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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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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Tax relief denial does not affect exempt income: Tribunal
Posted Date : 31-Mar-2014 , 08:26:00 am | Posted By CASANSAAR
Jamsetji Tata Trust has won a major reprieve from the Income Tax Appellate Tribunal (ITAT), which has held that exempt income — such as dividend and long-term capital gains — cannot be brought to tax in the hands of the trust even if the investments made by it do not meet ...
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Govt Orders Special Audit of Nokia India Accounts
Posted Date : 30-Mar-2014 , 09:13:01 am | Posted By CASANSAAR
The government has ordered a special audit into the accounts of Nokia India, widening the ambit of its dispute with the Finnish handset maker and further queering the pitch for the completion of the company's $7.2 billion global deal to sell its devices business to Microsoft.A Nokia spokesperson con...
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Income Tax |
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Pricing pacts with MNCs soon to address tax grievances
Posted Date : 28-Mar-2014 , 07:22:16 am | Posted By CASANSAAR
The government’s attempt to address the tax-related grievances of MNCs is beginning to show results. The revenue department is set to sign some unilateral advance pricing agreements (APAs) by the end of this month. These agreements are aimed at giving conditional exemptions to MNCs from tax au...
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Banks and Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2014
Posted Date : 27-Mar-2014 , 07:24:33 pm | Posted By CASANSAAR
ounters shall remain open for extended hours till 8.00 pm. Further, on Sunday, March 30, 2014, agency banks will keep select branches open at key locations as a regular working day for transacting Government Business. Similarly, on Monday, March 31, 2014, at places where public holiday has been...
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Income Tax |
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Landlord PAN Mandatory for Rent Over 1 lakh P.A.
Posted Date : 27-Mar-2014 , 02:53:35 pm | Posted By CASANSAAR
Any salaried person would have heard of a term called HRA (House Rent Allowance). It not only gives benefit inthe form of allowance but also gives an opportunity for tax exemption up to a certain limit. Almost every salariedemployee takes this benefit. IT departmen...
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Income Tax |
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Tax Administration Reform Commission (TARC) to look into amalgamation of Direct, Indirect tax dept
Posted Date : 27-Mar-2014 , 07:45:09 am | Posted By CASANSAAR
The Tax Administration Reform Commission (TARC) set up by the Finance Ministry to suggest measures to prevent economic offences among other things, will soon look into amalgamation of Direct Tax and Indirect Tax Departments.
“In business practices, companies pay corporate income tax, ...
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Will simplify e-filing norms: CBDT
Posted Date : 25-Mar-2014 , 08:17:50 am | Posted By CASANSAAR
E-filing of Income Tax returns will be further simplified by the Central Board of Direct Taxes (CBDT) which said it is encouraged by the increasing number of taxpayers taking the online route. The e-filing of returns this financial year saw a jump of 40 per cent with 25,647 crore online returns...
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Over 50,000 cr revenue still to come; CBDT cancels all leave
Posted Date : 23-Mar-2014 , 07:27:05 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has cancelled leave of all officials on tax collection duty and ordered 24X7 functioning of its offices till March 31 in order to collect the remaining revenue of over Rs 50,000 crore before the end of the current financial year.
The direct taxes tar...
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E-filing of I-T returns: Taxpayers to get Digital Signatures
Posted Date : 23-Mar-2014 , 10:58:55 am | Posted By CASANSAAR
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income-Tax Department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
The Central Board of Direct Taxes (CBDT), the apex office to formulate policies...
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Income Tax department website to get a face-lift, invites suggestions
Posted Date : 21-Mar-2014 , 08:22:07 pm | Posted By CASANSAAR
The Income Tax department is set to overhaul its official website for better taxpayer interface and has invited suggestions from public in order to make the portal more user friendly.
"The national website of the Income Tax department is undergoing redevelopment. In this regard, the departmen...
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EOW finds faults with NSEL Auditors
Posted Date : 20-Mar-2014 , 07:58:52 am | Posted By CASANSAAR
Mumbai police has now found that even auditors of the NSELhas violated several norms and some of them are punishable under the Indian Penal Code. Police has found some discrepancies since inception of the exchange in 2007 which suspended trading last July and later faced default of Rs...
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Income Tax |
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Java Based ITR Utilities enabled at Income Tax efiling Website
Posted Date : 18-Mar-2014 , 09:06:58 pm | Posted By CASANSAAR
These ITR utilities are developed using the latest JAVA technology and effort has been made to make it user friendly, simpler and faster preparation/submission of tax returns. It is recommended to stay connected to internet to experience the refreshingly new utility. Please check for ...
