Parliament to take up DTC Bill in monsoon session: FinMin
Posted Date : 29-Jun-2012 , 08:34:48 am | Posted By CASANSAAR
The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50-year-old income tax laws, will be brought in Parliament in the monsoon session, Finance Secretary R S Gujral said today.
"We will also examine the recommendation of Parliamentary Standing Committee (PSC) and after that we will...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 741
|
 |
Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961.
Posted Date : 29-Jun-2012 , 08:28:26 am | Posted By CASANSAAR
Background
The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating the guidelines for proper implementation of GA...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 736
|
|
Only top-level Polish exececutives exempted from tax net: ITAT
Posted Date : 28-Jun-2012 , 08:37:45 am | Posted By CASANSAAR
The Income-Tax Appellate Tribunal, Ahmedabad has said that all management functions cannot be classified as top-level management functions unless they are senior officials with titles such as chairperson, chief executive officer, managing director, president and executive directors.Th...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 790
|
|
Government to approach UN for changes in tax convention
Posted Date : 28-Jun-2012 , 08:27:05 am | Posted By CASANSAAR
The government plans to approach the United Nations (UN) to get international taxation norms tweaked to make Web marketing companies and cloud computing-enabled firms, which do not have a permanent establishment in India and yet earn profits from Indian customers, pay tax in the country.
Th...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 658
|
|
Now file your Income Tax returns at a kiosk, mobile van near you!
Posted Date : 26-Jun-2012 , 07:51:39 am | Posted By CASANSAAR
For the first time, the Income Tax department has decided to set up special 'tax kiosks' in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.The initiative will ensure that the taxpayers are...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1143
|
|
Policy Relating to FII Investments in Government Securities and Long-Term Infrastructure Bonds Rationalized; New Scheme for ECB Borrowings Introduced
Posted Date : 26-Jun-2012 , 07:38:42 am | Posted By CASANSAAR
The policies relating to FII Investments in Government Securities, Corporate Bonds, Long-Term Infra Bonds and ECB of Indian Companies and QFI have been reviewed and the following changes have been made therein.
Government Securities:
a. Currently FIIs ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 675
|
|
National CA Students' Convention - No answer for the question how 300 Students fialed in Final year exams become CA's after retotaling.
Posted Date : 25-Jun-2012 , 09:42:04 am | Posted By CASANSAAR
The Ludhiana Branch of the Institute of Chartered Accounts of India representing more than 1400 members and 4000 students hosted the first day of National CA Students' Convention in Ludhiana. The global business competitiveness intensifies the demand for improvements of communica...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1837
|
|
Ex-minister loses appeal in tax returns case
Posted Date : 25-Jun-2012 , 09:31:18 am | Posted By CASANSAAR
A division bench of the Madras high court has directed former agriculture minister Ku Pa Krishnan to appear before the assessing officer of the income tax department and present his case all over again. In August 1996, the I-T department estimated that Krishnan, who was the agriculture min...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 801
|
|
Income Tax department cracks whip on refund frauds
Posted Date : 25-Jun-2012 , 09:22:09 am | Posted By CASANSAAR
An internal probe by the Income Tax department, to detect the occurrence of a spate ofrefund frauds, has found that swindlers have hacked into the user-ids of retired officials and unclaimed "suspense" refunds were generated to siphon off the taxpayers hard-earned money.The department cracked t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 832
|
|
Government to announce measures to improve market conditions
Posted Date : 25-Jun-2012 , 09:17:07 am | Posted By CASANSAAR
The government will take measures to check depreciation of rupee, Finance Minister Pranab Mukherjee told this to reporters in Kolkata on Sunday. On his comment on measures to improve the depressed market condition, he said, that he has spoken to the RBI Governor and Finance Secretary on the iss...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 694
|
|
Refund excess tax despite 4 year limit period: CBDT to officials
Posted Date : 23-Jun-2012 , 07:57:11 am | Posted By CASANSAAR
Giving relief to taxpayers, the IncomeTax Department has asked its officials to take action to refund excess tax even if such applications are hit by limitation period of four years."After due verification of any such claim on merits, the assessing officer shall issue refund...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 714
|
|
No PAN needed for people outside income tax bracket: Karnataka High Court
