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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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I-T dept extends filing deadline for ITR-V forms
Posted Date : 27-Nov-2012 , 08:21:53 am | Posted By CASANSAAR
The Director General of Income Tax (System) as per powers assigned to it under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 201 T, issued as per C B D T Notification No. SO 16(E) dated 4.1.2012, has decided to extend the time limit for...
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Income Tax |
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RBI considering four alternatives to gold
Posted Date : 26-Nov-2012 , 08:59:40 am | Posted By CASANSAAR
Given Indians’ yen for gold and the pressure on the current account due to its import, the Reserve Bank of India is considering introducing four gold-related instruments to ease the physical demand for the yellow metal.
The instruments are modified gold-deposit scheme (GDS),...
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Income Tax |
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FIU asked to track service tax evaders
Posted Date : 26-Nov-2012 , 08:57:04 am | Posted By CASANSAAR
The Financial Intelligence Unit (FIU), country’s nodal agency for gathering, analysing and disseminating information related to suspicious financial transaction, has been asked to work with theDirectorate General of Central Excise Intelligence (DGCEI) to go after over 65,000 non...
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Income Tax |
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600,000 Pakistanis didn't pay tax last year
Posted Date : 26-Nov-2012 , 08:53:49 am | Posted By CASANSAAR
Around 600,000 people in Pakistan did not pay their taxes in the past one year, which highlights the "incompetence and mismanagement" of the country's top tax machinery, a daily said Sunday. The Federal Bureau of Revenue (FBR) claims 1.44 million people regularly file tax returns, but there are...
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Income Tax |
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Tax panel formed to go after 20,000 evaders
Posted Date : 24-Nov-2012 , 08:52:25 am | Posted By CASANSAAR
Finance minister P Chidambaram has formed a team of revenue intelligence officials to track over 20,581 cases of high networth individuals and entities who have not filed their income tax returns, and get them to pay the amount they are suspected to have evaded.
The list was compi...
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Income Tax |
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Web Based Status Tracking Facility Launched to Check Corruption in Income Tax Refunds
Posted Date : 23-Nov-2012 , 11:02:59 pm | Posted By CASANSAAR
Instances of alleged corruption for settlement of refund claims and complaints come to notice from time to time. Whenever any such instance or complaints comes to notice, the same is verified and if it is found to be correct, the concerned officers/officials have to face penal consequences depending...
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Income Tax |
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No Tax Free Zones in Operation
Posted Date : 23-Nov-2012 , 11:01:19 pm | Posted By CASANSAAR
There is no concept called Tax Free Zones as such in operation. However, there are schemes like Special Economic Zones (SEZs) and Export Oriented Units (EOUs) which provide tax exemptions. Both above schemes are administered by the Department of Commerce. In addition to above, package of incentives ...
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Income Tax |
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Tax rebate allowed on capital gains after property sale - ITAT
Posted Date : 22-Nov-2012 , 07:50:40 am | Posted By CASANSAAR
Income-Tax Appellate Tribunal (ITAT) ofChennai has held that interest on home loans will continue to remain out of the tax net even if the house is sold later. The tribunal clarified that the interest paid on loans is certainly an expenditure that should be taken into account while co...
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Income Tax |
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RBI gives infrastructure lending status to host of sub-sectors
Posted Date : 21-Nov-2012 , 09:12:37 am | Posted By CASANSAAR
Giving a boost to key segments like roads and bridges, LNG and oil pipelines, water treatment plans, telecom towers, and three-star hotels, RBI today gave them 'infrastructure status' and paved way for them to avail easier funding from banks.
In a notification, RBI said the credit facility ...
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Income Tax |
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Notification - Special Examination
Posted Date : 20-Nov-2012 , 08:22:52 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India[Set up by an Act of Parliament]Post Box No.7112, ICAI BHAWAN, Indraprastha MargNew Delhi - 110002
TO BE PUBLISHED IN PART III SECTION 4 OF THE GAZETTE OF INDIA19th November, 2012NOTIFICATION
No.13-CA(Exam)/N/2012/III: In partial modific...
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Income Tax |
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HSBC Geneva acts: Income tax dept approaches Swiss authorities
Posted Date : 19-Nov-2012 , 08:48:06 am | Posted By CASANSAAR
The Income Tax department, probing the secret list of account holders in the Geneva branch of HSBC bank, has approached Swiss revenue authorities for banking data of certain individuals after investigations showed some of them reportedly had other accounts under fictitious names.
The depart...
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Income Tax |
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GAAR amendments finalised, says Chidambaram
Posted Date : 19-Nov-2012 , 08:41:27 am | Posted By CASANSAAR
Amendments to GAAR, the controversial law against tax avoidance through foreign investments, have been finalised, Finance Minister P Chidambaram disclosed today."I have finalised the amendments to the Chapter 10A of the Income Tax Act. Now it will go to the PMO and then we should be ready ...
