An Agreement (DTAA) and Protocol Signed Between India and Malta for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income
Posted Date : 15-Apr-2013 , 05:07:46 pm | Posted By CASANSAAR
The Double Taxation Avoidance Agreement (DTAA) and the Protocol between the Republic of India and Malta for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income is in force since 8th February, 1995. Both India and Malta have renegotiated the Agree...
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I-T dept to 'name and shame' habitual tax evaders
Posted Date : 14-Apr-2013 , 08:18:59 pm | Posted By CASANSAAR
The Income Tax department has decided to name and shame "chronic" tax defaulters by publicising their names and addresses.
It is in the process of finalising the procedures of compiling the names and cases pertaining to habitual tax dodgers and subsequently uploading them on its website.
"The depa...
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Income Tax |
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Google, Yahoo needn't pay tax on ad income - ITAT
Posted Date : 13-Apr-2013 , 08:20:56 am | Posted By CASANSAAR
ITAT bench spares foreign websites in landmark case.
In a landmark ruling, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has ruled that no tax is deductible on payments made by Indian companies� to� Google and Yahoo for online advertisement on...
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I-T withdraws charitable status of Ramdev
Posted Date : 13-Apr-2013 , 08:15:02 am | Posted By CASANSAAR
Yoga guru Baba Ramdev, it seems, is engaged in some ‘exercise’ to save one of his trust’s financial health. The Income Tax department has withdrawn charitable status enjoyed by Ramdev’s Divya Yog Mandir Trust, based in hilly Haridwar district of Uttarakhand, to raise a ...
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Google pays $100 mn to Indian-American Neal Mohan to keep him from Twitter
Posted Date : 11-Apr-2013 , 12:09:20 pm | Posted By CASANSAAR
Google has paid a staggering bonus of $100 million to Indian-American executive Neal Mohan, just to keep him from accepting a job at Twitter.
Mohan is the man in charge of display ads for Google. He launched and developed the company’s approach and execution for that side of Google&rs...
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Income Tax |
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After Nokia India tax case, I-T net may be cast on parent
Posted Date : 10-Apr-2013 , 07:53:44 am | Posted By CASANSAAR
With the Delhi High Court expected to hear the case of an earlier tax notice of Rs 2,500 crore on cellphone maker Nokia, the income tax (I-T) department seems to be readying another notice for the company, a television channel reported.
The notice will be for the failure to pay tax on royalty...
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I-T Act to be amended once Vodafone tax dispute resolved: FM
Posted Date : 07-Apr-2013 , 10:46:13 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said the government will amend the Income Tax Act once the over Rs 11,200 tax dispute with Vodafone is resolved.
The Minister said, however, that such an amendment was unlikely in the ongoing Budget Session.
"An amendment to the I-T act is necessary. The questi...
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I-T department slaps Rs 3900 crore tax order on A V Birla Group companies
Posted Date : 06-Apr-2013 , 07:56:45 am | Posted By CASANSAAR
In a major setback to the AV Birla Group, theincome tax department has turned the heat on two group entities, Idea Cellular and Aditya Birla Telecom Limited(ABTL), slapping a tax demand of nearly Rs 4000 crores on a telecom business de-merger executed in 2009, three sources ...
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612 Indians including 2 MPs have shell companies in tax havens: report
Posted Date : 04-Apr-2013 , 04:54:12 pm | Posted By CASANSAAR
International Consortium of Investigative Journalists (ICIJ), in collaboration with 38 media organisations across the world, including Indian Express, has revealed that there are 612 Indians who have shell companies in tax havens.
The list includes two MPs - Kingfisher group owner Vijay Mal...
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Income Tax |
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CBI, income tax team start examining Radia tapes
Posted Date : 04-Apr-2013 , 08:41:41 am | Posted By CASANSAAR
The team, headed by a Deputy Inspector General-rank officer, have started the process of going through the tapes and its transcripts running into 49 volumes last week as per the directions of Supreme Court in February this year, official sources said.
A six-member CBI and Income Tax team ha...
