New tax accounting standards to reduce litigation soon
Posted Date : 25-Sep-2012 , 08:11:32 am | Posted By CASANSAAR
From 2012-2013 onwards, companies may have to file their income-tax return as per the standards laid down by the Central Board of Direct Taxes (CBDT). The new standards will reduce the discretion which is currently available with the taxpayers under the standards prescribed by the Institute of Chart...
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C P Joshi gets additional charge of Railway Ministry
Posted Date : 22-Sep-2012 , 09:28:37 pm | Posted By CASANSAAR
Union Minister for Road, Transport and Highways Dr C P Joshi have been given additional charge of Railway Ministry on Saturday a day after the resignation of Mukul Roy and other Trinamool Congress ministers.
According to Rashtrapati Bhavan spokesperson Venu Rajamony, Dr Joshi was assigned ...
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Income Tax |
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Finance Minister approves the Operational Features of the Rajiv Gandhi Equity Savings Scheme (RGESS)
Posted Date : 22-Sep-2012 , 09:03:00 am | Posted By CASANSAAR
The Union Finance Minister Shri P. Chidambaram approved a new tax saving scheme called “Rajiv Gandhi Equity Saving Scheme“(RGESS),exclusively for the first time retail investors in Securities Market. This Scheme would give tax benefits to new investors who invest up to Rs. 50,000 and who...
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Income Tax |
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Vodafone willing to pay Rs 8,000 crore tax to government if interest, penalty waived
Posted Date : 21-Sep-2012 , 08:12:21 am | Posted By CASANSAAR
UK-based telecom giant Vodafone today said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs 8,000 crore, is an option provided the interest and penalty are waived. "It is exactly an option. I don't know if its viable," Vodafone...
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Income Tax |
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CBDT panel to firm up uniform view on legal issues
Posted Date : 20-Sep-2012 , 09:12:02 am | Posted By CASANSAAR
In what would help assessing officers across the country to take a homogeneous view in legal matters of similar nature, the Central Board of Direct Taxes (CBDT) has formed a standing committee to firm up, what would be called ‘department’s view’, on contentious legal issues.
The m...
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Income Tax |
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EC asks CBDT; I-T to monitor funding in polls
Posted Date : 19-Sep-2012 , 08:45:49 am | Posted By CASANSAAR
The Election Commission (EC) has sought deployment of the investigation machinery of the Income Tax department for checking movement of illegal funds during the forthcoming assembly elections in Gujarat and Himachal Pradesh. The Central Board of Direct Taxes (CBDT), which was written to by the ...
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Income Tax |
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SC asks government to check delays in income tax appeal
Posted Date : 18-Sep-2012 , 08:03:15 am | Posted By CASANSAAR
The Supreme Court on Monday faulted government departments for dragging their feet on filing tax appeals running into crores and asked the government to put in place a mechanism to cut down the delays.A two-judge bench of the apex court, headed by CJI S H Kapadia and Justice A K Patnaik, e...
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Income Tax |
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Vodafone considers $2.2 bn tax provision on Indian law
Posted Date : 18-Sep-2012 , 07:57:48 am | Posted By CASANSAAR
Vodafone Group Plc, which has resisted setting aside money for a USD 2.2 billion tax bill in India, may make a provision to cover the legal risks, Chief Financial Officer Andy Halford said in an interview. The world's second-largest mobile-phone operator is consulting on the need for a pr...
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Income Tax |
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Cost Inflation Index for Financial Year 2012-13
Posted Date : 17-Sep-2012 , 08:29:08 pm | Posted By CASANSAAR
Notified Cost Inflation Index for Financial Year 2012-13 / Assessment Year 2013-14 : 852...
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Income Tax |
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ICAI Elections : Permission to Vote by Post for those who are away from their Addresses
Posted Date : 17-Sep-2012 , 07:34:17 am | Posted By CASANSAAR
If you are away from your professional address and want to vote for then please fill the attached form and send it to returning officer till 5th October 2012.
As per election rules, A member who is entitled to vote at a polling booth may be permitted at the discretion of...
