Vodafone transfer pricing case sent to tax department's DRP
Posted Date : 29-Nov-2013 , 07:11:30 pm | Posted By CASANSAAR
The Bombay High Court today asked British telecom major VodafonePlc to go back to dispute resolution panel (DRP) of the Income Tax Department in its second transfer pricing case. The IT department claimed as much as Rs 370 crore in tax for the assessment year 2009-10.
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New tax regime soon for foreign portfolio investors
Posted Date : 27-Nov-2013 , 08:15:20 am | Posted By CASANSAAR
To boost dollar inflows, the Finance Ministry plans to address the complicated taxation issues for Foreign Portfolio Investors (FPI) without waiting for the next Budget.
FPIs are a new category of investors created by merging existing Foreign Institutional Investors (FIIs), sub-accounts and...
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Arvind Kejriwal never worked as Income Tax Commissioner - IRS Association
Posted Date : 25-Nov-2013 , 08:24:57 am | Posted By CASANSAAR
Taking umbrage at recent remarks by Aam Aadmi Party (AAP) leader Arvind Kejriwal that he had chosen public service over being an Income Tax Commissioner and "earning crores", an association of revenue department officers on Friday shot off a letter to him saying such utterances were "unnecessarily d...
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Tax reforms panel keen to improve dispute resolution mechanism
Posted Date : 23-Nov-2013 , 08:13:39 am | Posted By CASANSAAR
The Tax Administration Reforms Commission (TARC) will set up focused groups to identify quicker solutions for long-term issues the Income-Tax Department and taxpayers are grappling with.
These groups will involve private sector representatives as well as revenue officials, TARC Chairman Par...
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Nokia offers to pay part of Rs 3,000-cr tax payment demand to unfreeze its Chennai factory
Posted Date : 22-Nov-2013 , 06:00:24 pm | Posted By CASANSAAR
Finnish mobile maker Nokia has moved the Delhi High Court, seeking lifting of stay on transfer of its assets here in an alleged tax evasion case, contending that the injunction will jeopardise the sale of its Indian arm to Microsoft under the $7.2-billion global deal.
The company submitted ...
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Cabinet likely to red-flag super-rich tax in DTC Bill
Posted Date : 20-Nov-2013 , 10:36:57 am | Posted By CASANSAAR
The proposal to levy a ‘super-rich’ tax, at the rate of 35 per cent, on those earning more than Rs 10 crore a year might not receive support of the Union Cabinet, which is to consider the Direct Taxes Code (DTC) Bill this month. This is because the government might not lik...
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RBI designates 29 bank branches to collect advance income tax
Posted Date : 18-Nov-2013 , 02:45:47 pm | Posted By CASANSAAR
Reserve Bank has designated 29 bank branches, including public and private banks to collect income tax payment in advance of the due date to avoid the last minute rush towards March-end.
State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Allahabad Bank, Punjab National Bank, Oriental Ba...
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CBI arrests income tax officials for demanding bribe from complainant
Posted Date : 16-Nov-2013 , 09:13:36 am | Posted By CASANSAAR
Central Bureau of Investigation, anti-corruption branch, Mumbai registered a case against Satyanarayan Vanam, office superintendent of income tax, 21(2), Pratyaksha Kar Bhavan, Bandra Kurla Complex, Mumbai and Mehboob Shaikh, tax consultant for demanding bribe of Rs 50,000 from a complaina...
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Direct Tax Code to raise income tax exemption limit to Rs.3 lakh, introduces 'Super Rich' categ
Posted Date : 14-Nov-2013 , 08:25:24 am | Posted By CASANSAAR
In a time when high inflation is blowing holes in pockets of consumers, if a relaxation is granted on tax deduction, consumers will definitely get a reason to celebrate. Well, Ministry of Law and Justice has approved the proposal to raise annual income tax exemption limit from 2 lakh to 3 la...
