Back-dated I-T law will not override tax treaties: Pranab
Posted Date : 27-Apr-2012 , 11:19:03 pm | Posted By CASANSAAR
The proposed retrospective changes in the income tax law are only ‘clarificatory' and will not override double tax avoidance pacts, the Finance Minister, Mr Pranab Mukherjee, has said.
Mr Mukherjee's statement is unlikely to bring any relief to telecom major, Vodafone, in the ...
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Cabinet Approves Banking Law Amendment Bill
Posted Date : 26-Apr-2012 , 08:50:57 pm | Posted By CASANSAAR
The Cabinet on Thursday okayed the Banking Laws (Amendment) Bill seeking to raise voting rights ceilings in private banks.
The cabinet chaired by Prime Minister Manmohan Singh cleared the bill as recommended by the parliamentary standing committee on finance.
The Banking Laws (Amendment) Bill, 2...
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Income Tax |
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FinMin hits back, says Vodafone was aware of tax liability
Posted Date : 25-Apr-2012 , 11:25:34 pm | Posted By CASANSAAR
The Finance Ministry on Wednesday hit back at Vodafone's claim that it was not told of the tax liability on the Hutchison deal, saying that the British telecom giant was provided a copy of the notice. "We have provided copies of the letter (about tax liability) to the concerne...
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Income Tax |
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Vodafone tax demand may exceed Rs 20,000 cr
Posted Date : 25-Apr-2012 , 08:13:34 am | Posted By CASANSAAR
After the enactment of retrospective amendments to the Income Tax Act next month, the government may ask Vodafone to pay in excess of Rs 20,000 crore — more than two and half times the tax amount the telecom major was “advised to withhold” on its $11-billion deal with Hutchison i...
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Income Tax |
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Retrospective change in I-T Act may yield around Rs 40,000 crore
Posted Date : 24-Apr-2012 , 04:03:17 pm | Posted By CASANSAAR
The controversial proposal to amend theIncome Tax Act with retrospective effect to bring into tax net Vodafone-type deals is expected to yield to the exchequer Rs 35,000 to Rs 40,000 crore, the government said today.
"The Income Tax department has made an estimation that the total tax im...
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Nestle India could face Rs 100 cr addl tax in FY13
Posted Date : 24-Apr-2012 , 10:11:59 am | Posted By CASANSAAR
FMCG major Nestle India could face an additional tax burden of Rs 100 crore this year due to increased rate of taxation.
"...The major challenge for the company would be to ensure high trajectory growth while bearing an additional tax burden due to Union Budget proposals for 2012-13 of approximat...
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Income Tax |
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SBI, 4 other banks cut fixed deposit rates up to 1 pc
Posted Date : 23-Apr-2012 , 08:54:43 pm | Posted By CASANSAAR
Led by SBI, five more banks on Monday cut interest rates on loans and deposits upto one per cent, following reduction in the short-term policy rates by Reserve Bank last week.While banks have tweaked rates differently, the net effect is that depositors lose more than the gains accruing to borrowers ...
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Income Tax |
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FinMin may cut capital gains tax on PE investments
Posted Date : 23-Apr-2012 , 05:09:29 pm | Posted By CASANSAAR
In order to attract foreign capital, the Finance Ministry may cut long-term capital gain tax from 20 per cent to 10 per cent on investments made by private equity funds into shares of unlisted companies. Several PE investors have appealed to the ministry to bring them at par with the Fo...
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Income Tax |
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GAAR fear: Separate tax threshold likely for FIIs
Posted Date : 23-Apr-2012 , 08:03:43 am | Posted By CASANSAAR
In an attempt to assuage apprehensions of tax payers regarding the proposed general anti-avoidance rules (GAAR), the government will put in place a threshold to ensure that tax payers and foreign investors don’t attract the GAAR provisions. In fact, foreign institutional investors (FIIs) will ...
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Income Tax |
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Provisions of Section 40 (a) (ia) are retrospective in nature: ITAT
Posted Date : 21-Apr-2012 , 08:54:17 am | Posted By CASANSAAR
The Mumbai bench of the income tax appellate tribunal (ITAT) has passed an order in the case of one Piyush Mehta versus Asst Commissioner Income Tax in which it has been held that provisions of Section 40 (a) (ia) are retrospective in nature, according to an amendment made by the Finance Act 2010. ...
