GAIL (India) Limited
Posted Date : 03-Apr-2012 , 07:38:41 am | Posted By CASANSAAR
GAIL (India) Limited, is a Navratna PSU and India's flagship Natural Gas company, integrating all aspects of the Natural Gas value chain (including Exploration & Production, Processing, Transmission, Distribution and Marketing) and its related services.
The company intends to recr...
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CA CS CMA to pay Service Tax on Accrual Basis if Turnover exceeded Rs. 50 Lakh
Posted Date : 03-Apr-2012 , 07:21:04 am | Posted By CASANSAAR
From 01.04.2012 CA, CS, CWA, Advocate, Interior Decorators, Architect, Scientific or Technical Consultants, Consulting engineers to pay Service Tax on Bill Basis if Turnover exceeded 50 Lakh in Previous Financial Year
With the Amendment in Point of Taxation Rules, 2011 ...
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Income Tax |
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0 | Hits : 1491
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Banks can't freeze accounts if KYC documents not supplied: HC
Posted Date : 02-Apr-2012 , 08:26:47 am | Posted By CASANSAAR
The Gujarat High Court has ruled that banks cannot freeze accounts nor can they stop issuing cheque book or providing ATM facility where the account holder has not supplied KYC (Know Your Customer) documents. The court has further ruled that presence of the account holder was not a 'mu...
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Income Tax |
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0 | Hits : 870
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Direct Tax Code to roll by next year, says Pranab Mukherjee
Posted Date : 01-Apr-2012 , 08:01:25 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee on Saturday said that the long-awaited Direct Tax Code (DTC) would be rolled out from next year. "Next year, I will introduce the DTC fully after examining the recommendations of the parliamentary standing committee. The recommendations of the parliamentary...
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Income Tax |
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0 | Hits : 764
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FM defends amendment of IT Act with retrospective effect
Posted Date : 31-Mar-2012 , 09:43:28 pm | Posted By CASANSAAR
Finance minister Pranab Mukherjee on Saturday defended the move to amend the Income Tax Act with retrospective effect following which UK’s Vodafone may have to pay Rs. 11,000 crore as tax for a buyout deal involving Indian business. “First the Supreme Court told in the Vod...
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Income Tax |
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Govt moves to make it pay Rs 11k tax unjust: Vodafone
Posted Date : 31-Mar-2012 , 06:54:31 am | Posted By CASANSAAR
Terming the move to tax cross-border deals with retrospective effect as “grossly unjust”, UK-based telecom giant Vodafone today said it is considering various courses of action to safeguard its position in India.
While Vodafone did not give details of possible recourse it may take, it...
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Income Tax |
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0 | Hits : 848
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New Income Tax Return Forms for Assessment Year 2012-13.
Posted Date : 30-Mar-2012 , 08:23:36 pm | Posted By CASANSAAR
CBDT notifies New Income Tax Return Forms for the Assessment Year 2012-13.
NEW RETURN FORMS FOR ASSESSMENT YEAR 2012-13
Notification English
Notification Hindi
Form No.
ITR-1 SAHAJ
Indian Individual Income ...
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Income Tax |
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0 | Hits : 2146
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Income Tax offices to remain open on March 31.
Posted Date : 30-Mar-2012 , 04:50:46 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has instructed all income tax offices to function on March 31, the last day of the financial year.
Accordingly, Income Tax offices will function from 9.30 am to 6 pm tomorrow to handle year-end rush.
Arrangements have been made to ...
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Income Tax |
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P-Notes holders not liable to pay tax in India: Pranab
Posted Date : 30-Mar-2012 , 03:03:30 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said that persons investing in stock markets through participatory notes, P-Notes, will not have to pay taxes in India. The assurance pushed up the stock market today. He told reporters in New Delhi that the Minister said, the income tax department would ...
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Income Tax |
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0 | Hits : 793
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Income Tax department mulling prosecution of HSBC bank in black money cases
Posted Date : 29-Mar-2012 , 08:08:51 am | Posted By CASANSAAR
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad. The department, which had received more than 700 names in a list of black money account holders in HSBC bank in Geneva reportedly provided b...
