Uniform capital gains tax rule for all: Delhi High Court
Posted Date : 12-Oct-2013 , 08:19:30 am | Posted By CASANSAAR
Residents and non-residents should pay same tax on capital gains from sale of securities, according to a Delhi High Court ruling that is expected to clear the fog on a tax question that foreign companies face. Long-term gains from off-market sale ofsecurities attract a tax of 10%...
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Income Tax |
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Another 10 lakh Income Tax defaulters identified
Posted Date : 10-Oct-2013 , 08:38:29 am | Posted By CASANSAAR
The Income Tax (I-T) department has identified 10 lakh more high-risk individuals, who have made significant cash transactions through their credit cards orinvestments but the same had not been reflecting in their I-T returns. High-risk individuals also include those who hav...
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Income Tax |
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0 | Hits : 1371
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NSEL scam : Investors seek ICAI action against Auditors
Posted Date : 09-Oct-2013 , 08:25:22 am | Posted By CASANSAAR
In a separate development, the NSEL Investors' Forum, whose members have petitioned the Bombay HC against NSEL and its promoter FT, on Tuesday urged the Institute of Chartered Accountants of India (ICAI) to take disciplinary action against Rajesh Hiranandani, partner,Deloitte Has...
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Income Tax |
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Direct tax collection up 10.66% in Apr-Sept at Rs 3 lakh crore
Posted Date : 09-Oct-2013 , 08:18:33 am | Posted By CASANSAAR
Amid a slowing economy, the gross direct tax collections rose only 10.66 per cent to Rs 3.01 lakh crore during the April-September period of 2013-14 fiscal. The collections totalled Rs 2.72 lakh crore in the same period of 2012-13 fiscal. The government has fixed direct tax colle...
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Income Tax |
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Finance Ministry may raise wage cap for provident fund to Rs 15,000 per month
Posted Date : 07-Oct-2013 , 03:01:49 pm | Posted By CASANSAAR
The finance ministry is considering a proposal that can sharply reduce the government's borrowing costs, bring longterm savings into the cashstrapped infrastructure sectors, deepen the corporate bond market and, possibly, even make Indian stocks less vulnerable to the w...
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Income Tax |
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Sebi to amend norms in line with new companies law
Posted Date : 04-Oct-2013 , 06:11:23 pm | Posted By CASANSAAR
The board of capital market watchdog Sebi is expected to discuss changes in certain norms for listed firms to make them in line with the rules in the new Companies Act, during its meeting tomorrow.
Securities and Exchange Board of India (Sebi) would seek board approval for revision in illu...
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Income Tax |
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0 | Hits : 724
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Income tax department to slap fresh Rs 1000 crore tax notices on Nokia
Posted Date : 04-Oct-2013 , 06:06:48 pm | Posted By CASANSAAR
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore.The department, according to sources, has also "pri...
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Income Tax |
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0 | Hits : 936
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Appeal to all Members to Support the Writ filed in the Delhi High Court regarding TAR / ITR
Posted Date : 04-Oct-2013 , 09:10:30 am | Posted By CASANSAAR
In a very favourable development, Hon’ble Delhi High Court has accepted the Writ petitions filled against the CBDT in the matter if extension of tax audit report for A Y 2013-14. Allthough everybody is getting mails and SMS from separate individuals who are claiming it that this is their ...
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Income Tax |
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Diamond merchants face income tax raid after hosting Narendra Modi
Posted Date : 04-Oct-2013 , 08:37:04 am | Posted By CASANSAAR
Three days after BJP's Prime Ministerial candidate Narendra Modi tolddiamond merchants in Mumbai that they run the risk of receiving notices from the I-T department for hosting him, the tax officials did just that: they carried out search operations at offices of several diamond merch...
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Income Tax |
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0 | Hits : 988
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US shutdown starts, 1 million workers on unpaid leave
Posted Date : 01-Oct-2013 , 07:51:13 pm | Posted By CASANSAAR
The US government began a partial shutdown on Tuesday for the first time in 17 years, potentially putting up to 1 million workers on unpaid leave, closing national parks and stalling medical research projects.
Federal agencies were directed to cut back services after lawmakers could not b...
