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...
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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...
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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...
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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...
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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...
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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...
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Senior income tax official from Kanpur arrested for 25-lakh bribe
Posted Date : 04-Jun-2012 , 07:53:57 pm | Posted By CASANSAAR
One of Kanpur's most senior income tax officers, the Commissioner of Investigations, has been arrested by the CBI. Kunal Singh of the Internal Revenue Service (IRS) was arrested this morning along with three other senior tax officials. They reportedly accepted bribes from the head of a re...
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No more TDS on locally-made software, assures Finance Minister
Posted Date : 02-Jun-2012 , 07:34:35 am | Posted By CASANSAAR
Sale of locally-made software in the country will no more be subject to tax cuts at various levels, assured the Finance Minister Pranab Mukherjee, on Wednesday, bringing much relief to those associated with the nation’s $5-billion industry, reports The Economic Times.
Reports coming i...
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India Signs Agreement with Bahrain for Exchange of Information with Respect to Taxes
Posted Date : 01-Jun-2012 , 09:26:02 pm | Posted By CASANSAAR
India signed an Agreement with the Government of the Kingdom of Bahrain for the Exchange of Information with respect to taxes (TIEA), here yesterday. The Agreement was signed by Shri Namo Narain Meena, Minister of State for Finance (Expenditure and Financial Affairs) on behalf of Government of India...
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ITAT rejects tax department use of retrospective amendments in case of royalties
Posted Date : 31-May-2012 , 08:31:52 am | Posted By CASANSAAR
In what is among the first of many legal battles over the controversial retrospective amendments to the income tax act, the Income Tax Appellate Tribunal has refused to accept the tax department's reliance on the restrospective amendments in the case of royalties. The ITAT, in a...
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DLF gets tax demand of Rs 457 crore from I-T dept
Posted Date : 31-May-2012 , 08:29:13 am | Posted By CASANSAAR
Country's largest realty firm DLF today said it has received an additional tax demand of Rs 457.39 crore from the Income Tax Department for the assessment year 2009-10, mainly on account of disallowance of profits from Special Economic Zone (SEZ). DLF has filed appeals before the appr...
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Vodafone, others to get I-T notices soon
Posted Date : 30-May-2012 , 08:50:22 pm | Posted By CASANSAAR
The Income Tax authorities will soon send reminder notice to Vodafone and raise demands from other companies to recover similar tax dues, which may yield the exchequer a total of Rs 40,000 crore. "We will send reminder notice to Vodafone," a top Finance Ministry official said. There are ei...
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I-T dept not to reopen cases prior to April 1, 2012
Posted Date : 30-May-2012 , 02:35:57 pm | Posted By CASANSAAR
Providing comfort to worried foreign investors, Finance Minister Pranab Mukherjee on Wednesday said the Income Tax Department will not re-open cases where assessment proceedings had been finalised before April 1, 2012.
"I gave a commitment in Parliament with regard to retrospective am...
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FM to inaugurate the biggest Income Tax building at New Delhi
Posted Date : 30-May-2012 , 08:00:15 am | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 O...
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Offline bit in online income tax filing to end
Posted Date : 30-May-2012 , 07:55:31 am | Posted By CASANSAAR
The one major irritant in online filing ofincome tax returns may be eliminated this year. This is the offline process at the end of the online one, where you need to take a printout of what is called the ITR-V form, sign it, and mail it to the I-Tdepartment's centralized pro...
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Finance Act, 2012 as Assented by President
Posted Date : 29-May-2012 , 08:45:17 am | Posted By CASANSAAR
FINANCE ACT, 2012
[Act No. 23 of 2012]
An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.
BE it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
Short title ...
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Vodafone to opt for international arbitration against Indian tax authorities
Posted Date : 29-May-2012 , 07:43:07 am | Posted By CASANSAAR
British telecom giant Vodafone is likely to rely on international arbitration under the India-Netherlands investment protection agreement rather than approach Indian courts as its epic dispute with the Indian tax authorities looks set to resume soon with the passa...
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RBI & 926 bank branches to collect advance income tax
Posted Date : 28-May-2012 , 05:37:02 pm | Posted By CASANSAAR
The Reserve Bank and 926 branches of public and private banks will accept advance income tax in Mumbai and Navi Mumbai to avoid long queues and inconvenience to the tax assesses, RBI said on Monday.
"As many as 926 computerised branches of public and private sector banks will receive...Thes...
