Rs 200 crore tax evasion by oil, gas exploration firm
Posted Date : 30-Jan-2013 , 11:01:45 pm | Posted By CASANSAAR
Central revenue department officials have detected about Rs 200 crore alleged service taxevasion by a Delhi-based oil and gas exploration service provider firm. Acting on a specific intelligence, a case of allegedservice tax evasion was registered against Shiv Vani Oil and Gas Explora...
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Income Tax |
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Advertising, Marketing & Promotional (AMP) expenses incurred by their Indian arms to promote the brand & trademarks of the MNC will be taxable in India
Posted Date : 29-Jan-2013 , 08:14:41 am | Posted By CASANSAAR
In a severe blow to multinational corporations ( MNCs) operating in India, a special bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a significant portion of advertising, marketing and promotional (AMP) expenses incurred by their Indian arms to promote the brand and t...
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Income Tax |
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CBDT manual aims to plug leakages in cross-border transfers
Posted Date : 28-Jan-2013 , 08:27:58 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) is pushing for exchange of information among tax administrators globally to tap tax leakage in cross-border transactions, even as the government is struggling to contain the fiscal deficit by boosting tax collection and paring expenditure.
The foreign ...
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Income Tax |
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FM to launch Rajiv Gandhi Equity Scheme in Mumbai
Posted Date : 27-Jan-2013 , 12:31:52 pm | Posted By CASANSAAR
Aiming to attract first-time stock market investors, Finance Minister P Chidambaram will launch the much-awaitedRajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai on February 9.
"He (Chidambaram) is going to Mumbai next month and will formally launch the Rajiv Gandh...
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Income Tax |
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Now, get 50% tax rebate on road safety donation
Posted Date : 27-Jan-2013 , 12:24:46 pm | Posted By CASANSAAR
The government has allowed income tax exemption on 50% of the amount that people/ entities contribute for road safety activities. The road transport and highways ministry notified this recently, though the finance ministry had had approved this in May last year. This is likely to...
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Income Tax |
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Income-tax officer gets five years rigorous imprisonment for bribery
Posted Date : 25-Jan-2013 , 08:36:07 am | Posted By CASANSAAR
A special CBI judge held an income-tax officer of Mumbai guilty Thursday of accepting a bribe of Rs 75,000 and sentenced him to five years rigorous imprisonment.
Leeladhar Bangera was caught red-handed by CBI on March 19, 2010, demanding and receiving bribe from Anil Meh...
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Income Tax |
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I-T Department Shifts From Mayur Bhawan To Civic Centre
Posted Date : 21-Jan-2013 , 02:08:52 pm | Posted By CASANSAAR
Taxpayers in the national capital will from now on have to go to Civic Centre instead of Mayur Bhawan for filing returns and other services.
The Mayur Bhawan I-T building at Barakhamba road used to serve the salaried, non-corporate and exemptions taxpayers residing in and around Delhi. The office i...
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Income Tax |
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Google moves AAR to settle tax row, I-T department imposed a Rs 76-cr penalty on company
Posted Date : 21-Jan-2013 , 08:59:27 am | Posted By CASANSAAR
Google, mired in tax controversies in different jurisdictions, wants a quick decision on its dispute with Indian tax authorities. Google Ireland has moved theAuthority for Advance Rulings (AAR) to determine the tax liability here.
According to the Indian tax department, Googl...
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Income Tax |
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Tax evasion of over Rs 2,600 crore detected
Posted Date : 18-Jan-2013 , 08:21:53 am | Posted By CASANSAAR
Revenue and excise intelligence officials have detected Rs 2,600-crore tax and duty evasion in the quarter to December. Data released by the Directorate General of Central Excise Intelligence (DGCEI) and the Directorate General of Revenue Intelligence (DRI), agencies under the finance ministry's rev...
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Income Tax |
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Software firms will continue to get benefits under I-T Act, assures tax body
Posted Date : 17-Jan-2013 , 08:16:36 pm | Posted By CASANSAAR
Seeking to remove apprehensions of the software industry, Finance Ministry today clarified that domestic and overseas software developers would continue to get tax benefits under the Income Tax Act.
