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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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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Income Tax |
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EPFO announces 8.5% interest on P.F. for 2012-13
Posted Date : 25-Feb-2013 , 09:37:37 pm | Posted By CASANSAAR
The Employee’s Provident Fund Organisation has announced a higher interest rate of 8.5 per cent in 2012-13 compared with 8.25 per cent announced last year for over 5 crore subscribers of the Centre’s provident fund scheme.
The interest rate, approved by the Central Boa...
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Income Tax |
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LG India gets tax demand on high advertising spend
Posted Date : 25-Feb-2013 , 08:13:02 am | Posted By CASANSAAR
The income tax department has got a shot in the arm, with a special bench constituted by the Income Tax Appellate Tribunal (ITAT) ruling that consumer electronics major LG Electronics India is liable to pay tax on “excessive” advertising and marketing s...
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Income Tax |
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Need to move towards tech-driven tax administration: FM
Posted Date : 23-Feb-2013 , 04:04:16 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said there is need to move towards a technology driven tax administration and called on all assesses to file tax returns.
"We will have to get each one of the 28 lakh tax deductees (under TDS). The tax amount would be credited to the government...
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Income Tax |
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FM to Dedicate Centralized Processing Cell for Tax Deducted at Source, CPC (TDS)
Posted Date : 22-Feb-2013 , 06:08:22 pm | Posted By CASANSAAR
The Union Finance Minister Shri P. Chidambaram, will dedicate the Centralized Processing Cell for Tax Deducted at Source, CPC (TDS) to the nation tomorrow.
The CPC (TDS) will be situated at Aaya...
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Income Tax |
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Nearly 16,700 vacancy in Income Tax dept: Govt
Posted Date : 22-Feb-2013 , 06:04:57 pm | Posted By CASANSAAR
The Income Tax department has as many as 16,696 posts lying vacant but they are manned by existing employees by holding additional charge so that work is not affected, Parliament was informed today.
Vacancies arise on account of retirement/VRS, promotion, deputation and offic...
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Income Tax |
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Supreme Court forms CBI-income tax team for Niira Radia tape scrutiny
Posted Date : 22-Feb-2013 , 08:48:01 am | Posted By CASANSAAR
The Supreme Court on Thursday constituted a team of CBI and income taxofficials to scan transcripts of 5,831 intercepted telephone conversations of former corporate lobbyist Niira Radia with politicians, industrialists and others to segregate those with criminality from inno...
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Income Tax |
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PFC's Rs 100 crore tax-free bonds issue opens today
Posted Date : 18-Feb-2013 , 08:58:01 am | Posted By CASANSAAR
State-run Power Finance Corp (PFC) plans to raise Rs 100 crore through tax-free bonds issue that begins today.The proposed issue is part of its plan to garner Rs 5,000 crore by way of issuing tax-free securities in the current fiscal (2012-13). Out of the total target, Rs 1,110 crore has a...
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Income Tax |
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Payments for certification tests not liable to tax: ITAT
Posted Date : 17-Feb-2013 , 08:40:19 am | Posted By CASANSAAR
Payments for carrying out tests for the purpose of certification do not amount to Fees for Technical Services (FTS) under the Income-Tax Act, and therefore, not liable to tax in India, according to a recent order by the Income-tax Appellate Tribunal (ITAT) Mumbai, a quasi-judicial bod...
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Income Tax |
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No capital gains tax on Sanofi for Shantha deal: HC
Posted Date : 16-Feb-2013 , 08:54:42 am | Posted By CASANSAAR
In what showed the limitation of India's recent retrospective amendments in tax laws concerning indirect transfers abroad of Indian assets, the Andhra Pradesh High Court on Friday ruled that notwithstanding the bolstered law, French drug multinational Sanofi need not pay capital gains tax ...
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Income Tax |
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Four defaulters owe income tax dues worth Rs 2,12,449 cr in Mumbai
Posted Date : 14-Feb-2013 , 08:04:57 am | Posted By CASANSAAR
Fiscal deficit can be partially reduced if the tax authorities succeed in the recovery of tax arrears worth Rs 2,12,449 crore from four defaulters including Hasan Ali Group (Rs 1,65,663 crore), Harshad Mehta Group (Rs 39,740 crore), Ketan Parekh Group (Rs 4,477 crore) and Manoj Punamiya Group (Rs 2,...
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Income Tax |
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ICAI issues notice to Reebok's former CFO Vishnu Bhagat
Posted Date : 13-Feb-2013 , 08:32:56 am | Posted By CASANSAAR
Accounting regulator ICAI today said it has issued show-cause notice to Reebok India's former Chief Financial Officer Vishnu Bhagat regarding alleged fraud at the sportswear maker.The issue relates to alleged Rs 870 crore financial fraud at the company last year."We have iss...
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Income Tax |
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I-T officials violated the law: Nokia
Posted Date : 12-Feb-2013 , 07:26:49 pm | Posted By CASANSAAR
Finland-based mobile handset maker Nokia today came heavily on the Indian Income Tax (I-T) Department stating that the authorities actions are excessive, unacceptable and inconsistent with Indian standards of fair play and governance. The company also said that the department officials hav...
