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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1002
|
 |
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1050
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1014
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 799
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1253
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 790
|
|
India Inc to pay tax on employees contribution to PF if not deposited before PF due date - ITAT
Posted Date : 28-May-2013 , 08:36:41 am | Posted By CASANSAAR
If India Inc does not deposit provident fund or employee state insurance contributions collected from its employees promptly, as per the due dates under these legislation, it will have to pay tax on the same.
In a recently heard tax appeal, in the case of LKP Securities, the M...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 936
|
|
FM to inaugurate annual conference of Income Tax personnel
Posted Date : 28-May-2013 , 08:33:44 am | Posted By CASANSAAR
Finance Minister P. Chidambaram will inaugurate the 29th annual conference of Chief Commissioners and Directors General of Income Tax here on Tuesday.
The two-day conference is being organised by the Central Board of Direct Taxes (CBDT) at Vigyan Bhawan here on May 28th ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 655
|
|
Tax dept send letters to another 35,000 assessees for not filing returns
Posted Date : 27-May-2013 , 07:01:11 pm | Posted By CASANSAAR
Continuing its drive against non-filers, the income tax department on Monday sent letters to another 35,000 such assessess for not filing tax returns, taking the total number of these letters to 1.75 lakh. The I-T Departmenthas identified around 12 lakh assessees who have not filed th...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 754
|
|
Sudha Sharma likely to be new CBDT head
Posted Date : 27-May-2013 , 08:53:40 am | Posted By CASANSAAR
Sudha Sharma, a 1976 batch Indian Revenue Service (IRS) officer, is likely to be the new head of Central Board of Direct Taxes (CBDT).
Its current chairperson Poonam Kishore Saxena will retire on May 31.
"Sudha Sharma's appointment as the next CBDT c...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 811
|
|
Over 100 MNCs seek advance ruling to avoid tax disputes
Posted Date : 27-May-2013 , 08:46:14 am | Posted By CASANSAAR
Seeking to avoid transfer pricing taxation dispute, about 146 multi national companies (MNCs) have sought advance ruling under APA (Advance Pricing Agreements) mechanism.
"We have received 146 applications from companies for advance pricing agreement mechanism which would allow co...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 703
|
|
iGate facing unsettled tax demands worth Rs 738 cr
Posted Date : 26-May-2013 , 04:34:07 pm | Posted By CASANSAAR
After WNS and Infosys, iGate is the latest to face tax issues in India with the US-based outsourcing firm having an "unsettled" tax demand of $132.7 million (about Rs 738 crore) for assessment years 2004-05 to 2009-10.
iGate, which was in news for sacking of its chief executive Phaneesh Mur...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 665
|
|
DTC will be introduced in monsoon session - FM
Posted Date : 24-May-2013 , 07:33:14 pm | Posted By CASANSAAR
Finance Minister P. Chidambaram said on Friday he would introduce a bill for a direct tax code (DTC) during the monsoon session of parliament.
The code, which will replace the existing Indian Income Tax Act 1961, is intended among other things to rationalise tax rates to bring more peop...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 877
|
|
Cabinet approves over 20,700 additional posts in I-T dept
Posted Date : 23-May-2013 , 09:17:12 pm | Posted By CASANSAAR
The Cabinet on Thursday approved the proposal for creation of 20,751 additional posts in the Income Tax Department in various cadres. Of them, 1349 posts will be in the Indian Revenue Services (IRS) cadre and 19,402 posts in the non-IRS cadres. A decision in this regard was taken at the cabinet...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1284
|
|
Government urges all tax Payers to Disclose their True income and pay Appropriate taxes within the Current Financial Year
Posted Date : 22-May-2013 , 08:36:05 am | Posted By CASANSAAR
The Union Finance Minister Shri P. Chidambaram has repeatedly emphasized that there is need for a non–intrusive tax administration to enable the tax payer to file his/her return and pay appropriate taxes. In the statement made by the Revenue Secretary, Government of India to the media on ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 791
|
|
Withholding tax on FIIs, QFIs interest income cut to 5% to stay till 2015: Govt
Posted Date : 21-May-2013 , 06:38:06 pm | Posted By CASANSAAR
In a bid to attract greater FIIs (foreign institutional investors) participation in the debt market, the government today said foreign investors will pay only 5 per cent withholding tax on interest earned from such investments till May 2015.
"In order to provide broad based incentive and en...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 674
|
|
Govt seeks information from 70,000 high priority IT assessees
Posted Date : 21-May-2013 , 05:22:09 pm | Posted By CASANSAAR
The government today said it would send letters to 70,000 "high priority" assessees this month asking them to disclose their true income and pay taxes in the current financial year. "... 70,000 letters are being sent in two batches to other high priority cases in this month. Of these, the first...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 801
|
|
I-T Dept slaps Rs 582 cr tax demand notice on Infosys
Posted Date : 19-May-2013 , 03:51:08 pm | Posted By CASANSAAR
Income Tax department has slapped a fresh USD 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm.
