment of advance tax for companies and first instalment of advance tax for others for FY 2014-15 (AY 2015-1...
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Delhi HC Adjourned the TAR Deferment Case tomorrow for Final Hearing
Posted Date : 18-Sep-2014 , 12:26:48 pm | Posted By CASANSAAR
Tax Audit Deferment case with Delhi High Court.
Delhi High Court asked the CBDT for revenue losses in case ITR date extended. CBDT lawyer not able to answer. He wants time to file the counter affidavit.
Court also asked why the Forms for Tax Audit was not available on 1st April.
...
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