The clarifications, which come ahead of Finance Minister P Chidambaram's visit to Hong Kon...
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Income Tax |
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Clarification Regarding issues Relating to Export of Computer Software- Direct TAX Incentives
Posted Date : 17-Jan-2013 , 08:13:12 pm | Posted By CASANSAAR
ollowing is the text of the Statement made by the Chairperson, CBDT to the media here today: &nbs...
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Income Tax |
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Budget will outline amendments to Constitution on GST: FM
Posted Date : 16-Jan-2013 , 07:10:43 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said he would outline amendments to the Constitution on the Goods and Services Tax (GST) in his Budget speech if there is consensus among states on the issue.
At his pre-Budget consultations with Finance Ministers of states , he is understood t...
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Income Tax |
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FM holding pre-budget consultations with state Fin Mins; GST to figure prominently at meet
Posted Date : 16-Jan-2013 , 02:07:47 pm | Posted By CASANSAAR
Finance Minister P Chidambaram is holding pre-Budget consultations with State Finance Ministers today.The issue of proposed Goods and Services Tax is likely to figure prominently in the meeting as the Centre is keen on early implementation of the tax regime.
He will also meet representative...
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Income Tax |
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Tax evasion case: I-T dept summons Nokia auditors PWC
Posted Date : 16-Jan-2013 , 09:51:39 am | Posted By CASANSAAR
The income tax department has summoned senior officials of Nokia India Limitedand auditors from the multinational audit firmPrice Waterhouse and Company (PW&Co) to the Chennai I-T office later this week for clarifications in the aftermath of financial records seized in a raid...
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Income Tax |
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Tax-free bonds from Indian Railway Finance Corporation Ltd (IRFC)
Posted Date : 16-Jan-2013 , 09:36:25 am | Posted By CASANSAAR
Indian Railway Finance Corporation Ltd (IRFC) is launching a tax-free bond issue to raise Rs.8,886 crore to augment resources for buying rolling stock for the Indian railways.
As per Central Board of Direct Taxes (CBDT) notification, IRFC has been authorised to issue bonds up to Rs.10,000 c...
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Income Tax |
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Tax interest on club membership fee: SC
Posted Date : 16-Jan-2013 , 09:34:13 am | Posted By CASANSAAR
Socialising clubs serving memberships to organisations including banks on a fee kept as fixed deposit by the new entrants are liable to pay tax on the interest accrued on the deposits.
A Supreme Court ruling says tax is not exempted in case the arrangement between a club and member- banks l...
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Income Tax |
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Stock guru scam: CBI searches premises of I-T official
Posted Date : 14-Jan-2013 , 09:33:38 pm | Posted By CASANSAAR
The CBI today carried out searches at the office and residence of a deputy director at Income Tax in connection with allegations that search operations conducted by him in the probe of the Rs 500-crore Stock Guru scam were not genuine. A team of CBI officials searched the re...
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Income Tax |
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Govt defers controversial GAAR norms to April 2016
Posted Date : 14-Jan-2013 , 02:32:11 pm | Posted By CASANSAAR
The General Anti-Avoidance Rules (GAAR), which will target companies and investors routing money through tax havens, had been scheduled to be implemented from April 2014. They will now come into effect from April 1, 2016.
Chidambaram said GAAR will not apply to foreign funds that are not ta...
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Income Tax |
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PriceWaterhouseCoopers faces Income-Tax heat for role in Nokia tax issue
Posted Date : 14-Jan-2013 , 09:20:57 am | Posted By CASANSAAR
The role of the Indian arm of audit firmPricewaterhouseCoopers in relation to the alleged tax defaults by handset maker Nokia India is being probed by the taxman.
A senior income-tax official, who wished anonymity, told ET that PwC would be called for questioning soon. ...
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Income Tax |
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Income Tax department summons Nitin Gadkari
Posted Date : 13-Jan-2013 , 09:01:03 am | Posted By CASANSAAR
The Income Tax department has issued summons to Bharatiya Janata Party (BJP) President (BJP) Nitin Gadkari to appear before it in connection with its investigation against him and some associated companies for alleged tax evasion.
Top sources in the department said Mr Gadkari has be...