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Blackmoney in polls: Income Tax department starts helpline for Delhi
Posted Date : 15-Mar-2014 , 10:16:58 pm | Posted By CASANSAAR
The Income Tax department has floated a toll-free helpline number for general public to alert it about any suspicious movement of large sums of cash in the national capital during polls. The investigation wing of the department has created a control room and complaint monitoring cell at its off...
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Share application money cannot be recharacterized as interest-free loans
Posted Date : 15-Mar-2014 , 09:55:44 am | Posted By CASANSAAR
The recent order issued by the Income-Tax Appellate Tribunal (ITAT), Delhi bench, in the case of Bharti Airtel, has dealt with another important issue by holding that payment of share application money to various overseas subsidiaries cannot be partly treated as interest free loans to...
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0 | Hits : 1263
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Supreme Court dismisses Nokia appeal over asset transfer to Microsoft
Posted Date : 14-Mar-2014 , 09:18:45 pm | Posted By CASANSAAR
The Supreme Court on Friday dealt Nokia a setback after dismissing the Finnish handset maker’s appeal challenging a Delhi High Court order regarding the transfer of the company’s assets to software giant Microsoft.
Nokia India, which is currently caught in a Rs. 21,000-crore tax...
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ID card must for carrying cash more than Rs 50,000: IT Dept
Posted Date : 14-Mar-2014 , 07:01:51 pm | Posted By CASANSAAR
Uttar Pradesh Income tax departmentsaid that any person carrying cash more than Rs 50,000 would have to show ID proof along with documents related to the source of the cash, in view of the Model code of Conduct.
“As per the Election Commissionguidelines, ...
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Due date of payment of last installment of advance tax extended till March 18, 2014
Posted Date : 14-Mar-2014 , 06:34:38 pm | Posted By CASANSAAR
The final instalment of Advance tax for Financial Year 2013-14 is required to be paid on or before 15th March, 2014 by the tax payers who are liable to pay advance tax. These taxpayers can make payments in the designated branches of the authorized banks, electronically or physically, as per law.
&...
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CBDT clarifies key rule related to TDS on overseas payments
Posted Date : 14-Mar-2014 , 08:26:44 am | Posted By CASANSAAR
The Central Board of Direct Taxes has clarified to field officers that the requirement of deducting tax at source when a person makes payments to non-residents or foreign companies should be enforced only on that part of the remitted amount that accounts for the recipient's income chargeable to tax ...
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SC asks Nokia to furnish valuation of India assets
Posted Date : 14-Mar-2014 , 08:13:13 am | Posted By CASANSAAR
The Supreme Court on Thursday asked Nokia India to declare the valuation of its assets in India so it could devise a method to resolve the tussle between the company and revenue authorities.
Last week, the court had asked Nokia to bring a proposal to “find a way out”...
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CBI carries out searches at NSEL office, 15 locations
Posted Date : 13-Mar-2014 , 02:45:12 pm | Posted By CASANSAAR
CBI on Thursday carried out searches at 15 locations across the country, including offices of National Sport Exchange Limited in Mumbai, in a case of alleged irregularities in investments by state-run trading company PEC causing a loss of Rs. 120 crore.
The searches were carried out after t...
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CBDT provides tax clarity on M&As
Posted Date : 12-Mar-2014 , 08:44:12 am | Posted By CASANSAAR
An internal instruction by the foreign tax division of the Central Board of Direct Taxes ( CBDT) will put an end to litigation relating to the tax to be withheld at source in India by the Indian payer in cross-border transactions, including mergers and amalgamations (M&A...
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Airtel gets Rs 5,739 crore relief on taxable income
Posted Date : 12-Mar-2014 , 08:43:14 am | Posted By CASANSAAR
Bharti Airtel has won a major relief from the Delhi bench of the Income tax Appellate Tribunal (ITAT), which ordered deletion of Rs 5,739 crore from the company's taxable income.
The ITAT also held that corporate guarantees given to banks on behalf of group companies are not an international transa...
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Transfer pricing income adjustments decline 14% in 2013-14
Posted Date : 11-Mar-2014 , 08:15:56 am | Posted By CASANSAAR
After a 54% jump in transfer pricing (TP) adjustments to R70,000 crore last year, additions to the income of companies conducting international transactions has dropped by over 14% to R60,000 crore in FY14.
A financial ministry official told FE that data collated after the completion of the...
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0 | Hits : 893
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ICAI may look at adopting IFRS in long term
Posted Date : 09-Mar-2014 , 10:23:12 pm | Posted By CASANSAAR
India could look at adopting international accounting standards IFRS in the long term based on how the converged norms work out, according to ICAI.
Rather than adopt the International Financial Reporting Standards (IFRS), India at present is only looking to converge with this set of ...
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