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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 903
|
 |
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 914
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 856
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1002
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1607
|
|
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, ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 923
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1179
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 988
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2358
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 727
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 922
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1050
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 733
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1251
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 873
|
|
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, ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1470
|
|
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.
&...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2012
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1670
|
|
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”...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 790
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 830
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1090
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1060
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 888
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 941
|
|
President Assents Finance Act 2014. Download Finance Bill 2014
Posted Date : 06-Mar-2014 , 09:57:05 pm | Posted By CASANSAAR
Finance Bill 2014 got the assent of President on 04th March 2014 and become THE FINANCE ACT, 2014 (NO. 11 OF 2014). The bill was alreadyapproved by the both the house of Parliament i.e. Lok Sabha and Rajya Sabha.
Download attached Finance Bill 2014 as approved by P...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1088
|
|
2014 Lok Sabha elections in 9 phases from April 7 to May 12, results on May 16
Posted Date : 05-Mar-2014 , 11:33:15 am | Posted By CASANSAAR
The countdown for the 2014 Lok Sabha elections has begun. The polls will be held between April 7 and May 12 in nine phases, said the Elections Commission on Wednesday. The counting of votes will be held on May 16. This is the first time that voting will take place in nine phases in the country.
&nb...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1038
|
|
SC asks Nokia to settle tax row with I-T department
Posted Date : 04-Mar-2014 , 08:38:18 am | Posted By CASANSAAR
The Supreme Court on Monday asked Nokia India Pvt Ltd to come up with a concrete proposal to settle its tax row with the income tax department.
A bench, headed by justice A R Dave, decided to hear the matter on March 11 after Nokia's counsel submitted there was a need for an early...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 841
|
|
I-T plans data centre to nab tax evaders
Posted Date : 01-Mar-2014 , 09:28:32 pm | Posted By CASANSAAR
The next time you shop online or make payment from your debit or credit card at a retail outlet or buy or sell a property, make sure you have filed your income tax return and cleared all dues.
After Central Processing Centres (CPC) for income tax returns and Tax Deducted at Sour...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1029
|
|
CBDT must clear the air on tax treatment of CSR spend: Corporate India
Posted Date : 01-Mar-2014 , 08:59:19 am | Posted By CASANSAAR
Corporate India wants the income tax law to be clarified upfront so that their CSR spend will be eligible for deduction for income tax purposes with effect from April 1 next year.
The new corporate social responsibility (CSR) framework comes into effect from April 1.
There is no ex...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 966
|
|
Vodafone tax conciliation decision due after transfer pricing case is settled
Posted Date : 01-Mar-2014 , 08:53:48 am | Posted By CASANSAAR
The government will take a decision on withdrawal of conciliation offer to Vodafone for resolving the Rs. 20,000 crores tax dispute after a transfer pricing case concerning the UK telecom giant is settled.
"The Cabinet has decided to instruct the Income Tax Appellate Tribunal (ITA...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 896
|
|
|
