New finance minister to inherit Rs 1 lakh cr of unpaid bills
Posted Date : 26-May-2014 , 08:50:34 am | Posted By CASANSAAR
Even before the new finance minister gets down to preparing the next budget, he has to grapple with unpaid subsidies of at least Rs 1 lakh crore left behind by the UPA government.
While the food subsidy bill accounts for almost half the amount with unpaid subsidies adding...
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CBDT releases utility for Tax Audit Report filing for A.Y. 2014-15
Posted Date : 22-May-2014 , 09:05:33 pm | Posted By CASANSAAR
Income Tax Department has releases utility for A.Y. 2014-15 for Filing of TaxAudit Report , Transfer pricing Audit Report, MAT Audit , Trust Audit, Special Audit etc. Details of such Audit reports is as follows :-
Form 3CA-3CD – Audit report under section 44AB...
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Income Tax |
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Download TCS Certificates in Form 27D from CPC(TDS) website
Posted Date : 22-May-2014 , 08:27:17 pm | Posted By CASANSAAR
CPC(TDS) provides us with the new feature of downloading Form 27D,the Tax Collection Certificate for Deductees forming part of TCS Statements, filed in the form of 27EQ.
Please refer to the following relevant details for the above functionality
Form 27D is&nbs...
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Income Tax |
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Finance Secretary calls meeting to discuss progress on DTC, GST
Posted Date : 22-May-2014 , 08:22:42 am | Posted By CASANSAAR
Finance Secretary Arvind Mayaram has called a meeting of revenue department officials to assess the progress on the proposed Direct Taxes Code and the Goods and Services Tax.
Billed as the most significant tax reforms, the DTC seeks to replace the Income Tax Act of 1961, while t...
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Income Tax |
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Outgoing FM clears postings of over 100 income tax officials
Posted Date : 20-May-2014 , 08:27:48 am | Posted By CASANSAAR
Even as the results for the new government were declared on May 16, P Chidambaram, in one of his last decisions as finance minister, cleared over 100 postings of officers of the rank of commissioners and director and joint director of income tax.
According to a circular issued by the Centra...
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Download online / offline utility for e-Filing of ITR 2 for AY 2014-15
Posted Date : 16-May-2014 , 09:55:08 pm | Posted By CASANSAAR
CBDT has released ITR-2 Online and offline Utility for A.Y. 2014-15 on its website https://incometaxindiaefiling.gov.in/. CBDT has already released Online and offline Return Filing Utility for ITR 1 & ITR 4S for AY 2014-15. So till now CBDT has laun...
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Income Tax |
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Tax Notice to Sharad Pawar's Party for Massive Cash Deposits
Posted Date : 13-May-2014 , 07:48:17 am | Posted By CASANSAAR
Just as voting ends across the country, Sharad Pawar's party, the Nationalist Congress Party, has been asked to explain huge cash deposits in a bank in Maharashtra.
The Income Tax department has asked the party to account for more than 35 crores that were placed in a state-run bank between April 2,...
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Income Tax |
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Bangalore to have office of Principal Chief Commissioner of Income Tax
Posted Date : 10-May-2014 , 06:09:08 pm | Posted By CASANSAAR
The Union government has sanctioned the office of the Principal Chief Commissioner of Income Tax in Bangalore with jurisdiction over all the I-T offices in Karnataka and Goa. This is to ensure effective monitoring of the functioning of the offices in the jurisdictional area and upscale I-T and TDS c...
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Income Tax |
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Vodafone serves arbitration notice in tax dispute, govt to drop peace offer
Posted Date : 08-May-2014 , 08:20:31 am | Posted By CASANSAAR
Vodafone Group Plc has served a fresh arbitration notice to India over the Rs 20,000 crore tax dispute, a development that has prompted the Indian government to seek withdrawal of its conciliation offer to settle the row amicably.
The Finance Ministry, according to officials, has already ob...
