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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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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Income 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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Income Tax |
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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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Income 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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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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...
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Income Tax |
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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.
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Income Tax |
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0 | Hits : 1060
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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...
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Income Tax |
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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...
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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...
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Income Tax |
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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...
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Income Tax |
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0 | Hits : 937
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Haryana presents tax free budget, eye on elections
Posted Date : 01-Mar-2014 , 08:43:48 am | Posted By CASANSAAR
With eyes on Assembly elections this year, Congress-led Haryana government on Friday presented a tax-free Budget for 2014-15, with major allocations being made for education, power and social justice and empowerment.
Presenting Bhupinder Singh Hooda led state government's last budget ah...
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Income Tax |
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0 | Hits : 827
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CBDT Extends Time-Limit for Filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 Till 31.03.2014 for Returns E-Filed with Refund Claims
Posted Date : 26-Feb-2014 , 08:51:07 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Income Tax Act. Though time f...
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RBI writes to FinMin, recommends superseding UBI Board
Posted Date : 25-Feb-2014 , 08:37:27 am | Posted By CASANSAAR
Reserve Bank of India has written to the Finance Ministry with recommendations to clean up United Bank of India . According to sources, RBI has gone so far as to recommend superseding the UBI Board.
It is important to clarify that it is a bunch of recommendations that have been m...
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Income Tax |
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Going after the non-filers: Personal I-T mop-up surges
Posted Date : 25-Feb-2014 , 08:34:42 am | Posted By CASANSAAR
While the economic slowdown hit corporation tax collection this year, personal income tax helped the government get the much-needed revenue. The growth in the latter category was aided by the massive exercise in sending notices to persons who’d high-value transactions but did not file their I-...
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I-T dept identifies 21.75 lakh tax Non-Filers
Posted Date : 21-Feb-2014 , 09:45:30 pm | Posted By CASANSAAR
In a last-ditch effort to meet revenue targets, the Income TaxDepartment today said it has identified 21.75 lakh new "potential non-filers", and urged all tax payers to disclose their true income and pay appropriate taxes.
The department had initiated a business intelligence project in F...
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Government Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes
Posted Date : 21-Feb-2014 , 09:32:14 pm | Posted By CASANSAAR
The Income Tax Department, Department of Revenue, Ministry of Finance has now conducted the second round of data matching which has identified additional 21.75 lakh potential non-filers. The Department has sent letters to the 50,000 potential non filers in the first batch. The information ...
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Rules for Issuing Pan Card
Posted Date : 21-Feb-2014 , 09:31:22 pm | Posted By CASANSAAR
The Income Tax Department has made changes in rules for issuing Permanent Account Number (PAN) Card. It has vide notification S.O. 3794 (E) dated 23.12.2013, amended Rule 114 of the Income-tax Rules, 1962 to provide , inter alia, that the application for allotment of PAN shall be accompanied by proo...
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IT Departmentt Releases updated utility of Form 15CA
Posted Date : 21-Feb-2014 , 09:28:18 pm | Posted By CASANSAAR
Tax deductor and collector holding valid TAN can register and use the TAN based credentials to file Form 15CA but to fill form 15CA if no tax is been deducted it is still not mandatory for remitter to have TAN.
Link To Register on Income Tax E-Filing Webs...
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Salary credit to non-resident external rupee account not taxable
Posted Date : 21-Feb-2014 , 08:21:03 am | Posted By CASANSAAR
Indian employees working overseas often face litigation over taxation of theiroverseas salary income, if such salary is received in India. This is because a non-resident can be subjected to tax in India on that portion of the income which is received in India.
The Income Ta...
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Income Tax |
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SEBI makes setting up whistle-blower mechanism mandatory for companies
Posted Date : 20-Feb-2014 , 10:20:18 pm | Posted By CASANSAAR
Amid a growing number of scams related to corrupt practices in corporate India, market watchdog Securities and Exchange Board of India (Sebi) has decided to make it mandatory for listed companies to have a whistle-blower mechanism for their employees and directors.
The mechanism w...
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Interest on loan for stocks not tax-deductible
Posted Date : 20-Feb-2014 , 07:51:59 am | Posted By CASANSAAR
Tax laws provide that expenditure incurred in relation to exempt income will not be allowed as a deduction in the hands of the tax payer. The Central Board of Direct Taxes (CBDT), in a recent circular, has further clarified that such deduction will not be allowed against other taxable income, e...
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0 | Hits : 1062
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Know status of your PAN/ TAN on Phone
Posted Date : 19-Feb-2014 , 11:56:28 am | Posted By CASANSAAR
Interactive Voice Response (IVR) for knowing the status of your PAN/ TAN application is now available at TIN call centre (TCC) in Hindi/English language. You may call on 020- 27218080 to check the status of your application....
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Income Tax |
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Subscribers of private PF trusts may lose tax benefits
Posted Date : 19-Feb-2014 , 09:05:51 am | Posted By CASANSAAR
The Employees’ Provident Fund Organisation (EPFO) is trying to expedite cases for exemption certificates for private provident funds after the Interim Budget failed to extend a crucial deadline that expires on March 31, leaving employees of at least 50 firms without tax benefits.
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