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Income Tax |
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Accounting standards advisory panel reconstituted
Posted Date : 20-Apr-2012 , 03:51:29 pm | Posted By CASANSAAR
The Centre has reconstituted the National Advisory Committee on Accounting Standards (NACAS).
The panel advises on accounting standards and policies to be followed by corporates.
The Corporate Affairs Ministry has now said that Mr M.M. Chitale, a Chartered Accountant, will be the Chairman of NAC...
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Income Tax |
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Posted Date : 20-Apr-2012 , 08:09:12 am | Posted By CASANSAAR
Avoid using your permanent account number (PAN) to book railway tickets under the tatkal scheme, as it can be misused to carry out benami transactions.
The Indian Railways accepts the PAN card as indentity proof to book tickets under the scheme, but anybody can access the details as they ar...
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Income Tax |
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Retrospective change in tax laws hurt investments, CEOs tell PM
Posted Date : 20-Apr-2012 , 08:06:04 am | Posted By CASANSAAR
A group of CEOs has told Prime Minister Manmohan Singh that retrospective changes in tax laws proposed in the Budget have seriously damaged the country's credibility as an investment destination. The CEOs, led by Godrej Group chairman Adi Godrej, communicated industry captains' concerns to Singh...
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Income Tax |
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0 | Hits : 719
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Vodafone issue: Government rules out easy settlement for fear of political fallout
Posted Date : 20-Apr-2012 , 04:28:25 am | Posted By CASANSAAR
India will rebuff any move by Vodafone Plc to mutually settle their multi-billion-dollar tax dispute and is intent on pursuing its claim on the company, despite growing international pressure and repeated statements by the UK-headquartered telco that it is willing to amicably r...
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Income Tax |
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DTC to be implemented from April 2013 DTC will replace the existing Indian Income Tax Act 1961
Posted Date : 19-Apr-2012 , 02:47:18 pm | Posted By CASANSAAR
India will implement the direct tax code (DTC) from April 1, 2013, Finance Secretary R.S. Gujral told a television channel.
The code, which will replace existing Indian Income Tax Act 1961, intends to cut tax rates to bring more people and companies under the tax net, phase out profit-linked exem...
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Income Tax |
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CBDT pegs tax refunds at Rs 1.25 lakh crore
Posted Date : 18-Apr-2012 , 08:57:36 am | Posted By CASANSAAR
The finance ministry issued tax refunds of Rs 98,000 crore (Rs 980 billion) in 2011-12, as against Rs 74,000 crore (Rs 740 billion) in the previous year, as about half the country's taxpayers filed their returns online. Higher online filing of returns that is expected in the ongoing financial y...
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Income Tax |
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Income Tax department issues notice to Bharti-Airtel on overseas roaming operations
Posted Date : 17-Apr-2012 , 08:24:30 am | Posted By CASANSAAR
The Income Tax department has issued fresh notices to telecom giant Bharti Airtel in connection with taxation of overseas roaming charges for additional two financial years. The department has issued the notices for financial years 2001-02 and 2006-07 to the company after recently issuing a Rs 1...
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Income Tax |
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Allow customers to opt for electronic repayment:RBI to banks
Posted Date : 13-Apr-2012 , 07:55:03 pm | Posted By CASANSAAR
Following complaints from customers, the Reserve Bank has made it clear to banks that there are no restrictions in allowing use of electronic modes for various transactions including repayment of loans. "It is, therefore, advised that all banks should allow the customers to choose National Electr...
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Income Tax |
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0 | Hits : 695
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Blackmoney: Government deputes 7 IRS officers for Income Tax units abroad
Posted Date : 13-Apr-2012 , 07:45:28 am | Posted By CASANSAAR
The government has deputed seven senior IRS officers to officiate as First Secretaries at the newly created Income Tax overseas units in countries like the US, the UK and Germany, as part of its efforts to curb the problem of blackmoney and illegal funds stashed abroad.The Income Tax officials, h...