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Income Tax |
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CA Exam at Mumbai/Navi Mumbai, Thane and Panvel postponed
Posted Date : 18-Nov-2012 , 08:56:28 am | Posted By CASANSAAR
November 17, 2012
CHARTERED ACCOUNTANTS EXAMINATION
Due to unavoidable circumstances, the Final Examination in Paper 8 – Indirect Tax Laws, and the Post Qualification Course(s) Examination(s) in Management Accountancy, Corporate Management, Tax Management, and Insurance and R...
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Income Tax |
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Essar loses income tax appeal
Posted Date : 18-Nov-2012 , 08:55:31 am | Posted By CASANSAAR
Essar Oil Ltd has lost one more legal battle with the taxation department after the apex court directed the company to pay multi-crore sales tax dues to the state government.
Though the amount is not much this time around, the Gujarat high court concluded that the company had defa...
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Income Tax |
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CBDT bats for penalty waiver in retro tax cases; boost for Vodafone?
Posted Date : 17-Nov-2012 , 07:51:17 am | Posted By CASANSAAR
In the first indication of a softening of stance from revenue authorities on the controversial retrospective tax laws introduced in budget 2012, the country's apexBSE 0.00 % tax body, the Central Board of Direct Taxes or CBDT has recommended waiver of penalties in cases...
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Income Tax |
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Final draft of GAAR to be made public in 10 days: Chidambaram
Posted Date : 17-Nov-2012 , 07:40:16 am | Posted By CASANSAAR
The government plans to announce within the next 10 days the final general anti-avoidance rules (GAAR), Finance Minister P Chidambaram said on Friday.
The rules, introduced in this year's budget to check tax evasion, provoked an outcry from foreign investors who feared excessive scrutiny ...
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Income Tax |
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How CAs can Download Income Tax Form & Upload XML at Income tax website
Posted Date : 15-Nov-2012 , 10:26:45 pm | Posted By CASANSAAR
To file an Income Tax Formelectronically, you should download the Income Tax Form Utility applicable, fill and generate an XML. This XML should be uploaded in the application post LOGIN.
Steps to follow:
GO TO ‘Downloads&r...
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Income Tax |
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Registeration process on Income Tax e-filing website as Professionals
Posted Date : 15-Nov-2012 , 09:13:05 am | Posted By CASANSAAR
1. Click on ‘ Register Yourself’ on the homepage or on the below link :-
https://incometaxindiaefiling.gov.in/e-Filing/Registration/RegistrationHome.html
2. Select the user type as ‘Chartered Accoutant’
4. 3. Provide Membership details with ICAI, ...
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Income Tax |
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Google India slapped with Rs 76 crore fine
Posted Date : 15-Nov-2012 , 09:02:19 am | Posted By CASANSAAR
Google India, the Indian arm of the global search engine, is grappling with a Rs 76-crore penalty slapped by the income-tax authorities.
The tax office has said Google India has misled the department, deflated income, violated accounting rules laid down by the chartered account...
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Income Tax |
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Vodafone makes no provision for $2.2-b Indian tax claim
Posted Date : 14-Nov-2012 , 08:40:18 am | Posted By CASANSAAR
Telecom giant Vodafone has decided against making a $2.2 billion (about Rs 12,000 crore) provision for its Indian tax bill, in a sign of the company’s confidence that it will not be held liable, following the legislative changes brought in by the Manmohan Singh Government.
F...
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Income Tax |
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Google faces searching queries from tax officials; penalised Rs 76 cr for incorrect accounting
Posted Date : 13-Nov-2012 , 08:39:35 am | Posted By CASANSAAR
Google India Private Limited, the Indian arm of the global search engine, is grappling with a Rs 76-crore penalty slapped by the income-tax authorities.The tax office has said Google India has misled the department, deflated income, violated accounting rules laid down by the cha...
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Income Tax |
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I-T dept loses
Posted Date : 12-Nov-2012 , 09:00:10 am | Posted By CASANSAAR
The income tax department has lost a battle before the Income Tax Appellate Tribunal against UP chief minister Akhilesh Yadav where it had accused him and his wife Dimple of using "unaccounted" cash to convert the land use of a property purchased in their joint name...
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Income Tax |
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Government in a Statement States that Appropriate Action has been Taken on the Information Received by it from the Government of France in June 2011
Posted Date : 10-Nov-2012 , 09:42:01 pm | Posted By CASANSAAR
Information was received in June, 2011 by the Government of India from the Government of France relating to certain bank accounts reportedly held by certain individuals/non-individuals in a foreign bank .Reference to this matter was made by the then Finance Minister during the course of the debate o...
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Income Tax |
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CBDT disagrees with Shome panel, wants GAAR from next fiscal
Posted Date : 09-Nov-2012 , 08:13:42 am | Posted By CASANSAAR
Disagreeing with the Shome panel's recommendation, the CBDT is believed to have favoured implementation of the anti-tax avoidance rules GAARfrom the next financial year. The Central Board of Direct Taxes (CBDT), which submitted its report to Finance Minister P Chidambar...
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Income Tax |
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