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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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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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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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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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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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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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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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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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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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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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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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 : 986
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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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0 | Hits : 845
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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 ...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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0 | Hits : 920
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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Revised - Guidance Note on Report under Section 92E of the Income Tax Act, 1961 (Transfer Pricing)
Posted Date : 15-Aug-2013 , 09:12:12 am | Posted By CASANSAAR
Dear Members,It gives me immense pleasure to inform you that ICAI has released the 4th Edition of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was previously revised in February, 2013. However no form was prescribed for reporting sp...
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Income Tax |
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Govt nod to set up Tax Administration Reform Commission
Posted Date : 14-Aug-2013 , 07:43:11 am | Posted By CASANSAAR
Government today approved setting up of a Tax Administration Reform Commission (TARC) to remove ambiguity and establish a stable and non-adversarial tax administration. The decision was taken at the Cabinet meeting headed by Prime Minister Manmohan Singh here. "The Commission wil...
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Income Tax |
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Income Tax Department has begun enquiry into firms running from tax havens
Posted Date : 13-Aug-2013 , 08:51:19 pm | Posted By CASANSAAR
The Income Tax Department has initiated enquiries on the issue of Indian entities operating from tax havens as stated by International Consortium of Investigative Journalists (ICIJ), Parliament was informed today. "Income Tax authorities have started enquiries into the matter," Minist...
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Income Tax |
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The tax implications for NRIs buying property in India
Posted Date : 10-Aug-2013 , 08:22:04 pm | Posted By CASANSAAR
The falling rupee and the lull in the property market in many cities are attracting Indians settled abroad to consider property investments in India. Non-resident Indians are allowed to purchase residential or commercial property in India but not agricultural land / plantation property / farm house,...
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Income Tax |
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Tax fraud: 3 Indians among Britain's most wanted
Posted Date : 10-Aug-2013 , 08:52:02 am | Posted By CASANSAAR
Three of Britain's 30 most wanted fraudsters and tax evaders are of Indian-origin who have cost commoners nearly 10 million pounds.
HM Revenue and Customs (HMRC) published an updated gallery , 2013 Most Wanted, which includes Sumir Soni, Anish Anand and Sahil Jain. All three are in the...
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Income Tax |
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0 | Hits : 963
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Owners of Micromax Mobiles arrested in bribery case
Posted Date : 08-Aug-2013 , 02:00:47 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Wednesday arrested the co-founder and managing director ofMicromax Informatics, Rajesh Agarwal, and partner Manish Tuli, catching them red-handed in a bribery case. A CBI spokesperson said Agarwal and Tuli were caught paying Rs 30 lakh...
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