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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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 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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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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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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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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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 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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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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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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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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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 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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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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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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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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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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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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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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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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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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