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...
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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...
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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),...
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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...
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Income Tax |
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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...
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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...
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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...
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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, ...
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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...
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Income Tax |
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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...
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GST and DTC are expected to be implemented by April 2013
Posted Date : 12-Oct-2012 , 07:46:08 am | Posted By CASANSAAR
There was a need to look again at the provisions of the proposed direct taxes code (DTC) and the goods and services tax (GST), said Parthasarathi Shome, director and chief executive, Indian Council for Research on International Economic Relations.
There should be fresh consultation over DTC...
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ICAI Invites Suggestions on Direct and Indirect Taxes for Pre-Budget Memorandum, 2013.
Posted Date : 11-Oct-2012 , 08:53:13 pm | Posted By CASANSAAR
The Direct & Indirect Taxes Committees of ICAI are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes- 2013 to be submitted to the Ministry of Finance. Suggestions are invited on laws relating to Direct Taxes, Central ...
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Final view on retro tax amendments by Nov 15: FinMin
Posted Date : 11-Oct-2012 , 07:33:32 am | Posted By CASANSAAR
The government is likely to take a final view by November 15 on the Shome panel report, which had favoured prospective application of tax laws in its report on retrospective amendments relating to taxation of indirect transfers, a Finance Ministry official said."The Finance Ministry will take final ...
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Rs. 2,72,133 Crore Direct Tax Collections during First Half of 2012-13
Posted Date : 10-Oct-2012 , 09:21:53 pm | Posted By CASANSAAR
Gross direct tax collection during April-September of the F.Y. 2012-13 was up by 5.87 percent at Rs. 2,72,133 crore as against Rs. 2,57,042 crore in the same period last year. While gross collection of corporate taxes showed an increase of 1.60 percent (Rs. 1,78,173 crore as against Rs. 1,75,360 cro...
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Income Tax |
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Black money probe: first international success for ED
Posted Date : 10-Oct-2012 , 08:29:39 am | Posted By CASANSAAR
For the first time, the Enforcement Directorate (ED) has been able to convince Switzerland to give it access to attach the accounts of an Indian company, City Limouzines, under the Prevention of Money Laundering Act (PMLA). The company was allegedly involved in running a racket of ponzi schemes in v...
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Income Tax |
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Retired IT officer sentenced to three yrs for demanding bribe
Posted Date : 10-Oct-2012 , 08:27:00 am | Posted By CASANSAAR
A 63-year-old retired income tax officer has been sentenced to three years imprisonment by a Delhi court for extorting money from a jeweller here by threatening to implicate him in a false case.
Special CBI Judge Pradeep Chaddah, however, granted him bail as the punishment was not exceeding...
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Bank Audit rumors : Clarification by ICAI President
Posted Date : 09-Oct-2012 , 08:25:14 am | Posted By CASANSAAR
Dear Professional Colleagues,
This has reference to emails being received by the Institute about the Finance Ministry’s latest circular dated 26th September, 2012 containing general guiding principles on Internal Audit, Information System, Concurrent and ...
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We can
Posted Date : 09-Oct-2012 , 08:18:03 am | Posted By CASANSAAR
India’s national auditor has said the government should not expect it to be a cheerleader for all of its actions. Comptroller & Auditor General Vinod Rai took the opportunity of addressing his senior officers on Monday to say “we cannot don the role of cheerleaders. We strive to prov...
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Income Tax |
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Nearly 29,000 tax defaulters owe Rs 3,770 crore to government
Posted Date : 09-Oct-2012 , 08:14:57 am | Posted By CASANSAAR
Tax defaults by nearly 29,000 taxpayers aggregate to Rs 3,770 crore, according to a tax department's analysis of e-returns filed in 2012-13.Asking these tax-payers to voluntarily come forward and pay their dues immediately, the Central Board of Direct Taxes (CBDT) said the failure to ...
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Income Tax |
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Govt's tax evasion summons to insurance firms
Posted Date : 07-Oct-2012 , 11:39:13 am | Posted By CASANSAAR
The finance ministry has issued summons to about a dozen insurance firms seeking documents pertaining to sale of insurance policies and commission paid to their field associates as part of its probe into alleged service tax evasion of over Rs. 300 crore by them.
firms includ...
