Taxpayers to get quick SMS, email updates on refunds, filing
Posted Date : 06-Jul-2014 , 04:45:51 pm | Posted By CASANSAAR
The Income-Tax department will soon start updating taxpayers about the status of their I-T refunds and processing of certain tax statements by sending real-time SMSes and emails, on similar lines as that of credit card and bank transactions at present.
The department’s ‘Systems&...
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CBDT allows usage of one mobile number and email-id for 10 user accounts in e-filing portal
Posted Date : 05-Jul-2014 , 08:47:13 am | Posted By CASANSAAR
UPDATE AND VALIDATE TAXPAYER EMAIL ID AND MOBILE NUMBER FOR THEIR E-FILING ACCOUNT
PRESS RELEASE, DATED 4-7-2014
A valid Email ID and Mobile Number has to be registered/updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can ...
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CBDT releases Form BB (Return of Net Wealth) for AY 2014-15
Posted Date : 04-Jul-2014 , 05:17:38 pm | Posted By CASANSAAR
A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature for assessment year 2014‐15 and onwards. [Refer Notification No:32/2014 dated ...
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Taxpayers to share their email-id, cell phone in Income-Tax returns
Posted Date : 04-Jul-2014 , 08:42:19 am | Posted By CASANSAAR
Taxpayers filing their I-T returns this year will now have to share their email-id and mobile phone number with the tax department. The Central Board of Direct Taxes ( CBDT), the administrative authority of the Income Tax department, has introduced a new column in the I-T returns Forms asking f...
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I-T moves SC with a tax demand of Rs 4,800 crore from Sahara
Posted Date : 03-Jul-2014 , 04:50:48 pm | Posted By CASANSAAR
There seems to be more trouble for the Sahara Group as the Income Tax department has now approached the Supreme Court with a tax demand of Rs 4,800 crore for the last 3 years. This comes even as Sahara chief Subrata Roy has sought an interim bail of 40 days.
Roy has sought bail to finalise ...
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Income Tax |
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70 New Special Income Tax Offices to Come up This Fiscal
Posted Date : 02-Jul-2014 , 10:30:27 pm | Posted By CASANSAAR
Seventy new special Income Tax department offices called the 'Aaykar Sampark Kendras' will be opened across the country during the current financial year to help tax payers file returns and address their grievances.
The Central Board of Direct Taxes (CBDT), the administrative authority of t...
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Income Tax |
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Finmin to fast-track I-T appeals cases to generate revenue
Posted Date : 02-Jul-2014 , 08:50:24 am | Posted By CASANSAAR
CBDT plan to unlock Rs 4.5 lakh crore stuck in such cases ready
The finance ministry is working on a strategy for raking in more revenue to gain the much-needed fiscal space in the budget.
The finance minister will look at unlocking almost Rs 4.5 lakh crore caug...
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Income Tax |
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NSDL releases FUV 4.30, FUV 2.139 & RPU 4.0 for TDS/TCS returns wef 28.06.2014
Posted Date : 01-Jul-2014 , 08:05:33 am | Posted By CASANSAAR
Tin-NSDL has released FUV 4.30, FUV 2.139 and RPU 4.0 which are effective from 28th June 2014
in respect of TDS /TCS statement filed or to be filed on or after 28th June 2014.
The only change in revised RPU and FUV is Addition of New State code for TELANGANA.
...
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Income Tax |
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Finmin may double tax exemption limit under 80C to Rs 2 lakh
Posted Date : 30-Jun-2014 , 04:02:54 pm | Posted By CASANSAAR
Seeking to boost household savings, the Finance Ministry is considering doubling the exemption limit for investments by individuals in financial instruments to Rs 2 lakh.
Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80 CC...
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Income Tax |
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Important announcement for Tax payers for updating contact details in e-Filing Portal
Posted Date : 27-Jun-2014 , 09:12:41 am | Posted By CASANSAAR
Important announcement for Tax payers for updating contact details in e-Filing Portal – PINs Validation extended up to 24 hours – (Updated on 26.06.2014)
Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all c...
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Vodafone Tax Row: PIL Filed in Supreme Court Against Arbitration
Posted Date : 27-Jun-2014 , 08:31:17 am | Posted By CASANSAAR
A public interest litigation (PIL) has been filed in the Supreme Court to restrain the government from going ahead with arbitration proceedings with UK-based mobile major Vodafone.