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Income Tax |
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I.Tax dept wants to count your Cash
Posted Date : 03-Apr-2013 , 08:44:42 am | Posted By CASANSAAR
Now, keeping cash more than Rs 50,000 with you may draw the attention of the Income Tax Department. In the new forms for income tax returns, the government may ask non-salaried individuals to declare in-hand cash of more than Rs 50,000.
The department may also seek the details of vehicles, aircraft...
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I-T department slaps iPhone distributor Redington with Rs 138 crore tax demand
Posted Date : 03-Apr-2013 , 08:13:33 am | Posted By CASANSAAR
The Income tax department has slapped anRs 138 crore tax demand, excluding interest, on Chennai-based information technology and telecom products firm Redington (India) Ltd.The demand, based on the directive from transfer pricing officer pertains to "imputed profit...
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Income Tax |
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Samsung India gets I.tax notice for Rs.1,139.21 Cr
Posted Date : 02-Apr-2013 , 08:03:01 am | Posted By CASANSAAR
Samsung Electronics India Pvt. Ltd, the local arm of multinational consumer electronics firm Samsung Electronics Co. Ltd, is the latest firm to come under the scanner of the income-tax department. The show-cause notice issued on Saturday claims that the firm did not pay taxes on Rs.1,139...
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Income-tax department to issue draft order on Rs 15000 crore tax liabilty of Shell India
Posted Date : 30-Mar-2013 , 07:51:56 am | Posted By CASANSAAR
The income-tax department is all set to issue a draft order estimating a tax liability of more than Rs 15,000 crore on Shell India due to alleged undervaluation of shares when it raised money from its global parent Shell Gas BV a few years ago. The Transfer Pricing wing of the I-T departme...
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CBDT streamlines taxation rules for IT sector
Posted Date : 29-Mar-2013 , 08:39:00 am | Posted By CASANSAAR
Seeking to encourage Research and Development (R&D) activities in the IT sector, theCBDT today issued circulars to streamline the taxation rules in line with the recommendations of theRangachary Committee. The circulars, issued with relation to the applicabilit...
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India and Liechtenstein sign tax information agreement
Posted Date : 29-Mar-2013 , 07:47:03 am | Posted By CASANSAAR
Amid government efforts to track black money stashed abroad, India today signed a Tax Information Exchange Agreement with Liechtenstein. "India and Liechtenstein have signed a Tax Information Exchange Agreement (TIEA) today at Bern, Switzerland," the Finance Ministry sa...
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Nokia gets Rs 2,000 Cr notice from I-T, bags interim stay
Posted Date : 28-Mar-2013 , 08:00:52 pm | Posted By CASANSAAR
The income tax department has slapped a Rs 2,000 crore tax notice on Finnish mobile firm maker Nokia for alleged tax evasion on royalty payment by the Indian arm to the parent for downloading of software to manufacture mobile devices.
Nokia, in turn, has got an interim stay from the Delhi High cour...
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Income Tax |
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Tax officials told to crack down harder on black money
Posted Date : 28-Mar-2013 , 08:41:24 am | Posted By CASANSAAR
Tax authorities will intensify their efforts to crack down on unaccounted-for money stashed overseas by seeking information from their counterparts in other countries. A recent letter issued by the Chairperson, Central Board of Direct Taxes (CBDT) bears testimony to this intention.
To en...
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Income Tax |
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Postponement of CA Examination scheduled on 4th & 5th May 2013 in the State of Karnataka
Posted Date : 26-Mar-2013 , 06:31:07 pm | Posted By CASANSAAR
No.13-CA(Exam)/M/2013/II: In partial modification of the Institute’s Notification No. 13-CA(Exam)/M/2013 dated 19th December, 2012, it is notified for general information that in view ofthe Election to the Karnataka State Legislative Assembly, Group – 1, Paper 2, Strategic FinancialManag...
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Tech Mahindra extends merger with Mah Satyam by 6 months
Posted Date : 26-Mar-2013 , 08:28:53 am | Posted By CASANSAAR
With various hurdles, including legal ones, hampering its merger with Tech Mahindra, the board of Satyam Computer Serviceshas extended the validity of the scheme of amalgamation by six months till September 30.
Bombay High Court has already approved the scheme, but the Andhra Pradesh High C...
