Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13
Posted Date : 20-Jul-2012 , 06:06:37 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:- • Employe...
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Insurers accused of Rs 300 cr tax fraud
Posted Date : 19-Jul-2012 , 07:58:21 pm | Posted By CASANSAAR
Insurance companies have come under the scanner of a government intelligence agency for allegedly evading service tax of over Rs 300 crore.
The Directorate General of Central Excise Intelligence (DGCEI) has initiated a probe following complaints of the service tax evasion by various insurance provi...
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Income Tax |
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CA.T.N.Manoharan, Kulkarni additional directors at Mahindra Satyam
Posted Date : 19-Jul-2012 , 07:45:12 am | Posted By CASANSAAR
IT major Mahindra Satyam today said it has appointed T N Manoharan and Ravindra Kulkarni as additional directors on its Board.
"TN Manoharan and Ravindra Kulkarni are co-opted as additional directors on the Board of the Company, wef July 18, 2012," Satyam Computer Services said in a filing ...
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Income Tax |
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No power with ITAT to stay tax demands beyond 365 days: High Court
Posted Date : 19-Jul-2012 , 07:41:32 am | Posted By CASANSAAR
The Karnataka High Court has said that theIncome-tax Appellate Tribunal or ITAT does not have powers to stay the tax demands beyond 365 days, an order which is expected to have a wide bearing. The ruling of the High Court on July 5 in the case of Ecom Gill Cof...
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Income Tax |
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Income Tax department rejects tax exemption applications of three institutes
Posted Date : 18-Jul-2012 , 07:33:14 am | Posted By CASANSAAR
The income tax (I-T) department has cancelled the applications of three educational institutions seeking exemptions under the Section 10 (23C) IVa of the Income Tax Act as these educational institutions have a turnover of more than Rs 1 crore and still had not applied for exemptions under the releva...
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CBDT's circular to offer clarity on indirect tax transfers under M&As
Posted Date : 18-Jul-2012 , 07:27:56 am | Posted By CASANSAAR
In a major boost to foreign investors’ sentiment, the Central Board of Direct Taxes (CBDT) is likely to come out with a circular to bring more clarity on indirect tax transfers under a particular merger or acquisition.
The CBDT’s circular will be on Section 9 of the Income Tax Act. Mo...
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Income Tax |
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Supreme Court orders Essar Oil to pay Rs 1000 crore tax dues to Gujarat govt by July 30
Posted Date : 17-Jul-2012 , 10:15:38 pm | Posted By CASANSAAR
The Supreme Court has asked the Ruias owned Essar Oil to pay dues of Rs 1,000 crore as sales tax to the Gujarat government by July 30, following which the coercive action taken by Gujarat government to force immediate payment of the remaining principal amount ...
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Income Tax |
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Reebok India case: Income Tax department finds no signs of big corporate fraud
Posted Date : 15-Jul-2012 , 08:20:49 pm | Posted By CASANSAAR
About two months after a criminal case was filed by Reebok India against two of its former employees over a scam allegedly involving Rs 870 crore, the Income Tax department has found that it may not be a case of corporate fraud as made out and could involve tax evasion to the tune of Rs 14...
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Income Tax |
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Filing your income tax return, look at CBDT circular first
Posted Date : 14-Jul-2012 , 08:59:17 am | Posted By CASANSAAR
With just 17 days left for filing income tax return (ITR), it is time to start the process. However, the CBDT has come out with guidelines on procedural aspects of filing ITR, based on tax payers' annual income. Here is a quick look of changes made by the Central Board of Di...
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Income Tax |
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I-T assessment may again miss its benchmark
Posted Date : 14-Jul-2012 , 08:52:08 am | Posted By CASANSAAR
Although the Central Board of Direct Taxes (CBDT) has chalked out a detailed strategy on quality scrutiny assessment for the current fiscal year to avoid tax evasion and maximise revenue collection, income tax (I-T) employees raised doubts on whether the target would actually be achieved.
&nb...
