Companies can tap bonus shares, rights issues for 25% public holding
Posted Date : 17-Aug-2012 , 08:04:31 am | Posted By CASANSAAR
Providing more routes to firms finding it tough to attain minimum 25 percent public holding, Sebi on Thursday allowed them to dilute shares through two more avenues, bonus shares and rights issue, and hinted that further leeway could be provided on a case-to-case basis.Sebi has made it mandatory for...
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Income Tax |
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CBI arrest income tax official on bribe charge in Jalandhar
Posted Date : 17-Aug-2012 , 07:57:47 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has arrested an Income Tax Officer, (W) IV-(1), BL Uppal, for accepting a bribe of Rs. 25,000 from a complainant. Sources said that the CBI laid a trap and caught the accused ITO Uppal red-handed. An advocate, Aakash Gupta, had complained to the CB...
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Income Tax |
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Tribunal grants tax relief for FIIs using forex forwards
Posted Date : 16-Aug-2012 , 11:48:06 am | Posted By CASANSAAR
A recent ruling by the Income Tax Appellate Tribunal (ITAT) has come as a big relief for foreign institutional investors (FIIs) hedging their currency risks through forward contracts with banks.
The Mumbai bench of ITAT has held gains arising on cancellation of foreign exchange forward cont...
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Income Tax |
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Blackmoney: Govt to set up 14 new overseas I-T offices
Posted Date : 15-Aug-2012 , 08:17:15 pm | Posted By CASANSAAR
The government will set up 14 more Income Tax Overseas Units (ITOUs) to deal with the menace of blackmoney and keep a tab on illegal routing of funds from abroad and parking money in foreign countries.
The Finance Ministry has recently sent a detailed proposal in this regard to the Ministry...
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Income Tax |
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Vodafone tax dispute: Govt can issue notice to Hutch, says Attorney General
Posted Date : 14-Aug-2012 , 07:22:35 am | Posted By CASANSAAR
The country's highest law official has said the government can raise a demand on Hong Kong-based Hutchison as it is liable to pay tax on the sale of its Indian assets to the UK's Vodafone Group in 2007, possibly opening a new front in the four-year-old tax dispute.
Attorney-General G...
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I-T to press laundering charges in HSBC case
Posted Date : 13-Aug-2012 , 07:02:11 am | Posted By CASANSAAR
Those named in the confidential list given to the government of Indians with allegedly illegal accounts abroad through the HSBC bank are to be also charged with money laundering.
The first complaints are expected to be filed in Delhi and Mumbai. The income tax (I-T) department has decided t...
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Income Tax |
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0 | Hits : 808
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5,000 files stolen from Income Tax office
Posted Date : 12-Aug-2012 , 08:32:56 am | Posted By CASANSAAR
Files go missing from government offices all the time. But on this occasion the Income Tax (I-T) department has a legitimate reason. Thousands of files belonging to various business enterprises are believed stolen from one of the I-T offices at Bandra-Kurla Complex (BKC) after burglars broke into th...
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Income Tax |
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Tax evasion of over Rs 600 cr detected
Posted Date : 11-Aug-2012 , 08:08:16 am | Posted By CASANSAAR
At a time when the government is facing flak from civil society activists over the issue of handling of black money cases, the finance ministry on Friday said tax evasion of a little over Rs 600-crore was detected, following processing of information received from Germany and France. Of this, taxes ...
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Initiatives Taken by the Government for Unearthing and Curbing Black Money: A Fact Sheet
Posted Date : 10-Aug-2012 , 05:15:35 pm | Posted By CASANSAAR
Initiatives taken by the Investigation Division of Central Board of Direct Taxes (CBDT) for unearthing black money :
I. The Government of India has commissioned a study on unacco...
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Vodafone tax dispute: I-T authorities to take action soon
Posted Date : 10-Aug-2012 , 09:48:32 am | Posted By CASANSAAR
The finance ministry has said income-tax authorities will take appropriate action in the Vodafone tax dispute that could involve a potential Rs 20,000 crore claim on the company. "The assessing officer, as a quasi-judicial authority, will take appropriate action in the light of the Su...