The Bangalore-based software services exporter is already contesting additional income tax demands of USD 214 milli...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 993
|
|
IPL spot-fixing: ED, DRI, Income Tax looking into money trail
Posted Date : 17-May-2013 , 09:23:45 pm | Posted By CASANSAAR
A day after the Delhi Police unearthed an alleged spot-fixing racket in IPL matches, a host of other probe agencies have begun sniffing for any clandestine ‘hawala’ transactions linked to it.
The Enforcement Directorate (ED), which is tasked to check illegal payment gateways lik...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 741
|
|
Home loan prepayment fee eligible for tax benefit
Posted Date : 17-May-2013 , 08:46:01 am | Posted By CASANSAAR
A ruling by the Mumbai bench of the Income Tax Appellate Tribunal spells welcome relief for taxpayers who have paid huge sums as prepayment or foreclosure charges on early repayment of their housing loans.
Such taxpayers can claim prepayment charges as deductible under the head incom...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1159
|
|
ITR- 4S Sugam (online/offline) for AY 2013-14 is avaiable for E-filing
Posted Date : 16-May-2013 , 03:40:13 pm | Posted By CASANSAAR
We have uploaded ITR-4S Sugam as applicable for AY 2013-14 / FY 2012-13 for online filing of Income Tax Returns for Presumptive Income Tax Return. ThisReturn Form is applicable for assessment year 2013-2014 only, i.e., it relates to income earned in Financial Year&...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1819
|
|
Convocation for Chartered Accountants
Posted Date : 16-May-2013 , 08:34:11 am | Posted By CASANSAAR
CASANSAAR Team has received a lot of request and representation on the ongoing drama on the Convocation being organised by the ICAI through its various Regional Councils.
It not hidden fact that younger member of the ICAI are not happy with the mother body of the profession. Again the half ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3374
|
|
LTA to be tax exempt only for domestic travel
Posted Date : 16-May-2013 , 08:31:02 am | Posted By CASANSAAR
Tax exemption on leave travel allowance or LTA can be claimed only on domestic travel and cannot be clubbed with an overseas journey. If an air ticket comprises Indian and overseas components, no exemption will be provided either on the entire cost or on partial Indian travel.
This was clarif...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1015
|
|
NRI status a must to invoke transfer pricing, says ITAT
Posted Date : 15-May-2013 , 09:54:32 am | Posted By CASANSAAR
In a decision that will have farreaching implications on companies across sectors, the Income-Tax Appellate Tribunal (ITAT), Mumbai, held that an element of cross-border transaction and existence of an associated enterprise (AE) are pre-requisites for invoking the provisions of transfer pr...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 714
|
|
Kapil Sibal overturns Ashwani Kumar's decision on Vodafone tax liability
Posted Date : 15-May-2013 , 08:15:27 am | Posted By CASANSAAR
Newly-appointed Law Minister Kapil Sibal has overturned his predecessor Ashwani Kumar's decision on the Vodafone tax liability issue and has given a go ahead for the matter to be resolved through conciliation.
British telecom major Vodafone faces a Rs. 11,200-crore tax liability in ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 938
|
|
Download ITR- 1 for AY 13-14 / FY 2012-13 for Online Filing of Income tax Return
Posted Date : 14-May-2013 , 12:59:25 pm | Posted By CASANSAAR
ITR 1 (offline/online) for AY 2013-14 is available for e-Filing – Income taxDepartment has released ITR 1 for Filing of Return for the Assessment Year 2013-14/ Financial Year 2012-13.
Download ITR- 1 for AY 13-14 / FY 2012-13 for Online Filing of Income tax Return
&nbs...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 5089
|
|
Taxmen call on WNS; slap tax demands of about Rs 557 cr
Posted Date : 12-May-2013 , 08:26:22 pm | Posted By CASANSAAR
After Vodafone, Nokia and Shell, WNS is the latest MNC that has come under the tax scanner on transfer pricing issue and the outsourcing major has demands of additional tax of about Rs 557 crore on income and with regard to acquisition of UK-based Aviva's BPO services.
The company, however, has cha...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 825
|
|
Donations tax-free if schools use funds for education
Posted Date : 12-May-2013 , 08:25:30 am | Posted By CASANSAAR
Donations collected by schools will be tax-free if it is used for advancement of education. "If the income earned by a trust is utilized for charitable purposes, it cannot be held that the trust is carrying out business," the Mumbai bench of the Income Tax Appellate Tribunal said while hea...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 956
|
|
I-T looks at global practices on transfer pricing
Posted Date : 12-May-2013 , 08:24:22 am | Posted By CASANSAAR
With the government’s demand of 57 per cent more tax under transfer pricing rules in 2012-13 making companies jittery, the Income Tax (I-T) Department has adopted a course-correction mode, giving ‘guidance’ to assessing officers to help them frame orders based on international best...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 784
|
|
FVU version 3.71
Posted Date : 11-May-2013 , 07:48:18 am | Posted By CASANSAAR
Key features of File Validation Utility (FVU) version 3.71
Section 80CCG: Section 80CCG has been incorporated for Form no. 24Q Q4. Section code 80CCG is applicable for FY 2012-13 onwards.Section 80CCF: Quoting deductionunder section 80CCF has been restricted to FY 2010-11 and...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1523
|
|
|
