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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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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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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Income Tax |
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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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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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0 | Hits : 761
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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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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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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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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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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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