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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 781
|
 |
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1497
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 6535
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 931
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 792
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1294
|
|
BJP plans uniform banking transaction tax to replace income tax system
Posted Date : 07-Jan-2014 , 08:55:23 am | Posted By CASANSAAR
There’s nothing sexy about death or taxes unless someone promises to abolish it if you vote for them, an American tax lawyer once said.
For the past month or so, top BJP leaders have been thinking aloud about a proposal to abolish income, sales and excise taxes and replace them with...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1508
|
|
Companies may issue debt to non-residents as bonus, says RBI
Posted Date : 06-Jan-2014 , 08:50:10 pm | Posted By CASANSAAR
The Reserve Bank today allowed Indian companies to issue non-convertible or redeemable preference shares or debentures to non-resident shareholders from their reserves as bonus.
"On a review and with a view to rationalising and simplifying the procedures, it has been deci...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 750
|
|
Modi
Posted Date : 06-Jan-2014 , 08:39:18 am | Posted By CASANSAAR
Terming the existing taxation structure as a "burden", BJP's prime ministerial candidate Narendra Modi on Sunday promised to review and reform the system if his party is voted to power.
"The present taxation system is a burden on the common man. There is a need to reform it. It is the need ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 752
|
|
Facility to upload Form 15CA is now available as offline utility
Posted Date : 02-Jan-2014 , 11:10:26 am | Posted By CASANSAAR
CBDT has finally recognised the difficulty faced by the importers of services in filing online 15CA and introduced the Facility to upload Form 15CA is now available as offline utility.
The Remitter may use either online or offline utility to upload Form 15CA.
This facil...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 6160
|
|
NHB's Rs 2,100 crore tax-free bond issue to open on Dec 30
Posted Date : 28-Dec-2013 , 07:36:06 am | Posted By CASANSAAR
The National Housing Bank's Rs 2,100 crore tax-free bond issue will hit the markets on December 30.
The base issue size is Rs 1,000 crore with an option to retain oversubscription up to Rs 2,100 crore, NHB Chairman and Managing Director R V Verma said here.
The issue will open on Decem...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 826
|
|
Vodafone gets relief in Rs.3,700 crore transfer pricing dispute
Posted Date : 27-Dec-2013 , 10:22:06 pm | Posted By CASANSAAR
The Income Tax Appellate Tribunal (ITAT) today stayed aRs. 3,700 crore tax claim by the Income Tax Department on Vodafone India in a transfer-pricing dispute and asked the telecom company to deposit Rs. 200 crore as initial payment and submit bank guarantees for the remaining sum.
Th...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 958
|
|
Taxmen to accept Aadhaar Card as valid identity, address proof for issuing PAN
Posted Date : 27-Dec-2013 , 08:50:04 am | Posted By CASANSAAR
The Income Tax Department will now accept Aadhaar Card as proof of identity and address for issuance of Permanent Account Number (PAN). The Central Board of Direct Taxes (CBDT) has issued a notification expanding the list of documents admissible as proof of identity and address by including Aadhaar ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1383
|
|
IT department serves notices to individuals refusing to share details of bank accounts with HSBC Geneva
Posted Date : 26-Dec-2013 , 08:12:51 am | Posted By CASANSAAR
The income-tax department has served prosecution notices on Indian nationals who have refused to share information on their undisclosed bank accounts with HSBC Geneva. The names of these individuals had figured in a list of more than 600 HSBC account-holders. The Indian government had received ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 878
|
|
Casio under taxman
Posted Date : 26-Dec-2013 , 07:38:25 am | Posted By CASANSAAR
The latest to feel the taxman’s heat is Casio India, a wholly-owned subsidiary of Casio Computer Company Ltd, Japan (Casio Japan).
Indian income tax authorities have invariably been “marking up” the advertising, marketing and promotion (AMP) expenses incurred by the Indian...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 707
|
|
Taxman
Posted Date : 26-Dec-2013 , 07:32:03 am | Posted By CASANSAAR
The Tax Department is stumped by SEBI’s tax treatment plan for foreign portfolio investors (FPIs).
According to a senior Revenue Department official, a notification on the tax treatment is yet to be finalised. FPI is a new investor category that will merge Foreign Institutional Invest...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 647
|
|
Ignore safe harbour margins for transfer pricing Audits, CBDT tells officers
Posted Date : 25-Dec-2013 , 08:49:44 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has directed assessing officers/ transfer pricing officers to ignore safe harbour rates or margins while conducting transfer pricing audits.
“In cases where an assessee has not opted for safe harbour or the option has not been found to be valid...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 808
|
|
StockGuru scam: CBI arrests Income Tax Deputy Commissioner
Posted Date : 25-Dec-2013 , 08:43:33 am | Posted By CASANSAAR
CBI has arrested an Indian Revenue Service officer for allegedly receiving bribes from the perpetrator of the StockGuru scam, Ulhas Prabhakar Khaire.
