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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0 | Hits : 802
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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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0 | Hits : 723
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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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Income Tax |
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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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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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Income Tax |
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MNCs can now find out tax dues in advance on deals with India arms
Posted Date : 01-Sep-2012 , 08:28:18 am | Posted By CASANSAAR
India has allowed multinationals to ascertain in advance their potential tax liability relating to transactions with their Indian arms, a mechanism that can help address the frequent transfer pricingdisputes.The Central Board of Direct Taxes, the apex direct taxes body, has announced ...
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Income Tax |
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K V Chowdary appointed as new CBDT member
Posted Date : 01-Sep-2012 , 08:24:54 am | Posted By CASANSAAR
Senior income tax officer K V Chowdaryhas been appointed as the new member of Central Board of Direct Taxes (CBDT) in the Finance Ministry. A 1978-batch Indian Revenue Service (IRS) officer, Chowdary will look after Audit and Judicial charge in CBDT. He was ti...
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Income Tax |
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0 | Hits : 742
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Ministry of Finance Notifies Advance Price Agreement (APA) Scheme
Posted Date : 01-Sep-2012 , 08:13:19 am | Posted By CASANSAAR
The Ministry of Finance has notified an “Advance Pricing Agreement Scheme” (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advanc...
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Income Tax |
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0 | Hits : 657
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Over 4,600 public grievances pending with Income Tax department
Posted Date : 31-Aug-2012 , 07:12:37 am | Posted By CASANSAAR
More than 4,600 public grievances are pending with the Income Tax department, the government said today. As many as 4,618 public grievances are pending with the IT department under the Central Board of Direct Taxes, 4,158 with Ministry of Home Affairs (MHA), 2,161 with Ministry o...
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Income Tax |
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0 | Hits : 751
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Additional Services Exempted from Service Tax
Posted Date : 30-Aug-2012 , 09:35:47 pm | Posted By CASANSAAR
At present there are 17 items in the negative list (Section 66 D of the Finance Act, 1994) and 39 items in the mega exemption notification 25/2012-ST dated 20.6.2012. Government has recently exempted more services from the purview of service tax. They are: Transport of goods by inland waterways...
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Income Tax |
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0 | Hits : 1478
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Income Tax department announces mascot contest; Rs 1 lakh cash prize
Posted Date : 30-Aug-2012 , 06:30:15 am | Posted By CASANSAAR
The Income Tax department has announced a mascot contest for the public that would carry a cash reward of Rs one lakh for the winning entry.The taxman wants the mascot, which will be used in all communications and publicity purposes of the department, to be "captivating" and "ins...
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Income Tax |
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0 | Hits : 1195
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K.V.Chowdary appointed CBDT member
Posted Date : 30-Aug-2012 , 06:29:39 am | Posted By CASANSAAR
Senior Income Tax officer K V Chowdary was appointed member of the Central Board of Direct Taxes (CBDT) in the Finance Ministry.
A 1978-batch Indian Revenue Service (IRS) officer, he was till now serving as the Director General (Investigations) in the national capital and was heading a numb...
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Income Tax |
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0 | Hits : 710
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Expenses by employees on company-leased flats not taxable, says Delhi HC
Posted Date : 30-Aug-2012 , 06:22:26 am | Posted By CASANSAAR
In a ruling that has potentially far reaching implications for employees living in company-leased accommodation, the Delhi High Court has ruled that money spent on repairs and renovations of such residences is not a taxable perk.The verdict, delivered on August 17, comes 18 years...
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Income Tax |
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0 | Hits : 717
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Direct Taxes Code needs a fresh look, says finance minister
Posted Date : 29-Aug-2012 , 07:58:45 am | Posted By CASANSAAR
The implementation of the Direct Taxes Code (DTC), which seeks to overhaul 50-year-old income tax laws, is likely to be delayed as it needs a fresh relook. The government was planning to implement the DTC by April 1, 2013, but the events which unfolded after the 2012-13 Budget — ranging f...
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Income Tax |
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Screening of e-filed tax audit reports begins
Posted Date : 29-Aug-2012 , 07:55:30 am | Posted By CASANSAAR
Income tax (I-T) department has started screening the tax audit reports filed by chartered accountants with a view to check fake membership numbers, membership numbers which exceeded the specified number (ceiling) of tax audit assignments etc.
Official sources said the Institute o...
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Income Tax |
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0 | Hits : 1435
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Most Americans say the rich don't pay enough taxes: Survey
Posted Date : 28-Aug-2012 , 07:54:23 am | Posted By CASANSAAR
As the income gap between rich and poor widens, a majority of Americans say the growing divide is bad for the country and believe that wealthy people are paying too little in taxes, according to a new survey.The poll released Monday by the Pew Research Centerpoints to a particular challenge for...
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Income Tax |
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0 | Hits : 737
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Finance Minister to Address Chief Commissioners/DGs of Customs, Excise & Service Tax Tomorrow
Posted Date : 27-Aug-2012 , 10:33:50 pm | Posted By CASANSAAR
The Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax will be held in New Delhi tomorrow. The Union Finance Minister, Shri P. Chidambaram will inaugurate the Conference and also interact with the tax officials in the open house discussions. T...
