Address your tax grievances the traditional way
Posted Date : 19-Jul-2013 , 07:57:29 am | Posted By CASANSAAR
Getting across to the income tax (I-T) department when you need to address a complaint or process your refund is often tiresome and long-drawn. However, the department is trying to change this system and quicken the response time to your refund and othergrievances by issuing a unique ...
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Income Tax |
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Filing of income tax return: Special counters to be set up in Delhi
Posted Date : 18-Jul-2013 , 06:55:33 am | Posted By CASANSAAR
Special counters for filing of tax returns will be set up in the national capital. The counters would become operational from July 25 till July 31 and will remain open from 10 AM to 5 PM, officials said. July 31 is the deadline for filing of I-T returns by salaried and individual taxpayers.
The cou...
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Income Tax |
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0 | Hits : 764
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DTC bill to be introduced in monsoon session: FM
Posted Date : 16-Jul-2013 , 02:34:13 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said official amendments to the DTC bill, which seeks to overhaul the over 50-year old income tax law, will be introduced towards the end of Monsoon session of Parliament starting August 5.The Direct Taxes Code (DTC) bill was introduced in Lok Sabha in 2010 and S...
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Income Tax |
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0 | Hits : 801
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Every district to have Income Tax office by 2013
Posted Date : 16-Jul-2013 , 07:55:57 am | Posted By CASANSAAR
Every district in the country will have at least one Income Tax office once the ambitious cadre restructuring of the department is implemented by the end of this year. The proposal was discussed at length and approved at a recent meeting of top I-T and Central Board of Direct Tax...
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Income Tax |
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New Rules of Filing Income Tax Returns
Posted Date : 15-Jul-2013 , 02:34:08 pm | Posted By CASANSAAR
The tax authorities have introduced several new guidelines for filing returns this year. Find out how these changes are likely to impact you.
First they made it compulsory for businesses to e-file their tax returns. Then they made it mandatory for taxpayers with incomes of over 10 lakh to tak...
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Income Tax |
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E-filing of income tax returns to surge on new norms
Posted Date : 15-Jul-2013 , 07:21:09 am | Posted By CASANSAAR
Electronic filing of income taxreturns is likely to jump sharply this year as the government has brought down the mandatory limit of online filing to income above Rs.5 lakh from the earlier Rs.10 lakh. "A large number of people come under Rs.5 lakh to Rs.10 lakh category. The lowering of i...
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Income Tax |
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0 | Hits : 1351
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Chartered accountants debate change in tax rules
Posted Date : 14-Jul-2013 , 06:54:49 am | Posted By CASANSAAR
The changes in the tax rules have stumped many after both state and Union budgets were presented earlier this year. For one, under property tax, if any person buys property less than the collector rates, then he would have to pay tax applicable on the difference of the two.
The new amendm...
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Income Tax |
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0 | Hits : 854
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Direct Taxes Committee of ICAI requests members to share difficulties being faced in e-filing of tax audit reports
Posted Date : 13-Jul-2013 , 07:38:10 am | Posted By CASANSAAR
As the members are aware, the Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee by the members. Recently, i...
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Income Tax |
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0 | Hits : 1011
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Income Tax officials donate one-day salary for Uttarakhand victims
Posted Date : 13-Jul-2013 , 07:29:47 am | Posted By CASANSAAR
Indian Revenue Service officials of the Income Tax department will donate their one day's earnings to relief fund for the Uttarakhand rain and flash floods affected people.
The I-T officials have been asked to send their contributions to a designated bank account in the national capital whi...
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Income Tax |
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1 | Hits : 726
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Income tax returns: Two important changes NRIs should note this year
Posted Date : 11-Jul-2013 , 08:46:16 pm | Posted By CASANSAAR
As always, July is the time for filing tax returns in India. As a Non Resident Indian, you would typically need to file a tax return in India if you have income that arises in India. This year, theincome tax department has made two important changes that you must be aware of. These changes...
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Income Tax |
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ED issues notices on FEMA violations of Rs 3805cr in 2G Case
Posted Date : 11-Jul-2013 , 08:24:17 am | Posted By CASANSAAR
The enforcement directorate (ED) on Wednesday issued show cause notices for alleged foreign exchange violations of Rs 3,805 crore to telecom firms and other entities as part of its investigation into the 2G spectrum allocation case.
