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 : 833
|
 |
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 : 961
|
|
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 : 794
|
|
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 : 1529
|
|
TIN revises rates for e-TDS/TCS, AIR, Form 24G Returns
Posted Date : 11-May-2013 , 07:46:27 am | Posted By CASANSAAR
TIN With effect from May 4, 2013, revised rates for acceptance of e-TDS/TCS, Form 24G Statements and AIR at TIN Facilitation Centres (TIN-FCs) are as under:
Basis of charges
Charges*
0 – 100 records
35.00
100 – 1000 records
200.00
Mor...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1061
|
|
Bansal
Posted Date : 10-May-2013 , 08:52:42 am | Posted By CASANSAAR
The role of railway minister Pawan Kumar Bansal, has come under fresh scrutiny as reports suggest that the minister’s family members and close aides received loans amounting to crores from the state owned Canara Bank.
Not just that, the bank had also appointed Sunil Kumar Gupta, Chart...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1793
|
|
Fire in Mumbai Income Tax headquarters
Posted Date : 10-May-2013 , 08:25:40 am | Posted By CASANSAAR
A fire on the sixth floor of the Income Tax department's headquarters here on Thursday night gutted several important tax-related files inside the storeroom, sources said.
The I-T Commissioner and other officials rushed to the scene at around 11 pm, but did not disclose the files that were gu...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 832
|
|
Spend for your children, get tax benefits
Posted Date : 09-May-2013 , 07:52:00 am | Posted By CASANSAAR
In today's world of ever increasing expenses, spending on your children results in a substantial outflow from your pocket. However, did you know that you can get tax benefits on many expenses and investments made in your child's name? This includes a wide variety of expense heads and investments. Mo...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1718
|
|
Tax treaties not to provide I-T return leeway anymore
Posted Date : 09-May-2013 , 07:48:05 am | Posted By CASANSAAR
Those availing of treaty benefits would now have to file returns of their incomes in India, even if those aren’t liable to be taxed here. The government has changed the Income Tax Rules, making it mandatory for certain classes of assessees, including those covered under bilateral tax treaties,...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 747
|
|
As 1 lakh tax notices get 1.3 lakh returns, a new strategy is born
Posted Date : 06-May-2013 , 08:38:06 am | Posted By CASANSAAR
Last year, the taxman sent out 1 lakh tax notices to a list of 12 lakh persons identified as not filing their annual returns even though their expenditure patterns suggested the need to pay taxes. Based on data collected from a variety of sources — annual information returns or AIR in tax jarg...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1248
|
|
I-T department detects unaccounted assets worth over Rs 1,400 crore
Posted Date : 06-May-2013 , 08:36:52 am | Posted By CASANSAAR
Stepping up its effort to unearth black money, the finance ministry has detected unaccounted income and assets worth over Rs 1,400 crore during the first three months of this year.
The detection came to light after Financial Intelligence Unit (FIU), an agency tasked with analysing a...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 871
|
|
Tax Audit, Transfer pricing Audit & S.115JB Report to be filed online from A.Y. 2013-14
Posted Date : 06-May-2013 , 07:53:27 am | Posted By CASANSAAR
CBDT has vide Notification No.NOTIFICATION NO. 34/2013, DATED 1-5-2013 provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically. Online filing of following audit reports shall ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2021
|
|
Mandatory e-filing of Income Tax Return AY 2013-14 for Whom?
Posted Date : 06-May-2013 , 07:51:42 am | Posted By CASANSAAR
Mandatory e-filing of return if income exceeds Rs. 5,00,000 or assessee claims relief U/s. 90, 90A or 91
CBDT has vide notification No. 34/2013 dated 01.05.2013 has made it mandatory for the following category of the Assesses to file their Income Tax Return Online from...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2508
|
|
ITR-1 SAHAJ, ITR 2, ITR 3, SUGAM (ITR-4S), ITR-4, ITR 5 for A.Y. 2013-14
Posted Date : 04-May-2013 , 07:45:04 am | Posted By CASANSAAR
We have uploaded below ITR 1- Sahaj, ITR 2, ITR 3, ITR-4, SUGAM (ITR-4S), ITR 5, applicable for Assessment year 2013-14 and Financial Year 2012-13.
Popular key words -
ITR Excel Format, ITR for A.Y. 2013-14, ITR for F.Y. 2012-13, ITR for Assessment...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 16855
|
|
Government proposes to provide 15% concession on investment of more than Rs. 100 crore on project and automation in manufacturing sector
Posted Date : 04-May-2013 , 07:32:37 am | Posted By CASANSAAR
The Government proposes to provide 15% concession on investment of more than Rs. 100 crore on project and automation in manufacturing sector of the country from 1st April, 2013 to 31st March, 2015. In order to encourage substantial investment in plant or machinery, the Finance Bill, 2013 propos...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 717
|
|
CBDT notifies ITR for A.Y. 2013-14 / FY 2012-13
Posted Date : 03-May-2013 , 10:25:18 pm | Posted By CASANSAAR
INCOME-TAX (THIRD AMENDMENT) RULES, 2013 – AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V
NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013
In exercise of the ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1962
|
|
Ekta Kapoor's Balaji Telefilms guilty of 30 crores' tax evasion
Posted Date : 03-May-2013 , 03:38:22 pm | Posted By CASANSAAR
Bollywood producer Ekta Kapoor's firm Balaji Telefilms has been found guilty of tax evasion of upto 30 crores.