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Income Tax |
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0 | Hits : 788
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Income Tax department attaches Unitech's shares in Uninor for outstanding tax dues
Posted Date : 28-Mar-2012 , 05:49:14 pm | Posted By CASANSAAR
The IT department has attached the shares of three companies through which realty firm Unitech Ltd holds about 33% stake in mobile phone company Unitech Wireless for alleged outstanding income tax dues.Realty firm Unitech acknowledged the development and clarified that the demand orders we...
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Income Tax |
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0 | Hits : 766
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India not a tax haven: Pranab Mukherjee on Vodafone controversy
Posted Date : 28-Mar-2012 , 06:56:52 am | Posted By CASANSAAR
In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven.
"India is not a no-tax country, India has a determined tax rate, but it is not a tax haven ... If you pay tax in your country of...
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Income Tax |
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0 | Hits : 895
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Invite Applications for Visiting/Regular Faculty for Certificate Course in Master in Business Finance (MBFCC)
Posted Date : 27-Mar-2012 , 09:42:32 pm | Posted By CASANSAAR
Invite Applications for Visiting/Regular Faculty for Certificate Course in Master in Business Finance (MBFCC) At New Delhi, Mumbai, Chennai, and Kolkata.
Click Here for Details
www.icai.org...
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Income Tax |
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0 | Hits : 911
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Tax Concession on Education Loan
Posted Date : 27-Mar-2012 , 09:34:47 pm | Posted By CASANSAAR
Section 80E of the Income Tax Act, 1961 provides for a deduction to an assessee (being an individual), out of his income chargeable to tax, on account of any amount paid by him in the previous year by way of interest on loan taken by him from any financial institution or any approved charitable inst...
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Income Tax |
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0 | Hits : 844
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Rs 2.73 lakh cr of I-T dues locked up in disputes: Govt
Posted Date : 27-Mar-2012 , 04:00:07 pm | Posted By CASANSAAR
As much as Rs 2.73 lakh crore of outstanding income tax dues are locked up in tax disputes at various levels, Parliament was informed today.
"As on September 30, 2011, a net amount of Rs 3,50,000 crore approximately is outstanding as income tax dues, out of which Rs 2,73,000 crore approximatel...
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Income Tax |
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0 | Hits : 695
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Some persons having A/c in Swiss banks paid Rs 180cr as tax: Pranab Mukherjee
Posted Date : 26-Mar-2012 , 08:30:58 pm | Posted By CASANSAAR
Some persons with accounts in a Swiss bank have paid taxes amounting to about Rs 180 crore so far, Finance Minister Pranab Mukherjee has said in Parliament. He did not disclose any name. Mukherjee said the government has received information from France and Germany under Double Taxation Avoidanc...
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Income Tax |
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0 | Hits : 767
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Tax department won't act like policeman, Pranab Mukherjee assures industry
Posted Date : 25-Mar-2012 , 09:53:31 pm | Posted By CASANSAAR
The government on Sunday said it has no vindictive intention in retrospectively amending tax laws and has no plans to re-open a large number of old cases, while assuring India Inc that the I-T department will not act like a "policeman". Interacting with industry leaders here...
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Direct tax code to be made operational by 2013: Pranab Mukherjee
Posted Date : 25-Mar-2012 , 11:06:08 am | Posted By CASANSAAR
Union Finance Minister PranabMukherjee on Saturday said the Direct Tax Code (DTC) would be made operational by next year.
Speaking at the post-budget interactive session organised by Federation of Indian Chambers of Commerce and Industries (FICCI),Mukherjee said, “To mop up a...
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Income Tax |
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0 | Hits : 867
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IDBI Bank collects Rs 1 lakh crore of central tax
Posted Date : 23-Mar-2012 , 04:32:40 pm | Posted By CASANSAAR
Public sector lender IDBI Bank today said it has collected Rs 1 lakh crore of central tax through its network in the current fiscal. The bank has also collected more than 16 percent of the government's revised target of direct taxes during the period. "IDBI Bank has achieved the landmark of Rs 1...
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Income Tax |
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0 | Hits : 698
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Bank branch Advance limit for Statutory Audit fixed at 6 crores
Posted Date : 23-Mar-2012 , 08:33:14 am | Posted By CASANSAAR
Dear Member, It has been learnt that RBI has received communication regarding Bank Branch Audit allotment.