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Income Tax |
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CBI moves to close graft cases against tax tribunal members
Posted Date : 05-May-2014 , 07:11:49 am | Posted By CASANSAAR
The CBI has filed closure reports in nearly a dozen cases involving around two dozen judges of various benches of the Income Tax Appellate Tribunal (ITAT) who were under probe following corruption cases registered against them between 2011-2012. The agency has concluded that there is “insuffic...
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Income Tax |
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Return Preparation Utility (RPU) V 3.9 and File Validation Utility (FVU) V 4.2 & 2.138 released
Posted Date : 30-Apr-2014 , 07:26:10 pm | Posted By CASANSAAR
New versions of the Return PreparationUtility (RPU) version 3.9 and File Validation Utility (FVU) version 4.2 and 2.138 have been released by NSDL. The above versions are now mandatory to be used with effect from April 26, 2014, for TDS statements pertain...
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Income Tax |
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e-TDS/TCS RPU (Version 3.9) & e Validation Utility (FVU) version 2.138 applicable from 26th April, 2014
Posted Date : 28-Apr-2014 , 07:53:40 am | Posted By CASANSAAR
e Validation Utility (FVU) version 2.138 (for statements pertaining to FY 2007-08 to FY 2009-10) and FVU version 4.2 (for statements pertaining to FY 2010-11 onwards) are availablefor download from TIN website and the same is mandatory with effect from April 26, 2014.
&...
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I-T dept to set up data centre to check tax evasion
Posted Date : 25-Apr-2014 , 03:43:28 pm | Posted By CASANSAAR
To fasten the process of identifying tax evaders, the Income Tax department has decided to set up a major data centre of such classified information on the lines of the existing two such centres on e-filing and TDS information.
The new office which has been named Centralised Processing...
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Tax terrorism: Share deals of hundreds of unlisted companies under I-T dept scrutiny
Posted Date : 25-Apr-2014 , 08:33:23 am | Posted By CASANSAAR
A recent move by the tax department has flummoxed corporates and businessmen who are calling it 'tax terrorism' - a phrase that has gained currency after it found its way into BJP's manifesto. Hundreds of closely held firms, many owned by the country's top business houses, have been questioned ...
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Now, RBI to solely decide which loan is an NPA
Posted Date : 25-Apr-2014 , 08:17:07 am | Posted By CASANSAAR
The Reserve Bank of India has now become the sole regulator of borrowing and lending in the country.
The Gujarat High Court in a ruling on Thursday took away powers to determine whether asset is NPA or not and the period of non-payment that would make an asset NPA from all regulators except...
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Income Tax |
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Exclude private companies from audit cap scope, ICAI tells Ministry
Posted Date : 20-Apr-2014 , 12:29:25 pm | Posted By CASANSAAR
The recently introduced audit cap restriction under the new company law should not apply to private limited companies, one-person companies and small companies.
A representation to this effect has now been made by the CA Institute to the Corporate Affairs Ministry.
The new company ...
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Income Tax |
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Cancel tax benefits to defaulting political parties: EC to CBDT
Posted Date : 16-Apr-2014 , 09:13:39 pm | Posted By CASANSAAR
Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body.
The Central Board of Direct Taxes, sources said, h...
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Income Tax |
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I-T Dept can now raise objections to merger schemes
Posted Date : 16-Apr-2014 , 09:13:27 am | Posted By CASANSAAR
The Income-Tax Department will now get an opportunity to protect the interests of the Revenue in reconstruction or amalgamation schemes filed for approval before various High Courts.
The Central Board of Direct Taxes (CBDT) has directed the Chief Commissioners of Income-Tax (CCITs) to ensur...
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No TDS on deposits doesn't mean these are tax-free
Posted Date : 15-Apr-2014 , 08:24:23 am | Posted By CASANSAAR
Are you receiving emails or telephone calls from banksadvising you to invest in recurring deposits because there is no tax deducted at source (TDS) in this case? Remember, such investments aren’t tax-free.
No TDS merely means the bank will pay you the entireinterest&n...
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Income Tax |
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CBDT ask officials to ensure M&As do not defraud revenue
Posted Date : 14-Apr-2014 , 07:21:43 am | Posted By CASANSAAR
Worried over corporates defrauding revenue by mergers and acquisitions, the Finance Ministry has asked its officials to ensure that such deals do not result in loss to the exchequer.