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Income Tax |
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PM sets up committee to frame GAAR guidelines by Sept 30
Posted Date : 13-Jul-2012 , 07:09:59 pm | Posted By CASANSAAR
Prime Minister Manmohan Singh Friday set up an experts' committee to review and rework the controversial General Anti Avoidance Rules (GAAR) tax provision. The four-member committee to be headed by Parthasarathi Shome, director and chief executive of the Indian Council ...
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Income Tax |
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Expert advice is not an excuse to avoid penalty for claiming false deductions: I-T tribunal
Posted Date : 13-Jul-2012 , 06:48:37 am | Posted By CASANSAAR
An income-tax tribunal has held that a company cannot avoid paying penalty for claiming false deduction on grounds that its claim was supported by advice from a chartered accountant. A division bench of the Income-tax Appellate Tribunal (ITAT), Kolkata, made this point in an appeal filed by Dar...
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Income Tax |
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56% of late income tax filers below 30 years of age
Posted Date : 13-Jul-2012 , 06:42:48 am | Posted By CASANSAAR
"Bangalore city leads in terms of late filers at 39% followed by NCR at 24%. On the other hand, people from Hyderabad and Chennai contribute about 9% each to the late filers," says a study by TaxSpanner.com, an online tax filing portal."Of the total return filers in Bangalore, about 45% file their r...
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Income Tax |
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Intra-bank Deposit Accounts Portability
Posted Date : 12-Jul-2012 , 03:45:01 pm | Posted By CASANSAAR
RBI/2011-12/528DBOD.AML. BC. No. 97/14.01.001/2011-12
April 27, 2012
The Chairmen/Chief Executive Officers,All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks
Dear Sir,
Intra-bank Deposit Accounts Portability
It has been brought to our notice that some banks are insisting on openin...
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Income Tax |
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Foreign account-holders with hidden wealth can approach Settlement Commission for amnesty
Posted Date : 12-Jul-2012 , 09:18:49 am | Posted By CASANSAAR
A Bloomberg report this week said that India has offered amnesty to over 100 wealthy citizens who evaded taxes by hiding money in HSBC accounts in Geneva. An unnamed finance ministry official denied the report to a newspaper, but there may well be a way out for those in the HSBC list who f...
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Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source
Posted Date : 11-Jul-2012 , 07:53:00 am | Posted By CASANSAAR
All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before 30th July 2012. While submitting their statements, the deductors have to choose cor...
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Income Tax |
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Tatkal Rail Ticket Booking to start at 10 A.M from 10th July 2012
Posted Date : 10-Jul-2012 , 07:42:56 am | Posted By CASANSAAR
The Ministry of Railways has further streamlined the delivery of tickets under Tatkal Scheme and the new amendment in the scheme will come into effect from tomorrow i.e. 10th July 2012 (Tuesday). Under the new amendment the booking of Tatkal tickets will ...
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Income Tax |
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Finance Ministry rejects Vodafone's rejoinder on retrospective tax
Posted Date : 10-Jul-2012 , 07:32:29 am | Posted By CASANSAAR
The Finance Ministry has rejected telecom operator Vodafone’s rejoinder, seeking an undertaking that a retrospective tax amendment would not apply to it.
The Finance Ministry’s reply will now go to the Prime Minister Office for approval.
Late in June, Prime Minister Manmohan Singh took...
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Income Tax |
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Net Direct Tax Collections During April-June 2012 up by 47.16%
Posted Date : 10-Jul-2012 , 07:28:51 am | Posted By CASANSAAR
Gross Direct Tax collections during April-June of the Financial Year 2012-13 was up by 6.77 percent at Rs. 1,11,182 crore as against Rs. 1,04,135 crore in the same period during the last year. Gross collection of Corporate Taxes showed an increase of 3.48 percent and stood at Rs. 70,594 crore as aga...
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Income Tax |
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CBDT may get Poonam Saxena as new chief
Posted Date : 09-Jul-2012 , 07:13:19 am | Posted By CASANSAAR
The CBDT, responsible for administration of direct taxes, is likely to have a woman as its chairperson after six years. A Finance Ministry official said the name of Poonam Kishore Saxena, a 1974-batch Indian Revenue Services (IRS) officer, has been forwarded to Prime Minister Manmohan Singh for appo...