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Black money cases: I-T dept forms lawyer teams for prosecution
Posted Date : 28-May-2012 , 07:39:18 am | Posted By CASANSAAR
The Income Tax department has initiated a special country-wide exercise to engage a battery of lawyers for fighting black money cases and filing prosecution in a host of other tax evasion cases. Finance Minister Pranab Mukherjee, in his white paper on black money tabled during the recently conc...
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Demands on IT companies to be relaxed by the Income-Tax department?
Posted Date : 28-May-2012 , 07:30:09 am | Posted By CASANSAAR
There is a flicker of hope for Indian software companies battling a barrage of claims from theIncome-Tax Department.
In the last few days, the Central Board of Direct Taxes, an arm of the finance ministry, has asked tax offices in cities where the software firms are based...
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Revised CBDT Instruction on Grant of TDS Credit For AY 2011-12
Posted Date : 28-May-2012 , 07:20:00 am | Posted By CASANSAAR
Section 143 of the Income-tax Act, 1961 – Assessment – General – Processing of returns of A.Y. 2011-12 – Steps to clear backlog – Withdrawal of Instruction No. 1/2012, dated 2-2-2012
Instruction No. 4/2012 [F. No. 225/34/2011-ITA.II], dated 25-5-2012
T...
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India and Netherlands sign Protocol Amending DTAC
Posted Date : 25-May-2012 , 11:06:07 pm | Posted By CASANSAAR
The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend...
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Income Tax department working on strategy to prevent corruption
Posted Date : 25-May-2012 , 08:24:45 am | Posted By CASANSAAR
The Income Tax Department is working on a comprehensive strategy to deal with corruptionwithin the organisation. The work relating to identification of potential areas of corruption related to the organisational activities and development of an action plan for its mitigation ha...
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RBI, finance ministry differ over rural bank branches
Posted Date : 25-May-2012 , 08:21:46 am | Posted By CASANSAAR
The Reserve Bank of India, RBI, and the finance ministry seem to have differences on the way banks should go about ensuring financial inclusion. While both the regulator and the ministry are passionate about providing banking services at low cost to the disadvantaged, a difference of opinion be...
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Income Tax department scanning laptops, email records of Reebok top honchos
Posted Date : 25-May-2012 , 08:17:54 am | Posted By CASANSAAR
The Income Tax (I-T) department is scanning laptops and computersof top executives of Reebok India, including their email records, to find out details of the alleged financial irregularities. On May 2, a team of I-T officials raided Gurgaon office of the spo...
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Zone-shifting of Candidates for June - 2012 CA - CPT Exams
Posted Date : 24-May-2012 , 08:02:15 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
May 23rd, 2012
Subject: Zone-shifting of candidates for June - 2012 CA – CPT Exams
Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Kolkatta and Hyderabad, some of the candidates have bee...
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Service tax trouble for BCCI
Posted Date : 24-May-2012 , 08:05:15 am | Posted By CASANSAAR
The service tax department believes the Board of Control for Cricket in India (BCCI) owes it Rs. 368 crore, largely arising from the sale of media rights for matches, including those that are part of the Indian Premier League (IPL). It has written to the Central Board of Excise and Customs...
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Income Tax surveys at Pune Warriors, Royal Challengers offices
Posted Date : 24-May-2012 , 07:50:58 am | Posted By CASANSAAR
The Income Tax department has reportedly carried out surveys at the offices of Indian Premier League (IPL) teams the Sahara Pune Warriors India, and Royal Challengers Bangalore in Mumbai and Bangalore. Sources said the surveys were in connection with allegations of the use of black money in the cash...
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Cabinet set to okay national portability, end of roaming
Posted Date : 24-May-2012 , 07:45:17 am | Posted By CASANSAAR
The government is set to pave the way for an end to mobile roaming within the country and usher in a country-wide number portability scheme along with faster broadband speed proposed in the New Telecom Policy. The Union Cabinet is scheduled to discuss the New Telecom Policy, which w...
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Petrol price hiked by a massive Rs 7.54 a litre
Posted Date : 23-May-2012 , 10:18:15 pm | Posted By CASANSAAR
The petrol price was hiked today by a record Rs 7.54 per litre as rupee had a free fall, an unpopular decision that was attacked by allies of UPA government who demanded its immediate rollback holding it as unacceptable.
The hike, the third in one year, came a day after end of the Budget se...
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