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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Income Tax |
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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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Income Tax |
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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 : 986
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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0 | Hits : 1031
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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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0 | Hits : 1008
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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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0 | Hits : 902
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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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0 | Hits : 1082
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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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Income Tax |
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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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0 | Hits : 881
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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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Income Tax |
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0 | Hits : 2188
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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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0 | Hits : 1919
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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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Income Tax |
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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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0 | Hits : 1501
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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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