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Income Tax |
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I-T Officer must give taxpayer reasons for reopening case: Income-tax Appellate Tribunal
Posted Date : 11-Jan-2013 , 10:33:02 am | Posted By CASANSAAR
An income-tax officer is bound to inform a taxpayer his reasons for reopening an income-tax assessment, so that the taxpayer is given an opportunity to file his objections to such reopenings, according to a recent order by the Income-tax Appellate Tribunal, Bangalore. Usually, income-tax department ...
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Income Tax |
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Taking foreign tax credit set to become easier from 2013-14
Posted Date : 10-Jan-2013 , 09:18:38 am | Posted By CASANSAAR
Good news for all individuals and companies facing difficulties in taking legitimate tax credits in India for the tax paid in other countries: The hassles in taking credit from the Income-Tax Department for the tax payments on their income in other countries is set to subside.
The Central B...
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Income Tax |
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FinMin to reply to Vodafone
Posted Date : 09-Jan-2013 , 08:36:27 pm | Posted By CASANSAAR
The Revenue department will soon send a reply to Vodafone over the representation received from the company on its rejoinder notice. The notice had asked the British firm to clear the tax dues, estimated at around Rs 11,200 crore.
“We will be replying to Vodafone’s reply to our ...
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Income Tax |
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Supreme Court rejects Sahara's review plea
Posted Date : 09-Jan-2013 , 08:27:13 pm | Posted By CASANSAAR
The Supreme Court of India has rejected an appeal by the Sahara conglomerate seeking a review of the court's order last year to repay billions of dollars it raised from small investors by selling outlawed bonds, according to an order posted on the court's website.
A spokesman for Sahara...
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Income Tax |
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There is prima facie case against Nokia: I.Tax Dept
Posted Date : 09-Jan-2013 , 11:00:07 am | Posted By CASANSAAR
There is a prima facie case against Nokia India on income-tax default to the tune of Rs 2,500 crore to Rs 3,000 crore, the Income-Tax Department concluded after its investigation at the company's Sriperumbudur factory.
The I-T department officials concluded their investigation after a 24-ho...
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Income Tax |
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Nokia accused of tax evasion, Income Tax department launches 'survey'
Posted Date : 08-Jan-2013 , 08:17:47 pm | Posted By CASANSAAR
Income Tax department officials today conducted a survey operation on the premises of Finnish cellphone major Nokia in Chennai on charges of alleged tax evasion.
Sources in the department said the survey operation was conducted at the company's premises in the Tamil Nadu capital (unde...
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Supreme Court issues notice to Amitabh Bachchan in Income Tax case
Posted Date : 08-Jan-2013 , 01:47:46 pm | Posted By CASANSAAR
The Supreme Court today issued a notice to megastar Amitabh Bachchan on a petition from the Income Tax department. The IT department says the megastar owes 1.66 crores in taxes for his show Kaun Banega Crorepati for the year 2002-03.
In July 2012, the Bombay High Court had granted r...
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Income Tax |
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Govt seeking to amend controversial tax rules next month
Posted Date : 07-Jan-2013 , 10:56:35 pm | Posted By CASANSAAR
The government is likely to approach parliament next month to water down retrospective tax rules that damaged investor confidence, two finance ministry officials said on Monday, a move that may help settle British-based Vodafone Group Plc's long-runnning $2 billion tax dispute.
Vodafone, the la...
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Income Tax |
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TDS shortfall due to an error is no reason to disallow it: HC
Posted Date : 07-Jan-2013 , 09:49:01 am | Posted By CASANSAAR
A shortfall in the tax deducted at source (TDS) because of a bonafide error in applying the provisions of the Income-tax Act, is not a valid reason to disallow the entire amount, according to a recent judgment by the Calcutta High Court.
The division bench that made the ruling comprised Jus...
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Direct tax collection up 8% in April-December
Posted Date : 05-Jan-2013 , 03:08:11 pm | Posted By CASANSAAR
The revenue collection continues to grow at snail's pace with the April-December 2012 direct tax mop up showing a meagre growth of 8%.
Any hope the government could derive was from the personal income tax, contribution from individuals, which showed a rise of 15% growth durin...
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