No retrospective effect of new Capital Gains tax Rules
Posted Date : 03-Sep-2014 , 08:13:34 am | Posted By CASANSAAR
The Madras high court, in a recent order, has held that the restrictive provisions introduced in the Income Tax (I-T) Act, which call for reinvestment in only 'one' residential house in India for claiming capital gains tax exemption, apply from fiscal April 1, 2014.
The explanatory memo...
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Income Tax |
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CBDT order has created a lot of confusion by not specifying the due date for filing ITRs
Posted Date : 01-Sep-2014 , 08:31:59 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has vide its above order extended the due date for e-filing of Tax Audit Report to 30 November 2014 for AY2014-15 from 30 September 2014. The order has not mentioned anything about the due date for e-filing of Income tax Return (ITR). It seems the due date fo...
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Income Tax |
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0 | Hits : 1823
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CBDT sets up high-level committee to decide retro tax cases
Posted Date : 28-Aug-2014 , 04:38:34 pm | Posted By CASANSAAR
The Central Board of Direct Taxes on Thursday set up a high-level committee to scrutinise all Income Tax cases arising out of the retrospective tax amendment.
The four-member committee will be headed by the Joint Secretary of the Foreign Tax and Tax Research-I unit of the CBDT. It will deci...
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Income Tax |
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0 | Hits : 714
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Bombay HC grants bail to Jignesh Shah in NSEL case
Posted Date : 23-Aug-2014 , 09:42:26 am | Posted By CASANSAAR
The Bombay high court on Friday granted bail of Rs 5 lakh to MCX promoter Jignesh Shah arrested on May 7 in the Rs 5,000 crore National Spot Exchange Ltd, a commodities exchange scam. Justice Abhay Thipsay who released Shah on bail held that his custody was not essential for further i...
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Income Tax |
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Advance ruling facility to resident tax payers: CBDT Chairman
Posted Date : 22-Aug-2014 , 05:59:44 pm | Posted By CASANSAAR
The income tax department will extend the advance ruling facility to the resident tax payers from the current year, K V Chowdary, chairman of the Central Board of Direct Taxes(CBDT) said here on Friday.
Till now this facility was only available to the non-resident tax payers. The ...
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Income Tax |
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CBDT: Rs 90,000 Cr of undisclosed income detected in 2013-14
Posted Date : 22-Aug-2014 , 05:43:12 pm | Posted By CASANSAAR
Undisclosed income of Rs 90,000 crore was detected during 2013-14, according to KV Chowdary, Chairman, Central Board of Direct Taxes.
Addressing a press conference here on Friday, the official said the IT department had conducted surveys in 5,327 cases.
The main sectors in which un...
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Income Tax |
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0 | Hits : 1068
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Extension of Tax Audit Report Date by CBDT or Punishment by CBDT?
Posted Date : 21-Aug-2014 , 09:25:55 am | Posted By CASANSAAR
The Income Tax Act provides Auditors a time frame of 180 days, from April 1 to Sept 30, to plan our schedule and utilization of resources to perform our duties as Tax Auditors accordingly. Then why and how the CBDT may deprive us from the time slot allowed under the Act, by making some amendmen...
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Income Tax |
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3 | Hits : 3314
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Revised Form 3CA-3CD & Form 3CB-3CD along with updated schema is now available for e-Filing
Posted Date : 21-Aug-2014 , 09:25:41 am | Posted By CASANSAAR
Revised Form 3CA-3CD & Form 3CB-3CD along with updated schema is now available for e-Filing. Revised Utility is is now available for e-Filing. (www.incometaxindiaefiling.gov.in)
CBDT extended due date for furnishing Tax Audit report u/s 44AB of the Income Tax Act, 1961 for AY 2014-...
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Income Tax |
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Due date for e-furnishing of tax audit report under Section 44AB for AY 2014-15 extended to 30-11-2014
Posted Date : 20-Aug-2014 , 07:30:30 pm | Posted By CASANSAAR
F.No.133/24/2014-TPL
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
Room No. 147 B-II, North Block
New Delhi, the 20th August, 2014
Order Under Section 119 of the Income-tax Act, 1961
In exercise of power conferred by section 119 of ...
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Income Tax |
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0 | Hits : 1718
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Corporate tax collection trails Personal I-T
Posted Date : 20-Aug-2014 , 08:09:03 am | Posted By CASANSAAR
The rate of growth of personal income tax collections during 2013-14 was nearly double that of the corporate tax mop-up. The growth in corporate tax collection was so low that it lagged behind even the Gross Domestic Product (GDP).
