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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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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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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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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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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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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 |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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