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Income Tax |
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Black money: I-T consumes most FIU generated suspicious reports
Posted Date : 09-Jul-2012 , 07:06:56 am | Posted By CASANSAAR
The Income Tax department, which is at the forefront of cracking down against black money, has been the largest consumer of Suspicious Transaction Reports (STRs) generated by the elite financial intelligence unit, an official data has revealed.The I-T department, with a total of 26,488 STRs in the l...
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Income Tax |
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India's tax proposals: Domestic laws should not over-ride tax treaties, says Mauritius
Posted Date : 07-Jul-2012 , 08:01:49 am | Posted By CASANSAAR
Amid concerns over India's new tax proposals, Mauritius on Friday said domestic legislations should not over-ride the double taxation avoidance treaties between the two countries."Once 'Limitation of Benefit' clause is embedded in the taxation treaties, we expect it to prevail and no domestic legisl...
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Income Tax |
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Tax officials stumble upon a list of names from another Swiss bank; unlikely to
Posted Date : 06-Jul-2012 , 07:47:30 am | Posted By CASANSAAR
The last time the taxman went after those with Swiss bank accounts, many said they had no clue how their names cropped up; quite a few escaped saying that they were non-residents, some simply ignored the missives, and only a few broke down and confessed.And there were the hard nuts who, without...
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Income Tax |
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Tax benefits cannot be withdrawn from a past date: Gujarat High Court
Posted Date : 04-Jul-2012 , 08:07:05 am | Posted By CASANSAAR
A Gujarat High Court verdict has thrown open the debate on constitutional validity of retrospective changes in the income tax laws. It has said that an amendment in income tax law, withdrawing benefits under a popular export incentive scheme, could not be done from a past date.A divis...
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Income Tax |
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Chartered Accountants are capable of putting a stop to corruption and black money - Narendra Modi
Posted Date : 04-Jul-2012 , 08:03:20 am | Posted By CASANSAAR
Kicking off the golden jubilee celebration of Institute of Chartered Accountant of India's (ICAI) Ahmedabad branch today Chief Minister Narendra Modi said that chartered accountants are capable of putting a stop to corruption and black money. They should come out for fulfill their obligation towards...
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Income Tax |
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Roadmap to create world class Professionals soon: Moily
Posted Date : 03-Jul-2012 , 07:57:30 am | Posted By CASANSAAR
A meeting between three bodies including ICAI and ICSI, will be convened soon to prepare a roadmap to create world class professionals, who should be on demand at global level, corporate affairs minister M Veerappa Moily today said.
The meeting with the representatives of the Institute...
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Income Tax |
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E-filing of returns must for people earning over 10 lakh
Posted Date : 02-Jul-2012 , 07:33:42 pm | Posted By CASANSAAR
People with income of ten lakh rupees per annum will have to file their tax returns electronically beginning 2011-12 Financial year.The Central Board of Direct Taxes CBDT has issued a notification making E-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu undivided f...
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Balanced view needed on allowing foreign auditors - Veerappa Moily
Posted Date : 02-Jul-2012 , 08:31:37 am | Posted By CASANSAAR
Amid the debate on allowing foreign audit firms like PwC and KPMG to practice in India, Corporate Affairs Minister Veerappa Moily has said his ministry will have to take a balanced view as domestic companies and even government is utilising their services."This is a issue we are constantly in dialog...
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E-filing of I-T returns expected to double this fiscal
Posted Date : 02-Jul-2012 , 08:19:37 am | Posted By CASANSAAR
The Income Tax department is expecting a 100 percent increase in e-filing of returns this fiscal as taxpayers whose annual salary exceeds Rs 10 lakh and holding assets abroad will have to mandatorily file their statements in the electronic format.The department which reported 1.64 crore e-returns du...
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Income Tax |
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1 | Hits : 681
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CBDT Invites Comments/Suggestions on Draft GAAR Guidelines
Posted Date : 29-Jun-2012 , 05:14:27 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GARR Guidelines were issued yesterday along with the...
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