Government has launched drive against fake Permanent Account Number (PAN) cards
Posted Date : 16-Mar-2013 , 08:40:19 am | Posted By CASANSAAR
The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party field verification is conducted after allotment of P...
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New ITR Forms for AY 2013-14 Expected to be notified by end of March, 2013
Posted Date : 16-Mar-2013 , 08:34:58 am | Posted By CASANSAAR
New forms for filing of income tax returns for the assessment year 2013-14 are proposed to be notified by the end of this month.
"The new forms for filing the income tax returns for the assessment year 2013-14 are proposed to be notified by the end of March, 2013," Minister of State for Fin...
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Income Tax |
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TCS, ICICI Bank paid higher advance tax
Posted Date : 15-Mar-2013 , 01:28:34 pm | Posted By CASANSAAR
Information Technology major TCS has declared that it has paid Rs 600 crore as advance tax for the quarter January-March 2013, nearly 10% more than the previous quarter. Last year for the March quarter, the company had paid Rs 545 crore as advance tax, according to information available from the Inc...
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Income Tax |
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Corporates rampantly using bogus bills to evade taxes: CBDT
Posted Date : 15-Mar-2013 , 07:49:57 am | Posted By CASANSAAR
The country's apex tax body, the CBDT or Central Board of Direct Taxes has expressed concern over the rampant involvement of corporates amongst other entities in a hawala racket where bogus bills are used to suppress taxable income. Speaking to ET NOW, KV Chowdary, Member, Invest...
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Income Tax |
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35,000 more tax notices on way; FM asks defaulters to clear dues
Posted Date : 14-Mar-2013 , 09:57:23 pm | Posted By CASANSAAR
Dangling carrot and stick, the Income Tax Department today issued notices to 35,000 more assessees for failure to file tax returns while Finance Minister P Chidambaram offered them a penalty waiver if they chose to clear their dues. The government's initiatives have alr...
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IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March
Posted Date : 14-Mar-2013 , 09:07:08 am | Posted By CASANSAAR
The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on suc...
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Income Tax |
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Income Tax department asks defaulters to clear dues by March 31
Posted Date : 13-Mar-2013 , 06:48:12 pm | Posted By CASANSAAR
Warning the defaulters of penal consequences, the Income Tax department today asked assesses, who pay taxes on the basis of self-assessment, to clear their dues by March 31.
The Revenue Department said 73,388 people have defaulted on payments of self-assessment tax aggregating to ...
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Income Tax |
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Pay advance tax before March 15: I-T department
Posted Date : 13-Mar-2013 , 08:24:15 am | Posted By CASANSAAR
The Income Tax department, on Tuesday, urged taxpayers to pay the last installment of advance tax on or before March 15.
“It is seen that a large number of taxpayers defer their advance tax, which makes them liable for higher interest under Section 234(C) of Income Tax Act, 1961,” the d...
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Income Tax |
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Over Rs 4.18 lakh cr outstanding in income tax arrears till Dec: Chidambaram
Posted Date : 12-Mar-2013 , 09:49:58 pm | Posted By CASANSAAR
Income Tax arrears outstanding at the end of December, 2012 totalled over Rs 4.18 lakh crore, Finance Minister P Chidambaram said today.
"The total income tax arrears outstanding as on December 31, 2012 are Rs 4,18,696 crore," Chidambaram said in a written reply in the Rajya Sabha.
...
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Income Tax |
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Use double indexation to reduce tax outgo on debt fund returns
Posted Date : 12-Mar-2013 , 08:13:18 am | Posted By CASANSAAR
Many investors park their surplus fund in fixed maturity plans (FMPs) and other debt funds in March every year to take advantage of the double indexation benefit and to bring down the tax liability on returns. This year, these investors are also expecting capital appreciation on these ...
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Income Tax |
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Another batch of 30,000 tax notices on its way
Posted Date : 11-Mar-2013 , 09:27:45 pm | Posted By CASANSAAR
After sending letters to 70,000 high value spenders who did not file their income tax returns, the tax department is all set to send another 30,000 notices this week. This may be the final batch of such letters in the current assessment year ending March 31, 2013.