The notices by the central probe agency have been issued a...
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Income Tax |
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0 | Hits : 694
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I-T captures transactions to nab tax evaders
Posted Date : 11-Jul-2013 , 08:16:46 am | Posted By CASANSAAR
Sixty-five-year old Prabha Mishra, who has never earned any income in life, was shocked to receive a letter from the income tax department recently. It said the Directorate of Intelligence & Criminal Investigation had information about term deposits she made last year but did n...
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Income Tax |
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0 | Hits : 1153
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Download Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961- Revised 2013 Edition
Posted Date : 09-Jul-2013 , 08:22:55 pm | Posted By CASANSAAR
Download Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961- Revised 2013 Edition issue by ICAI.
Click on the attached file.
or
CLICK HERE
Source : ICAI...
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Category :
Income Tax |
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0 | Hits : 5706
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Taxpayers to get unique number for complaints
Posted Date : 07-Jul-2013 , 08:34:56 pm | Posted By CASANSAAR
Taxpayers having grievances regarding their I-T refunds and tax computations will now get a unique acknowledgement number with an assurance that their complaint will be resolved within two months time.
The newly introduced number will not cause confusion and will be different from the exist...
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Income Tax |
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0 | Hits : 1037
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Clarification Regarding Applicability of SA 700 on Tax Audit Report under Section 44AB of The Income-Tax Act, 1961
Posted Date : 05-Jul-2013 , 02:50:25 pm | Posted By CASANSAAR
As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) - Forming an Opinion and Reporting on Financial Statements. In this regard, ICAI h...
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Income Tax |
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Employees can't claim VRS benefit as matter of right: Supreme Court
Posted Date : 05-Jul-2013 , 12:48:38 pm | Posted By CASANSAAR
No employee, as a matter of right, can seek the benefits of voluntary retirement scheme (VRS) and the decision-taking power lies only with the employer firm, the Supreme Court has held."A voluntary retirement scheme introduced by a company, does not entitle an employee as a matter of right...
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Income Tax |
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0 | Hits : 752
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I-T Dept may make DATE OF BIRTH proof mandatory for PAN card
Posted Date : 04-Jul-2013 , 05:11:41 pm | Posted By CASANSAAR
As part of its drive against fake Permanent Account Number, the Income-Tax Department is considering making proof of date-of-birth mandatory for issuance of PAN card.
“The Department might ask for proof of date-of-birth for issuing a PAN card. Ration cards and rent receipts might no l...
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Income Tax |
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1 | Hits : 1472
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Download New Income Tax Return Forms
Posted Date : 02-Jul-2013 , 08:15:38 am | Posted By CASANSAAR
New Income Tax Return Forms
A.Y. 2010-11
A.Y. 2011-12
A.Y. 2012-13
A.Y. 2013-14
ITR - 1
SARAL - II (ITR-1)
English Instructions Hindi Instructions
ITR-1 SAHAJ Indian Individual Income tax ReturnEnglish Hindi Print Specifica...
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Income Tax |
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0 | Hits : 1391
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Key features of FUV version 2.134 applicable wef 01.07.2013
Posted Date : 01-Jul-2013 , 07:24:36 pm | Posted By CASANSAAR
Key features of FVU 2.134 is as follows:
1. Addition of filler fields in:
- Deductor details (BH record)- Challan details (CD record)- Deductee details (DD record)- Salary details (SD record). Applicable in case of 24Q, Q4.
2. Quarterly TDS/TCS statement (regular ...
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Income Tax |
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0 | Hits : 963
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Breather for IT cos: CBDT withdraws a controversial circular
Posted Date : 29-Jun-2013 , 10:27:36 pm | Posted By CASANSAAR
In a breather to the IT industry, the Income Tax Department today announced withdrawal of a controversial circular and modification of another one relating to taxation of R&D centres, which play a key role in software development. While the circular relating to adoption ...