Posted Date : 22-Jun-2012 , 07:50:19 am | Posted By CASANSAAR
People with income below taxable limit need not furnish Permanent Account Number (PAN), the Karnataka High Court ruled. The High Court order came as a relief to thousands of individuals who are asked to provide PAN despite having income below the taxable limit. Section ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1067
|
|
CCI issues order against Cement Manufacturers, Imposes penalty of more than six thousand crores on 11 Cement companies
Posted Date : 22-Jun-2012 , 07:37:23 am | Posted By CASANSAAR
The Competition Commission of India has found cement manufacturers in violation of the provisions of the Competition Act, 2002 which deals with anticompetitive agreements including Cartels. The order was passed pursuant to investigation carried out by the Director General upon information filed by B...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 733
|
|
Income Tax department probe against political parties, trusts to check evasion
Posted Date : 21-Jun-2012 , 08:21:11 am | Posted By CASANSAAR
The Income Tax department has launched a probe against a number of political parties as well as charitable and religious trusts after it found that they were receiving "huge funds" beyond the exemption cap for filing tax returns. The department has compiled a list of those non-filers of I-T returns ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 676
|
|
BBM, Nokia's Ovi, online retailers under Income Tax department lens in India
Posted Date : 20-Jun-2012 , 07:09:43 am | Posted By CASANSAAR
With increase in transactions taking place in the e-world, the Income Tax department is keeping a vigil on online shopping stores and messenger services like BBM, Ovi to keep a tab on deals that could have ramifications of international taxation. Subscription-based interactive&nb...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 819
|
|
I-T to refund Rs 191cr to 4 Kerala banks
Posted Date : 19-Jun-2012 , 07:55:37 am | Posted By CASANSAAR
A dispute between the income tax department and banks over how to go about writing off bad loans appears to have been resolved in the latters' favour.
The income tax department is refunding Rs 191 crore to four Kerala-based private banks following the Supreme Court ruling in February that t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 767
|
|
Rupee payment for Iranian crude oil exempted from tax
Posted Date : 19-Jun-2012 , 07:53:21 am | Posted By CASANSAAR
The government has exempted refiners from paying withholding tax on the purchase of crude oil from Iran. This would reduce costs for Indian refiners, while facilitating payments to Iran in rupees.
The finance ministry issued a notification under the Income tax Act to exempt “in the na...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 809
|
|
RBI enhances export credit refinance limit; injects Rs 30K cr
Posted Date : 18-Jun-2012 , 03:19:10 pm | Posted By CASANSAAR
The Reserve Bank Monday decided to enhance the Export Credit Refinance (ECR) limit to 50 percent of the outstanding rupee export credit for banks, from 15 percent, a move that will inject Rs 30,000 crore into the system."With a view to enhancing the credit flow to the export sector, it has been deci...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 795
|
|
IIT, IIM clients on Income Tax radar
Posted Date : 18-Jun-2012 , 08:53:01 am | Posted By CASANSAAR
Consultancy services taken from the elite IIMs and IITs and cash payments made to surgeons of large multi-speciality hospitals have come under the tax scanner as a country-wide Income Tax department probe has found that these transactions are largely escaping the tax net.
An elaborate 'anal...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 747
|
|
Status of Intervening Holidays during CA Examination - ICAI
Posted Date : 15-Jun-2012 , 07:33:19 am | Posted By CASANSAAR
ANNOUNCEMENTStatus of Intervening Holidays during CA Examination
The Council of the Institute recently considered the issue regarding status of intervening holidays during CA Examinations and decided that the break in between examination days, though not holidays, be treated as period a...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1032
|
|
I-T to begin internal audits for better revenue collection
Posted Date : 14-Jun-2012 , 11:36:59 pm | Posted By CASANSAAR
The Income Tax department is planning to start internal audits for its various tax collection arms after it was rapped by the CAG recently for non-recovery of tax arrears worth over Rs 4,500 crore from various entities.The tax department's idea through these audits is to plug any leakages ow...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1005
|
|
Foreign remittances come under scanner
Posted Date : 14-Jun-2012 , 08:16:45 am | Posted By CASANSAAR
The Income-Tax (I-T) Department has started looking at new areas in revenue mobilisation to substantially augment revenue collections in 2012-13. As part of this plan, the I-T Department is set to closely scrutinise tax deducted at source (TDS) on foreign remittances.
