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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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ICAI initiates probe against Reebok ex-CFO Vishnu Bhagat
Posted Date : 05-Jun-2013 , 01:51:37 pm | Posted By CASANSAAR
ICAI has launched an enquiry against Reebok India’s former Chief Financial Officer Vishnu Bhagat over his role in the alleged multi-crore fraud in the Indian unit of global sportswear major.
“We have initiated an enquiry on our member… who was a key managerial person (CFO...
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Income Tax |
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ICAI seeks details on Nokia tax issue from income tax department
Posted Date : 05-Jun-2013 , 08:53:35 am | Posted By CASANSAAR
Accounting regulator ICAItoday said it has sought details from the director general income tax (investigation), which is probing the alleged Rs 2,080 crore tax evasion by the finnish mobile maker Nokia. After it received the details on the case, the Institute of Chartered Accountants&...
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Income Tax |
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ED slaps Rs.8,600-cr penalty notice on Emaar MGF
Posted Date : 05-Jun-2013 , 08:25:20 am | Posted By CASANSAAR
The Enforcement Directorate has issued a show-cause notice to construction major Emaar MGF Land Limited for alleged violation of the Foreign Exchange Management Act (FEMA) worth about Rs.8,600 crore by false representation on utilisation of foreign direct investment (FDI).
FOREX RULE VIOLATION
&...
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Income Tax |
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Cabinet approves Vodafone conciliation on tax demand
Posted Date : 04-Jun-2013 , 07:45:19 pm | Posted By CASANSAAR
The Union Cabinet today approved a proposal for conciliation with British telecom company Vodafone on their Rs 14,000-crore tax dispute.
Officials said conciliation will pave way for amendments to theIncome Tax Act. This will be needed to have a uniform law for all companie...
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Income Tax |
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Income tax Department has released e-Filing Utility for ITR- 3 for A.Y.2013-14 / F.Y.2012-13
Posted Date : 04-Jun-2013 , 09:57:38 am | Posted By CASANSAAR
Income tax Department has releasede-Filing Utility for ITR- 3 for A.Y. 2013-14 / F. Y. 2012-13.
To Whom it is Applicable
ITR 3 for AY 2013-14 is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where incom...
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Income Tax |
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Companies, political parties to give 'other income' details in I-T returns
Posted Date : 04-Jun-2013 , 08:29:40 am | Posted By CASANSAAR
After asking individual taxpayers to declare their assets and liabilities in the new Income Tax Return (ITR) forms, the finance ministry will now tell companies, firms, trusts, as well as political parties, to give more disclosures in the ITR forms to be notified soon for the 201...
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Taxman to put salary slips of top executives under scanner for TDS
Posted Date : 03-Jun-2013 , 05:22:42 pm | Posted By CASANSAAR
Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
The department, during its recent deliberations with top I-T and CBDT officials here, decided to st...
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Income Tax |
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FM asks I-T to avoid raids
Posted Date : 03-Jun-2013 , 12:39:04 pm | Posted By CASANSAAR
With the corporate sector, especially multinational firms, flagging off concerns over an aggressive tax department, Finance Minister P Chidambaram has asked officials to tread cautiously while chasing tax evaders and avoid raids as long as possible.Chidambaram, who has assured fo...
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Income Tax |
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Property sellers without PAN face 20% tax hit
Posted Date : 02-Jun-2013 , 08:53:02 am | Posted By CASANSAAR
Those selling immovable property without disclosing their permanent account number ( PAN) are in for a tough time with the government mandating a 20% tax deduction at source (TDS) in such transactions. The new rules that came into effect from Saturday require buyers of immovable property, ...
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Income Tax |
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IRS officer Sudha Sharma is new CBDT chief
Posted Date : 01-Jun-2013 , 08:29:37 am | Posted By CASANSAAR
Senior IRS officer Sudha Sharma has been appointed as the new Chairperson of the Central Board of Direct Taxes in the Finance Ministry.
The orders were issued late today by the ministry, official sources said. The board, also the administrative authority of the Income Tax department, is...
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Income Tax |
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Nokia's appeal against Rs. 2,080 crore tax demand dismissed
Posted Date : 31-May-2013 , 08:05:05 pm | Posted By CASANSAAR
Indian authorities have dismissed Nokia's appeals against an income tax bill of Rs. 2,080 crore, the phone company said on Friday, a setback for its efforts to resolve the dispute in a crucial market.
Nokia's India unit was served in March with the tax demand for five years starting from ...
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Income Tax |
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Tax dept likely to issue notices to over 10 lakh non-filers
Posted Date : 30-May-2013 , 08:02:36 am | Posted By CASANSAAR
Tightening its noose on those who do not pay taxes, the Income Tax Department is likely to issue notices soon to over 10 lakh non-filers.
According to sources, the tax department has prepared a list of non-filers based on their information records.
“Our data analysis shows th...
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Income Tax |
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Government mulls new laws to settle tax disputes with an eye on Vodafone-type cases
Posted Date : 30-May-2013 , 07:44:30 am | Posted By CASANSAAR
The government is examining the possibility of putting in place a formal framework for resolving tax disputes, notably the one with Vodafone, similar to the advance pricing agreements used to resolve transfer pricing cases.While no final decision has been taken, one option is to amend the ...
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Income Tax |
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Cobrapost sting: Income Tax department issues notices to ICICI, Axis, HDFC banks
Posted Date : 29-May-2013 , 08:02:09 am | Posted By CASANSAAR
Income Tax department has issued notices to three top private lenders in the country - ICICI Bank, Axis Bank and HDFC Bank - in connection with alleged money laundering charges levelled by online portal Cobrapost.
The department has asked these banks to produce documents for verification as...
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Tax officials should target those who are not filing returns: FM
Posted Date : 29-May-2013 , 07:57:29 am | Posted By CASANSAAR
Finance minister P Chidambaram has told top income tax officials to keep a close tab on those not filing tax returns and ensure that the tax collection target for the current financial year is met.Inaugurating the annual conference of chief commissioners and director generals of income tax...
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Income Tax |
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I.T.Department released ITR- 2 E Filing Utility for AY 2013-14 / FY 2012-13
Posted Date : 28-May-2013 , 10:56:06 am | Posted By CASANSAAR
Income tax Department has released e-Filing Utility for ITR- 2 for Assessment year 2013-14 / Financial Year 2012-13. We have placed link for the same as the bottom of the article. We also discussed Who can use this Return Form?,Who cannot use this Return Form?,Manner of filing this Return...
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Rs 2.14 crore products seized from Amway godowns in Kerala
Posted Date : 28-May-2013 , 10:15:20 am | Posted By CASANSAAR
The Economic Offences Wing of the Crime Branch, Kozhikode, which arrested the CEO of Amway India and two of its directors on Monday, had also registered cases against Amway India directors Pahlavi Suresh Shraff and Shabdul Suresh Shraff, who reside in New Delhi, based on a complaint filed on Novembe...
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