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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 682
|
 |
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 666
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1204
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 988
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 842
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1428
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 624
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 732
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 806
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1304
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 632
|
|
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, ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 741
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 665
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 617
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 630
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 642
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 598
|
|
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, ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 844
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 642
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 763
|
|
CBDT opposes Shome Committee proposal to defer GAAR by 3 years
Posted Date : 21-Oct-2012 , 08:08:34 am | Posted By CASANSAAR
The country's apex tax body, the Central Board Of Direct Taxes (CBDT), has opposed Shome Panel's proposal to defer the implementation of the General Anti-Avoidance Rules (GAAR) for three years. TheCBDT has submitted a report to the finance ministry on the subject , ET NOW wa...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 715
|
|
Vodafone, Income Tax department set for another round in Supreme Court
Posted Date : 19-Oct-2012 , 11:34:48 pm | Posted By CASANSAAR
Nine months after British telecom major Vodafone won a $2.2-billion legal battle against the income-tax department, the two sides are set for another showdown in the Supreme Court.
The department has challenged in the Supreme Court a Gujarat high court order...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 670
|
|
Chowdary appointed new Member (inv) in CBDT
Posted Date : 17-Oct-2012 , 07:44:54 am | Posted By CASANSAAR
Senior IRS officer K V Chowdary has been appointed as the new Member (investigations) in the Central Board of Direct Taxes (CBDT) under Finance Ministry.The tax officer has moved to the new post in the Board as senior Income Tax officer Anita Kapur has joined the CBDT as Member (Audit and Judicial),...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 768
|
|
Kingfisher Airlines' employees get income-tax notices on non-payment of taxes
Posted Date : 17-Oct-2012 , 07:40:40 am | Posted By CASANSAAR
A seven-month backlog in unpaid salaries is not the only menace Kingfisher Airlines staff is grappling with these days. In a double whammy to Kingfisher's employees, the income-tax department has begun sending out notices directing them to clear tax liabilities, which run into several lakh...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 763
|
|
Penalty justified even if defaulter agrees to pay up: Tribunal
Posted Date : 15-Oct-2012 , 11:17:36 am | Posted By CASANSAAR
Even if a taxpayer, fearing he will be slapped with a penalty post a scrutiny assessment, comes clean and offers to pay tax on under-disclosed income, there is still ground enough to levy penalty for misstatements, held the Income-tax Appellate Tribunal in B.R. TV vs Assistant Commissioner of I...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 719
|
|
Paying tax soon to be a fundamental duty
Posted Date : 15-Oct-2012 , 11:13:14 am | Posted By CASANSAAR
Pay tax not just to relax, as the Income Taxdepartment says, but also to contribute to nation building as part of our soon-to-be fundamental duty.
The finance ministry plans to propose that paying tax be made a fundamental duty, hoping the move will increase complia...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 755
|
|
CAG inspection report says Salman Khurshid trust misused funds
Posted Date : 13-Oct-2012 , 08:14:45 am | Posted By CASANSAAR
The Comptroller and Auditor-General has pointed to malpractices in a trust controlled by law minister Salman Khurshid and asked the government to recover Rs71.50 lakh with interest.A sting operation conducted by a TV channel too had alleged irregularities by the Dr Zakir Hus...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 840
|
|
Infosys CFO V Balakrishnan to step down, CA.Rajiv Bansal to take over
Posted Date : 13-Oct-2012 , 07:55:39 am | Posted By CASANSAAR
Infosys CFO V Balakrishnan will step down from his current role at the end of this month to focus on three areas which the company said are strategic to it - the India business, the BPO business and the banking software product Finacle. He will remain on the board of the company. Balakrishnan, ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1099
|
|
BSE investors to get trade alerts through SMS from Today
Posted Date : 12-Oct-2012 , 07:53:25 am | Posted By CASANSAAR
In a move to check unauthorised stock market trades through investor accounts, leading bourse BSE today said it will commence the service of sending SMS to all investors from today. "In order to check unauthorised stock market trades through investor accounts, as per SEBI ci...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 767
|
|
Separate benches to take up pending transfer pricing cases
Posted Date : 12-Oct-2012 , 07:49:50 am | Posted By CASANSAAR
Tax authorities have finally woken up to pending transfer pricing litigation in India. The Income Tax Appellate Tribunal has decided to constitute separate benches in Mumbai, Delhi, Bangalore and Hyderabad to hasten the disposal of transfer pricing and international taxation cases.
Transfer...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 631
|
|
|