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Income Tax |
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Govt detects Rs 5,995 cr central excise, service tax evasions
Posted Date : 08-Aug-2012 , 04:50:36 pm | Posted By CASANSAAR
The government today said it has detected alleged central excise and service tax evasions of about Rs 5,995 crore during 2011-12.
A total of 450 cases of service tax evasion involving Rs 5,012.90 crore and 350 cases of central excise evasion involving Rs 982.80 crore were registered in the ...
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Income Tax |
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Relaxation from compulsory e-filing of return of income for assessment year 2012- 13 - for representative assesses of non-residents and in the case of private discretionary trusts -reg
Posted Date : 08-Aug-2012 , 08:16:12 am | Posted By CASANSAAR
Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electron...
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Income Tax |
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1 | Hits : 923
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Free samples to doctors to be now considered as taxable income
Posted Date : 08-Aug-2012 , 08:12:07 am | Posted By CASANSAAR
Doctors getting free samples of medicines, gifts or foreign trips from pharmaceutical or healthcare companies should now be prepared to pay tax as such freebies will be calculated as taxable income.Similarly, drug makers and allied healthcare companies will also be no longer get tax exemptions ...
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Income Tax |
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FM directs retro tax amendments review to woo investors
Posted Date : 07-Aug-2012 , 08:53:46 am | Posted By CASANSAAR
Finance Minister P Chidambaram on Monday announced a relook at retrospective amendments to the Income Tax Act, which affected companies such as Vodafone, in a move aimed at bringing back investor confidence in the Indian economy. This is a sharp deviation from the stand taken by his predecessor Pran...
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Bain Capital's acquisition of 30% stake in Genpact heads for income-tax fight
Posted Date : 03-Aug-2012 , 04:23:22 pm | Posted By CASANSAAR
Bain Capital's acquisition of a 30% stake in Genpact, the country's largest ITeS company for $1 billion, could set the private equity fund - founded by US presidential nominee Mitt Romney - on collision course with India's income-tax authorities over payment of tax in the country...
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Income Tax |
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India Signs Tax Information Exchange Agreement with Monaco
Posted Date : 01-Aug-2012 , 07:51:20 pm | Posted By CASANSAAR
Government of India and Government of Principality of Monaco have signed a Tax Information Exchange Agreement (TIEA) yesterday. The agreement was signed by the Minister of State for Finance, Shri S S Palanimanickam from Indian side and Counsellor of Government for Finances and Economy, Mr. Marco Pic...
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Authority for Advance Rulings orders can be challenged before HC: Supreme Court
Posted Date : 01-Aug-2012 , 06:31:28 am | Posted By CASANSAAR
The Supreme Court on Monday clarified that the orders of the Authority for Advance Rulings(AAR) can be challenged before the respective high courts through writ petitions, a move which could have tax implications for firms involved in cross-border deals.
Until Monday's ruling, an order...
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Income Tax |
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0 | Hits : 785
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India Signs Revised DTAA with Indonesia for the Avoidance of Double Taxation and for the Prevention of Fiscal Evasion with Respect to Taxes on Income
Posted Date : 31-Jul-2012 , 10:20:19 pm | Posted By CASANSAAR
The Government of the Republic of India signed a revised Double Taxation Avoidance Agreement (DTAA) with the Government of the Republic of Indonesia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th July, 2012 at Hyderabad House, Ne...
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CBDT Relaxes Compulsory E-Filing of Return of Income for Assessment Year 2012-13 - for Representative Assessees of Non-Residents and in the Case of Private Discretionary Trusts
Posted Date : 31-Jul-2012 , 10:19:50 pm | Posted By CASANSAAR
Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electronically for the ...
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Due date for filing IncomeTax return extended to 31st august
Posted Date : 31-Jul-2012 , 03:20:24 pm | Posted By CASANSAAR
F.No.225/163/2012/ITA.I1
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, the 31st July 2012.
Order under Section 119 of the Income Tax Act. 1986
On consideration of the reports of disturbance of general life caused due to
f...