Finance Ministry data shows that individuals paid 20.51 per...
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Income Tax |
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0 | Hits : 1041
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Tax Department Creates New Posts to Speed Up Cases
Posted Date : 11-Aug-2014 , 09:17:58 pm | Posted By CASANSAAR
With an estimated Rs. 4 lakh crore of tax revenue locked up in litigation, the Central Board of Direct Taxes (CBDT) has created over 240 new posts of Commissioners (Appeals) to speed up legal disposal system in the Income Tax Department.
"A total of 243 posts of Commissioner of I-...
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Income Tax |
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0 | Hits : 1130
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Black money: India gets 24000 pieces of secret foreign data
Posted Date : 11-Aug-2014 , 09:10:45 pm | Posted By CASANSAAR
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
These cases are now under investigation by the taxman...
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Income Tax |
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Request Every Member to send email to CBDT to Extend applicability of revised Tax Audit Report
Posted Date : 11-Aug-2014 , 01:29:58 pm | Posted By CASANSAAR
LETTER TO CBDT – NEW TAX AUDIT REPORT(Mailed to chairman@incometaxindia.gov.in)
To,
The Chairman,Central Board of Direct TaxesNew Delhi
Dear Sir,
Re: - New Formats of Tax Audit Report in the Form 3CA, Form 3CB and Form 3CD. ...
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Income Tax |
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0 | Hits : 1925
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Under 3 Per Cent of Indians Pay Income Tax
Posted Date : 09-Aug-2014 , 08:58:29 am | Posted By CASANSAAR
Out of a total population of 127 crore there were slightly over 3.46 crore effective tax payers during 2012-13 financial year, the government told Parliament.
In a written reply to Lok Sabha on Friday, Minister of State for Finance Nirmala Sitharaman said while there were 3,46,04,064 indivi...
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Income Tax |
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Finance (No.2) Bill - 2014 is enacted as Finance (No.2) Act, 2014
Posted Date : 08-Aug-2014 , 08:07:48 am | Posted By CASANSAAR
Honorable President of India has assented to the Finance (No.2) Bill, 2014 on 6th August, 2014, with this the Finance (No.2) Act, 2014 No.25 of 2014 has come into effect.
So now all the provision of Budget 2014 presented by Finance Minister Arun Jaitley vide his Budget pr...
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Income Tax |
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0 | Hits : 1460
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Tax agencies unearth Rs 10,000cr bogus bill scam
Posted Date : 07-Aug-2014 , 08:25:13 am | Posted By CASANSAAR
In a major crackdown on illegal transactions, Indian tax agencies have unearthed more than Rs 10,000 crore of tax evasion due to issuance of fake bills as a part of its ongoing investigations. The department which was investigating for the last two years is expected to submit its report by September...
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Income Tax |
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0 | Hits : 1255
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Income Tax Department proposes to tax Realtors, Developers on unsold inventory
Posted Date : 05-Aug-2014 , 08:55:48 am | Posted By CASANSAAR
Home prices could soften, if the revenue department asks builders to pay taxes on their unsold stock of ready houses as per a proposal that is under consideration.
On the basis of a court order, which held that ready unsold flats held by builders as stockin-trade are liable to be taxed ...
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Income Tax |
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0 | Hits : 1368
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CAG pulls up finance ministry on tax refunds
Posted Date : 05-Aug-2014 , 08:36:48 am | Posted By CASANSAAR
The finance ministry has been pulled up by the Comptroller & Auditor General (CAG) for making tax refunds of close to Rs 6,700 crore without Parliamentary authorization.In its latest report, tabled in Parliament last week, CAG said, the Public Accounts Committee too...
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Income Tax |
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0 | Hits : 1138
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ICAI should give representation to CBDT to Extend the applicability of revised Tax Audit report to A.Y. 2015-16
Posted Date : 04-Aug-2014 , 01:14:11 pm | Posted By CASANSAAR
Tax Audit reports been revised vide Notification No. 33/2014, F.No.133/1/2014-TPL dated 25th July, 2014 issued by Central Board of Direct Taxes, Ministry of Finance, Government of India.
The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification n...
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Income Tax |
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1 | Hits : 3230
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Black money: 'Warehouse' of tax data for I-T in the offing
Posted Date : 03-Aug-2014 , 08:37:54 pm | Posted By CASANSAAR
As part of its vigour to track black money in country’s economic channels, the I-T department is creating a new “warehouse” of business related intelligence and funds data which will empower the taxman to check multiple trends of expenses made by individuals and entities. &nbs...