A senior finance minis...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 958
|
|
Maruti Suzuki to merge Suzuki Powertrain; Suzuki to up stake to 56.2%
Posted Date : 12-Jun-2012 , 02:31:10 pm | Posted By CASANSAAR
Maruti Suzuki today said its Japanese parent Suzuki Motor Corporation's stake in the company will go up to 56.2 per cent following merger of Suzuki Powertrain with India's largest carmaker."The Board of Directors of Maruti Suzuki India (MSI) today approved a proposal to merge Suz...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 792
|
|
Govt proposes to increase tax scrutiny, reduce refunds
Posted Date : 12-Jun-2012 , 07:17:33 am | Posted By CASANSAAR
With slowing economic growth impacting tax revenue collections, the finance ministry is proposing to make good the shortfall by shifting its focus to companies operating in the still rapidly growing consumer economy and a closer scrutiny of the top 100 assessees to check for any tax evasion.
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1102
|
|
Direct Tax Code Bill likely to be tabled in monsoon session: Pranab
Posted Date : 12-Jun-2012 , 07:03:26 am | Posted By CASANSAAR
India hopes to introduce a bill for a direct tax code (DTC) during the monsoon session of Parliament, finance minister Pranab Mukherjee said on Monday.The monsoon session usually runs from July to August. The code, which will replace the existing Indian Income Tax Act 1961, inten...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 784
|
|
Kolkata bench of ITAT allows Rajarani Exports to claim benefit for bribe
Posted Date : 09-Jun-2012 , 07:48:24 am | Posted By CASANSAAR
Debunking a norm that income-tax laws in India strictly prohibit any allowance to illegal payments, including kickbacks, a Kolkata bench of the Income-Tax Appellate Tribunal (ITAT) has allowed deduction for illegal kickbacks paid by an Indian company to authorities in Iraq, on the ground t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1132
|
|
Tax department
Posted Date : 09-Jun-2012 , 06:46:22 am | Posted By CASANSAAR
After a rush to retrospectively amend the I-T Act, tax authorities are going slow on raising a fresh demand on Vodafone as the government weighs the possible implications on the arbitration proceedings demanded by the British telecom giant. "We are moving cautiously," confirmed a senior governm...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 768
|
|
Income Tax bribery case: Top IRS officer under scrutiny
Posted Date : 07-Jun-2012 , 07:41:14 am | Posted By CASANSAAR
Another top official has come under scrutiny in Kanpur's alleged bribery case, in which top Income Tax officials were arrested. Sources say the Central Bureau of Investigation (CBI) will soon be interrogating top IRS official SS Bajpayee. He is the Director General for Investigations in UP and Uttar...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 899
|
|
Direct Tax Collections During Financial Year 2011-12 Up by 13.02 Percent at Rs. 5,90,077 Crore as Against Rs 5,22,104 Crore During Financial Year 2010-11
Posted Date : 06-Jun-2012 , 08:34:45 pm | Posted By CASANSAAR
Gross direct tax collections during April-March of the F.Y. 2011-12 was up by 13.02 percent and stood at Rs.5,90,077 crore as against Rs.5,22,104 crore in the same period in F.Y.2010-11. While gross collection of corporate taxes was up by 11.52 percent. The gross collections on this account stood at...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 676
|
|
Reebok fraud case: Adidas asked to file I-T returns in India
Posted Date : 06-Jun-2012 , 08:21:56 am | Posted By CASANSAAR
Adidas, the German headquartered sports goods maker, has more problems on its hands than tackling the alleged fraud in its Reebok India business.
The international tax division, a wing of the Central Board of Direct Taxes (CBDT), has asked the parent company to file income-tax r...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 985
|
|
|