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Income Tax |
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Income Tax reminders on way to 12 lakh assessees for not filing returns
Posted Date : 27-Jun-2013 , 10:54:51 pm | Posted By CASANSAAR
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said."The I-T department has started follow up of around 12 lakh asses...
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Income Tax |
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Download ITR
Posted Date : 27-Jun-2013 , 08:32:39 am | Posted By CASANSAAR
Income Tax Department has releasedIncome Tax Return (ITR ) 5 as Applicable for Partnership Firms, AOPs, LLPs and BOIs for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website https://incometaxindiaefili...
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Income Tax |
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0 | Hits : 1032
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I-T department to keep tax returns in hi-tech, world-class swanky centres
Posted Date : 25-Jun-2013 , 06:44:00 am | Posted By CASANSAAR
Your taxes are dear to the income tax department, but your returns are even dearer, so the department has ensured that they are kept in world-class safe keeping. Iron Mountain, the safe-keeper of the wills of Princess Diana, Charles Darwin, Bill Gates' Corbis photographic collect...
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Income Tax |
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0 | Hits : 936
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Procedure for Filling the Income Tax Return Form
Posted Date : 24-Jun-2013 , 08:06:42 am | Posted By CASANSAAR
Logged on to www.incometaxindia.gov.in, (you can also log on to incometaxindiaefiling.gov.in) and began by downloading the form. This is where you stumble on the first hurdle. Which form to download – ITR-1 Sahaj or ITR-2? The journey of demystification of filing of income tax return (ITR) thu...
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Income Tax |
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0 | Hits : 1875
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Companies paying over Rs 10 cr advance tax may be asked to join LTU
Posted Date : 23-Jun-2013 , 07:50:27 pm | Posted By CASANSAAR
Government is considering making it mandatory for companies paying advance tax of over Rs 10 crore annually to register with the LTU (Large Taxpayers Unit), a move likely to augment and streamline tax collection.
A four-member committee has been set up to look into the various aspects of LT...
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Income Tax |
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0 | Hits : 943
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Difficult to recover 97% of Rs 4.82 lakh crore tax arrears: Central Board of Direct Taxes
Posted Date : 23-Jun-2013 , 06:08:33 pm | Posted By CASANSAAR
In a startling revelation, the Central Board of Direct Taxes ( CBDT) has reported that 97 per cent of Income Tax demand arrears, quantified over Rs 4.66 lakh crore, is "difficult" to be recovered.
The total arrears amount to be recovered, stuck because of a variety of reasons l...
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Income Tax |
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0 | Hits : 735
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UBS to surrender its banking licence in India
Posted Date : 22-Jun-2013 , 01:40:01 pm | Posted By CASANSAAR
Swiss bank UBS AG has decided to exit from its banking business in India and is planning to surrender its licence to the Reserve Bank of India (RBI) next week.
“UBS has decided to exit its fixed income business in India. The bank will continue its equity and investment banking&...
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Income Tax |
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0 | Hits : 805
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Income-tax department may allow filing of returns without digital signatures
Posted Date : 22-Jun-2013 , 08:50:29 am | Posted By CASANSAAR
You may soon not need digital signatures to file income-tax returns. The income-tax department is looking at giving electronic pin (personal identification numbers) to taxpayers, which will make electronic return filing a hassle-free task.
The new system, which will benefit over t...
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Income Tax |
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0 | Hits : 1805
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Rupee hits life-time low, Government steps in
Posted Date : 20-Jun-2013 , 06:05:33 pm | Posted By CASANSAAR
The Indian rupee slumped to another record low of 59.93 against the dollar on Thursday, after the US Federal Reserve signalled an end to its monetary stimulus that would help in further strengthening of the greenback.
The partially convertible rupee opened sharply lower and hit the record l...
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Income Tax |
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0 | Hits : 849
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E-filing of tax returns made simple
Posted Date : 19-Jun-2013 , 08:32:53 am | Posted By CASANSAAR
As July 31 - the last date for filing your incometax returns - approaches, it's time to brace yourself for the annual ritual. However, this year, you will not have the luxury of simply gathering all the relevant documents and handing them over to your tax consultant. You will have to adopt a mo...
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Income Tax |
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0 | Hits : 2223
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