Vodafone gets I-T department reminder on $2 bn tax dues
Posted Date : 05-Jan-2013 , 03:02:41 pm | Posted By CASANSAAR
British telecommunications carrier Vodafone Group Plc said on Saturday it has received a reminder from Indian tax authorities on disputed tax dues over its 2007 acquisition of Indian mobile assets.
Vodafone, the world's biggest mobile operator by revenue, said in a statement the reminder do...
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Tax officials seize 'US bonds' worth Rs. 28,000 cr in raid
Posted Date : 03-Jan-2013 , 12:04:35 pm | Posted By CASANSAAR
Income-tax officials have seized documents believed to be US Treasury bonds worth Rs. 28,000 crore during a raid on the premises of a businessman in Tirupur district.
The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on December 31 night, of...
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Income Tax |
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Not all delivery-based deals qualify as investment activity - ITAT
Posted Date : 01-Jan-2013 , 07:46:45 am | Posted By CASANSAAR
Investors,who profit by frequently buying and selling shares, may have to pay higher tax if one goes by a recent order of a tax tribunal. Such profits can now be treated as business income with a 30% tax payout depending on the frequency and transaction pattern, against a short-term capital gai...
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Income Tax |
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S Raman takes over as whole-time member of SEBI
Posted Date : 29-Dec-2012 , 03:41:06 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI), on Friday, appointed S. Raman as its whole-time member for five years.
“S. Raman took charge as whole-time member of Securities and Exchange Board of India in Mumbai on Friday for a tenure of five years or till attainment of...
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Income Tax |
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ITAT: No scope for unilateral changes in taxation treaties
Posted Date : 28-Dec-2012 , 08:10:50 am | Posted By CASANSAAR
In a breather to multi-national companies working out of India, theMumbai Income Tax Appellate Tribunal (ITAT) has held that retrospectively amending the definition of ‘royalty’ in the Income Tax Act, 1961 cannot automatically alter the provisions of Double Taxation Avoidance A...
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Income Tax |
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CBDT issues FAQs for qualified foreign investors
Posted Date : 28-Dec-2012 , 08:08:56 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued a set of 26 frequently asked questions (FAQs) on the tax framework applicable to qualified foreign investors (QFIs).
QFIs are a new category of investors — foreign retail and high networth investors — that the Governm...
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Income Tax |
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Advance tax collection up 10.44 per cent in December
Posted Date : 25-Dec-2012 , 08:34:34 am | Posted By CASANSAAR
The third installment of the Advance Tax collection recorded a growth of 10.44 per cent to Rs. 78,226 crore, finance ministry said today.
Advance Tax collections for the month of December 2012 (up to December 20) stood at Rs. 78,226 crore, against Rs. 70,826 ...
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Income Tax |
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Government Adopts Five Pronged Strategy to bring back the black Money
Posted Date : 21-Dec-2012 , 07:52:05 am | Posted By CASANSAAR
The Central Government has been vigorously pursuing the cases of black money stashed abroad and in bringing them back. For this purpose, a five pronged strategy has been adopted which is as follows: i) Joining the global crusade against ‘black money’ (for example out action in G 20,...
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Income Tax |
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Undisclosed Income of about Rs. 600 Crore Detected under DTAAs Since March 2009 and taxes of about Rs. 200 Crore Realized
Posted Date : 20-Dec-2012 , 09:16:42 pm | Posted By CASANSAAR
The Government receives information from various countries regarding assets including bank accounts held abroad by Indians under the respective Double Taxation Avoidance Agreements/Tax Information Exchange Agreements. Receipt of such information is an ongoing process. Based on information recei...
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Income Tax |
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I-T Dept probing HSBC list of accounts: P Chidambaram
Posted Date : 17-Dec-2012 , 09:24:03 pm | Posted By CASANSAAR
The government today informed Parliament that the Income Tax Department and its other wings are probing the information received with regard to foreign bank accounts of individuals and entities with the HSBC bank. "HSBC list of accounts is being investigated by the Income Tax Dep...
