Taxman's missive makeover: Politeness is the new mantra for the Income Tax department
Posted Date : 30-Jul-2014 , 08:32:18 am | Posted By CASANSAAR
Politeness is the new mantra for the Income Tax department which has asked its officials to be more courteous while approaching taxpayers with queries regarding their financial transactions or returns.
The I-T department had begun the practise of writing such clarification-seeking letters t...
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Income Tax |
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Income from Alternate Investment Fund to be taxed at 30%
Posted Date : 30-Jul-2014 , 08:29:23 am | Posted By CASANSAAR
The Finance Ministry has said that income of Alternative Investment Funds (AIF) will be taxed at the rate of 30 per cent. Such funds basically pool in money from domestic and overseas investors and invest on the basis of a pre-determined policy.
The Central Board of Direct taxes was request...
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Income Tax |
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ITR e-filing faces page downloading issues; ISP asked to improve connectivity
Posted Date : 29-Jul-2014 , 07:16:50 pm | Posted By CASANSAAR
The internet service providers have been asked by the Income Tax Department to take prompt action on e-filing of income tax return which is facing severe connectivity issues.
Since the deadline for online filing of ITR is nearing, online tax filing portal is witnessing a huge traffic during the pea...
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Income Tax |
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SBI wins over Rs. 1,000 cr income tax case
Posted Date : 29-Jul-2014 , 07:12:18 pm | Posted By CASANSAAR
The Income Tax Appellate Tribunal has held that State Bank of India was not required to deduct any tax at source (TDS) on over Rs. 11,000 crore in the Site Restoration Fund (SRF) account maintained by Oil and Natural Gas Corporation (ONGC) from 2002.
Total stakes involved in his case includ...
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Income Tax |
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Key Changes in New / Revised Tax Audit Report Form 3CD
Posted Date : 29-Jul-2014 , 06:41:33 pm | Posted By CASANSAAR
The CBDT has notified Income-tax (7th amendment) Rules, 2014 which substitutes the existing Form No. 3CD with a new form. The new Form 3CD prescribes certain new reporting clauses and substitutes some existing clauses with new ones. The new form requires tax auditor to furnish more and detailed info...
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Income Tax |
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3CD report uploaded in Old format not valid, Withdrawal of OLD Utility
Posted Date : 29-Jul-2014 , 06:39:40 pm | Posted By CASANSAAR
The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect.
Taxpayers and CAs are advised to await the release of the new schema and utility to submit in the newly notified aforementioned Forms.
&nbs...
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Income Tax |
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Taxmen to focus on pay and perks of Corporate Bosses
Posted Date : 29-Jul-2014 , 08:28:48 am | Posted By CASANSAAR
The tax authorities are keeping close watch on compensation paid to top corporate bosses, including their allowances and perks, and income from your fixed deposits. The income tax department is also launching a city-specific drive focused on certain categories of spending ...
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Income Tax |
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K V Chowdary tipped to be new CBDT chief
Posted Date : 27-Jul-2014 , 11:01:06 pm | Posted By CASANSAAR
Senior IRS officer K V Chowdary is tipped to be the new Chairman of the Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department.
The 1978-batch Indian Revenue Service officer is presently working as the Member (Investigations) in the CBDT and is expected to take over t...
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Income Tax |
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Relief for late I-T return filing - Per day Penalty clause relaxed
Posted Date : 26-Jul-2014 , 09:17:02 am | Posted By CASANSAAR
Late filing of I-T returns will no longer attract the stringent penalties as it currently does under the law. In a big relief to people who file their returns late, Finance Minister Arun Jaitley effected an amendment to the income tax law which imposes exorbitant per day penalties on late filers.
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Income Tax |
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RBI penalises 12 banks including ICICI Bank for violating rules
Posted Date : 26-Jul-2014 , 08:49:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has fined 12 banks, includingICICI Bank, Axis Bank, Canara Bank and Corporation Bank, a total of Rs 1.5 crore in relation to the Deccan Chronicle Holdings Ltd (DCHL) loan default case. This fine has been levied as a result of not fol...
