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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 850
|
 |
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 734
|
|
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....
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3192
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 757
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 997
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1217
|
|
Income tax returns: Disclosure of yachts and more aimed at plugging wealth tax evasion
Posted Date : 12-Sep-2013 , 08:41:23 am | Posted By CASANSAAR
Rich business persons gearing up to file their income tax returns for fiscal 2013 by the due date of September 30 find themselves saddled with additional disclosure requirements.They are required to disclose assets — both immovable and movable — held in India in personal capacity as of M...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 762
|
|
Income Tax Surveys at Jaipur Result in Detection of Undisclosed Income of Rs. 118 Crore
Posted Date : 07-Sep-2013 , 08:42:04 am | Posted By CASANSAAR
A Survey action was conducted by the Income Tax Department at Jaipur on 03.09.2013 in the case of a leading Builder and Developer of Jaipur which resulted in the detection of the additional income of Rs. 95.14 crores.
The assessee not only admitted the said additional income but also furni...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1147
|
|
Bombay High Court dismisses Vodafone petition in tax case
Posted Date : 06-Sep-2013 , 09:45:19 pm | Posted By CASANSAAR
The Bombay High Court dismissed a petition by Vodafone Group in a tax dispute with the authorities, ruling on Friday that a tax tribunal should examine the matter first, the British mobile company said.
Vodafone said it has almost 12 weeks to review its options and that the court had extended a sta...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 826
|
|
FAQ on Tax Audit - How Many Tax Audit Report a Partner in CA firm can sign?
Posted Date : 06-Sep-2013 , 08:22:18 am | Posted By CASANSAAR
Question: If there are 10 partners in a firm of Chartered Accountants, then how many tax audits reports can each partner sign in a financial year?
Answer: As per Chapter VI of Council General Guidelines, 2008 (Tax AuditAssignments under Section 44AB...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1916
|
|
Income tax department alerts taxpayers to fake mobile apps
Posted Date : 05-Sep-2013 , 10:29:10 am | Posted By CASANSAAR
After alerting taxpayers to fraudulent emails promising fake refunds and other services, the income tax (I-T) department has now alerted the public to fake mobile applications that compromise confidential financial information.
The department has warned taxpayers that illegal mobile applicati...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1036
|
|
Income- tax department notices to 24 NSEL borrowers
Posted Date : 05-Sep-2013 , 10:10:31 am | Posted By CASANSAAR
The income-tax department will issue notices to two dozen borrowers on the National Spot Exchange (NSEL) as their probe so far has revealed that most of the trades undertaken by them were not backed by underlying commodities."We will be summoning the borrowers shortly as an examination of their book...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 737
|
|
NSEL defaulters used dummy accounts: I-T dept
Posted Date : 03-Sep-2013 , 08:14:11 am | Posted By CASANSAAR
The income tax (I-T) department has found that at least one of the big defaulters on National Spot Exchange Limited (NSEL) was using dummy bank accounts, suggesting the matter may be more than just a simple payments default. The I-T department is investigating whether the amounts invested were decla...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 654
|
|
TCS selected for Rs 200 cr Income Tax Department project
Posted Date : 03-Sep-2013 , 08:03:22 am | Posted By CASANSAAR
As part of its latest technology upgrade exercise, the income-tax (I-T) department has selected Tata Consultancy Services (TCS), the country’s largest information technology (IT) services company, to implement an I-T upgrade project worth Rs 200 crore. The five-year project involves upgrading ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 890
|
|
Interest on tax refunds haunts Government
Posted Date : 02-Sep-2013 , 08:26:15 am | Posted By CASANSAAR
Delayed direct tax refunds and the high interest outgo are proving to be a headache for the government.
Even as thousands await refunds for the 2011-12 fiscal, the Public Accounts Committee (PAC) of Parliament has called revenue secretary Sumit Bose and attorney general GE Vahanvati&nb...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1058
|
|
Tax Evasion by Foreign Companies
Posted Date : 30-Aug-2013 , 09:31:45 pm | Posted By CASANSAAR
Data on dollars transferred abroad by foreign companies in India is not centrally maintained by the government. However, with a view to prevent shifting of profits out of India and consequent erosion of the Indian tax base, selected international transactions undertaken are analysed every ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 809
|
|
Scrunity of NGOs
Posted Date : 30-Aug-2013 , 09:29:54 pm | Posted By CASANSAAR
Details of Non-Governmental Organizations (NGOs) exempted from tax with regard to foreign donations received by them is not centrally maintained in Central Board of Direct Taxes (CBDT). However, details of foreign donation disclosed under Foreign Currency Regulation Act (FCRA). 2010 is maintained in...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 820
|
|
Income tax department goes slow on refunds over Rs 1 lakh
Posted Date : 30-Aug-2013 , 08:35:31 am | Posted By CASANSAAR
The income tax department is going slow on several refunds of over Rs 1 lakh for 2011-12, amid slowing revenue growth due to the faltering economy. While the government has not issued any directives to the revenue officers to go slow on tax refunds, the indications are strong enough to ens...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 997
|
|
RBI Governor blames Govt for rupee fall
Posted Date : 29-Aug-2013 , 09:48:42 pm | Posted By CASANSAAR
Reserve Bank of India Governor D Subbarao has attributed the sharp depreciation of the rupee over the last three months to the government’s failure to take care of domestic structural factors such as a high current account deficit (CAD), which is well above the “sustainable lev...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 850
|
|
ICAI to find jobs for 5,000 Chartered Accountant passouts
Posted Date : 29-Aug-2013 , 08:33:59 am | Posted By CASANSAAR
Credited as the cheapest course, at Rs 45,000, the Institute of Chartered Accountants of India (ICAI), has set out to promote the course and hold campus placement programmes in various cities.