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Income Tax |
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No royalty tax on income from sale of in-built software
Posted Date : 17-Sep-2012 , 07:28:05 am | Posted By CASANSAAR
The Delhi High Court has ruled that income from sale of software embedded in hardware was not taxable as royalty despite the retrospective amendment to the Income Tax Act, as the changes cannot override a tax treaty. Deciding on a case between the Income Tax Department and Nokia Networks of Finland,...
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Income Tax |
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0 | Hits : 704
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I-T probing foreign banks, brokers in illegal investments case
Posted Date : 17-Sep-2012 , 07:21:22 am | Posted By CASANSAAR
The Income Tax department is probing a few foreign banks and financial brokers after it was tipped off about large scale illegal high returns investment programme being executed in violation of RBI guidelines.
The investments and returns scheme, called the Private Placement Programmes (PPP)...
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Income Tax |
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0 | Hits : 609
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CBDT scrutinising firms enjoying tax exemptions
Posted Date : 17-Sep-2012 , 07:20:04 am | Posted By CASANSAAR
Companies availing tax exemptions are being scanned by the income tax department. The Central Board of Direct Taxes has started a closer scrutiny of companies paying less corporate tax due to various exemptions. The finance ministry says it has found some of these companies are evading taxes by shif...
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0 | Hits : 792
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Cabinet clears 51% FDI in multi-brand retail and 100 per cent in Single Brand retail
Posted Date : 15-Sep-2012 , 09:23:41 am | Posted By CASANSAAR
The Cabinet today approved 51 per cent FDI in multi-brand retail and 100 per cent in Single Brand retail subject to conditions. Breifing newsmen on the decisions of the Cabinet Committee on Economic Affairs, Commerce Minister Anand Sharma said, the conditions for FDI in Single Brand retail include t...
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Income Tax |
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SC directs Essar Oil to pay Rs 5,198 cr tax dues
Posted Date : 14-Sep-2012 , 08:36:38 am | Posted By CASANSAAR
The Supreme Court on Thursday directed the Ruias-owned Essar Oil to pay dues of Rs 5,189 crore to Gujarat government towards its tax liability in eight quaterly instalments. The court also imposed an interest of 10 per cent on this amount from January, 2012.
While disposing of the company&r...
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Income Tax |
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Income Tax department deputes special team to transcribe Radia tapes
Posted Date : 13-Sep-2012 , 08:26:38 am | Posted By CASANSAAR
The Income Tax department has deployed a special team to transcribe the remaining recordings of the telephone conversations of corporate lobbyist Niira Radia after the Supreme Court had recently directed it to do so. The department, according to sources, had earlie...
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Income Tax |
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Income Tax, ED on trail in coal allocations scam
Posted Date : 11-Sep-2012 , 11:12:29 pm | Posted By CASANSAAR
In more trouble for allotees of coal blocks, the Income Tax department and Enforcement Directorate are scanning investments and finances of the firms that are alleged to have illegally benefited in the scam.
Both the agencies under the Finance Ministry have begun a discreet inquiry into the...
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Income Tax |
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1 | Hits : 679
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Direct tax collections up 6.51% in April-Aug
Posted Date : 10-Sep-2012 , 11:30:58 pm | Posted By CASANSAAR
The gross direct tax collection during April-August this fiscal went up by 6.51 per cent to over Rs. 1.64 lakh crore, from Rs. 1.54 lakh crore in the corresponding period last year, a Finance Ministry statement said.Corporate tax collection grew by just 0.15 per cent and stood at...
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Income Tax |
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IT Department exposes Multi-crores Tax Evasion by Jewellers
Posted Date : 09-Sep-2012 , 07:21:46 am | Posted By CASANSAAR
The Income Tax department on late Friday night exposed the tax evasion worth crores of rupees from the five plush Jewellery showrooms in Jammu. Income tax sleuths raised the premises of Chowdhary Shankar Shah Jewellers Jain Bazar, Vijay Shankar Shah Jewellers Jain Bazar, Chowdhary Shankar Shah ...
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Income Tax |
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CBDT to come out with accounting norms for real estate
Posted Date : 08-Sep-2012 , 09:23:51 am | Posted By CASANSAAR
The Revenue department Thursday said it will soon come out with accounting standards for the real estate sector to bring about uniformity in reporting of financial results.