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Income Tax |
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Government faces yet another blow to retrospective tax laws
Posted Date : 01-Oct-2013 , 08:34:11 am | Posted By CASANSAAR
At a time when the government has made little progress over the settlement of its multi-billion dollar tax dispute with British telecomgiant Vodafone and uncertainty persists over the taxation of cross-border deals, it has been stung with yet another challenge to its controv...
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Income Tax |
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CAs to manually file 2 Million Audit Reports in 5 days
Posted Date : 29-Sep-2013 , 08:48:11 am | Posted By CASANSAAR
Unable to solve software glitches in its e-filing system, the Central Board of Direct Taxes has asked assessees to manually file tax audit reports by September 30. The new requirement of manual filing of tax audit reports came through a CBDT notification on September 26.
This means chartere...
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Income Tax |
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0 | Hits : 1847
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How to Reset Income Tax e-filing Password using Digital Signature
Posted Date : 28-Sep-2013 , 08:40:53 am | Posted By CASANSAAR
Assessee can Reset the Password of his Online e-filing account by taking the following steps:-
1. Go To Following link on e-filing website of Income Tax Department :-
https://incometaxindiaefiling.gov.in/e-Filing/Services/ForgotPassword.html
2. Enter the PAN and Captcha ...
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Income Tax |
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0 | Hits : 2031
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Company
Posted Date : 27-Sep-2013 , 06:30:27 pm | Posted By CASANSAAR
The Court of the Special Judge, Economic offences, Nampally, Hyderabad has sentenced the Managing Director of M/s Kitty Steels Ltd., Hyderabad to rigorous imprisonment for 3 months along with the fine of Rs. 5000/- each for the two offences committed under section 276B and 276C of the Income Ta...
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Income Tax |
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0 | Hits : 1304
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No change in the ITR filing due date. Tax Audit must be filed Physically on or before 30th Sept 13 if not submitted electronically
Posted Date : 26-Sep-2013 , 02:37:23 pm | Posted By CASANSAAR
This is to inform that there is no change in the ITR filing due date. Tax Audit must be filed physically on or before 30thSeptember 2013 if not submitted electronically. For more details on this please read below Notification F.No. 225/117/2013/ITA.II issued by Central Board of Dire...
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Income Tax |
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Tax audit report due date for e-filing extended to 31.10.2013
Posted Date : 26-Sep-2013 , 01:08:48 pm | Posted By CASANSAAR
F.No. 225/117/2013/ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Dated- 26th September, 2013
Order under Section 119 of the Income-tax Act. 1961.
CBDT in exercise of power under sec 119(2)(a) of the IT Act, 1961 read with Se...
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Income Tax |
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Finance Ministry detects Rs 2,280 crore black money routed through PPP
Posted Date : 25-Sep-2013 , 09:19:35 pm | Posted By CASANSAAR
About Rs 2,280 crore unaccounted income being allegedly routed through Private Placement Programme(PPP) has been detected by economic intelligence sleuths. The Central Economic Intelligence Bureau(CEIB), the nodal agency in the Finance Ministry for gathering and disseminatin...
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Income Tax |
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0 | Hits : 837
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Adopt uniform procedures for non-filers of I-T returns: CBDT
Posted Date : 25-Sep-2013 , 08:37:50 am | Posted By CASANSAAR
With an aim to check tax evasion, the Central Board of Direct Taxes(CBDT) has tightened norms to deal with 'no-filers' of income tax returns and asked its officers to follow uniform procedure in handling such cases. "The existing procedure for monitoring cases of '...
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Income Tax |
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0 | Hits : 1021
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CBDT releases updated version of ITR- 7
Posted Date : 24-Sep-2013 , 08:48:55 am | Posted By CASANSAAR
CBDT releases updated version of ITR- 7 and offline Forms (Other then ITR). updated version of ITR- 7 and offline Forms (Other then ITR) are available in the website on income tax www.incometaxindiaefiling.gov.in
Assessee may download and use the same....
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Income Tax |
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0 | Hits : 974
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Rs 3,000 Cr lost as tax rebates to NGOs, trusts: CAG
Posted Date : 23-Sep-2013 , 09:56:39 am | Posted By CASANSAAR
The government has given away more than Rs 3,000 crore by way of tax exemptions to some non-deserving big charitable organizations and trusts.
The revelations were made in a Comptroller and Auditor General (CAG) report which was submitted to the government for tabling in the monsoon sessi...
