Economic Survey 2013-14: Highlights
Posted Date : 09-Jul-2014 , 12:52:40 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley has tabled the Economic Survey for FY 2013-14 in Lok Sabha on Wednesday, ahead of the Union Budget.
Wholesale Price Index (WPI) Inflation shows sign of receding; fell to 5.98% during 2013-14
Consumer price inflation (CPI) declined to about 9.49 per...
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Black money trail: No list of Indians holding money in Swiss banks - FM
Posted Date : 09-Jul-2014 , 08:57:11 am | Posted By CASANSAAR
India has been told four days ago that there is no list of Indian tax residents holding assets in Swiss Banks in their own name or through structures, the Rajya Sabha was informed today.
However, the government said the Swiss National Bank on its website reported that the total deposit of I...
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Banks run to govt as taxman asks for Rs 1.25 trillion in dues
Posted Date : 09-Jul-2014 , 07:59:10 am | Posted By CASANSAAR
When the taxman comes calling, it’s rarely a pleasant experience. When they bring with them a tax notice demanding thousands of crores in unpaid dues dating back many years, it’s a rude shock.
That’s what happened back in February, when the service tax department served notices on...
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A valid Email ID and Mobile Number to be Registered/Updated on the E-Filing Website of the Income Tax Department
Posted Date : 08-Jul-2014 , 08:18:10 am | Posted By CASANSAAR
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 be possible. For details, taxpayers can log on to:https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Update_Contact_Details.p...
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CBI arrests Income Tax Deputy Commissioner in bribery case
Posted Date : 07-Jul-2014 , 05:17:43 pm | Posted By CASANSAAR
CBI on Monday arrested a Deputy Commissioner of Income Tax from Tirupati in Andhra Pradesh for allegedly taking a bribe of Rs three lakh in lieu of closing a few tax liability cases.
CBI sources said Deputy Commissioner, Income Tax, Fazulullah was nabbed after he allegedly received Rs three...
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Smart ways to file Income Tax Returns
Posted Date : 07-Jul-2014 , 08:29:13 am | Posted By CASANSAAR
Filing tax returns has become simpler but many still find it cumbersome
Here's your step-by-step guide
Tax filing has become more convenient than it used to be a few years ago. Yet, a lot of taxpayers find it difficult to file their returns and prefer to outsource...
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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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