CBDT extends due date for filing of return by two months for income-tax assessees in State of J&K
Posted Date : 16-Sep-2014 , 04:05:43 pm | Posted By CASANSAAR
Order under section 119 of the Income-tax Act, 1961.
Considering the large scale devastation in the State of Jammu & Kashmir due to heavy rains and floods, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends th...
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High Court defers plea on Tax Audit, leaves Chartered Accountants edgy
Posted Date : 16-Sep-2014 , 08:49:19 am | Posted By CASANSAAR
Chartered accountants (CAs) went into a tizzy on Monday with the Delhi High Court adjourning the writ petition which challenged the Central Board of Direct Taxes (CBDT) directive extending deadline for furnishing tax audit report (TAR) till Thursday. Accounting professi...
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Income Tax |
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Whether only Extension u/s 139(1) will end all the TAR/ITRs related problems year after year
Posted Date : 12-Sep-2014 , 08:03:15 am | Posted By CASANSAAR
Respected Members,Last month, the CBDT gave us extension of TAR date to hide their unplanned & incompetent decision of mid-year TAR revamp as well as for their inability to provide its schema for almost a month, just to make us fool, when the deferment was well justified.And why..., because they...
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Income Tax |
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Accounting Professionals move Court for clarity on CBDT's Tax filing Deadline
Posted Date : 11-Sep-2014 , 05:24:51 pm | Posted By CASANSAAR
Some accounting professionals in the country have sought legal intervention to bring clarity into a recent directive from the Central Board of Direct Taxes (CBDT) extending deadline for furnishing the tax audit report without making any change in the deadline for filing the income-tax return.
...
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Income Tax |
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Download Guidance Note on tax Audit u/s 44AB of the Income-Tax Act, 1961 - Edition 2014
Posted Date : 11-Sep-2014 , 08:58:39 am | Posted By CASANSAAR
Institute of Chartered Accountants of India (ICAI) has Finally released much awaited Guidance Note on tax Audit u/s 44AB of the Income-Tax Act, 1961 – Edition 2014 on its website http://icai.org/ .
The Guidance Note Covers recent amendments in Format of Tax Audit Report...
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KPMG India's Deputy CEO Dinesh Kanabar quitting to start own venture
Posted Date : 10-Sep-2014 , 03:31:02 pm | Posted By CASANSAAR
KPMG India Pvt Ltd, the local unit of global auditing and advisory giant KPMG, said on Wednesday that its deputy CEO Dinesh Kanabar, who has been serving this role for over four years, will be leaving the firm at the end of next month.
Kanabar has more than two and half decades of experienc...
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Income Tax |
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0 | Hits : 1437
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Ensure that your TDS reaches the Income-Tax Department
Posted Date : 09-Sep-2014 , 07:52:45 am | Posted By CASANSAAR
Recently, a senior citizen received a notice from the Income Tax Department, asking her to pay Rs 30,000, the tax on her bank fixed deposits for assessment year 2013-14, along with interest, for late payment of tax. She was surprised, as her bank had deducted the tax at source (TDS).
What had happe...
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Income Tax |
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Dehi HC today admits a WRIT challenging the CBDT notification in the matter of new TAR
Posted Date : 08-Sep-2014 , 12:59:36 pm | Posted By CASANSAAR
Dehi HC today admits a WRIT challenging the CBDT notification in the matter of new TAR. Delhi High Court on Friday 5th Sep, listed for 8th September Monday Diary no. 162371/2014. W.P.(C) 5990/2014.
Mahesh Kumar & Co. vs. UOI and Others in Court no 2 of Hon'ble Mr. Justice B...
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Income Tax |
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CBDT rationalises norms of scrutiny of Tax Returns
Posted Date : 05-Sep-2014 , 08:22:46 am | Posted By CASANSAAR
The Income Tax Department has rationalised the norms for manual selection for scrutiny of tax returns to bring it in line with global best practices.
As per the norms released by the Central Board of Direct Taxes (CBDT), all cases where income exceeds Rs. 10 lakh over the previous...
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Income Tax |
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Insurance cos under service tax net for flouting rules
Posted Date : 05-Sep-2014 , 08:04:18 am | Posted By CASANSAAR
The insurance sector may soon come under the purview of service tax, after a FY12-13 CAG report pointed towards irregularities, wherein many insurance companies are said to have flouted tax rules.
The audit conducted had raised questions on a possible case of tax evasion, which is now bein...
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Income Tax |
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Whether all Returns filed before filing Tax Audit Report are Defective?
Posted Date : 04-Sep-2014 , 02:14:45 pm | Posted By CASANSAAR
As per the clause (bb) of Explanation to sub-section 9 of Section 139 of the Act, a return of income shall be regarded as ‘defective’ unless among inter-alia the return is accompanied by the report of the audit referred to in section 44AB, or, where the report has been furnished prior to...
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Income Tax |
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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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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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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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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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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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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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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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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 : 1145
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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 : 1945
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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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1 | Hits : 1333
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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 : 1475
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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 : 1284
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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 : 1387
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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 : 1155
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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 : 3283
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