Three days ago, nearly 100 income tax officers raided the home and offices of Ms Kapoor in Mumbai.
When she was interrogated, sources said that Ms Kapoor, whose father Jeetendra is a famo...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1052
|
|
MCA to discuss performance issues of MCA21 with CAs, CSs
Posted Date : 03-May-2013 , 09:02:25 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has organised a meeting in Mumbai with chartered accountants (CAs), company secretaries (CSs) and cost accountants to understand performance issues with its MCA21 portal. The interactive meeting would take place on 6 May 2013...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 985
|
|
P. Chidambaram threatens tax evaders, says crackdown looming
Posted Date : 02-May-2013 , 08:09:46 pm | Posted By CASANSAAR
In a strong message to tax evaders, the government today said that it will step up efforts to bring more people into net and also endeavour to recover tax arrears.
"Between January and March...we issued notices after mining the data and thanks to the advertising campaign, I have added 50 la...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 807
|
|
Clarification on Amendment to Section 206-C of Income Tax Act dealing with Tax Collection at Source (TCS) on Sale of Bullion or Jewellery in Cash
Posted Date : 02-May-2013 , 08:01:52 am | Posted By CASANSAAR
Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bullion nor in jewellery, therefore, coins, even when amo...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1171
|
|
I-T returns may require disclosure of all assets
Posted Date : 30-Apr-2013 , 08:18:35 pm | Posted By CASANSAAR
In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms.
"The government is considering to introduce a new income tax return form that will...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1356
|
|
India cuts tax on interest in govt, corporate debt for foreigners
Posted Date : 30-Apr-2013 , 05:54:23 pm | Posted By CASANSAAR
The government will cut the tax on interest payments to foreigners on government and corporate debt to 5 per cent from up to 20 per cent for a two-year period, in a bid to draw further inflows to bridge its current account deficit and polish its reformist credentials.
The move meets a long-term dem...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 671
|
|
Law ministry invites application for the post of Judicial Members and Accountant Members in ITAT
Posted Date : 30-Apr-2013 , 09:09:25 am | Posted By CASANSAAR
F. No. A-12023(1)/01/2013-Admn.III(LA)GOVERNMENT OF INDIAMINISTRY OF LAW AND JUSTICEDEPARTMENT OF LEGAL AFFAIRS
Dated : April 17, 2013
CIRCULAR
Subject: Applications for appointment to the posts of Member (Judicial/ Accountant), Income TaxAppellate Tribunal.
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2116
|
|
Finance Bill likely to be passed in Lok Sabha today as stalemate ends
Posted Date : 30-Apr-2013 , 08:51:31 am | Posted By CASANSAAR
Despite the political deadlock over the coal scam, the key Finance Bill is likely to be passed in Lok Sabha on Tuesday. A temporary truce has been achieved between the government and the opposition to pass the money bills.
The crucial Finance Bill can't be delayed beyond Tuesday as per the ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 782
|
|
Rs 2-lakh-crore tax dues cannot be recovered
Posted Date : 30-Apr-2013 , 08:40:58 am | Posted By CASANSAAR
The Income Tax Department failed to recover tax revenue of about Rs 1.9 lakh crore in 379 cases as on December 31, 2012, as there were no or insufficient assets in these cases. The unrecovered sum and was almost equal to that collected as personal income tax during 2012-13. Also, according to Centra...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 915
|
|
No levy of wealth tax on agricultural land- P Chidambaram
Posted Date : 30-Apr-2013 , 08:35:13 am | Posted By CASANSAAR
Finance Minister P Chidambaram has assured party MPs from the north that there will be no levy of wealth tax on agricultural land, Haryana Chief Minister Bhupinder Singh Hooda said today.Hooda led a delegation of Congress MPs from Punjab, Haryana, Rajasthan and Uttar Pr...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 763
|
|
Share valuation: MNCs feel the heat of transfer pricing orders
Posted Date : 27-Apr-2013 , 08:37:30 am | Posted By CASANSAAR
The Vodafone Group has challenged an Income tax Department’s transfer pricing order that sought to bring Rs 1,300 crore to tax for undervaluation in the shares issued by Vodafone India Services to a Mauritius-based group company.
A writ petition challenging the jurisdiction of the tra...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 838
|
|
RBI approves Surat bank's merger with Mehsana bank
Posted Date : 27-Apr-2013 , 08:32:09 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has approved the merger of Surat Nagrik Sahkari Bank with Mehsana Urban Cooperative Bank, giving relief to former's 44,000 account holders and depositors in the city.
The account holders and depositors of Surat Nagrik Sahkari Bank were on the tenterhoo...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 792
|
|
Salient features of the tax forgone statement issued by the Government
Posted Date : 26-Apr-2013 , 07:56:23 pm | Posted By CASANSAAR
The salient features of the Tax Forgone Statement issued by the Government are as under: • This Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a part of the tax system of the Central Government. • This Statement attempts to estimate so...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 807
|
|
Amendment in Money Laundering Act
Posted Date : 26-Apr-2013 , 07:53:08 pm | Posted By CASANSAAR
The Government has recently amended the Money Laundering Act. The objectives of recent amendment in Prevention of Money-laundering Act, 2002 is to strengthen the legislative and administrative framework of the country to prevent money laundering and countering financing of terrorism and capabli...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 862
|
|
|
