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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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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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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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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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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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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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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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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Income Tax |
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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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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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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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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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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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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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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 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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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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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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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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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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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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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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