“Letters will be sent to 30,...
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Income Tax |
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Income tax department to initiate action against big TDS defaulters
Posted Date : 10-Mar-2013 , 10:44:07 am | Posted By CASANSAAR
The Income Tax department has decided to crack the whip on big companies and organisations that do not remit TDS money even after deducting it from their workers' salaries.
The Central Board of Direct Taxes (CBDT), the controlling and administrative authority of the department...
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Income Tax |
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I-T department gets a week to defend 'illegal' IBM tax charge
Posted Date : 09-Mar-2013 , 05:18:57 pm | Posted By CASANSAAR
The I-T Department on Friday sought one more week from the Supreme Court to defend the Karnataka HC order directing IBMto cough up by March 31, 2013, half of 1090-crore tax claim made by the department.
IBM counsel Harish Salve dubbed the demand "thoro...
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Income Tax |
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Double Taxation Avoidance agreement (DTAA) with South Korea
Posted Date : 08-Mar-2013 , 09:30:15 pm | Posted By CASANSAAR
India has signed 88 Double Taxation Avoidance Agreements (DTAAs) out of which 85 have entered into force, with various countries including Sri Lanka and South Korea. The DTAAs provide for allocation of taxation rights to source State and residence State in respect of business profits including ...
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Income Tax |
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I-T Dept detects bogus bills of Rs 6,500 cr in Mumbai
Posted Date : 08-Mar-2013 , 08:55:24 pm | Posted By CASANSAAR
Recent investigations conducted by the Income Tax Department in about 150 cases in Mumbai have led to detection of bogus bills of Rs 6,500 crore. Another 39 cases in Pune have also been detected amounting to Rs 722 crore.
It has been noticed that a large number of tax payers have obtained t...
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Income Tax |
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E-filing of tax returns must if annual income above Rs 5 lakh: Finance Ministry
Posted Date : 06-Mar-2013 , 08:34:26 am | Posted By CASANSAAR
A senior Finance Ministry official on Tuesday clarified that taxpayers having an annual income of over Rs 5 lakh will be required to file their returns in electronic form.
"Income tax returns for the group above Rs 5 lakh, all such returns will be e-filed. This is a move towards using technolo...
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Income Tax |
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IT dept digs up Rs20K cr undisclosed income in FY12
Posted Date : 05-Mar-2013 , 05:53:12 pm | Posted By CASANSAAR
Income Tax Department has detected undisclosed income of Rs 20,589.75 crore in searches and surveys conducted by it in 2011-12, government said today.
Minister of State for Finance S S Palanimanickam in a written reply to the Rajya Sabha said, "In the searches conducted by Income Tax Departme...
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Income Tax |
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Government to seek parliament nod to change tax rules after resolving Vodafone dispute: FM
Posted Date : 05-Mar-2013 , 08:28:00 am | Posted By CASANSAAR
Finance minister P Chidambaram on Monday said amendment to the retrospective tax rules would be sought from Parliament only after the Vodafone tax dispute is resolved. According to the rules set last year, the government can make retrospective tax claims on long-concluded corpora...
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Income Tax |
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Government will issue transfer pricing rules by April, says P.Chidambaram
Posted Date : 04-Mar-2013 , 05:48:57 pm | Posted By CASANSAAR
The government will issue so-called safe harbour rules by April 2013, a set of provisions that under certain conditions would enable tax authorities to accept companies transfer pricing claims without further scrutiny, Finance Minister P Chidambaram said on Monday.
Transfer pricing is the valu...
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Income Tax |
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Tax dept to send notices to 35,000 assesses next week: Chidambaram
Posted Date : 03-Mar-2013 , 09:40:50 am | Posted By CASANSAAR
Finance Minister P Chidambaram said the revenue department will send tax notices to 35,000 assesses next week, beefing up efforts to reach the collection target for the fiscal.
"We have issued notices to 35,000 people saying that on the basis of information we have, you should have filed yo...
