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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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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1 | Hits : 6412
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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 : 862
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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 : 1057
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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 : 992
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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 : 821
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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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0 | Hits : 1327
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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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0 | Hits : 917
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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 : 768
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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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0 | Hits : 679
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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 : 885
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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 : 753
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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 : 3259
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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 : 778
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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 : 1015
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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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Income Tax |
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0 | Hits : 1244
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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...
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Income Tax |
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0 | Hits : 794
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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...
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Income Tax |
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0 | Hits : 1165
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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...
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Income Tax |
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0 | Hits : 848
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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...
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Income Tax |
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0 | Hits : 2076
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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...
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Income Tax |
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0 | Hits : 1065
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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...
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Income Tax |
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0 | Hits : 752
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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...
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Income Tax |
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0 | Hits : 670
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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 ...
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Income Tax |
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0 | Hits : 905
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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...
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Income Tax |
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0 | Hits : 1089
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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 ...
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Income Tax |
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0 | Hits : 834
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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...
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Income Tax |
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0 | Hits : 835
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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...
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Income Tax |
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0 | Hits : 1025
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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...
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Income Tax |
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