Special unit to handle BCCI-IPL tax cases
Posted Date : 21-May-2012 , 07:35:21 am | Posted By CASANSAAR
The Income Tax department has created a special audit team to bring together the scattered assessment and investigation proceedings of the BCCI and the IPL spread across the country.
Tax assessment of the BCCI for the financial years 2010-11, 2011-12, computation of exemption income as enjo...
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Income Tax |
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GAAR pushed, but new tax rule may still drive FIIs away
Posted Date : 20-May-2012 , 11:13:25 pm | Posted By CASANSAAR
Foreign investors may be relieved over the controversial GAAR tax proposals being pushed back by a year but another new taxation framework could make their India investments riskier and expensive.
The proposals that are a part of the Finance Bill.
They state that capital gains arising from the t...
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Income Tax |
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0 | Hits : 782
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Kingfisher Airlines owes Rs 269 crore income tax: Government
Posted Date : 19-May-2012 , 07:12:59 am | Posted By CASANSAAR
Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday.
Kingfisher Airlines was found to have deducted tax at source (TDS) on sala...
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Income Tax |
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0 | Hits : 801
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GAAR provisions to be part of DTC, to come into effect in April 2013
Posted Date : 18-May-2012 , 08:36:04 am | Posted By CASANSAAR
The General Anti-Avoidance Rule (GAAR), approved under the Finance Act, will be part of the Direct Taxes Code (DTC) Bill to be tabled in the monsoon session of Parliament. The finance ministry plans to implement both GAAR and DTC from April 1, 2013. However, if the implementation of DTC is a...
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Income Tax |
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0 | Hits : 882
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Baba Ramdev told to pay Rs 58-cr Income Tax
Posted Date : 18-May-2012 , 08:28:44 am | Posted By CASANSAAR
Yoga guru Ramdev’s trusts have lost their Income-Tax exemption and have been slapped a Rs 58-crore notice on the sale of their ayurvedic medicines.
The I-T notice, for the assessment year 2009-10, on Haridwar-based Patanjali Yogpeeth Trust, Divya Yoga Mandir Trust and Bharat Swabhiman Trust h...
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Income Tax |
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0 | Hits : 1075
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Net direct tax collections rise 7-fold in April
Posted Date : 17-May-2012 , 08:14:44 am | Posted By CASANSAAR
The net direct tax collections rose to a whopping Rs14,812 crore in April this year, a seven fold increase compared to the same period of last fiscal.
Net direct tax collections, gross collections minus refunds, was at Rs1,992 crore in April 2011.
The net collection was higher mainly due t...
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Income Tax |
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0 | Hits : 740
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300 students fail Chartered Accountant final exam, but pass after retotalling
Posted Date : 16-May-2012 , 08:47:12 am | Posted By CASANSAAR
Students and lecturers have complained that there were many errors in totalling and that past questions were repeated in the final exams conducted by the Institute of Chartered Accountants of India last November. Around 300 final-year students from all over the country cleared eithe...
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Income Tax |
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1 | Hits : 4462
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PAN must for gold buys exceeding Rs 2 lakh
Posted Date : 16-May-2012 , 08:36:35 am | Posted By CASANSAAR
Customers will no longer be able to buy gold bars or coins worth more than Rs 2 lakh – even by paying cash – without furnishing an Income-Tax Permanent Account Number (PAN).
That is because it is now mandatory on the part of the seller to collect tax at source on such sales. The buyer's...
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Income Tax |
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0 | Hits : 894
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DTC Bill in Monsoon Session of Parl: Pranab
Posted Date : 15-May-2012 , 07:01:01 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said Direct Tax Code, DTC Bill will be introduced in the Monsoon session of Parliament. He stated this while introducing the Appropriation No-3 Bill 2012 along with the Finance Bill 2012 in the Rajya Sabha. The Finance Minister announced the roll back of the e...
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Income Tax |
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0 | Hits : 864
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Increase in Number of Tax Payers
Posted Date : 15-May-2012 , 06:58:44 pm | Posted By CASANSAAR
The number of effective income tax assesses as well as the number of registered Central Excise and Service Tax assesses during the years 2006-07 to 2010-11 are as under:
Financial Year
Income Tax Assesses
Central Excise
Service Tax
2006-07
31903137
...