"We will shortly come forward with accounting standard in this regard (for real estate sector)," Central Board of Direct Taxes...
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CBDT promises tax refund in three months
Posted Date : 07-Sep-2012 , 08:30:24 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) today said it has reduced the time period for tax refunds to three months and would take steps to release arrear payment as fast as possible.
"We have brought down time for refund...Timing of rectification at the Central Processing Centre (CPC) level...
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Income Tax |
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CBDT asks to rectify incorrect demand uploaded on CPC within 30 days
Posted Date : 07-Sep-2012 , 08:17:59 am | Posted By CASANSAAR
Letter [DIT(S)-III/DMFortnight/2012-13], dated 3-9-2012
The issue of demand management continues to remain an area of grave concern. It has been found that in most of the cases demanduploaded is incorrect and incomplete. Such demands have been uploaded by AOs withoutdue dilig...
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Income Tax |
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Multilateral Convention in Tax Matter
Posted Date : 06-Sep-2012 , 09:14:49 pm | Posted By CASANSAAR
India signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (Multilateral Convention) on 26th January, 2012 and ratified it as on 2nd February, 2012. The Multilateral Convention has come in to effect for India on 1st June, 2012. At present 38 countries have signed the...
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Income Tax |
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FM P Chidambaram asks Income Tax department to monitor advance tax collection
Posted Date : 06-Sep-2012 , 07:55:34 am | Posted By CASANSAAR
Finance Minister P Chidambaram has asked each zonal office of the Income Tax departmentto monitor advance tax collection and achieve the targets fixed."Each region has been allocated target of tax collections. Each assessing officers is required to monitor the advance ...
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Income Tax |
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Income Tax Overseas Units
Posted Date : 06-Sep-2012 , 07:50:30 am | Posted By CASANSAAR
Income-tax Overseas Units (ITOUs) manned by tax officers at the level of First Secretary have been established in Mauritius and Singapore. Further, posting orders in respect of officers to be posted to newly created ITOUs in Indian missions at Cyprus, France, Germany, Japan, Netherlands, UAE, UK and...
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Income Tax |
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Cos can't file IT returns and then move AAR: Delhi High Court
Posted Date : 05-Sep-2012 , 08:42:00 am | Posted By CASANSAAR
If a company files an Income-tax return it would lose the right to seek a ruling from the Authority for Advance Ruling (AAR), a quasi judicial body which gives advance rulings on tax implications of transactions involving foreign companies, the Delhi High Court ruled re...
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Income Tax |
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Authorities will not 'rashly' implement retrospective tax rules, assures Chidambaram
Posted Date : 04-Sep-2012 , 08:40:07 am | Posted By CASANSAAR
Terming payment of taxes as a 'mark of civilisation',Finance Minister P Chidambaram has assured that authorities will not "rashly" implement controversialretrospective tax rules while once again promising a non-adversarial tax regime for all taxpayers.This is the second time in less t...
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Income Tax |
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SIDBI Signs Agreement with Germany
Posted Date : 03-Sep-2012 , 07:10:16 pm | Posted By CASANSAAR
Under the umbrella of Indo German bilateral development cooperation, the Small Industries Development Bank of India(SIDBI) and the German Government’s Development Bank KfW, today signed an agreement for financial assistance totaling EURO 54 million (approximately Rs. 375 crore) ...
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India
Posted Date : 03-Sep-2012 , 08:57:53 am | Posted By CASANSAAR
The Income Tax Department has detected Rs 230 crore unaccounted income from the well known Chhajalani group in arguably the biggest ever income tax evasion in India. The 3 -day long income tax surveys concluded on Saturday.
The group owners agreed to surrender unaccounted income of Rs 230 c...
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Income Tax |
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1 | Hits : 2478
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Govt expands scope of GAAR panel to cover all non-residents tax payers
Posted Date : 01-Sep-2012 , 04:30:18 pm | Posted By CASANSAAR
The government on Saturday expanded the scope of the expert committee on General Anti-Avoidance Rules (GAAR) to include all non-resident tax payers, even as the Committee submitted its draft report to the Ministry.The announcement to increase the scope of GAAR committee , which i...
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