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Tax payers rush to file e-returns, I-T site crashes
Posted Date : 31-Jul-2012 , 07:59:01 am | Posted By CASANSAAR
The volume of income-tax applications has increased after the department has made it mandatory for all those who earn over Rs 10 lakh per annum or own assets abroad to file their returns online, causing the department's website to crash intermittently as several assessees try to register before the ...
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PM sets up panel to review taxation of development centres, IT
Posted Date : 30-Jul-2012 , 02:40:12 pm | Posted By CASANSAAR
In yet another move to provide clarity on taxation issues, Prime Minister Manmohan Singh today set up a committee to look into such matters pertaining to IT sector and research and development related activities.
The panel, headed by former Central Board of Direct Taxes (CBDT) chairman N Ra...
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Income Tax |
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New evidence, materials must to reopen Income-tax assessments: High Court
Posted Date : 30-Jul-2012 , 07:57:37 am | Posted By CASANSAAR
The Income-tax department cannot reopen an assessment on the sole basis of a change in the opinion of its officers, the Bombay High Court has said in a significant judgement.New materials and evidence are pre-requisites to reopen assessments, the court has said. The high court or...
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Income Tax |
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0 | Hits : 873
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India detects Rs 565 crore worth undisclosed income in France
Posted Date : 30-Jul-2012 , 07:53:10 am | Posted By CASANSAAR
Undisclosed income of Indians totalling Rs 565 crore has been detected in France, according to Income Tax authorities, indicating that the Double Taxation Avoidance Agreementis showing results. The figure was disclosed in the information that India received from France on Indians havi...
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Institute of Chartered Accountant of India to organize a tax awareness camp
Posted Date : 30-Jul-2012 , 07:51:29 am | Posted By CASANSAAR
Department of Income Tax(Range IV & V, Chandigarh) in association with the Institute of Chartered Accountant of India (ICAI) will jointly organize a Tax Awareness and Facilitation Camp on Monday, July 30 at Rajasthan Bhawan, Sector 33, Chandigarh.BS Sandhu, IRS, Commissioner of Income Tax, ...
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Income Tax |
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0 | Hits : 804
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Income tax returns: Users face problems in online filing
Posted Date : 29-Jul-2012 , 08:59:08 am | Posted By CASANSAAR
With the last date for filing income tax returns fast approaching on Monday, the I-T department as well as assessees are facing problems with online data entry.
This year onward, it is mandatory for all those who earn over Rs 10 lakh per annum to file their returns online, and this has caus...
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Income tax department gets nod to prosecute employees at HSBC Geneva
Posted Date : 28-Jul-2012 , 11:34:34 am | Posted By CASANSAAR
The income tax department plans to initiate prosecution proceedings against employees ofHSBC Switzerland for allegedly helping Indians stash away illegal wealth in Swiss banks.The finance ministry has given permission to the income tax department to initiate a...
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Income Tax |
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0 | Hits : 688
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India & Indonesia sign double taxation avoidance agreement
Posted Date : 27-Jul-2012 , 06:26:22 pm | Posted By CASANSAAR
India and Indonesia today signed an agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.The agreement was signed by the visiting Indonesian Foreign Affairs Minister Marty Natalegawa and his Indian Counterpart S.M Krishna at the Hyderabad house ...
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0 | Hits : 932
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Petrol, diesel prices hiked in seven states on local tax adjustments
Posted Date : 26-Jul-2012 , 07:30:49 am | Posted By CASANSAAR
Just two days after petrol prices were hiked by 70 paise by oil marketing companies, prices of petrol and diesel went up in seven states, including West Bengal and Maharashtra, as the oil firms recalibrated rates to reflect changes in local levies.This hike is independent of Monday’s 70 paise ...
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Income Tax |
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0 | Hits : 845
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Govt may appeal against Madras HC order on Esops
Posted Date : 26-Jul-2012 , 06:38:18 am | Posted By CASANSAAR
The government may appeal against a Madras high court judgement on employee stock options (Esops) that could have a bearing on how corporate tax is calculated. The appeal plan was disclosed by a senior income tax department official, who didn’t want to be identified.
In a 19 June judg...
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