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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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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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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Direct tax collections rise 6.59 percent in April-October
Posted Date : 08-Nov-2012 , 10:49:16 pm | Posted By CASANSAAR
Subdued corporate tax realisation on account of slow economic activity kept growth in gross directtax collection at a mere 6.59 per cent during the April-October period of the current fiscal.The collection during the first seven months of 2012-13 was Rs 3.02 lakh crore, up from R...
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Income Tax |
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Sebi allows FIIs to reinvest half of investment in debt holdings
Posted Date : 08-Nov-2012 , 08:09:58 am | Posted By CASANSAAR
Easing norms for foreign investors, Sebi on Wednesday allowed them to re-invest half of their investments in debt holdings to the next calendar year, starting from January 2014.Once the relaxation is in place, Foreign Institutional Investors (FIIs) and their sub-accounts can re-invest 50 per cent of...
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High Court dismisses Income-Tax department
Posted Date : 08-Nov-2012 , 08:00:28 am | Posted By CASANSAAR
The Bombay High Court dismissed an Income-Tax Department's appeal on tax claim onReliance Communication on nearly Rs 5,635 crore of revenues. The court upheld the Income Tax Appellate Tribunal order that some alleged transactions do not qualify to be taxed."The finding of th...
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Supreme Court asks Income Tax department to transcribe Radia tapes in 2 months
Posted Date : 07-Nov-2012 , 08:47:25 am | Posted By CASANSAAR
The Supreme Court today granted two more months to the Income Tax department to transcribe the entire intercepted telephone conversations of corporate lobbyist Niira Radia. A Bench of justices G S Singhvi and S J Mukhopadhaya said that the department must place the transcrip...
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I-T dept tightens noose on tax evaders in Gujarat
Posted Date : 07-Nov-2012 , 08:31:17 am | Posted By CASANSAAR
The demand for real estate units might be at its lowest since 2009, but for tax sleuths the sector remains at the top when it comes to unveiling unaccounted income. In the last two months, income tax department has searched and surveyed more than 50 realty firms in the state, hig...
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Bombay HC's verdict: RComm escapes tax net on Rs 5600cr
Posted Date : 06-Nov-2012 , 08:28:16 am | Posted By CASANSAAR
Reliance Communications heaved a sigh of relief with a recent Bombay HC order that restrained the I-T department from taxing Rs 5600 crore of alleged income, reports CNBC-TV18's Ashmit Kumar.
A recent Bombay High Court order has allowed Rel Comm to escape a tax liability. Now important...
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CIC to seek political parties' asset details from Income Tax department
Posted Date : 05-Nov-2012 , 08:23:43 am | Posted By CASANSAAR
The CIC will seek a report from Income Tax department and Directorate of Estate regarding tax exemptions claimed by political parties and their assets to ascertain whether there is enough indirect funding from the government to bring them under the ambit of&nb...
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CVC detects Rs 1,000 crore tax evasion in CWG projects
Posted Date : 05-Nov-2012 , 08:06:13 am | Posted By CASANSAAR
The Central Vigilance Commission has detected tax evasion of about Rs 1,000 crore by government departments and private companies in carrying out Commonwealth Games-related works. Vigilance Commissioner R Srikumar said Rs 1,000 crore evasion was detected with the help of a multi-jurisdiction investi...
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Existing Income Tax e filing Portal will not be available from 3rd November to 8th November, 2012
Posted Date : 02-Nov-2012 , 08:52:53 pm | Posted By CASANSAAR
In view of the overwhelming response from the tax payers and growth of e-filing, a new e-filing project has been conceptualized in order to take the e-services to the next generation.
Under the new e-filing set-up not o...
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Income Tax |
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CBI arrests female Income Tax official for accepting bribes
Posted Date : 02-Nov-2012 , 10:23:22 am | Posted By CASANSAAR
A female Income Tax official has been arrested by the Central Bureau of Investigation (CBI) for allegedly accepting bribe of Rs 6 lakh for not scrutinising income tax returns of a private firm.
The CBI's anti-corruption bureau arrested M M Chouhan, Income Tax Officer M M Chouhan of Thane fo...
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Canada SC quashes tax court order on transfer pricing; judgment to impact Indian cos
Posted Date : 01-Nov-2012 , 08:43:09 am | Posted By CASANSAAR
The recent landmark ruling by the Canadian Supreme Court on transfer pricing in the pharma sector is likely to have far reaching implications on the Indian pharma space too.
The court’sjudgment overruled the order of the tax court and has stated that busi...
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Keep track of your ITR until it
Posted Date : 01-Nov-2012 , 08:42:18 am | Posted By CASANSAAR
Most of us have filed our tax returns electronicallybefore the August 31 deadline. However, what many of us didn't realise was that the process would be complete only after the central processing centre (CPC) of the income-tax department sends an email or SMS acknowledging the receipt of the&nb...
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Satyam Computer Services to challenge ED's attachment of Rs 822 cr FDs
Posted Date : 30-Oct-2012 , 09:30:54 pm | Posted By CASANSAAR
Struggling IT outsourcer Satyam Computer Services(SCCL), now controlled by Mahindra Group, has decided to contest the attachment of Rs 822 crore of bank deposits by the Enforcement Directorate (ED). Addressing media persons in Hyderabad on Tuesday to announce the financial results, th...