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Income Tax |
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0 | Hits : 1178
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Last date for submission of online applications of MEF 2014-15 has been extended
Posted Date : 02-Aug-2014 , 08:09:39 pm | Posted By CASANSAAR
Dear Members,
Due to last date of filing of ITRs being 31st July, 2014, the pressure on MEF site started from 1st August, 2014 whereby the members are facing problem in filling the same. Considering the genuine difficulty, the last date of online filing of MEF 2014-15 is hereby extended fro...
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Income Tax |
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0 | Hits : 1093
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It is not too late to file income tax returns yet
Posted Date : 02-Aug-2014 , 09:10:26 am | Posted By CASANSAAR
Missed the deadline to file in come tax returns on July 31? Don't feel dejected. You can still file the returns without paying any penalty. Yes, contrary to the perception of many tax payers, there's still enough time to file your returns until March 31, 2015. However, there will be some implic...
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Income Tax |
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0 | Hits : 1684
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Government to Launch A New Program of Financial Inclusion in Mission Mode to Provide Households with Facilities of Savings, Credit, Remittances, Insurance and Pension: FM
Posted Date : 01-Aug-2014 , 08:32:39 am | Posted By CASANSAAR
The Union Finance Minster Shri Arun Jaitley said that the Government is going to launch a new program of Financial Inclusion in Mission Mode which will provide households with facilities of savings, credit, remittances, insurance and pension among others. He said that this is a marked shift from ear...
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Income Tax |
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0 | Hits : 1144
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Petrol Price Cut by Rs 1.09, Diesel Hiked by 50 paise
Posted Date : 31-Jul-2014 , 06:51:21 pm | Posted By CASANSAAR
Petrol prices have been reduced by Rs 1.09, while diesel prices have been hiked by 50 paise. The new rates are effective midnight.
This is the first drop in petrol prices since April. Petrol prices were last slashed on April 15, by 70 paise per litre, excluding local levies. It was the...
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Income Tax |
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0 | Hits : 846
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IT returns Filling Due Date
Posted Date : 31-Jul-2014 , 06:03:15 pm | Posted By CASANSAAR
Having regard to the Huge number of Income tax returns being filled at the last movement, Income tax Department should extend the Due Date for filing of income tax to August 5, 2014. The due date, which was scheduled for July 31, 2014 should be extended in light of Huge numb...
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Income Tax |
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0 | Hits : 1790
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Clarification Regarding Acquisition and Transfer of Immovable Property in India by Foreign Nationals
Posted Date : 31-Jul-2014 , 05:22:22 pm | Posted By CASANSAAR
It has come to notice of the Central Government that foreign nationals are buying immovable property illegally in some parts of the country. Many organizations and social groups have also made representations to the Central Government expressing their serious concerns in this regard. It has als...
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Income Tax |
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0 | Hits : 1214
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Solution to the Problems in accessing income tax e-filing website
Posted Date : 31-Jul-2014 , 09:07:20 am | Posted By CASANSAAR
Trouble Shooting Guide for Problems in accessing www.incometaxindiaefiling.gov.in
Issue -Internet service from ISP (internet service provider) is not available or failing intermittently.
Resolution - The call centre of ISP needs to be contacted for resolving this issue.
&n...
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Income Tax |
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0 | Hits : 1805
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Tax benefit allowed on transfer of technical manpower in SEZs
Posted Date : 31-Jul-2014 , 08:54:13 am | Posted By CASANSAAR
The Income Tax department has allowed profit-linked tax deductions to new special economic zone (SEZ) units upon transfer of technical manpower up to 20 per cent from an existing unit. This will provide some tax relief to software and IT-enabled services (ITeS) companies operating from suc...
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Income Tax |
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0 | Hits : 946
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Income Tax Filing: Why Mobile Apps Are Risky
Posted Date : 30-Jul-2014 , 09:05:21 pm | Posted By CASANSAAR
The due date for filing income tax returns is almost upon us. And for those who have not yet filed their returns yet, they may be tempted to download mobile applications and finish the job on their handheld devices. Thursday is the due date to file tax returns.
But wait! The Income Tax Department h...
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Income Tax |
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0 | Hits : 954
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Email PIN by Income tax Department - Check Spam or Junk Folder
Posted Date : 30-Jul-2014 , 02:56:25 pm | Posted By CASANSAAR
If you have not received Email PIN Verification at the time of updating Profile at Income Tax efiling Website then Please check for email in your Inbox as well as the Spam or Junk folder (mail id - DONOTREPLY@incometaxindiaefiling.gov.in).
Best way to receive Email PIN in your In...
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Income Tax |
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0 | Hits : 1655
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