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Income Tax |
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Making samosa, chappati entitle to tax exemptions: Income tax tribunal
Posted Date : 12-Feb-2013 , 08:43:33 am | Posted By CASANSAAR
Preparing food items like paratha, samosa, dhokla and chappati for sale is a 'manufacturing activity' and entitled to tax exemptions, ruled an income tax tribunal."...manufacturing of chappati, paratha, samosa, dhokla constitutes manufacturing activity," said Ahmedabad bench...
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Income Tax |
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Income tax dept identifies 12L entities not filing returns
Posted Date : 12-Feb-2013 , 08:42:41 am | Posted By CASANSAAR
The finance ministry's crackdown on tax evaders has begun with over 35,000 nonfilers , who had made significant transactions, sent I-T notices to substantiate their source ofincome and why they had not filed their tax returns.
Notices were sent after the intelligence wing of the&...
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After Shell, Hindalco faces transfer pricing tax notice
Posted Date : 11-Feb-2013 , 08:11:30 am | Posted By CASANSAAR
After Shell, it’s the turn of the Aditya Vikram Birla group to get a taste of the income-tax medicine on transfer pricing. Hindalco, the owner of Novelis, is set to get a notice from the income-tax department for “earning” fees while giving corporate guaran...
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Income Tax |
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FM launches Rajiv Gandhi Equity Savings Scheme
Posted Date : 09-Feb-2013 , 06:29:15 pm | Posted By CASANSAAR
Finance Minister P. Chidambaram has launched the much-awaited Rajiv Gandhi Equity Savings Scheme in Mumbai.The move would encourage new investors to put their money in the stock market.The scheme, which was announced in the Budget, seeks to provide tax benefits to first-time investors in stock ...
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Income Tax |
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FinMin tax collection in trouble as I-T officers launch nationwide agitation
Posted Date : 08-Feb-2013 , 08:10:32 pm | Posted By CASANSAAR
The finance ministry, which is on an overdrive to raise tax collections, is facing a roadblock from the very people who are responsible for filling up its coffers.Close to 8,500 employees in the rank of income-tax officers, assistant commissioners and administrative officers of the In...
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Income Tax |
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Nokia tax dispute: Cyber experts examine software download system
Posted Date : 08-Feb-2013 , 09:23:09 am | Posted By CASANSAAR
The investigation unit of the Income Tax Department in Chennai has roped in cyber experts to crack Nokia’s computer systems in the Sriperumbudur manufacturing plant.
This is to investigate the method of software download by the Indian company from its parent in Finland to manufacture ...
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New/Revised Ind ASs finalised by ICAI (Post February, 2011)
Posted Date : 08-Feb-2013 , 09:19:42 am | Posted By CASANSAAR
The following are the New/Revised Ind ASs (Post February, 2011) corresponding to the new/revised IFRSs issued by the IASB after finalisation of 35 Ind ASs hosted on the MCA’s website. These Ind ASs have been finalised by the Council of the ICAI and sent to the National Advisory Committee on Ac...
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Income Tax |
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Tax trouble again: I-T dept alleges Vodafone underpriced shares by Rs 1,300 cr
Posted Date : 07-Feb-2013 , 09:28:31 am | Posted By CASANSAAR
Vodafone finds itself under renewed assault from Indian tax authorities even as it attempts to resolve a long-running tax dispute over the acquisition of Hutchison's Indian telecom business in 2007. This time around, theI-T Department has alleged that the Indian arm of the world's largest telec...
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Income Tax |
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Fin Min to taxpayers: Revenue to be collected in just & fair manner
Posted Date : 05-Feb-2013 , 07:33:53 pm | Posted By CASANSAAR
Finance Ministry today assured taxpayers that efforts would be made to end hostile relationships between officials and assesses and collect revenue in a just and fair manner.
Addressing officials of Central Board of Excise and Customs (CBEC) Finance Minister P Chidambaram said in New Delhi...
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IT dept slaps Rs 2300 crore tax demand on BCCI, Board looks for legal loopholes
Posted Date : 05-Feb-2013 , 07:29:06 pm | Posted By CASANSAAR
Income tax authorities have reopened old cases involving theIndian cricket Board and slapped taxes totalling about Rs. 2,300 crore for seven years after terming all its activities as "commercial", forcing the world's richest cricket body against the wall.
Tax assessment cas...
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Income Tax |
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Shell India says tax order contrary to FM'S FDI drive; to challenge strongly
Posted Date : 04-Feb-2013 , 08:40:01 pm | Posted By CASANSAAR
Global petrochemical and energy giant Shell's Indian arm is gearing up to challenge a recent transfer pricingorder by the income tax department order that has alleged underpricing of Rs 15,000 crores by Shell Indiawhile issuing shares to it's sole parent Shell Gas BV in March, 20...
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Income Tax |
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Fin Min forms online data bank to check black money
Posted Date : 03-Feb-2013 , 06:43:01 pm | Posted By CASANSAAR
In order to check black money and tax evasion, an online data bank is being setup by theFinance Ministry for effective coordination and dissemination of various inputs pertaining to illegal funds. The online system, which would act as data bank for financial intelligenc...
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