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Passenger fees paid by Jet not liable to TDS, rules tribunal
Posted Date : 11-Nov-2013 , 09:19:13 am | Posted By CASANSAAR
The Mumbai Income-Tax Appellate Tribunal (ITAT) has held that Passenger Service Fees (PSF) paid by Jet Airways (India) to the Airport Authority of India (AAI) is not liable to TDS. The tribunal also dismissed the revenue department's appeal claiming a TDS liability of R34.40 crore and another penal ...
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Stern action will be taken against service tax offenders: FM P Chidambaram
Posted Date : 10-Nov-2013 , 10:30:18 am | Posted By CASANSAAR
Sending a stern message to tax offenders, Union Finance Minister P Chidambaram today said government was having enough information on economic wrongdoers and warned them of tough action, including arrest."Government has to send a message, a stern message, that such violation...
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Sebi revises system Audit guidelines
Posted Date : 07-Nov-2013 , 08:25:55 am | Posted By CASANSAAR
Market regulator Sebi asked bourses to report all major non-compliances and observations by system auditors of stock brokers on a quarterly basis. The exchanges are also required to ensure that all major audit findings specifically in critical areas, are rectified ...
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Direct tax collection up 11.58 per cent in April-October at Rs 3.37 lakh crore
Posted Date : 06-Nov-2013 , 07:30:52 pm | Posted By CASANSAAR
Amid a slowing economy, gross direct tax collection has risen by 11.58 per cent to Rs. 3.37 lakh crore during the April-October period of fiscal year 2013-14 (FY14), according to official data.
The collections had totalled Rs. 3.02 lakh crore during the first seven months ...
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Vodafone India stake sellers liable to pay capital gains tax
Posted Date : 05-Nov-2013 , 08:42:34 am | Posted By CASANSAAR
Indian minority shareholders in Vodafone India, including Analjit Singh, will have to pay 20 per cent capital gains tax after selling their stake to the UK-based parent company, a Finance Ministry official said. "There is a capital gain for the minority shareholders and it will be tax...
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Beware; Income-Tax department is scanning your e-shopping lists
Posted Date : 04-Nov-2013 , 09:16:51 am | Posted By CASANSAAR
If you like shopping on the net and prefer paying cash, you may not be the only one taking a close look at the itemised bill - Indian tax authorities are now tracking online purchases to identify potential defaulters. In a country where just 3% of the more than 100 crore population pays income...
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IBM India to move court against I-T department's Rs 5357 crore tax notice
Posted Date : 03-Nov-2013 , 12:53:56 pm | Posted By CASANSAAR
The Indian arm of IBM said it will seek legal recourse after Indian income tax authorities issued a tax demand of a little over Rs 5,300 crore.The tax department is alleging that IBM under-reported export revenues that the American company earned in the 2008-09 financial year fro...
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Income Tax department to monitor movement of black money during polls in Rajasthan
Posted Date : 01-Nov-2013 , 08:24:08 am | Posted By CASANSAAR
Income Tax department has formed verifications cells in all 33 districts of Rajasthan to monitor movement of black money during the upcoming Assembly election in the state.
Three Air Intelligence Units (AIU) have also been formed at Jaipur, Jodhpur and Udaipur airports to check movement of ca...
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Not-for-profit companies under govt scanner for flouting norms
Posted Date : 30-Oct-2013 , 08:38:46 am | Posted By CASANSAAR
Companies set up with an express 'not-for-profit' charter have come under government scrutiny for going against that mandate. The finance ministry has sought a review of the regulatory regime for such so-called Section 25 companies under the Companies Act, including foreign direc...
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Direct Taxes Code (DTC) bill likely in winter session: FM
Posted Date : 29-Oct-2013 , 08:59:31 pm | Posted By CASANSAAR
The Direct Taxes Code Bill, which seeks to replace the archaic Income Tax Act, is likely to be placed in Parliament during the winter session, Finance Minister P Chidambaram said today.
“We are trying to bring DTC in the next session,” the minister told reporters here.
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Delhi HC to take call on Pizza Hut tax exemption
Posted Date : 28-Oct-2013 , 09:43:56 am | Posted By CASANSAAR
The Delhi High Court is set to rule whether a US company can simultaneously avail of the benefit of a lower tax rate under the Indo-US Double Tax Avoidance Agreement (DTAA) and exemptions on payments of royalty under the Income Tax (I-T) Act.
