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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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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1 | Hits : 1675
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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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0 | Hits : 1336
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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 : 1122
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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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0 | Hits : 890
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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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0 | Hits : 865
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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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1 | Hits : 1322
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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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Income Tax |
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0 | Hits : 792
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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 : 772
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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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0 | Hits : 792
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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 : 850
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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 : 886
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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 : 977
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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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0 | Hits : 657
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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 : 1177
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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 : 1077
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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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Income Tax |
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0 | Hits : 2743
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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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0 | Hits : 864
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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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0 | Hits : 742
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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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0 | Hits : 1592
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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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Income Tax |
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0 | Hits : 644
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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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0 | Hits : 855
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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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0 | Hits : 785
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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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0 | Hits : 788
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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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0 | Hits : 930
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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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0 | Hits : 1673
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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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0 | Hits : 812
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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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0 | Hits : 858
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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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0 | Hits : 968
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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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