ICAI, the statutory body for regulation of chartered accountants in India, has set out to place ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3417
|
|
Government sets up tax reform Commission
Posted Date : 26-Aug-2013 , 08:16:49 pm | Posted By CASANSAAR
The government Monday set up a commission under the chairmanship of Parthasarathy Shome, advisor to finance minister, to suggest reforms in tax administration aimed at widening the tax base and enhancing compliance.
The “Tax Administration Reform Commission” has been asked to submit its...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 669
|
|
Deals on NSEL with missing, inadequate stocks: Tax department
Posted Date : 24-Aug-2013 , 07:42:56 pm | Posted By CASANSAAR
The National Spot Exchange (NSEL) crisis has deepened with the tax department confirming that transactions on the bourse were made against non-existent to inadequate stocks. "In some cases there are no stocks, in others the quantity of thestocks is below that claimed by some of the b...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 662
|
|
Password reset problem at income tax efiling website
Posted Date : 24-Aug-2013 , 07:36:43 pm | Posted By CASANSAAR
Please note that wef 06/08/2013 you will not be able to change income tax user id password since now department will send reset password only to the registered email id.
That implies in order to change the password client has to visit his previous CA or Advocate . That change of meth...
Continue Reading...
Category :
Income Tax |
Comments :
3 | Hits : 2720
|
|
Nationwide IT raids on premises of NSEL members
Posted Date : 22-Aug-2013 , 09:14:08 pm | Posted By CASANSAAR
The Income Tax department is conducting searches on the business premises of two dozen members of the National Spot Exchange Limited (NSEL) which is facing alleged irregularity charges in settling Rs 5,600 crore dues to investors.
Multiple teams of I-T sleuths visited the offi...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 779
|
|
Direct Taxes Code: Super rich with over Rs 10-crore income may have to pay 35% tax
Posted Date : 22-Aug-2013 , 08:45:59 am | Posted By CASANSAAR
The super rich may have to pay more as the government strives to raise revenues to meet its commitment to rating agencies and markets to bring down fiscal deficit.The government is proposing a 35% tax rate for those earning more than Rs 10 crore in the Direct Taxes Code (DTC) that is likely to be ta...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1049
|
|
I-T dept goes for tech upgrade to tighten tax net
Posted Date : 22-Aug-2013 , 08:44:44 am | Posted By CASANSAAR
To tighten the noose around tax evaders and expand the tax net, the finance ministry is rolling out seven-eight big-ticket technology projects that would significantly bolster its capabilities. The projects, at various stages of implementation, would enable the income taxdepartment to...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 933
|
|
CBDT alleges tax settlement commission too lenient on offenders
Posted Date : 20-Aug-2013 , 08:40:51 am | Posted By CASANSAAR
In a case without parallel, the Central Board of Direct Taxes (CBDT), the agency that collects income tax and sets policies in this space has launched a scathing attack on the Income Tax Settlement Commission (ITSC), a quasi-judicial body that is empowered to grant immunity from prosecution and pena...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 713
|
|
Not filed I-T returns? You face Jail & Fine
Posted Date : 17-Aug-2013 , 10:26:48 am | Posted By CASANSAAR
Those defaulting in filing income tax returns are liable to prosecution, the I-T department has said.
If the tax evaded exceeds Rs 25 lakh, the defaulter can be sentenced to a minimum imprisonment of six months and maximum of seven years, besides being asked to pay a fine. If the tax evasionam...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1856
|
|
Statement by CBDT on Safe Harbour Rules Under Section 92CB of the Act
Posted Date : 16-Aug-2013 , 08:59:05 pm | Posted By CASANSAAR
In order to reduce the increasing number of transfer pricing audits and prolonged disputes, the Finance (No.2) Act, 2009 w.r.e.f 1.4.2009 inserted a new section 92CB to provide that determination of arm’s length price under section 92C or Section 92CA shall be subject to safe ha...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 793
|
|
New guidance note on preparing diligence reports for banks on anvil: ICSI
Posted Date : 16-Aug-2013 , 08:02:05 am | Posted By CASANSAAR
As part of efforts to enhance capability of its members in preparing diligence reports for submission to consortium/multiple lenders, the Institute of Company Secretaries of India has decided to launch a revised guidance note.
The revised note will factor in developments since April 2009, w...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 951
|
|
|