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Income Tax |
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1 | Hits : 756
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8 Delhi engineering students get Rs. 70 lakh/annum Job offer
Posted Date : 21-Sep-2013 , 08:22:35 am | Posted By CASANSAAR
The placement season may have just started but eight students at the Delhi Technological University (DTU) have already bagged packages of Rs. 70 lakh per annum.
The US-based software firm, EPIC, has made the offer of $105,000 per annum to the students who will graduate ...
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Income Tax |
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Govt releases second set of draft rules for new Companies Act
Posted Date : 21-Sep-2013 , 08:08:44 am | Posted By CASANSAAR
The government today released the second set of draft rules for the implementation of landmark Companies Act, 2013, that will replace the nearly six-decade old legislation governing corporates in the country.
Draft rules for eight more chapters of the new Companies Act have ...
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Income Tax |
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Tax officers would need intensive training on transfer pricing
Posted Date : 20-Sep-2013 , 08:38:39 am | Posted By CASANSAAR
The government has done well to firm up simple rules that software and other MNCs can follow in pricing services when they do business with their parent outfits or subsidiaries. It has fixed a mark-up on costs, known as safe harbour, for six sectors, including information technology (IT), IT-enabled...
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Income Tax |
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0 | Hits : 744
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FinMin asks CBDT to clarify taxes on offshore fund managers
Posted Date : 19-Sep-2013 , 08:17:15 am | Posted By CASANSAAR
In what could result in a huge relief for the Indian fund industry, the finance ministry has nudged the CBDT (Central Board of Direct Taxes) to issue a clarification on the taxation of fund managers of an offshore fund. The ministry believes that fund managers managing offshore funds are being drive...
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Income Tax |
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Govt Releases Safe Harbour Rules for 5 Assessment Years Beginning from AY. 2013-14
Posted Date : 19-Sep-2013 , 07:47:00 am | Posted By CASANSAAR
Section 92CB of the Income-tax Act provides for framing of safe harbour rules. The determination of arms length price u/s 92C or 92CA of the Act is subject to these safe harbour rules. The definition of safe harbour rule provided in section 92CB means circumstances in which the Income-tax Authority ...
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Income Tax |
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0 | Hits : 827
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I-T dept extends date for applications by Electoral Trusts
Posted Date : 17-Sep-2013 , 09:26:45 pm | Posted By CASANSAAR
The Income Tax Departmenttoday extended the date to November 30 for filing of applications by Electoral Trusts for getting tax benefits on donations given to political parties. "The Central Board of Direct Taxes (CBDT) has permitted Electoral Trusts to file their applicatio...
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Income Tax |
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0 | Hits : 729
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Updated version of Form 3CA-3CD & Form 3CB-3CD are available in the incometaxindiaefiling.gov.in
Posted Date : 16-Sep-2013 , 03:01:25 pm | Posted By CASANSAAR
Update version of Form 3CA-3CD and Form 3CB-3CD are available in the Income tax efiling website.
https://incometaxindiaefiling.gov.in
Assessee may download and use the same....
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Income Tax |
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0 | Hits : 3126
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ICAI to give suggestions on fiscal reforms to FM
Posted Date : 14-Sep-2013 , 06:47:52 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) today said a list of suggestions were being prepared by it to be given to the Union Finance ministry for helping the government tide over the current economic crisis.
ICAI president Subodh Kumar Agarwal said that a seven-member group has be...
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Income Tax |
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0 | Hits : 738
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I-T dept sends another 35,000 more letters to non-filers
Posted Date : 14-Sep-2013 , 09:34:12 am | Posted By CASANSAAR
The Income Tax Department on Friday said it had written to 35,000non-filers. This raises the number of such letters sent by the department this year to 245,000. The department is also planning to write to those who carried out high-value transactions in 2010-11 and 2011-12.
By m...
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Income Tax |
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0 | Hits : 992
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Send e-return copies to Bangalore centre: Income Tax department to taxpayers
Posted Date : 13-Sep-2013 , 03:14:27 pm | Posted By CASANSAAR
Income Tax department has asked electronic filing taxpayers not having sent their returns copy for the two previous assessment years by post to its centre in Bangalore, to do so early.It also said that those tax payers who have already posted the corresponding ITR-V to its centre and have not r...
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0 | Hits : 1204
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