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RBI set to cut CRR by 25bps
Posted Date : 30-Oct-2012 , 08:09:04 am | Posted By CASANSAAR
Raising hopes of a rate cut, the Reserve Bank of India has slashed growth estimates forecasts from 6.5% projected in the second quarter to 5.7% in a report on Monday. While terming the government's reform measures as positive, RBI's review of macro economic and monetary developments for the second q...
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DTC, GST to be introduced in Parliament after taking Par panel suggestions, says FM
Posted Date : 30-Oct-2012 , 08:03:16 am | Posted By CASANSAAR
P Chidambaram has said he is reviewing the Direct Taxes Code (DTC) Bill and it will be introduced in Parliament after taking into account the recommendations of the Parliamentary panel.Chidambaram will meet empowered committee of state finance ministers on November 8 to build on...
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CBDT panel recommends 14 tax accounting standards
Posted Date : 27-Oct-2012 , 08:26:20 am | Posted By CASANSAAR
A CBDT appointed committee has recommended as many as 14 tax accounting standards.
These standards, also known as TAS, if and when adopted, will have a significant impact on computation of income chargeable to tax.
The Finance Ministry o...
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India Signs Protocol for Amending the Convention for Avoidance of Double Taxation & Prevention of Fiscal Evasion
Posted Date : 27-Oct-2012 , 08:24:12 am | Posted By CASANSAAR
The Government of the Republic of India and the Government of the Kingdom of Spain signed here today the Protocol for amending the Convention and Protocol between the Government of the Republic of India and the Government of the Kingdom of Spain for avoidance of double taxation and the preventi...
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Mark-to-Market advantage on forex derivatives may go
Posted Date : 27-Oct-2012 , 08:18:37 am | Posted By CASANSAAR
A panel set up by the Central Board of Direct Taxes (CBDT) has proposed new tax accounting standards (TAS) that seek to take away from India Inc the advantage of mark-to-market provisioning for gains or losses on investments in forex derivatives.The committee's report, ...
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Former Italian prime minister sentenced to prison for tax fraud
Posted Date : 27-Oct-2012 , 08:13:33 am | Posted By CASANSAAR
Former Italian prime minister Silvio Berlusconiwas on Friday sentenced to four years in jail, quickly reduced to one - for tax fraud with Italy's lengthy appeals process likely to ensure he never sees the inside of a prison cell. Scandal-hit Berlusconi, 76, condemned th...
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India, Spain sign tax avoidance agreement
Posted Date : 27-Oct-2012 , 08:10:37 am | Posted By CASANSAAR
India on Friday signed a tax avoidance agreement with Spain that will facilitate exchange of information on its tax evaders and getting details of financial transactions of domestic companies.
The agreement on amending the protocol for avoidance of double taxation and the ...
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After MCA, Income Tax begins probing Nitin Gadkari's Purti companies
Posted Date : 26-Oct-2012 , 08:19:01 am | Posted By CASANSAAR
After Ministry of Corporate Affairs, Income Tax department too has launched a probe to trace the source of funding of various firms that invested in BJP president Nitin Gadkari's company Purti Power and Sugar Limited (PPSL).
"We will trace the source the funds of the companies including the...
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Ex-Goldman Sachs director Rajat Gupta gets 2-year sentence and $5m fine for insider trading
Posted Date : 25-Oct-2012 , 08:55:31 am | Posted By CASANSAAR
A former Goldman Sachs and Procter & Gamble Co. board member once widely respected worldwide for his business smarts was sentenced Wednesday to 2 years in prison for feeding inside information about board dealings with a billionaire hedge fund owner who was his friend.
The India...
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Ten EU nations get go-ahead on financial transactions tax
Posted Date : 24-Oct-2012 , 08:25:27 am | Posted By CASANSAAR
The European Commission on Tuesday agreed a formal first step enabling 10 EU nations to launch a hotly contested Financial Transactions Taxslated to raise billions for the public purse. After plans to launch the tax across the European Union were scuttled duri...
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Undisclosed income of Rs 10 cr detected by I-T
Posted Date : 23-Oct-2012 , 06:12:40 am | Posted By CASANSAAR
An undisclosed income of Rs 10 crore has been detected by the Income Tax department during survey operation conducted on real estate groups here.
I-T sleuths had carried out survey on the premises of some real estate companies on Friday, said Jaspal Singh, Chief Commissioner of Income Tax, ...
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eBay accused of tax evasion in UK
Posted Date : 23-Oct-2012 , 06:11:30 am | Posted By CASANSAAR
Online auction giant eBay paid only £1.2 million ($1.92 million, 1.47 million euros) in tax to the British government despite generating £800 million in sales in the country, the Sunday Times reported.
The auction site denied any wrongdoing.
Ac...
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Income Tax refunds decline 23.33%
Posted Date : 22-Oct-2012 , 07:39:01 am | Posted By CASANSAAR
The Income Tax refunds during the first half of current financial year have come down to Rs 46,000 crore from Rs 60,000 crore in the same period last year.
"The IT refund in April-September period of this fiscal stood at Rs 46,000 crore," a finance ministry official said.
The gover...
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