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Income Tax |
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0 | Hits : 631
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DTC likely to miss April 2013 deadline
Posted Date : 27-Aug-2012 , 07:31:36 am | Posted By CASANSAAR
The much talked about Direct Taxes Code (DTC) appears set to miss the April 2013 deadline, too.
Finance Minister P Chidambaram wants a complete reworking of the DTC Bill, which had been substantially changed under former finance minister Pranab Mukherjee from what was initially formulated u...
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Income Tax |
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BCCI owes Rs 201.36 crore income tax: Government
Posted Date : 23-Aug-2012 , 10:43:56 pm | Posted By CASANSAAR
An Income tax amount of Rs 201.36 crore is due from the Board of Control for Cricket in India (BCCI), the government said today. "Appropriate measures have been taken by the Department to recover the demands raised which resulted into collection of an aggregate amount of Rs ...
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Income Tax |
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Tax on Film Artists Services
Posted Date : 23-Aug-2012 , 10:32:12 pm | Posted By CASANSAAR
Service tax of 12.36 per cent has been imposed on the taxable services provided by the Film Artists. As a preparation for the introduction of a nationwide comprehensive Goods and Service Tax (GST), comprehensive approach to taxation of services has been brought into effect from the 1st day of J...
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Income Tax |
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Taxes worth Rs 58,636 cr locked up in litigation in SC, HCs
Posted Date : 23-Aug-2012 , 08:39:46 am | Posted By CASANSAAR
Taxes worth Rs 58,636 crore are locked up in litigations in the Supreme Court and different High Courts, the government said today.
On the Direct Taxes sides, 5,860 cases involved tax demand worth Rs 2,707 crore were locked up in Supreme Court. Another 29,650 cases with tax demand of Rs 36,...
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Income Tax |
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Notices Issued by Enforcement Directorate to BCCI and its Officials for Contravention of FEMA
Posted Date : 23-Aug-2012 , 08:29:32 am | Posted By CASANSAAR
Based on the investigation carried out by the Enforcement Directorate (ED), the adjudicating authority has issued Show Cause Notices under Foreign Exchange Management Act, 1999 (FEMA) to BCCI & its officials for the contraventions of the relevant provisions of the said Act as per details below:-...
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Income Tax |
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Finance minister summons tax commissioners
Posted Date : 22-Aug-2012 , 06:52:03 am | Posted By CASANSAAR
Finance minister P Chidambaram has summoned his top tax administrators for a meeting at the end of this month, even as policymakers grapple to garner revenues in a slowing economy hit by high prices, low incomes and plunging exports. This will be the second conference of I-T chief commissi...
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Income Tax |
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Transfer pricing tolerance band will be 5% for 2011-12 too
Posted Date : 21-Aug-2012 , 07:32:02 am | Posted By CASANSAAR
Multinational companies and Indian industrial houses that have spread their wings abroad can raise a toast to the Income-Tax Department.
In times of economic woe, the Tax Department has shown its generosity by retaining the tolerance band for transfer pricing adjustment at five per cent for...
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Income Tax |
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0 | Hits : 801
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TDS not deductible from compensation: Commission
Posted Date : 20-Aug-2012 , 07:35:38 am | Posted By CASANSAAR
Damages awarded cannot be equated with income liable to tax deduction at source (TDS), the apex consumer commission has held. The National Consumer Disputes Redressal Commission (NCDRC) gave the order while directing the Airport Authority of India (AAI) to refund the "tax deducted at source (TD...
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Income Tax |
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0 | Hits : 1020
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Ramdev in fresh trouble: Yoga guru's trusts under scanner for tax evasion
Posted Date : 19-Aug-2012 , 03:19:42 pm | Posted By CASANSAAR
The Revenue department has begun a final tax assessment of the trusts associated with yoga guru Baba Ramdev after service and Income Tax officials recently conducted special investigations on these enterprises for alleged tax evasion. Both the revenue collection arms of Finance Ministry's Income Tax...
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Income Tax |
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Training for Fresh Batch of Tax Return Preparers to begin Soon
Posted Date : 18-Aug-2012 , 07:39:03 am | Posted By CASANSAAR
The Income Tax Department is in the process of training a fresh batch (Batch-II) of 5000 graduates as Tax Return Preparers (TRPs) across the country. The TRPs are authorized to prepare Income Tax Returns for individual and HUF taxpayers. The Tax Return Preparer Scheme (see...
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Income Tax |
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0 | Hits : 1009
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CBDT for new laws, strict penalties to deal with black money
Posted Date : 18-Aug-2012 , 07:26:55 am | Posted By CASANSAAR
A CBDT panel on black money has suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace. In its 66-page report on measures to tackle black money in India and abroad, the CBDT committee also recommen...
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Income Tax |
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0 | Hits : 708
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Detail of Penalty Imposed for Violation of Companies Act during last 3 years
Posted Date : 18-Aug-2012 , 07:20:30 am | Posted By CASANSAAR
All prosecutions filed by the Registrar of Companies (RoCs) before the competent courts of law for violation of the provisions of the Companies Act, 1956, are considered as criminal cases. The cases are decided by the competent courts on merits of each case with imposition of ...
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Income Tax |
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