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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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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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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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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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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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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Over 40 lakh big spenders under tax scanner
Posted Date : 17-Feb-2014 , 08:11:13 am | Posted By CASANSAAR
The Income Tax department is keeping a close watch over 40.72 lakh high-value spenders as it plans to check potential evasion instances before the closing of the financial year on March 31.
According to data, the department has information on 40,72,829 persons who had made cash deposit...
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Letters to be sent to 23 lakh assessees for not filing tax returns: report
Posted Date : 16-Feb-2014 , 09:26:20 pm | Posted By CASANSAAR
In a last-ditch effort to meet revenue targets, the Income Tax Department will be sending out letters to 23 lakh assessees who have not filed returns, according to an official.
"We have identified 23 lakh people who have invested their money, but have not filed returns. We will be sending o...
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R.K.Tiwari appointed new Chairman of CBDT
Posted Date : 13-Feb-2014 , 01:22:58 pm | Posted By CASANSAAR
R.K.Tiwari was appointed as the new chairman of Central Board of Direct Taxes (CBDT) on 9 February 2014.
The appointment was approved by the Appointments Committee of the Cabinet (ACC).
Mr. Tiwari is a 1976-batch Indian Revenue Service (IRS) officer. He is currently working as the Member o...
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Government
Posted Date : 13-Feb-2014 , 01:15:19 pm | Posted By CASANSAAR
This is with reference to the news report appearing in certain section of media that the Finance Ministry pays Rs.37, 365 cr. in interest on excess tax refund and similar reports. The emphasis of these reports is that huge interest was paid by the Government on refund of excess taxes ...
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Govt to Present Interim Budget 2014-15 on 17th February, 2014
Posted Date : 13-Feb-2014 , 01:14:06 pm | Posted By CASANSAAR
Printing Process for Interim Budget2014-15 Commenced with Halwa Ceremony
Halwa ceremony marking the commencement of Budget printingprocess for Interim Budget 2014-15 was held in North Block yesterday in the presence of the Union Finance...
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New PAN cards after original documents verification, to cost Rs.105
Posted Date : 29-Jan-2014 , 08:35:23 am | Posted By CASANSAAR
New PAN cards issued by the Income Tax department will cost Rs 105, including taxes.
The I-T department has recently notified new procedures for verifying personal and proprietary data of an individual or entity for allotment of new PAN cards.
The step, sources said, has been taken...
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Income tax: More clarity on deductions available under RGESS
Posted Date : 29-Jan-2014 , 08:29:27 am | Posted By CASANSAAR
The government has issued a fresh notification on tax exemption under the Rajiv Gandhi Equity Savings Scheme (RGESS) under Section 80CCG of the Income-Tax Act, 1961. A new retail investor in the scheme can now invest in one or more financial years in a block of three consecutive fiscal, beginning wi...
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Cairn UK did not pay tax on Rs 24,503.50 cr of Capital Gains
Posted Date : 29-Jan-2014 , 08:17:46 am | Posted By CASANSAAR
The Income Tax Department has assessed that Cairn Energy Plc of UK did not pay tax on Rs 24,503.50 crore of capital gains made on transferring India assets to a new company.
The department, in a seven-page order dated January 22, said the gains came after the Edinburgh-based firm transferred its en...
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CA Intermediate (IPC) Nov.13 Examination result likely on 31.01.2014
Posted Date : 25-Jan-2014 , 09:23:25 am | Posted By CASANSAAR
The result of the Chartered Accountants Intermediate (IPC) Examination held in November, 2013 are likely to be declared onFriday, the 31st January, 2014 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the...
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Procedure for Pan Allotment Process to Undergo a Change with Effect from 3rd february, 2014
Posted Date : 24-Jan-2014 , 04:53:56 pm | Posted By CASANSAAR
The procedure for PAN allotment process will undergo a change with effect from 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such P...
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IT companies face fresh tax claims over deductions
Posted Date : 22-Jan-2014 , 08:38:58 am | Posted By CASANSAAR
A government clarification last year saved IT companies from additional tax demands, but that hasn't deterred the taxman.
At least two IT companies have now moved court seeking to put a stop to income tax reassessment.
The I-T department has initiated reassessment proceedings against I...
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Income Tax department eyes foreign gold buyers
Posted Date : 19-Jan-2014 , 07:47:02 pm | Posted By CASANSAAR
Financial details of Indians bringing in gold from abroad after duty payment will be shared by customs authorities with Income Tax department to check suspicious ferrying of the yellow metal into the country.
According to norms, an Indian who has been living abroad for over six months can bring in ...
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Income Tax commissioner sentenced to jail for contempt by Delhi High Court
Posted Date : 17-Jan-2014 , 08:33:02 am | Posted By CASANSAAR
A Senior Income Tax Commissioner - Sanjay Srivastava - has made history as the first income tax commissioner to be sentenced to jail for contempt by the Delhi High Court.
Mr Srivastava has been sentenced to 15 days in jail by a division bench of the court .
He had been accused of sexually harassin...
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CA Final Nov.2013 result is the lowest in last 11 Years
Posted Date : 16-Jan-2014 , 08:49:11 am | Posted By CASANSAAR
ICAI has declared the Result of Chartered Accountancy Final Examination held in November 2013 on Wednesday 15th January 2014. This is (3.11%) the Lowest result in Last 11 Years for both the Groups (as per data available with us). While the pass percentage in Group ...
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CBDT may do away with submission of ITRV forms
Posted Date : 12-Jan-2014 , 10:56:55 am | Posted By CASANSAAR
In what could be good news for lakhs of taxpayers filing their I-T returns online, CBDT is mulling doing away with the mandatory submission of paper verification printout to its processing centre in Bangalore.
Central Board of Direct Taxes (CBDT), the apex office to formulate policies for t...
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CBDT withdraws I-T exemption of 4 Cricket Associations engaged in commercial activities; initiates reassessment
Posted Date : 09-Jan-2014 , 06:16:07 pm | Posted By CASANSAAR
The Income Tax authorities have looked into the affairs of the four cricket associations, namely Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association and have found that these cricket associations were engaged in certain activities ...
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BJP's proposal of abolishing income tax feasible: Experts
Posted Date : 09-Jan-2014 , 08:50:07 am | Posted By CASANSAAR
Abolishing income tax and other levies and replacing them with some other suitable form of revenue is feasible and desirable, say experts, although some believe that such a move would militate against social equity.
Describing the concept as "aspirational", Ficci President Sidharth Birla said: "If ...
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