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Income Tax |
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0 | Hits : 771
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Amendments Proposed in Provisions Relating to GAAR
Posted Date : 15-May-2012 , 06:57:17 pm | Posted By CASANSAAR
The following government amendments have been proposed in the provisions relating to General Anti-Avoidance Rules (GAAR) contained in the Finance Bill 2012.i) To remove the onus of proof from the tax-payers to the Revenue Department before any action can be initiated under GAAR. ii) To introduc...
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Income Tax |
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0 | Hits : 621
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23 tax tribunal members under CBI scanner for
Posted Date : 15-May-2012 , 08:44:16 am | Posted By CASANSAAR
An estimated 69 orders passed by as many as 23 members of various benches of the Income Tax Appellate Tribunal (ITAT) are now the subject matter of an unprecedented nationwide inquiry for alleged corruption by the Central Bureau of Investigation (CBI).
The ITAT, a quasi-judicial body, is the high...
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Income Tax |
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0 | Hits : 796
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Download ITR-1, ITR-2, ITR-3 & ITR-4 Return Preparation Software
Posted Date : 14-May-2012 , 09:51:08 pm | Posted By CASANSAAR
The online submission of ITR-1 (SAHAJ) & ITR-4S (SUGAM) for AY 2012-13 has been enabled.
Download Return Preparation Software
Sl. No.
Form Name
Return Preparation Software
Remarks
System Requirements
1
ITR-1(SAHAJ)
Excel Utility(Version 1.0)
New Releas...
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Income Tax |
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0 | Hits : 2236
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Money-laundering law: Rigorous jail, hefty fines await tax offenders
Posted Date : 14-May-2012 , 07:38:23 am | Posted By CASANSAAR
Tax evaders could be in for trouble as the government is mulling placing tax crimes on a par with money laundering offences that have severe criminal and financial implications.India could bring income-tax offences under its anti-money laundering law, making way for easier prosecution, rigorous ...
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Income Tax |
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0 | Hits : 829
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FinMin examining CBDT committee report on Black Money
Posted Date : 13-May-2012 , 01:04:07 pm | Posted By CASANSAAR
Nearly ten months after it was formed to examine ways to check the menace of black money, a committee under the chairmanship of Central Board of Direct Taxes (CBDT) chief has submitted its report to the Finance Ministry.The Ministry, however, declined to share its details saying "action taken"...
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Income Tax |
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0 | Hits : 731
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FinMin to recover Rs 20,300 crore tax from Vodafone
Posted Date : 09-May-2012 , 10:42:23 pm | Posted By CASANSAAR
A day after the approval of the Finance Bill by the Lok Sabha, the government on Wednesday said that it will move ahead to recover the tax and penalty from the British telecom major Vodafone which is currently estimated at Rs 20,300 crore.Finance Secretary R S Gurjal said that no new notice would be...
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Income Tax |
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0 | Hits : 870
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Pranab's Vodafone message to MNCs: India no tax haven
Posted Date : 09-May-2012 , 08:54:24 am | Posted By CASANSAAR
Finance minister Pranab Mukherjee on Tuesday offered no relief to British telecom major Vodafone on its five-year-old tax dispute with the Indian government, making it clear there was no rethink on the proposal to allow authorities to tax older corporate deals. The remarks are seen as a ...
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Income Tax |
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0 | Hits : 799
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Direct Tax collection at Rs 4.93 lakh cr in 2011-12
Posted Date : 08-May-2012 , 10:29:21 pm | Posted By CASANSAAR
The government today said it has collected over Rs 4.93 lakh crore as per provisional estimates from direct taxes during the 2011-12 fiscal, as against a revised estimate of Rs 5 lakh crore.
The net direct tax collection (provisionally) stood at Rs 4,93,912 crore, Minister of State for Fi...
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Income Tax |
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0 | Hits : 627
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LS passes Finance Bill 2012, Govt to bring white paper on black money in current Parl session
Posted Date : 08-May-2012 , 10:26:37 pm | Posted By CASANSAAR
The Lok Sabha today passed the Finance Bill, giving effect to the financial proposals of the Central government for the fiscal 2012-13. The government will bring a white paper on black money in the current session of Parliament. Mr. Pranab Mukherjee disclosed this while replying to a debate on the F...
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Income Tax |
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0 | Hits : 976
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FinMin announces implementation of GAAR deferred till April 2013
Posted Date : 07-May-2012 , 09:52:18 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today announced deferment of that implementation of the General Anti-Avoidance Rules or GAAR till April 2013. The proposal was made in the budget for the current fiscal. The rule is being used to check avoidance of tax. Introducing the Finance Bill for the curr...
