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...
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Income Tax |
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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...
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Income Tax |
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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 ...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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1 | Hits : 954
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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 ...
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Income Tax |
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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 ...
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Income Tax |
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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...
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Income Tax |
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0 | Hits : 683
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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0 | Hits : 718
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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...
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Income Tax |
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1 | Hits : 1027
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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...
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Income Tax |
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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 ...
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Income Tax |
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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...
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Income Tax |
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0 | Hits : 1080
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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...
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Income Tax |
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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...
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Income Tax |
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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 ...
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Income Tax |
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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...
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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...
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Income Tax |
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0 | Hits : 755
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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...
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Income Tax |
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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 ...
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Income Tax |
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0 | Hits : 833
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Tax demands to Nokia may cross Rs 10,000 Crore
Posted Date : 09-Dec-2013 , 09:00:41 am | Posted By CASANSAAR
he Income Tax department may raise a total demand of over Rs 10,000 crore against Finnish mobile firm maker Nokia which is embroiled in an alleged tax evasion case ahead of its global takeover by software giant Microsoft.
The department has calculated and arrived at the figure and may raise t...
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Income Tax |
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0 | Hits : 855
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Govt allows deduction of CTT as part of business income
Posted Date : 05-Dec-2013 , 08:17:44 pm | Posted By CASANSAAR
In a relief to commodity exchanges, the government has allowed deduction of Commodity Transaction Tax (CTT) to traders as it forms part of their business income.
The move will benefit Multi Commodity Exchange of India (MCX), National Commodity and Derivatives Exchange (N...
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Income Tax |
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0 | Hits : 938
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RBI asks urban co-operative banks to provide TDS certificate to customers on time
Posted Date : 05-Dec-2013 , 04:06:26 pm | Posted By CASANSAAR
Reserve Bank today directed urban co-operative banks to provide their customers tax deduction at source (TDS) certificate on time to enable timely filing of income tax returns. ."With a view to protecting the interests of depositors and for rendering better customer service, urban co-opera...
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Income Tax |
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Tax row: IT Department rejects Nokia India's offer to pay Rs 2,250 crore
Posted Date : 03-Dec-2013 , 07:56:36 am | Posted By CASANSAAR
The Income Tax (IT) Department, on Monday, told the Delhi High Court that the offer of Finnish mobile maker Nokia to pay a minimum deposit of Rs. 2,250 crore to it is not acceptable.
Nokia India, however, stuck to its offer. A bench of justices Sanjiv Khanna and Sanjeev Sachdeva observed &l...
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Income Tax |
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0 | Hits : 1147
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Inflation Indexed National Saving Securities- Cumulative (IINSS-C)
Posted Date : 02-Dec-2013 , 04:56:32 pm | Posted By CASANSAAR
The Government of India, in consultation with Reserve Bank of India, has decided to launch Inflation Indexed National Savings Securities-Cumulative (IINSS-C) for retail investors in the second half of December 2013. These securities are being launched in the backdrop of announcement made in the...
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Income Tax |
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0 | Hits : 984
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Income Tax department reveals top 10 assessees in all catagories
Posted Date : 02-Dec-2013 , 08:36:52 am | Posted By CASANSAAR
Directors of Kamal Sponge Steel and Power Kamaljeet Singh Ahluwalia and Prashant Ahluwalia, both facing CBI probe in coal scam, are in the list of top 10 Income Tax assessees in the ‘Individual’ category for 2011-12, according to an RTI reply.
The I-T department data shows that ...
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