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 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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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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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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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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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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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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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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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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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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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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ISKCON Mumbai misused audit reports of ISKCON Bangalore - ICAI
Posted Date : 19-Jun-2013 , 08:26:54 am | Posted By CASANSAAR
In what could be a setback to Mumbai ISKCON's legal fight with Bangalore ISKCON over ownership, Institute of Chartered Accountants of India (ICAI) in its recent report observed that Mumbai ISKCON has misused and misinterpreted the audit reports of BangaloreISKCON, while...
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Income Tax |
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E-filing of audit reports must with tax returns
Posted Date : 18-Jun-2013 , 08:35:27 am | Posted By CASANSAAR
The new income-tax forms notified by the government have made it mandatory for many assessees to file their audit reports in the electronic mode at the time of filing tax returns.
“(The) list of audit reports required to be furnished with return of income has been expanded. As ...
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Cabinet reshuffle: Eight new Ministers sworn in
Posted Date : 17-Jun-2013 , 06:07:53 pm | Posted By CASANSAAR
Eight new faces have been inducted into the Union Council of Ministers on Monday, with Sisram Ola and Oscar Fernandes making a re-entry after a gap of four years.
Mr. Ola, along with Girija Vyas and K.S. Rao, have been inducted as Cabinet Ministers.
The Ministers of State are Manik...
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Income Tax |
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Foreign companies may not need FIPB nod for minority stake in Indian arms; govt to raise FDI cap
Posted Date : 17-Jun-2013 , 08:48:03 am | Posted By CASANSAAR
Foreign companies may not need government approval to hold up to 49% equity in Indian arms in most sectors, with theManmohan Singh administration planning an overhaul of the foreign investment regime to attract overseas capital.A senior official said the government was considering raising the m...
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Income Tax |
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Sebi finalising new anti-money laundering guidelines
Posted Date : 16-Jun-2013 , 07:08:53 pm | Posted By CASANSAAR
Regulator Sebi is finalising new Anti-Money Laundering guidelines covering entities such as brokers and mutual funds to put in place stronger checks against possible cleansing of funds through capital markets. The guidelines, expected to be ready within a few weeks...
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May not be mandatory to post paper copy of I-T e-filings: CBDT
Posted Date : 16-Jun-2013 , 05:28:50 pm | Posted By CASANSAAR
Millions of taxpayers filing electronic I-T returns will soon get relief from sending by post the mandatory paper verification form as the CBDT has decided to soon stop this practice. The Central Board of Direct Taxes (CBDT), administrative authority of the Income Tax d...
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Non-banking companies may hire 70,000 bank job aspirants
Posted Date : 15-Jun-2013 , 07:29:38 am | Posted By CASANSAAR
About 70,000 candidates shortlisted by the country's banking selection institute but still waiting for bank jobs may be absorbed by non-banking entities, which are planning to tap this ready pool of job seekersto avoid a lengthy and costly process ofhiring. The Institute of Banking Pe...
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Income Tax |
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India Inc foreign acquisitions can't be taxed locally, rules tribunal
Posted Date : 15-Jun-2013 , 07:24:39 am | Posted By CASANSAAR
A recent ruling by the Hyderabad income tax tribunal regarding taxation norms of Indian companies investing in their foreign counterparts has come as a big boost to India Inc's arguements. The corporate world has been trying to prove a point, debating, that transfer pricing rules...
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Sebi notifies norms for listing of preference shares
Posted Date : 15-Jun-2013 , 07:22:53 am | Posted By CASANSAAR
Market regulator Sebi has notified a new set of regulations to govern issuance and listing of non-convertible preference shares, a move expected to bring more transparency in raising of funds through such securities. To safeguard the interest of small investors from such high-risk sec...
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MNCs seek advance ruling to avoid tax rows
Posted Date : 15-Jun-2013 , 07:15:37 am | Posted By CASANSAAR
When Anglo-Dutch energy major Shell BV infused additional capital into its Indian arm Shell India by way of equity, it did not expect Shell India to be hit by a Rs 5,000-crore demand from the Income-Tax Department in India.