CBI sources said Yogendra Mittal, a 2006-batch IRS officer who was posted as the Deputy Commissioner of Income Tax, was arrested on the alleg...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1003
|
|
Tax Information Exchange Agreement (TIEA) Signed Between India And San Marino
Posted Date : 20-Dec-2013 , 09:56:14 pm | Posted By CASANSAAR
India and San Marino signed a Tax Information Exchange Agreement (TIEA) at Rome, Italy yesterday. The Agreement has been signed on behalf of India by Mr.Basant K. Gupta, Ambassador of India to Italy with concurrent accreditation to San Marino and Ms. Daniela Rotondaro, Ambassador of San Marino to It...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 736
|
|
Vodafone gets Rs3,700 crore I-T notice in transfer pricing case
Posted Date : 19-Dec-2013 , 08:35:45 am | Posted By CASANSAAR
The income tax (I-T) department has slapped a Rs 3,700-crore final order on telecom major Vodafone, on a transfer pricing case. The claim includes the interest on the tax for assessment year 2008-09; it does not include a penalty.
The high court here had dismissed a case fi...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1032
|
|
Landlord PAN must for rent over Rs 1 lakh
Posted Date : 18-Dec-2013 , 10:53:24 am | Posted By CASANSAAR
The landlord’s Permanent Account Number (PAN) must be mentioned by employees claiming tax exemption under house rent allowance if the annual sum exceeds Rs 1 lakh.
“An employee claiming exemption from tax with respect to house rent allowance received is now required to report th...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1605
|
|
CBI arrests Joint Commissioner of Income Tax
Posted Date : 18-Dec-2013 , 08:24:11 am | Posted By CASANSAAR
CBI on Tuesday arrested two Income Tax officials including Joint Commissioner of Income Tax S Shivanandan in Odisha while allegedly receiving bribe of Rs five lakh for closing tax penalty proceedings against a person and recovered documents of properties worth crores of rupees.
CBI sources ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1309
|
|
11 crore PAN holders, only 3.5 crore file tax returns
Posted Date : 16-Dec-2013 , 08:39:40 am | Posted By CASANSAAR
Concerned over tax collection not keeping pace with the growth in income and wealth, a Parliamentary Standing Committee has recommended that the tax department should encourage PAN card holders libel for tax to file their income tax returns.
The committee, in its latest report tabled in Parli...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1101
|
|
Kingfisher Airlines assets attached on Rs 350 crore tax default
Posted Date : 16-Dec-2013 , 08:32:08 am | Posted By CASANSAAR
The Income Tax department has attached all assets of cash-strapped Kingfisher Airlines for failing to remit taxes amounting to Rs 350 crore, a senior official said Sunday.
"We have attached all assets of Kingfisher Airlines and are in the process of recovering its dues by sale and attachment of pro...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 808
|
|
I-T dept gave tax exemption worth Rs 3,000 cr to undeserving trusts, NGOs: CAG
Posted Date : 14-Dec-2013 , 04:58:10 pm | Posted By CASANSAAR
The income tax department keeps harping about mandatorily quoting Permanent Account Number in every transaction but a scrutiny by the Comptroller and Auditor General of tax exemptions granted to 1.37 lakh trusts and NGOs has revealed that the I-T department granted exemption to at least 72...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 835
|
|
Date of Payment of December Installment of Advance Tax Extended From 15th Dec.2013 to 17th Dec.2013
Posted Date : 13-Dec-2013 , 09:35:15 pm | Posted By CASANSAAR
The December instalment of Advance tax is required to be paid on or before 15th December, 2013 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. The banks are ...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1303
|
|
Delhi High Court unfreezes Nokia's factory assets, tax dispute continues
Posted Date : 13-Dec-2013 , 08:35:19 am | Posted By CASANSAAR
A court on Thursday accepted an appeal by Nokia to release its local factory after it was seized by authorities in a tax dispute, removing a hurdle to the sale of the company's mobile phone business to Microsoft .
The plant in the southern city of Chennai is one of Nokia's biggest phone-mak...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 775
|
|
FM asks authorities to share information to check tax evasion
Posted Date : 12-Dec-2013 , 01:38:53 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today called for better information sharing among various agencies of the government to check tax evasion.
"I think organisations must come forward to share information withDRI (Directorate of Revenue Intelligence), just as DRI must come forward to share inf...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 759
|
|
CBDT brings out 19-point format for Electoral Trusts
Posted Date : 12-Dec-2013 , 08:39:43 am | Posted By CASANSAAR
As poll season gathers momentum, the CBDT has brought out a 19-point fresh standard format for 'Electoral Trusts', created by corporate and business houses to fund political parties.
The checklist has been devised as such that the business firm could enumerate all relevant details about the c...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 775
|
|
Nokia owes Rs. 21,153 crores as total tax liability: IT department
Posted Date : 10-Dec-2013 , 08:21:41 am | Posted By CASANSAAR
The Income Tax department has informed the Delhi High Court that Nokia India and Nokia Corporation owe it Rs. 21,153 crores as total tax liability (existing and anticipated), including penalty during a seven-year period from 2006-2013.
The amount payable by Nokia has been arrived ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 836
|
|
|