All Bank Branches having advances of Rupees six crores and above and one third of the branches below six crores of advances will be audited. CA. Jaydeep N. Shah Pres...
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Income Tax |
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0 | Hits : 2249
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Govt sets up 12-member advisory group on international taxation
Posted Date : 23-Mar-2012 , 08:12:02 am | Posted By CASANSAAR
The Finance Ministry has constituted a 12-member advisory group headed by the Revenue Secretary on the controversial amendments in the Income Tax Act that seek to tax overseas deals with retrospective effect.The group, which will also have representatives from the industry chambers, will suggest to ...
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Income Tax |
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0 | Hits : 674
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Railway minister Mukul Roy announces rollback in railway fare hike
Posted Date : 22-Mar-2012 , 02:23:02 pm | Posted By CASANSAAR
Newly appointed railway minister Mukul Roy announced a rollback in some of the rail fares that were announced last week in the Rail Budget. Mukul Roy told Parliament that fares for first and second class passengers in air-conditioned carriages would still go up, but there would be no increase for...
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Income Tax |
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0 | Hits : 855
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Vodafone have to pay tax once I-T Act is amended: FinMin
Posted Date : 21-Mar-2012 , 10:28:05 pm | Posted By CASANSAAR
British telecom major Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today.
"They (Vodafone) will have to automatically pay the tax after approval of the amendments to the Finance Bill...
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0 | Hits : 1045
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RBI offices to remain open on Mar 31 for special clearings
Posted Date : 21-Mar-2012 , 05:05:14 pm | Posted By CASANSAAR
All the regional offices of the Reserve Bank of India and the branches of agency banks will remain open on March 31, Saturday, for special clearings of government transactions for 2011-12. "With a view to facilitating accounting of all government transactions of the current ...
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Income Tax |
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0 | Hits : 820
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NRIs with unexplained wealth may land in income tax trouble
Posted Date : 21-Mar-2012 , 07:49:40 am | Posted By CASANSAAR
The government today said the Income Tax Department will "bother" only those non-resident Indians who have unexplained funds."If any money is found to be of some person and then it comes to our knowledge, then if it is legitimately explained he doesn't have to bother, but if it is unexplained ...
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Income Tax |
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0 | Hits : 710
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SC dismisses Govt's review petition on Vodafone verdict
Posted Date : 20-Mar-2012 , 09:04:44 pm | Posted By CASANSAAR
The Supreme Court on Tuesday dismissed the government’s review petition in the Rs 11,000 crore Vodafone tax case.The government had filed a review petition asking the court to reconsider its verdict delivered in January which gave its order in favour of Vodafone and helped improve foreign inve...
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Income Tax |
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0 | Hits : 800
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SC to hear Centre's Vodafone review plea today
Posted Date : 20-Mar-2012 , 07:42:54 am | Posted By CASANSAAR
The Supreme Court will hear the Centre's plea for review of the Vodafone judgment on Tuesday at a time when the UPA government has proposed to amend the Income Tax Act to levy capital gains tax on domestic asset acquisition through merger and acquisition deals involving overseas companies....
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Income Tax |
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0 | Hits : 676
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Don't start taking sleeping pills, Jaswant tells Pranab
Posted Date : 19-Mar-2012 , 10:07:09 pm | Posted By CASANSAAR
"Do not start consuming sleeping pills," this was the advice of former finance minister Jaswant Singh to the present incumbent in the finance ministry on the issue fiscal deficit. Making a brief remark before the Prime Minister's reply in the Lok Sabha to the Motion of ...
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Income Tax |
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0 | Hits : 653
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Service tax exemption to leave advertisers with surplus funds
Posted Date : 19-Mar-2012 , 08:19:58 am | Posted By CASANSAAR
Service tax exemption on advertising on media platforms, excluding TV and radio, could result in availability of up to Rs 1,500 crore more to advertisers for spending on campaigns, according to industry experts."Given that marketing budgets of companies always take into account the service tax ...
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Income Tax |
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0 | Hits : 697
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Direct Tax Code likely to become effective from FY'14: Pranab
Posted Date : 19-Mar-2012 , 08:17:07 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today expressed hope that the direct tax regime would become effective from 2013-14.
Responding to a query in a post-budget interaction with industry leaders, he said the DTC legislation would be in place in 2012-13, but "effect would be from the next yea...
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