Indian taxmen had argued that the Indian company had undervalued it...
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Tax scrutiny of multinational companies to increase
Posted Date : 14-Jun-2013 , 08:19:30 am | Posted By CASANSAAR
income-tax (I-T) department has notified a revised form to check for transfer pricing infractions, something that could intensify the scrutiny on their books.The new form explicitly requires companies to disclose specific international transactions even i...
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Taxmen slap fresh demand of Rs. 816 crore on Wipro
Posted Date : 13-Jun-2013 , 07:28:55 pm | Posted By CASANSAAR
India's third largest software firm Wipro has been slapped with a claim of over Rs. 816 crore by the tax department, becoming the latest IT company to have got such a notice after Infosys, WNS and iGate.
The Bangalore-headquartered company said the "draft assessme...
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I.T.Department released ITR- 4 E Filing Utility for AY 2013-14 / FY 2012-13
Posted Date : 13-Jun-2013 , 10:05:30 am | Posted By CASANSAAR
Income Tax department releases the online return filing software utility in respect of ITR-4 for A.Y. 2013-14 which can be downloaded from www.incometaxindiaefiling.gov.in
Download Income Tax Return (ITR) 4 for assessment year 2013-2014. ITR 4 is applicable to by an individua...
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Claiming benefit under DTAA contingent on income received in Singapore: Tribunal
Posted Date : 09-Jun-2013 , 08:22:32 am | Posted By CASANSAAR
A tax tribunal has ruled that the treaty benefit in the form of concessional tax under the double taxation avoidance agreement (DTAA) between India and Singapore will be available to companies if income is actually received in the southeast Asian country.
The ruling came in a hearing of a...
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Income Tax |
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Chidambaram unhappy with Pranab
Posted Date : 08-Jun-2013 , 08:32:23 am | Posted By CASANSAAR
Finance Minister P. Chidambaram expressed disappointment over the changes in the Direct Taxes Code (DTC) proposals brought in by his predecessor Pranab Mukherjee in the Finance Ministry and subsequently by the Standing Committee on Finance.
Addressing the 32{+n}{+d} Skoch Summit in the city...
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Cost Inflation Index for Financial Year 2013-14
Posted Date : 07-Jun-2013 , 01:11:21 pm | Posted By CASANSAAR
Notified Cost Inflation Index for Financial Year 2013-14 / Assessment Year 2014-15 : 939
CLICK HERE FOR NOTIFICATION
Financial Year Cost Inflation Index Financial Year Cost Inflation Index
1981 – 82 : 100 1997 – 98 : 331
1982 – 83 : 109 1998 – 99 : ...
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Saradha Group Auditors under ICAI scanner
Posted Date : 07-Jun-2013 , 08:33:44 am | Posted By CASANSAAR
The auditors of West Bengal-based Saradha Group, which is alleged to have duped thousands of investors of their savings, are now under the scanner of the Institute of Chartered Accountants of India (ICAI), the apex body of chartered accountants (CAs). The ICAI has also initiated inquiry against the ...
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Income Tax |
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Revised Guidance Note on tax audit to be released on July 1 - ICAI
Posted Date : 06-Jun-2013 , 08:34:23 am | Posted By CASANSAAR
The CA institute has come up with a revised Guidance Note on tax audits, which will be released on July 1 on Chartered Accountants Day.
The revised edition was approved at the central council meeting of the Institute of Chartered Accountants of India (ICAI) that concluded on Monday, Subodh ...
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File TDS on time or be ready to cough up Rs. 1 lakh
Posted Date : 05-Jun-2013 , 07:28:39 pm | Posted By CASANSAAR
Failure to deposit timely and correct Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) will now attract a penalty ranging from Rs. 200 to Rs. 1,00,000 by the Income Tax department.
All the TDS range offices of the department across the country have been asked by the...
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