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Income Tax |
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Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12
Posted Date : 13-Apr-2012 , 07:39:35 am | Posted By CASANSAAR
During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different businesses / activities. On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income e...
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Income Tax |
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ICAI Zone-shifting of candidates for May
Posted Date : 11-Apr-2012 , 09:22:31 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
April 11, 2012
Subject: Zone-shifting of candidates for May - 2012 CA Exams
Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Delhi, Indore, Mumbai and Kolkatta, some of the candidates have been allotted ex...
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E-filing of return must for person with income over Rs 10 lakh
Posted Date : 11-Apr-2012 , 08:19:13 pm | Posted By CASANSAAR
The government has made it mandatory for individuals with income of over Rs 10 lakh to file their tax returns for 2011-12 electronically."e-filing has been made compulsory for the person who is an individual or a Hindu Undivided Family, if his or its total income, or the total income in respect of w...
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Income Tax |
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Now, prosecution of tax evaders made easier
Posted Date : 11-Apr-2012 , 07:39:19 am | Posted By CASANSAAR
Retrospective amendments to handle cases akin to the Vodafone deal and provisions to tackle black money as proposed in the Budget may have received huge attention, but that isn’t all about it. A ‘silent amendment’ to the Income Tax Act related to prosecution powers is being seen ...
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Ministry wants bank audit panels to get more time to vet earnings
Posted Date : 10-Apr-2012 , 08:32:18 am | Posted By CASANSAAR
The Union finance ministry has proposed that banks give their balance sheet to their respective audit committees at least two days before their boards of directors meet for finalising the results.
In a recent communication to banks, the proposal was suggested and feedback sought. The mini...
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Income Tax |
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E-filing taxpayers won't have to acquire a digital signature
Posted Date : 10-Apr-2012 , 08:24:55 am | Posted By CASANSAAR
The income tax department is set to introduce a free-of-cost and easy-to-operate electronic signature facility to file income tax returns electronically.
The facility will help taxpayers who do not have a digital signature. It will save them from the mandatory requirement of sending a har...
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Income Tax |
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Govt panel proposes additional taxes on personalised vehicles
Posted Date : 09-Apr-2012 , 09:38:29 am | Posted By CASANSAAR
A government sub-committee looking into probable sources of funds for urban transport projects in the 12th Plan has suggested the creation of a national fund, resource for which can be generated through taxes on vehicles and petrol consumption. The recent report of the Sub-Committee on Financing ...
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Income Tax |
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0 | Hits : 824
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Pranab expresses satisfaction over increase in direct tax base
Posted Date : 09-Apr-2012 , 09:35:23 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee has expressed satisfaction over increase in direct tax base. Speaking after inaugurating the Direct Taxes Training Institute in Bangalore on Sunday, the Minister said the country's heavy dependence on indirect taxes earlier was worrying, but now direct tax base has ...
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Supreme Court rejects Essar Oil's plea in tax case
Posted Date : 04-Apr-2012 , 09:53:25 pm | Posted By CASANSAAR
Essar Energy Plc said the country's supreme court dismissed its unit Essar Oil's petition to review an earlier verdict that asked Essar Oil not to defer the payment of $1.24 billion in sales tax. London-listed Essar Energy said the decision would not have any new impact on the company's business...
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Income Tax |
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Income Tax department to revive 'demand notice' in Vodafone tax case
Posted Date : 04-Apr-2012 , 08:37:16 am | Posted By CASANSAAR
The tax authorities will revive the 'demand notice' to force Vodafone Group Plc to pay up thousands of crores in taxes, indicating the government's determination to press its claims on the UK-based mobile phone giant but at the same time setting the stage for further litigation.
The demand not...
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Income Tax |
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Investors with interest in Mauritius won't attract capital gains tax
Posted Date : 04-Apr-2012 , 08:25:34 am | Posted By CASANSAAR
Foreign institutional investors based in Mauritius will not be required to pay capital gains in India if they have 'substantial commercial interest' in the island nation, a finance ministry official has clarified. The official said the proposed General Anti Avoidance Rules, or GAAR, are very cle...
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