Vodafone Group has already begun an international arbitration against the Indian government in the more than Rs.&...
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Income Tax |
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E-filing of wealth tax returns made must for Cos
Posted Date : 26-Jun-2014 , 08:46:55 am | Posted By CASANSAAR
The I-T department on Tuesday amended wealth tax rules to make it compulsory for companies as well as individuals and Hindu Undivided Families with income above Rs 1 crore a year to file their wealth tax returns in electronic form with digital signature in an attempt to have tax payer information re...
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Income Tax |
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CBDT asks Income Tax department to redress taxpayers grievances fast
Posted Date : 26-Jun-2014 , 08:32:34 am | Posted By CASANSAAR
Cracking its whip, the Central Board of Direct Taxes (CBDT) has asked the Income Tax Department to ensure prompt action in timely redressal of taxpayers' grievances pending for a long time.
The CBDT, which supervises the functioning of the I-T department, has asked all Chief Commissioners of ...
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Income Tax |
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Income Tax refunds should be made after assessment: Ombudsman
Posted Date : 24-Jun-2014 , 08:54:37 am | Posted By CASANSAAR
Income Tax (I-T) refunds should be paid immediately after assessment of the taxpayer is over and without delay, I-T Ombudsman for Kolkata K K Mahapatra today said. "Refunds should be given soon once the assessment is over and should happen in normal course," Mahapatra said at an interaction at ...
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Income Tax |
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New Income tax return forms seek more disclosures
Posted Date : 23-Jun-2014 , 08:30:13 am | Posted By CASANSAAR
Come tax filing season and you can always trust the income tax department to come up with something new! Revamped return forms, a widening of the compulsory e-filing net and exemptions from filing returns for certain categories of assesses were the salient changes in the last few seasons. This year,...
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Income Tax |
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One mobile number or email ID can be used for a maximum of 4 user accounts as the Primary Contact in Income Tax E-Filing Portal
Posted Date : 21-Jun-2014 , 11:35:27 am | Posted By CASANSAAR
Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that all tax payers must have a valid contact details registered in e-Filing portal.
It is noticed that many registered users are not having ...
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Income Tax |
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0 | Hits : 2009
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Announcement for Tax payers for updating Contact Details (Mobile No. & email id) in E-Filing Portal
Posted Date : 21-Jun-2014 , 08:55:16 am | Posted By CASANSAAR
Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that all tax payers must have a valid contact details registered in e-Filing portal.
It is noticed that many registered users are not having au...
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Income Tax |
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0 | Hits : 1977
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CBDT plans new posts to deal with rising tax-dispute cases
Posted Date : 19-Jun-2014 , 08:34:21 am | Posted By CASANSAAR
Concerned over the rising number of tax disputes with multi-national companies, the income tax department is planning to create more posts in the international taxation division to handle sticky issues.
Sources told The Indian Express that central board of direct taxes (CBDT) is in the proc...
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Income Tax |
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Vodafone tax dispute: Former Chief Justice of India RC Lahoti named arbitrator
Posted Date : 18-Jun-2014 , 08:28:54 am | Posted By CASANSAAR
The stage is being set for international arbitration for the Rs 20,000-crore tax dispute between New Delhi and British telecom major Vodafone, with both sides appointing their arbitrators. Sources told FE that the Centre on Monday appointed former chief justice RC Lahoti as its arbitrator in the hig...
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Income Tax |
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Abolish Revenue Secretary post; merge CBDT, CBEC, says Tax Administration Reform Commission
Posted Date : 17-Jun-2014 , 08:35:56 am | Posted By CASANSAAR
Recommending far-reaching reforms in tax administration, a government committee has suggested abolition of the post of Revenue Secretary, merger of CBDT and CBEC and broaden the use of Permanent Account Number (PAN). The Tax Administration Reform Commission (TARC), headed by Parthasarathi Shome...
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Income Tax |
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Centre may hike Income Tax exemption limit from Rs 2 lakh to Rs 5 lakh
Posted Date : 14-Jun-2014 , 08:25:03 am | Posted By CASANSAAR
In what could probably become one of the landmark reforms by the Narendra Modi government, sources tell CNN-IBN that the Centre is likely to increase the Income Tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh.