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Income Tax |
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New CPC for TDS to help nab tax evaders
Posted Date : 03-Mar-2013 , 09:37:25 am | Posted By CASANSAAR
The government is tightening noose on tax evaders by strengthening its Tax Deducted at Source (TDS) system. The focus on technology-based processing is so much so that Finance Minister P Chidambaram did not wait for the Centralised Processing Cell (CPC) for TDS at Ghaziabad to become fully operation...
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Filmmaker Karan Johar moves HC challenging I-T notice
Posted Date : 02-Mar-2013 , 06:41:41 pm | Posted By CASANSAAR
Bollywood filmmaker Karan Johar has moved the Bombay High Court challenging a notice issued by the Income Tax department which claimed that more than Rs two crore profits from his film 'Kabhi Alvida Na Kehna' were not disclosed during the assessment year 2006-07.
In the petition, Johar said t...
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Income Tax |
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Amendment in definition of Capital Asset
Posted Date : 28-Feb-2013 , 09:21:11 pm | Posted By CASANSAAR
The existing provisions contained in clause (14) of section 2 of the Income-tax Act define the term “capital asset” as property of any kind held by an assessee, whether or not connected with his business or profession. Certain categories of properties including agricultura...
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More decisions will be announced: Chidambaram
Posted Date : 28-Feb-2013 , 07:42:16 pm | Posted By CASANSAAR
Indicating that his hands were tied because the economy is “challenged”, Finance Minister P Chidambaram on Thursday said more “measures and decisions” will be announced during the Budget passage in Parliament.
Addressing a post-Budget press conference, he said Budget...
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Income Tax |
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Penalty u/s. 271FA for non-filing of Annual Information Return
Posted Date : 28-Feb-2013 , 06:19:19 pm | Posted By CASANSAAR
Section 285BA mandates furnishing of annual information return by the specified persons in respect of specified transactions within the time prescribed under sub-section (2) thereof. Sub-section (5) of the section empowers the Assessing Officer to issue notice if the annual ...
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Income Tax |
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Govt to enable online filing of Wealth Tax Returns
Posted Date : 28-Feb-2013 , 06:13:15 pm | Posted By CASANSAAR
Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of the net wealth and such other particulars as may be prescribed. Currently, certain documents, repor...
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Income Tax |
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Exclusion of time in computing period of limitation for completion of assessments & reassessments
Posted Date : 28-Feb-2013 , 06:03:53 pm | Posted By CASANSAAR
The existing provisions of section 153, inter alia, provide the time limit for completion of assessment and reassessment of income by the Assessing Officer.
Explanation to section 153 provides that certain periods specified therein shall be excluded while computing the p...
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Income Tax |
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ROI filed without payment of Self Assessment tax to be treated as defective return
Posted Date : 28-Feb-2013 , 06:01:43 pm | Posted By CASANSAAR
The existing provisions contained in sub-section (9) of section 139 provide that where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fif...
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Income Tax |
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Public Accounts Committee pulls up finance ministry for paying interests on income-tax refunds
Posted Date : 27-Feb-2013 , 08:01:34 am | Posted By CASANSAAR
The Public Accounts Committee has pulled up the finance ministry for paying interests on income-tax refunds without Parliament approval. The government has refunded Rs 37,365 crore in the last five years as interest, apart from tax refunds. "Parliamentary supervisi...
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Income Tax |
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CS December 2012 Exam Results - List of Toppers
Posted Date : 26-Feb-2013 , 08:17:42 am | Posted By CASANSAAR
ALL INDIA PROVISIONAL MERIT LIST FOR CS EXAMINATIONS HELD IN DECEMBER,2012 SESSION
LIST OF FIRST 25 TOP RANKERS WHO HAVE PASSED ALL PAPERS OF FOUNDATION PROGRAMME, EXECUTIVE PROGRAMME AND PROFESSIONAL PROGRAMMEEXAMINATIONS WITHOUT EXEMPTION IN ANY PAPER, IN ONE SITT...
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