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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Income Tax |
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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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Income Tax |
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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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0 | Hits : 768
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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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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 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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