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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0 | Hits : 680
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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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3 | Hits : 2749
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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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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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0 | Hits : 728
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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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0 | Hits : 1882
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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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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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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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Missed the August 5 deadline? You can still file your income tax returns
Posted Date : 08-Aug-2013 , 08:35:30 am | Posted By CASANSAAR
The last date to file income-tax returns is gone. Okay, the government last week had extended the deadline by a week from July 31 to August 5. As usual, there are many taxpayers who couldn't meet the deadline this year, too. Of course, they also list the usual reasons for not filing return...
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Overwhelming Response to e-Filing of Itr: 123.03 Lakh Returns e-Filed till 5th August
Posted Date : 07-Aug-2013 , 08:53:53 pm | Posted By CASANSAAR
The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was extended by the Central Board of Direct Taxes (CBDT) from 31st July to 5th August, 2013 as there was an overwhelming response to e-filing from every corner of the country.
123.03...
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Foreign donations above Rs 1 crore under tax scanner
Posted Date : 07-Aug-2013 , 06:51:14 am | Posted By CASANSAAR
All foreign donations above Rs 1 crore will now come under the scrutiny of the Income Tax department. The Central Board of Direct Taxes (CBDT) has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes b...
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Tax defaulters not depositing TDS to be prosecuted
Posted Date : 06-Aug-2013 , 03:34:21 pm | Posted By CASANSAAR
The Income Tax (I-T) department today warned that non-payment of Tax Deducted at Source (TDS) to the government could lead to prosecution.
“It has come to the notice of I-T department that many times the tax deductors, after deducting TDS from specified payments, are deliberately no...
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Income Tax |
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Income-tax department gets more teeth to conduct Special Audit
Posted Date : 05-Aug-2013 , 08:44:19 am | Posted By CASANSAAR
When DLF Commercial Projects Corporation - a partnership firm in which India's largest real estate firm, DLF, held 74% - filed its income-tax returns in September 2009, declaring a loss of 20.1 crore, the assessing officer could not understand certain transactions. One such transaction was...
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Income tax e-filing: cyber criminals trying to steal financial data
Posted Date : 04-Aug-2013 , 05:46:56 pm | Posted By CASANSAAR
As income tax e-filing picks up pace due to last minute rush, are busy using phishing e-mails and fake ads to steal confidential financial data of users, cyber security firm McAfee said on Sunday.
Cyber criminals try to take advantage of the rush during the last days of e-filing as tax payers...
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E-filing of I-T returns crosses one-crore mark
Posted Date : 04-Aug-2013 , 05:37:13 pm | Posted By CASANSAAR
The e-filing of income taxreturns has crossed the one crore mark with the maximum of such filings done by the salaried class of taxpayers. In a latest data released by the Central Processing Centre (CPC) of the I-T department based in Bangalore, a total of 1,03,21,775 e-returns w...
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Why you shouldn
Posted Date : 03-Aug-2013 , 08:50:31 am | Posted By CASANSAAR
The income tax law sets out two deadlines for filing your returns in the financial year just gone by: 31 July is the default date; 30 September is the last date for companies and all others who need to get their accounts audited. The Central Board of Direct Taxes (CBDT) has extended the last date fo...
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3 | Hits : 1897
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Special Arrangements for Receipts of Returns during 1ST to 5TH August 2013 Including on Saturday and Sunday
Posted Date : 01-Aug-2013 , 08:20:29 pm | Posted By CASANSAAR
As a measure of taxpayer convenience, Central Board of Direct Taxes (CBDT) has extended the ‘due date’ for filing Returns of Income for A.Y. 2013-14 by Individuals, HUFs and non-auditable cases from 31st July, 2013 to 5th August, 2013. The field offices have been asked to make speci...
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ITR: Deadline for filing return extended till August 5
Posted Date : 31-Jul-2013 , 04:58:12 pm | Posted By CASANSAAR
In a major relief to those who could not file their income tax returns today, the Income Tax Department has extended the deadline for filing returns till August 5. The previous deadline was scheduled to expired today.
The department had earlier extended the date for filing returns for Uttar...
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Mobile Apps for filing of return aren't approved by I-T Department: e-Filing Portal
Posted Date : 31-Jul-2013 , 10:38:17 am | Posted By CASANSAAR
There are Mobile applications which are not approved by the Income Tax Department. Users are advised that they may not be according to Department's data structure. Filers using them would be doing so at their own risk.
Source : www.incometaxindiaefiling.gov.in
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ITR efiling: Last-minute rush slows down income tax site
Posted Date : 31-Jul-2013 , 08:38:01 am | Posted By CASANSAAR
The website of the income tax (I-T) department is running slow since Monday. It has slowed down at a time when taxpayers are in a rush to meet the July 31 deadline for filing returns for the assessment year 2013-14.
Besides, the central board of direct taxes ( CBDT) recently ma...
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More than 82 lakh tax returns e-filed till July 29: Finance Ministry
Posted Date : 31-Jul-2013 , 08:22:26 am | Posted By CASANSAAR
More than 82 lakh income taxreturns have been e-filed till Monday which is 40 per cent higher than the same period last year, the Finance Ministry today said. "On July 30, 2013, 6.23 lakh returns were e-filed till 6 pm. Record peak of more than 85,000 returns per hour has been ac...
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