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Income Tax |
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Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha
Posted Date : 25-Jul-2014 , 03:33:55 pm | Posted By CASANSAAR
Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha
1. Unlisted securities and units of MF transferred between 1-4-2014 and 10-7-2014 shall be deemed to be long-term capital assets, if held for more than 12 months:
It is proposed that unlisted shares and units o...
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Income Tax |
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Finance Bill 2014 passed by Lok Sabha
Posted Date : 25-Jul-2014 , 03:23:16 pm | Posted By CASANSAAR
The Lok Sabha on Friday passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally.
The bill was passed after Finance Minister Arun Jaitley gave his...
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Income Tax |
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Tax Tribunal accepts LinkedIn info as proof
Posted Date : 25-Jul-2014 , 08:38:05 am | Posted By CASANSAAR
A tax tribunal has accepted information on social networking site LinkedIn as additional evidence to determine whether the liaison office of a foreign entity generated taxable income in India.
GE Group had set up a liaison office in India to act as a communication channel b...
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Income Tax |
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I.Tax Offices to Remain Open on 26th & 27th July, 2014 (Saturday & Sunday) for Accepting the Returns
Posted Date : 24-Jul-2014 , 07:30:02 pm | Posted By CASANSAAR
For the convenience of the taxpayers, the Income Tax Department has decided to keep the offices open for accepting the returns of income during normal office hours on 26th July and 27th July, 2014, being Saturday and Sunday. This direction has been issued by the Central Board of Direc...
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Income Tax |
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How can a CA or CS help determine the Question of Law involved in a Taxation Dispute - SC
Posted Date : 24-Jul-2014 , 09:18:27 am | Posted By CASANSAAR
The Supreme Court on Wednesday reacted sharply to the Centre's stand that the purpose behind creation of National Tax Tribunal (NTT) was to associate domain experts in deciding taxation disputes as it was often felt that judges lacked expertise in specialized fields.
A five-judge constitution...
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Income Tax |
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Income Tax department's bid to simplify TDS process
Posted Date : 24-Jul-2014 , 08:01:10 am | Posted By CASANSAAR
The TDS wing of Mumbai Income Tax Department has decided to submit a detailed report to Central Board of Direct Taxes (CBDT) with its recommendations on various issues dealt with taxpayers.
On Wednesday, the department held a proactive meeting with the Standing Committee on Tax Deducted at ...
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Income Tax |
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Holes and gaps in National Tax Tribunal Act: Supreme Court
Posted Date : 24-Jul-2014 , 08:00:01 am | Posted By CASANSAAR
The Supreme Court today said there are "holes and gaps" in the legislation meant for setting up the National Tax Tribunal (NTT) which also lacks autonomy in its function. "Once the NTT comes into existence, the prerogative of constituting the bench is with the central government, i.e. executive...
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Income Tax |
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Income Tax Returns: PAN
Posted Date : 23-Jul-2014 , 07:53:06 am | Posted By CASANSAAR
Many taxpayers must have filed their annual income tax returns and some are counting on the refunds. The tax department has made the process of checking the status of refund online very simple by using the permanent account number (PAN). One must make sure to give correct bank account number, MICR/I...
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Income Tax |
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Revenue Targets Fixed for Direct Taxes for the Current Financial Year 2014-15 would not only be Achieved but would be Surpassed:FM
Posted Date : 22-Jul-2014 , 08:08:30 am | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed. The current year target for Direct Tax collections is Rs. 7,36,221/- crore. The Finance Minister said that...
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Income Tax |
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Average Grievance Disposal by Tax Department Only 59%
Posted Date : 19-Jul-2014 , 07:57:12 am | Posted By CASANSAAR
Stating that the average disposal of grievances by the Income Tax Department within 60 days was only 59 per cent in 2011-12, A CAG report said several flaws in the system is the reason for a large number of pending cases.