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Income Tax |
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Tax returns, Performance report out of RTI ambit: SC
Posted Date : 05-Oct-2012 , 08:29:31 am | Posted By CASANSAAR
The Supreme Court has ruled that the details of a person's income tax returns and performance of an employee are "personal information" which cannot be divulged under the provisions of the Right to Information Act unless a larger public interest is involved.
The apex court added that under ...
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Dead pay income tax in India, RTI query finds
Posted Date : 05-Oct-2012 , 08:22:30 am | Posted By CASANSAAR
Delhi resident Madan Kumari Jain is a conscientious citizen. She earns a steady income and pays her taxes religiously. In 2010-11, she paid Rs 2.01 lakh in tax. A year before that, she enriched the IT department by Rs 2.05 lakh. In fact she has made the exchequer richer by a million rupees...
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Income Tax |
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Online view of your Income Tax Arrear Demand
Posted Date : 03-Oct-2012 , 11:10:56 pm | Posted By CASANSAAR
As a Taxpayer friendly initiative, a facility to view details of Arrear Demand of taxpayers as communicated by their Jurisdictional Assessing Officers (A.O.) to the Central Processing Centre (CPC) is now enabled on the e-filing website i.e.
https://incometaxindiaefiling.gov.i...
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Taxmen may reduce TDS-related paperwork for assessees
Posted Date : 03-Oct-2012 , 08:10:00 am | Posted By CASANSAAR
If your income is not taxable and you are getting interest income, then you may get some relief from the paperwork for non-deduction of tax at source.
According to a highly-placed government source, “CBDT is to examine the possibility of getting Form 15G/15H once in a life time from v...
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Investors to get no-frills demat accounts from today
Posted Date : 02-Oct-2012 , 08:54:23 am | Posted By CASANSAAR
Small individual investors will be able to get no-frills demat accounts for trading in stocks, mutual funds and other securities from Monday without any annual maintenance charges for holdings up to Rs 50,000.Also, the charges would be capped at a maximum of Rs 100 a year if the value of their portf...
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Finance Minister P Chidambaram asks IT department to lower taxes on insurance policies
Posted Date : 02-Oct-2012 , 08:53:56 am | Posted By CASANSAAR
In what could turn out to be a 'game-changer' for the life insurance industry, Finance Minister P Chidambaram on Monday urged the income-tax department to lower tax rates on life insurance policies and the insurance regulator to speed up approval for products.Life insurers will now be able...
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Centre
Posted Date : 02-Oct-2012 , 08:47:18 am | Posted By CASANSAAR
The Centre said that the guidelines for implementation of General Anti Avoidance Rules (GAAR) will be finalised by the Income Tax department by the end of this month. Talking to reporters in New Delhi today the Finance Minister P Chidambaram said GAAR rules will be first vetted by the Law Ministry. ...
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CAG not 'munimji', it's a constitutional authority: SC
Posted Date : 01-Oct-2012 , 08:11:37 pm | Posted By CASANSAAR
Observing that the "CAG is not a munim (accountant)" the Supreme Court on Monday dismissed a plea challenging the Comptroller and Auditor General's power to conduct performance audit of controversial allocation of coal blocks by the UPA government. A bench of justices R M Lodha and A R dave said the...
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e-Filing Helpline Numbers.
Posted Date : 29-Sep-2012 , 09:47:14 pm | Posted By CASANSAAR
For any query relating to e-filing of Income Tax Return, please call 18001801961 or 08026500025.
For any query regarding status of e-filed return and ITR-V please call 18004252229....
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'eBay International
Posted Date : 29-Sep-2012 , 06:29:12 pm | Posted By CASANSAAR
eBay International AG, a Swiss tax resident, need not fork out any income-tax on the profits earned from its two India-specific Web sites.
This ruling of the Mumbai Income Tax Appellate Tribunal is a significant one in the context of e-commerce transactions, say tax experts.
The Tr...
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