The revenue officials, CBDT said in a communication to Chief Commissioners, should raise concern...
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IT department directs DCHL to re-audit accounts
Posted Date : 11-Apr-2014 , 08:47:01 am | Posted By CASANSAAR
The income tax department has directed the management of the Deccan Chronicle Holdings Ltd (DCHL) to get the accounts of the company audited by an authorized auditor after receiving information about procedural irregularities in the company.
Since the cloud of doubts is centered...
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Proposed New Roadmap for Implementation of Ind AS converged with IFRS - ICAI
Posted Date : 10-Apr-2014 , 08:14:05 am | Posted By CASANSAAR
For convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRSs), a Press Release (No.2/2010) laying down roadmap for application of converged Indian Accounting Standards (Ind AS) by companies (other than Banking companies, Insuran...
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Income Tax |
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FinMin detects unauthorised access of e-filers' online tax returns
Posted Date : 07-Apr-2014 , 10:30:02 pm | Posted By CASANSAAR
E-filers of income tax beware! Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
Replying to an RTI query, the Ministry said a process of “multifunctional authentication” has been designed and will be in place...
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Govt rejects proposal to club allowances with basic salary
Posted Date : 06-Apr-2014 , 09:05:22 am | Posted By CASANSAAR
The labour ministry has asked retirement fund body EPFO not to go ahead with a proposal to club allowances with basic pay for provident fund deductions.
“EPFO has got a letter from the Labour Ministry asking it not to go ahead with clubbing of allowances with basic pay. The Employees&...
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Income Tax |
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Direct Tax Code 2013 allows Tax Audit by Company Secretaries and Cost Accountants also
Posted Date : 03-Apr-2014 , 07:58:44 am | Posted By CASANSAAR
Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allowsTax Audit not only by Chartered Accountants but also by Company Secretaries and Cost Accountants.
Clause ...
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Profits can't be taxed in the hands of partners
Posted Date : 03-Apr-2014 , 07:29:19 am | Posted By CASANSAAR
In what could bring a major relief to partnership companies, the Income-Tax department is set to clarify that the income of a firm that has been exempted from tax cannot be taxed for its profit in the hands of its partners.
Earlier, even if the income chargeable to tax for a firm was nil due to cer...
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PAN-less candidates with over Rs 5 crore to face I-T scrutiny
Posted Date : 03-Apr-2014 , 07:27:18 am | Posted By CASANSAAR
For the first time, candidates with assets of over Rs 5 crore without a PAN card are set to come under the scanner of Tax department and Election Commission, which have prepared a list of 'red flags' to weed out suspected tax-evaders from the poll fray.
This is part of a joint charte...
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Direct Taxes Code 2013: How it affects you
Posted Date : 01-Apr-2014 , 09:43:03 pm | Posted By CASANSAAR
The Finance Ministry on Tuesday released a revised Direct Taxes Code (DTC) for comments. The new tax code is meant to create an efficient direct tax system by replacing the archaic Income Tax Act. The Direct Taxes Code Bill, 2010, was introduced in the Lok Sabha in 2010 and was later referred to t...
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Income Tax |
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Send Comments on Proposed Direct Taxes Code 2013
Posted Date : 01-Apr-2014 , 08:03:54 am | Posted By CASANSAAR
The Finance Minister, in his speech on Interim Budget 2014-15, made the following observation on Direct Taxes Code (DTC):-
"Revenues are of paramount importance. The best source of revenue is taxes and for that we need modern tax laws. I am disappointed that we have not yet been abl...
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I-T asks e-filers of tax returns to send ITRV by speed post
Posted Date : 31-Mar-2014 , 08:30:44 am | Posted By CASANSAAR
If you are filing online your Income Tax return, the paper copy of the 'ITRV' should only be sent through "speed post" to the Central Processing Centre (CPC) of the department inBengaluru.
ITRV or 'Income Tax Return - Verification' form is issued as an acknowledgement to returns filed onl...
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