"The pendency of grievances ranging from a few days to up to 11 years...
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Income Tax |
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CBDT forms six-member panel to reduce income tax disputes
Posted Date : 18-Jul-2014 , 08:14:00 am | Posted By CASANSAAR
With Rs 4 lakh crore locked up in litigations, the Finance Ministry today set up a committee consisting of officials from Central Board of Direct Taxes to suggest ways to reduce mounting disputes at various tax appellate forums.
The Committee will "examine the assessment orders, appellate orders an...
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Income Tax |
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FM plugs loophole in IT Act to check money laundering
Posted Date : 17-Jul-2014 , 07:40:09 am | Posted By CASANSAAR
Finance minister Arun Jaitley has quietly introduced provisions in the Finance Bill, 2014, to plug a loophole in the income tax law that is rampantly used to legitimise unaccounted wealth using bogus real estate sale deeds.
Henceforth, advance received for sale of property, if forfeited by ...
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Income Tax |
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11 common mistakes to avoid while filing your Income Tax Returns
Posted Date : 17-Jul-2014 , 07:34:01 am | Posted By CASANSAAR
With due apologies to accountants, tax is among the most boring subjects you could have to deal with and if you're planning to file your own tax returns this Income Tax Returns (ITR) filing season, there’s a good chance you may make a few mistakes that could cost you dearly later.
Rea...
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Income Tax |
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Blackmoney: Over Rs 1 Lakh Cr Illegal Income Detected
Posted Date : 16-Jul-2014 , 09:17:43 pm | Posted By CASANSAAR
Government has detected over Rs one lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
According to official data, the I-T department detecte...
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Income Tax |
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Two flats merged into one must get tax exemption: Bombay HC
Posted Date : 16-Jul-2014 , 08:00:52 am | Posted By CASANSAAR
If two adjacent flats are bought from different people through two agreements and then converted into a single unit with a common kitchen, then the owner is exempt from paying capital gains tax, the Bombay high court has said.
The HC upheld the Income Tax Appellate Tribunal (ITAT) order that went i...
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Income Tax |
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12 changes in Income Tax Return forms you must know about
Posted Date : 15-Jul-2014 , 05:21:39 pm | Posted By CASANSAAR
It’s that time of the year, when the entire country starts talking about filing income tax returns. The deadline for filing returns is 31 July and there’s a good possibility, you haven’t filed your returns yet.
But before you begin, it's important to know the changes the I...
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Income Tax |
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Beware of phishing emails, cautions Income Tax department
Posted Date : 15-Jul-2014 , 08:29:00 am | Posted By CASANSAAR
The I-T department today cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses. "Information has been received from several quarters that emails are being received by taxpayers claiming to b...
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Income Tax |
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ITR filing: CBDT launches new tax calculator for taxpayers
Posted Date : 13-Jul-2014 , 01:37:48 pm | Posted By CASANSAAR
CBDT has launched a new online 'tax calculator' for computing annual I-T liability which can now be emailed to personal inboxes of taxpayers before returns are filed by the end of this month. The 'tax calculator' is a computer based programme hosted on the web-based platform of the I-T departme...
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Income Tax |
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Government to take on GAAR implementation soon: Revenue Secretary
Posted Date : 12-Jul-2014 , 05:26:40 pm | Posted By CASANSAAR
Amid industry apprehensions, Revenue Secretary Shaktikanta Das on Saturday said the government would shortly take a view on whether controversial tax law GAAR should be implemented from the scheduled date of April, 2015.
“It should not be interpreted that General Anti-Avoidance Rules ...
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Income Tax |
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File appeal in court based on merit of case: CBDT to I-T dept
Posted Date : 11-Jul-2014 , 09:41:26 am | Posted By CASANSAAR
In order to reduce litigation and fine-tune the legal machinery in the Income Tax department, the CBDT today issued fresh directions asking the taxman to go into appeal strictly based on merits of a case even as it fixed a new monetary limit for these cases.
Under the new instructio...
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