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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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 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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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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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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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 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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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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I-T department identifies 12 lakh assessees who do not file returns
Posted Date : 30-Jul-2013 , 11:54:09 am | Posted By CASANSAAR
The Income Tax department has already identified 12 lakh assessees who do not file returns and are doing their follow-up action on them.
The department has prepared a list of non-filers based on their information records.
According to reports, a large number of tax payers have already paid taxes a...
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Disclose top 10 Income Tax assessees: CIC to I-T department
Posted Date : 26-Jul-2013 , 08:15:02 pm | Posted By CASANSAAR
The Central Information Commission has directed the Income Taxdepartment to disclose the list of top 10 Income Tax assessees among individual, companies and charitable organisations categories. Information Commissioner M L Sharma said the information should be disclosed as i...
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ITAT Vice-President booked by CBI in disproportionate assets case
Posted Date : 26-Jul-2013 , 07:58:16 am | Posted By CASANSAAR
CBI has booked G E Veerabhadrappa, a Vice-President ofIncome Tax Appellate Tribunal(ITAT), for allegedly amassing disproportionate assets, a charge refuted by the official who said the case was a conspiracy against him.CBI sources today alleged that Veerabhadrappa, a chartered account...
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Income Tax Department sends letters to another batch of 35000 non-filers
Posted Date : 25-Jul-2013 , 09:08:01 pm | Posted By CASANSAAR
Getting tough, the Income Tax department has sent letters to an additional 35,000 non-filers of returns.
"The Income Tax department has sent letters to another batch of 35,000 non-filers ... With this latest batch, the department has now issued letters in 2.10 lakh high pri...
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Deadline for filing Income Tax returns extended to October 31
Posted Date : 25-Jul-2013 , 08:30:44 am | Posted By CASANSAAR
The government has extended till October 31 the deadline for filing of income tax returns for taxpayers in calamity-hit Uttarakhand. The Central Board of Direct Taxes (CBDT), the apex body for framing policies of the I-T department, has issued orders in this regard on Tuesday.
All the asses...
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RBI takes more steps to tighten liquidity, support rupee
Posted Date : 24-Jul-2013 , 08:13:00 am | Posted By CASANSAAR
With the rupee still continuing to be weak, the Reserve Bank today announced additional liquidity tightening measures to contain excessive speculation and volatility in the foreign exchange market.RBI has reduced the liquidity adjustment facility (LAF) for each bank from 1 per cent of...
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CBDT Releases ITR 6 for e-filing for AY 2013-14 / FY 2012-13
Posted Date : 23-Jul-2013 , 10:19:47 am | Posted By CASANSAAR
CBDT has released ITR 6 for e-filing or Online filing of Income tax Return to be used by a company, other than a company claiming exemption under section 11 for Assessment year 2013-14 or Financial Year 2012-13. The ITR-6 can be downloaded from the following w...
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Salary earners upto Rs 5 lakh need to file I-T return: CBDT
Posted Date : 23-Jul-2013 , 08:19:41 am | Posted By CASANSAAR
Unlike the past two years, salaried persons earning up to Rs 5 lakh annually will have to file income tax returns,CBDT said today. The Central Board of Direct Taxes (CBDT) had exempted salaried employees having total income of upto Rs 5 lakh including income from other sources u...
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Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh
Posted Date : 22-Jul-2013 , 07:34:35 pm | Posted By CASANSAAR
The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees.
The CBDT ...
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e-file your Income Tax Returns in 10 steps
Posted Date : 22-Jul-2013 , 08:33:19 am | Posted By CASANSAAR
If you have a taxable income of Rs 5 lakh and above, it is mandatory for you to e-file your tax return. An average taxpayer should take roughly 30-40 minutes to key in all the information and upload his return. Here's how to go about it.1Log on to the Income Tax Department's portal (income...
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CBDT moves to limit carry forward of loss forward of losses
Posted Date : 20-Jul-2013 , 08:18:30 am | Posted By CASANSAAR
In a move that will limit the carry forward of losses by businesses to reduce their tax liability in subsequent years, the revenue department has issued a ‘departmental view’ on how to set off losses while calculating the taxable income. The circular is in line with a Kerala HC judgment ...
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