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Addl Income Tax Commissioner trapped accepting Rs 30 lakh bribe: CBI
Posted Date : 26-Mar-2013 , 08:03:05 am | Posted By CASANSAAR
An Additional Income Tax Commissioner in Gandhinagar was today caught by the Central Bureau of Investigation (CBI) for allegedly demanding and accepting a bribe of Rs 30 lakh.
"C S Bharti, IRS 1994 batch, Additional Commissioner, Income tax, Gandhinagar was trapped this evening for demand a...
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Income Tax department to send letters to non-filers
Posted Date : 25-Mar-2013 , 04:46:38 pm | Posted By CASANSAAR
Encouraged by the earlier results the Finance Ministry on Monday said it will continue to send letters to assessees who do not file income tax return.
“We have been sending letters. We are getting results. The number of returns filed has been showing an increase. We intend to continue with th...
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Government cuts Rates on Public Provident Fund, National Savings Certificate
Posted Date : 25-Mar-2013 , 12:27:28 pm | Posted By CASANSAAR
The government has cut the interest rates on Public Provident Fund (PPF) and National Savings Certificates (NSC), but has left the rates on savings deposits and one-year time deposits unchanged, the Finance Ministry said.
While the rate on PPF has been cut to 8.7 per cent from 8.8 per cent, the 10-...
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HC order has simplified getting tax refunds
Posted Date : 25-Mar-2013 , 08:01:19 am | Posted By CASANSAAR
Worried about a demand notice from the Income Tax (I-T) department under section 245 of the I-T Act, even after tax has been deducted at source from your salary? Relax. It is no longer tough to sort out the matter, thanks to a recent order of the Delhi High Court.
It is not unusal for a per...
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Income Tax e-Filing Call Center will function 24/7 on all days during March 2013
Posted Date : 22-Mar-2013 , 08:30:43 am | Posted By CASANSAAR
The e-Filing Call Center (Toll Free – 1800 4250 0025) will be functioning 24/7(Including Saturday and Sunday), during the month of March 2013....
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RBI to banks: Keep tax collecting branches open in Mar 29-31
Posted Date : 22-Mar-2013 , 08:21:15 am | Posted By CASANSAAR
The Reserve Bank today asked banks to keep open their designated tax collecting branches on March 29, 30, 31 to facilitate tax collection. March 29 is a holiday on account of Good Friday while March 31 is Sunday. "We have been requested by the Government of India and so...
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Last date of filing CPT exam form - ICAI Notification
Posted Date : 20-Mar-2013 , 08:42:51 pm | Posted By CASANSAAR
NOTIFICATION
20th March,
2013No.13-CA (EXAM)/CPT/ June/2013/II: In partial modification of the Institute’s Notification No.13-CA(EXAM)/CPT/ June/2013 dated 2nd January, 2013, it is notified for general information that the last dateof receipt of duly filled Common Proficiency Test ...
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Income Tax |
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FinMin plans 100% I-T e-refunds
Posted Date : 18-Mar-2013 , 05:34:43 pm | Posted By CASANSAAR
Soon, income tax refunds will be quick and hassle-free, if the finance ministry has its way. The ministry plans to make all refunds directly to the taxpayer's bank account.
A permanent account number (PAN) linked with the bank account number, just like Aadhaar, is integral to the Income Tax Departm...
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Income Tax |
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Income tax offices to remain open on March 30, 31
Posted Date : 17-Mar-2013 , 06:43:46 pm | Posted By CASANSAAR
Income tax department offices across the country will remain open on March 30 and 31 for taxpayers who want to file their returns and conduct other tax related businesses.
The central board of direct taxes (CBDT) has taken the measure as the last two days of the month are Saturday and ...
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Lord Shiva worship not a religious act, income tax tribunal says
Posted Date : 16-Mar-2013 , 08:50:48 am | Posted By CASANSAAR
Lord Shiva, Hanuman and goddess Durga do not represent any particular religion but are regarded as supernatural powers of theuniverse, the Nagpur income tax appellate tribunal has said.
The observation came when the tribunal was hearing an appeal by Nagpur-ba...
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