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Income Tax |
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More youths should take up chartered accountancy - Director ICAI
Posted Date : 15-Dec-2012 , 08:26:45 am | Posted By CASANSAAR
More young people should take up chartered accountancy for study as it is inexpensive and offers good job opportunities, Vijay Kapur, Director, Board of Studies, Institute of Chartered Accountants of India (ICAI), has said.
He was the chief guest at the State-level conference of s...
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Income Tax |
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Income Tax Refund
Posted Date : 14-Dec-2012 , 06:47:37 pm | Posted By CASANSAAR
Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto on...
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Income Tax |
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CD of Indian Account Holders in France
Posted Date : 14-Dec-2012 , 07:59:00 am | Posted By CASANSAAR
On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France. Based on this information, inv...
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Income Tax |
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Govt to slap fine on entities not depositing TDS on time
Posted Date : 13-Dec-2012 , 09:34:17 am | Posted By CASANSAAR
The Revenue Department has asked its officials to take action against those entities which do not promptly deposit with exchequer the tax they collect at source.
“The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the A...
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Income Tax |
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CAG of India briefs UN Secretary General on Conduct of UN Audit
Posted Date : 13-Dec-2012 , 09:28:29 am | Posted By CASANSAAR
The United Nations’ Panel of External Auditors which comprises Supreme Audit Institutions (SAIs) engaged in auditing United Nations, its specialised agencies and the International Atomic Energy Agency, held its 53rd meeting which concluded last night at the UN Headquarters in New York. Shri Vi...
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Income Tax |
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HC stsys ED order attaching Rs822 cr deposits of Mahindra Satyam
Posted Date : 11-Dec-2012 , 09:15:15 pm | Posted By CASANSAAR
The Andhra Pradesh High Court on Tuesday stayed a provisional order of Enforcement Directorate attaching Rs 822 crore deposits belonging to Mahindra Satyam in an allegedmoney laundering case involving former Satyam Chairman BRamalinga Raju and others.
Based on a petition filed by Msat, Justice...
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Net direct tax collection up 15 pc in in Apr-Nov
Posted Date : 10-Dec-2012 , 09:56:46 pm | Posted By CASANSAAR
Net direct tax collection grew by 15.04 per cent to Rs 2,70,731 crore during April-November period of the current fiscal, with nearly three-fifth coming from the corporate sector. The net corporate tax collection, according to aFinance Ministry official, stood at Rs 1,62,897 cror...
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Income Tax |
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Government asks taxpayers to disclose true income or face action
Posted Date : 10-Dec-2012 , 03:56:20 pm | Posted By CASANSAAR
In a stern warning to tax evaders, the government today asked them to either disclose their correct income and pay advance tax by December 15 or be prepared to face action. "Government would urge all assessees to disclose their true income. There is no advantage in suppressing the true in...
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Income Tax |
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CWG tax evasion: Govt. slaps recovery notices for Rs. 505 crore
Posted Date : 09-Dec-2012 , 09:45:38 pm | Posted By CASANSAAR
Many private firms and government departments have been slapped with notices for recovery of over Rs 500 crore tax allegedly evaded by them while executing Commonwealth Games-related projects in New Delhi.
Official sources said recovery notices for Rs 505 crore towards value-added tax (VAT)...
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Finmin withdraws search, seizure powers of IT wing
Posted Date : 09-Dec-2012 , 02:48:31 pm | Posted By CASANSAAR
The elite criminal investigation wing of the Income Tax department, which conducted a number of high-profile actions including raids on liquor baron Ponty Chadha, has been disallowed to carry out any search or seizure operations by the Finance Ministry henceforth.
The just over-an-year old ...