The Finance Ministry has also sought a report on the same from the I-T d...
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Govt okays salary cap hike for EPF; threshold for savings raised from Rs 6,500 a month to Rs 15,000
Posted Date : 12-Jun-2014 , 06:56:17 pm | Posted By CASANSAAR
Employees earning upto Rs 15,000 a month will soon come under the Employees' Provident Fund (EPF) net, with the Narendra Modi government approving a hike in the threshold for mandatory PF savings from Rs 6,500 a month to Rs 15,000.Though the Manmohan Singh government had approved the hike in the EPF...
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CBDT notifies Cost Inflation Index for FY 2014-2015. Cost Inflation Index From 1981-82 to 2014-15
Posted Date : 12-Jun-2014 , 02:28:44 pm | Posted By CASANSAAR
CBDT notifies Cost Inflation Index (CII) for FY 2014-2015 is 1024.
Financial Year
Cost Inflation Index
1981-82
100
1982-83
109
1983-84
116
1984-85
125
1985-86
133
1986-87
140
1987-88
150
1988-8...
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Income Tax |
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Vodafone Facing Total Tax Liability of Rs. 27,000 Crore in India
Posted Date : 09-Jun-2014 , 03:41:37 pm | Posted By CASANSAAR
UK-based telecom major Vodafone is facing tax claims and interest totalling more than Rs. 27,000 crores in India, which includes Rs. 14,200 crores for acquiring Hutchison's stake in 2007, the company said in its annual report.
Vodafone said that its Indian subsidiary had received a let...
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Income Tax |
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Income Tax dept issues notice to Chief Election Commissioner VS Sampath
Posted Date : 08-Jun-2014 , 09:02:47 am | Posted By CASANSAAR
The Income Tax department has issued a notice to Chief Election Commissioner (CEC) V S Sampath in connection with the sale of a property in Hyderabad and acquiring a new residential property in Delhi with that money.
The notice, issued by the intelligence wing of the department, has detecte...
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Income Tax |
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Private companies should be brought under secretarial Audit
Posted Date : 02-Jun-2014 , 09:55:43 pm | Posted By CASANSAAR
The Institute of Company Secretaries of India has already represented to the Ministry of Corporate Affairs to bring private limited companies under the ambit of secretarial audit under the new Companies Act, its president R Sridharan said here today. Speaking to reporters here, he said the priv...
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Income Tax |
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Cabinet allows finance ministry to withdraw conciliation offer given to Vodafone
Posted Date : 31-May-2014 , 08:53:28 am | Posted By CASANSAAR
The Cabinet has cleared the finance ministry's proposal to withdraw conciliationoffer given to Vodafone for resolving the Rs 20,000 crore tax row with UK-based telecom company.
"The Cabinet in its last meeting on May 15 has cleared withdrawal of conciliation off...
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Income Tax |
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I-T Dept. asked to share wealth details of defaulters with Banks
Posted Date : 30-May-2014 , 08:43:33 am | Posted By CASANSAAR
In a step to help public sector banks to recover bad loans, the Finance Ministry has asked the Income Tax Department to share details of defaulters’ wealth tax returns with public sector banks (PSBs) if they ask for such information.
The Ministry, in a communication to Commissioners o...
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Income Tax |
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0 | Hits : 979
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Preparations for Budget kick-off with new finance minister
Posted Date : 28-May-2014 , 08:05:52 am | Posted By CASANSAAR
With top functionaries of the finance ministry on Tuesday making presentations for new finance minister Arun Jaitley and minister of state for finance Nirmala Sitharaman, exercise for Budget 2014-15 kicked off formally. Secretaries of the ministry of finance made PowerPoint presentations to the two ...
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Income Tax |
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EPFO panel grants tax exemption to 20 private PF trusts
Posted Date : 27-May-2014 , 08:19:35 am | Posted By CASANSAAR
An empowered committee of the retirement fund body EPFO has approved granting regular tax exemption to 20 private provident fund trusts, which would provide tax benefits for subscribers of these firms.
The firms who got approval for tax exemption during the meeting of the panel held...
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