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Income Tax |
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0 | Hits : 845
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Tax on long-term capital gains for PE investors slashed to 10%
Posted Date : 07-May-2012 , 05:49:32 pm | Posted By CASANSAAR
India will slash the tax on long-term capital gains for private-equity investors to 10 percent from 20 percent, a finance ministry statement said on Monday.
India will also exempt long-term capital gains on the sale of unlisted securities in initial public offerings from tax, the statement sa...
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Income Tax |
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0 | Hits : 764
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Tax dept unlikely to waive penalty on Vodafone dues
Posted Date : 07-May-2012 , 07:51:31 am | Posted By CASANSAAR
The income tax department is unlikely to waive penalty on Vodafone’s tax dues as it feels this will create a bad precedent for all its major pending tax cases. It has also decided to make it compulsory for all its officers from now on to charge penalty on taxes that get due but are not paid...
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Income Tax |
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0 | Hits : 832
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Income Tax department detects over Rs 5,800 crore hidden income in MSME sector
Posted Date : 04-May-2012 , 07:48:06 am | Posted By CASANSAAR
The Income Tax department has detected more than Rs 5,800 crore of concealed income in the low-profile micro, small and medium enterprises (MSME) sector during the fiscal 2010-11.The department, which carries out a number of searches against other high income sectors like real estate, manufactu...
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Income Tax |
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0 | Hits : 633
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Govt may clarify stand on Vodafone issue in Parliament: Pranab
Posted Date : 03-May-2012 , 07:39:14 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee on Thursday said government may clarify its stand on Vodafone tax controversy in Parliament at the time of discussion on Finance Bill, 2012.
“I cannot respond to any speculative questions. Parliament is in session. If anything is to be clarified, I will (do...
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Income Tax |
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0 | Hits : 698
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Advisory Group for International Taxation and Transfer Pricing Constituted
Posted Date : 03-May-2012 , 03:50:16 pm | Posted By CASANSAAR
An Advisory Group for International Taxation and Transfer Pricing has been constituted by Central Board of Direct Taxes , Department of Revenue, Ministry of Finance. The Group would comprise of the following members:-
i. &nb...
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Income Tax |
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0 | Hits : 720
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Inaccurate / False TDS returns may attract penalty from July 1
Posted Date : 03-May-2012 , 08:07:39 am | Posted By CASANSAAR
Attempting to raise revenue, the government has targeted Tax Deducted at Source (TDS) and proposed penal provisions for inaccurate details and ensuring filing of corrective returns from July 1. "From July 1, government may impose penalty of Rs 10,000 and Rs 1,00,000 for inaccurate TDS returns and...
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Income Tax |
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0 | Hits : 1426
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Clarification on Vodafone Tax Issue - CBDT
Posted Date : 02-May-2012 , 08:46:09 pm | Posted By CASANSAAR
A news report has appeared in the Financial Express, Delhi edition, 27th April, 2012 captioned “I-T didn’t warn Vodafone of tax burden or dispute deal format”. In this regard, the Central Board of Direct Taxes (CBDT) has issued the following clarification:- In this connection,...
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Income Tax |
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0 | Hits : 984
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Download ITR-1 (SAHAJ) Return Preparation Software
Posted Date : 01-May-2012 , 07:03:24 am | Posted By CASANSAAR
Income Tax Department has finally released Return Preparation Software for ITR-1 (SAHAJ) which is applicable for A.Y. 2012-13 or financial year 2011-12. The same can be used to file your return online.
Form Name
Return Preparation Software
...
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Income Tax |
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0 | Hits : 2312
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Toal Amount & No. of IT Cases Pending before CIT(A) to SC
Posted Date : 30-Apr-2012 , 07:24:40 am | Posted By CASANSAAR
The quantity of money locked in income tax disputes has seen a sharp rise in 2011, with more aggression by the tax department. The disputed amount jumped from Rs 2,43,603 crore to Rs 4,36,741 crore between January and December 2011.
The disclosure was made by the finance ministry...
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Income Tax |
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0 | Hits : 871
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FII earnings won
Posted Date : 30-Apr-2012 , 07:09:06 am | Posted By CASANSAAR
The primary concern of foreign institutional investors that they might be taxed for business income in India under the proposed GAAR regime will be addressed as the finance ministry finalises the rules.
Government sources said there was no reason for FIIs to worry about their earnings fr...
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Income Tax |
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0 | Hits : 830
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