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 ...
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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...
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Income Tax |
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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...
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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...
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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...
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Income Tax |
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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...
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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...
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Income Tax |
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Be Cautious While E-Filing Income-Tax Returns - Letter to ICAI by DIT (Systems)
Posted Date : 26-Apr-2013 , 09:09:49 am | Posted By CASANSAAR
LETTER FROM DIT (SYSTEMS) – MEMBERS TO BE CAUTIOUS WHILEE-FILING INCOME-TAX RETURNS
CA Members may note that ICAI has received a letter from Directorate of Income-tax (Systems) requesting it to impart information regarding correctprocedure of e-filing of ...
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Income Tax |
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Shell India moves dispute resolution panel against Rs. 15,000 crore IT notice
Posted Date : 25-Apr-2013 , 07:13:57 pm | Posted By CASANSAAR
Shell India has moved dispute resolution panel (DRP) challenging a notice by the income tax department alleging tax evasion by underpricing share transfer between member companies on the ground that the order was based on incorrect interpretation of regulations, NDTV has learned.
The income tax dep...
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Income Tax |
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On account of right connections, CA gets VIP treatment in jail
Posted Date : 25-Apr-2013 , 08:50:50 am | Posted By CASANSAAR
Though the jail in Patiala has quite a line-up of VIP inmates - a former deputy commissioner, senior superintendent of police, former MLA and powerful Akali leaders, besides a top taxman - the one whose special treatment overshadows others' is Ashwani Gupta, a Chartered Accountant arrested by the CB...
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Income Tax |
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I-T Assessees stumped by adjustment notice of tax arrears with refund amount
Posted Date : 23-Apr-2013 , 09:58:09 pm | Posted By CASANSAAR
Please refer to the return of income filed by you for PAN AXXXXXXXXA for Assessment Year 2012-13...The refund determined in this proceeding is being adjusted against the outstanding demands....''
In the last few months, several taxpayers have received similarly worded notices from the I-T Departmen...
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Income Tax |
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Taxman calls on Microsoft India for understating income
Posted Date : 23-Apr-2013 , 09:00:20 pm | Posted By CASANSAAR
After Nokia and Royal Dutch Shell, the Income Tax (I-T) department has sent a demand notice to software giant Microsoft’s Indian arm, which said it has challenged the same.
I-T department reportedly sent notice to Microsoft seeking details of its income from Indian operations for four...
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Income Tax |
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Career Opportunities At Institute Of Company Secretaries Of India - Apply online from 24th April 2013
Posted Date : 23-Apr-2013 , 08:52:20 am | Posted By CASANSAAR
The ICSI, a premier professional body constituted under an Act of Parliament, invites applications for the following posts at its headquarters, Regional offices and Chapter offices across India :-
Name of the Post
Pay Band & Grade Pay(Rs.)
Max. Age(as on 01.04.2013)
Total No...
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Income Tax |
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Income-tax department starts prosecution of TDS defaulters
Posted Date : 18-Apr-2013 , 08:45:49 am | Posted By CASANSAAR
The income-tax department in Mumbai has started prosecution proceedings against 700 entities for non-payment of tax deducted at source, or TDS, in fiscal 2013. The department has found that at least 2,000 entities defaulted on TDS payments in the year ended March.
The total TDS collection for the M...
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Income Tax |
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Tax case: Delhi High Court asks Nokia to appeal to Commissioner of Income-tax
Posted Date : 17-Apr-2013 , 10:32:09 pm | Posted By CASANSAAR
Nokia India today withdrew the writ petition filed in the Delhi High Court against the income tax department's demand notice of over Rs. 2,000 crore served on it for alleged evasion of taxes in its transactions here.
The High Court today directed Nokia to take their appeal to Commissioner...
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Income Tax |
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Chartered Institute of Management Accountants launches case study competition
Posted Date : 17-Apr-2013 , 08:53:46 am | Posted By CASANSAAR
Chartered Institute of Management Accountants (CIMA), a professional body of management accountant, is set to launch CIMA Whiz - a case-study competition for working professionals. The competition aims to bring out the best of analytical and decision making skills amongst business managers and make ...
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Income Tax |
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CBDT asks CCITs to compile a list of all quality scrutiny assessments made during FY 2012-13 to keep a track on it
Posted Date : 16-Apr-2013 , 09:53:08 pm | Posted By CASANSAAR
COMPILATION OF QUALITY SCRUTINY ASSESSMENT CASES COMPLETED DURING FINANCIAL YEAR 2012-13
LETTER [F.NO. 225/65/2013/ITA-II], DATED 11-4-2013
I am directed to draw your kind attention towards Board's decision to review the Quality of assessments completed by the Assessing Officers during financ...
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Income Tax |
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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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Income Tax |
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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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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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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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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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