The issue came up before the court on a dispute ...
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Indian CAs in good demand in West Asia, Australia - Vice President ICAI
Posted Date : 26-Oct-2013 , 08:53:05 am | Posted By CASANSAAR
Indian chartered accountants are in good demand in the West Asian countries, Australia and Singapore, according to K. Raghu, vice-president of Institute of Chartered Accountants of India (ICAI).
Speaking to presspersons on the sidelines of a sub-regional conference of the Southern Indi...
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Attention to Members - Payment to Non Resident
Posted Date : 25-Oct-2013 , 12:30:22 pm | Posted By CASANSAAR
The new form No. 15CA and 15CB, effective from 1st October, 2013 are available on the website of Income tax (https://incometaxindiaefiling.gov.in/) under "efile option - prepare and submit online form (other than ITR) of the tax payer"....
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Narendra Modi's Patna rally under income tax scanner
Posted Date : 25-Oct-2013 , 08:23:43 am | Posted By CASANSAAR
BJP prime ministerial candidate Narendra Modi's rally in Patna next week has come under the income tax department's scanner.
The department's TDS (tax deduction at source) section served notice on the Bharatiya Janata Party's (BJP) state unit, which is organizing the Oct 27 ral...
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Reverse mortgage scheme: Tax break for senior citizens on income from house
Posted Date : 23-Oct-2013 , 07:16:00 am | Posted By CASANSAAR
With an aim to make the reverse mortgage facility more attractive for senior citizens, the government has decided to give tax break on installment earned by pledging his residential property.
Now it has been decided that annuity would be tax exempt, National Housing Bank Chairman and Managing ...
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Tax Reform Commission to submit first report in 6 mths: Parthasarathi Shome
Posted Date : 22-Oct-2013 , 08:17:37 am | Posted By CASANSAAR
Tax Administration Reform Commission (TARC), set up by the Finance Ministry to suggest measures to prevent economic offences among other things, held the first meeting today and is expected to submit its report in six months. "The Commission held its first meeting today and will submi...
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Income Tax department puts HRA exemption under scanner
Posted Date : 21-Oct-2013 , 08:30:50 pm | Posted By CASANSAAR
As if the additional information required in tax returns was not enough, there's more bad news for tax evaders. Salaried taxpayers who claim HRAexemption will now have to report their landlord's PAN if the total rent in a year exceeds Rs 1 lakh. "In case the landlord does not have a P...
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Coercion not a means to unearth unaccounted money: Income Tax official
Posted Date : 19-Oct-2013 , 08:20:17 am | Posted By CASANSAAR
The income tax department has never looked at coercion as a way to unearth unaccounted money and the idea is not to create nightmares, a senior tax official said today.
“The department is never looking coercion as a way. I would like to assure everybody...our idea is not to create nig...
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Non-recovery of refunds: Income Tax dept may begin probe
Posted Date : 17-Oct-2013 , 08:14:02 am | Posted By CASANSAAR
The Income Tax department may start an inquiry into alleged discrepancies in filing of tax returns of some of Madhya Pradesh ministers pointed out by an audit report. The Income Tax department has got some documents pertaining to the alleged lapses and is in the process of a...
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IT returns: Here
Posted Date : 16-Oct-2013 , 05:00:45 pm | Posted By CASANSAAR
Many taxpayers, who have filed their returnsand sent across their verification form in June or July, usually get the acknowledgement and refunds around this time of the year. However, quite often, many taxpayers complain that they did not get the intimation of the receipt of their ITR-V(ve...
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BDO International World's Fifth largest Auditing and Accounting Firm re-enters India for 3rd time
Posted Date : 15-Oct-2013 , 08:22:36 am | Posted By CASANSAAR
The world's fifth largest auditing and accounting firm BDOInternational, which has just re-entered the country for the third time by roping in MZSK & Associates as its new partner, is bullish about the market and plans to nearly treble head-count to around 1,200 over the next six month...
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