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IT dept raids singers, actors, film distributors in Punjab
Posted Date : 06-Dec-2012 , 07:25:05 am | Posted By CASANSAAR
The investigations wing of the income tax (IT) department on Wednesday seized Rs 80 lakh in cash and a large amount of unaccounted jewellery in raids that were conducted at 28 different places across Punjab to check tax evasion by top Punjabi singers, actors, film distributors and music companies. T...
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Tax exemption to political parties in 5 years: a whopping Rs 2,490 crore
Posted Date : 04-Dec-2012 , 07:24:56 am | Posted By CASANSAAR
Ten main political parties of the country had a whopping Rs 2,490 crore of tax-exempted income in the last five years, according to information from the Income Tax department through an RTI plea. Of this the ruling Congress and the main Opposition party BJP have cornered more than 80 per cent.
&nbs...
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SC to Sahara: Refund Rs 24k crore or face consequences
Posted Date : 04-Dec-2012 , 07:19:50 am | Posted By CASANSAAR
The Supreme Court on Monday gave two Sahara companies 24 hours to decide whether they would comply with the apexcourt's three-month-old directive to refund Rs 24,000 crore to nearly 3 crore investors throughmarket regulator Sebi or face the consequences.
"Tell us by tomorrow (T...
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Income Tax |
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Rs 1.33 lakh crore tax non-recoverable: Finance Ministry to Parliamentary panel
Posted Date : 03-Dec-2012 , 05:57:51 am | Posted By CASANSAAR
A Parliamentary committee has come down heavily on the Finance Ministry for writing off over Rs 1.33 lakh crore as non-recoverable direct tax saying it owes an explanation on how the situation was allowed to reach "irretrievable" levels.The Parliamentary Standing Committee on Fin...
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Sahara group moves Supreme Court against Securities Appellate Tribunal's order
Posted Date : 01-Dec-2012 , 08:06:35 am | Posted By CASANSAAR
On a day the three-month deadline ended for two Sahara group companies to refund Rs 24,000 crore to investors through market regulator Sebi, Sahara approached theSupreme Court on Friday with a Rs 5,126-crore offer as repay ment to investors and, in the process, prove its bonafides as ...
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A Personal Appeal to all CAs
Posted Date : 30-Nov-2012 , 08:59:30 am | Posted By CASANSAAR
Dear friends!
Nothing is permanent except change! the time for Change has come for ICAI...Chnage in policy...in leadership...in thought..in system...,
This time we all members to be very careful and elect the true & mature leaders for the central and regional council. We appeal all the CAs n...
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Non-compete fees can be treated as deductible expense: Tribunal
Posted Date : 30-Nov-2012 , 08:32:34 am | Posted By CASANSAAR
In a landmark judgment the Mumbai bench of the Income Tax Appellate Tribunal has said that non-compete fees paid by an acquiring company to exiting promoters can be treated as an expense if the fees are not central to the deal. In the past the income tax department considered suc...
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SAT dismisses Sahara group appeal against Sebi
Posted Date : 30-Nov-2012 , 07:55:33 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) on Thursday refused to accept custody of Sahara Group’s Rs 17,400 crore plus interest with the SAT registry, instead of SEBI.
Dismissing the appeal, the tribunal said, “We fail to understand how this tribunal gets the jurisdictio...
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GAAR to be effective from Assessment year 2014-15
Posted Date : 30-Nov-2012 , 07:48:00 am | Posted By CASANSAAR
General Anti-Avoidance Rules The GAAR (General Anti-Avoidance Rule) provisions have not been put on hold.The Finance Act, 2012 had provided that these provisions shall be effective from the 1st day of April, 2014 and apply to Assessment year 2014-15 onwards.
One of the r...
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Income Tax |
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HSBC secret accounts: IT dept to begin prosecution action
Posted Date : 29-Nov-2012 , 08:30:56 am | Posted By CASANSAAR
The income tax (I-T) department has decided to begin prosecution against those having “substantial” amounts in their bank accounts in HSBC’s Geneva branch.
The department has written to the finance ministry to suggest a benchmark for funds held on the basis of wh...
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