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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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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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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0 | Hits : 681
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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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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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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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Income Tax |
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Taxing unaccounted income not VDIS, say FinMin Secy
Posted Date : 17-Mar-2012 , 10:20:52 pm | Posted By CASANSAAR
The government today maintained it has not come out with any kind of Voluntary Disclosure of Income Scheme (VDIS) by proposing changes in the Income Tax Act, which experts believe are some sort of concessions to tap black money.
"There is no intention of government to give any sop in form ...
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Income Tax |
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Government proposes taxing Vodafone-like deals retrospectively
Posted Date : 16-Mar-2012 , 06:59:03 pm | Posted By CASANSAAR
In a measure that will have far- reaching impact on foreign investment and the Vodafone case having a tax implication of Rs 11,000 crore, the government today proposed amendment in the Income Tax Act retrospectively from April 1, 1962. Under the proposed amendment, all persons, whether resident ...
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Income Tax |
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Budget 2012: TDS on property, gold sales to check black money
Posted Date : 16-Mar-2012 , 06:21:11 pm | Posted By CASANSAAR
To check the menace of black money, the government on Friday proposed a slew of measures, including I-T return assessment up to 16 years with regard to assets held abroad and tax deduction at source (TDS) on transfer of immovable property and gold purchase.
"I propose a series of measures to dete...
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Income Tax |
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To Promote Investment, Weighted Deduction for Expenditure in R&D and AGRI-Extension Services Proposed Sunset Date for Tax Exemption in Power Sector Extended
Posted Date : 16-Mar-2012 , 03:16:23 pm | Posted By CASANSAAR
In the General Budget 2012-13 presented by the Union Finance Minister ShriPranab Mukherjee in LokSabha here today, it has been proposed to provide weighted deduction for expenditure in several sectors with the objective of promoting investment and facilitating growth.
&nb...
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Income Tax |
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STT Proposed to be Reduced by 20 % & Levy of Alternate Minimum Tax Proposed to be Extended
Posted Date : 16-Mar-2012 , 03:14:20 pm | Posted By CASANSAAR
In the General Budget 2012-13presented by theUnion Finance Minister ShriPranab Mukherjeein LokSabha here today, it has been proposed to reduce the Securities Transaction Tax (STT) on cash delivery transactions by 20 per cent, from 0.125 per cent to 0.1 per cent, in or...
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Income Tax |
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Rajiv Gandhi Equity Savings Scheme Launched
Posted Date : 16-Mar-2012 , 03:12:31 pm | Posted By CASANSAAR
A new scheme called Rajiv Gandhi Equity Savings scheme is proposed in the Union Budget 2012-13 to encourage flow of saving in financial instruments and improve the depths of domestic capital market. The Union Finance Minister ShriPranab Mukherjee in his Budget speech in LokSabha today said that...
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Income Tax |
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Finance Bill 2012 (Chapter I to Chapter VII)
Posted Date : 16-Mar-2012 , 02:00:50 pm | Posted By CASANSAAR
Chapter I
Preliminary
Chapter II
Rates of Income Tax
Chapter III
Income Tax
Wealth Tax
Chapter IV
Customs
Excise
Chapter V
Service Tax
Chapter VI
Amendments to the FRBM Act, 2003
Chapter VII
...
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Income Tax |
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Tax payers may get some relief from budget
Posted Date : 15-Mar-2012 , 06:54:48 pm | Posted By CASANSAAR
Tax payers will be looking forward to some relief from Finance Minister Pranab Mukherjee who is expected to raise the income tax exemption limit to at least Rs 2 lakh in his budget proposals to be unveiled in the Lok Sabha on Friday.
The Minister may also marginally raise the slabs in other tax b...
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Income Tax |
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12 persons account for 90% of total income tax dues
Posted Date : 14-Mar-2012 , 08:09:17 am | Posted By CASANSAAR
The finance ministry today said income tax dues from 12 individuals, including stud-farm owner Hasan Ali Khan, account for 90 per cent of the total income tax outstanding. "The amount of outstanding income tax dues is a dynamic figure. As on September 30, 2010, about 90 per cent of the outstandi...
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Income Tax |
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Third extension to CBDT panel on black money
Posted Date : 13-Mar-2012 , 08:13:22 am | Posted By CASANSAAR
The CBDT Chairman-led committee on combating the menace of black money has been given yet another extension and it is now expected to submit its final report by this month end. It is the third time that the deadline has been extended for the panel, which was constituted in May last year. With the...
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Income Tax |
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Budget session of Parliament begins today
Posted Date : 12-Mar-2012 , 08:56:43 am | Posted By CASANSAAR
The Budget session of Parliament begins today. It will commence with President Pratibha Devisingh Patil's customary address to the joint sitting of the Lok Sabha and the Rajya Sabha.The first part of the session will conclude on the 30th of this month and the second phase will start from the 24th of...
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Income Tax |
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No new taxes in Haryana Budget
Posted Date : 06-Mar-2012 , 07:50:22 am | Posted By CASANSAAR
The Haryana government presented on Monday the Budget for FY13 where no fresh taxes have been imposed with emphasis on the social sector, even while expressing optimism about attaining revenue surplus by 2013-14 through better tax realisation. The state governement has widened the ambit of the ...
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Income Tax |
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Tax exemption to those with income up to Rs 5 lakh? No taxpayer can avail this
Posted Date : 05-Mar-2012 , 09:21:07 am | Posted By CASANSAAR
The previous year, just a few weeks before the tax return deadline of 31 July, the Central Board of Direct Taxes (CBDT) exempted those with an income of up to Rs 5 lakh from filing returns. But, as ET Wealth pointed out, the conditions were so restrictive that no one was eligible for the exemp...
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Income Tax |
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0 | Hits : 1163
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Rs 15 Cr Penalty Collected From Tax Evaders
Posted Date : 01-Mar-2012 , 05:34:13 pm | Posted By CASANSAAR
The Trade and Taxes department of Delhi Government has collected over Rs 15 crore as penalty from various VAT tax evaders between April to December this fiscal against around Rs 3.5 crore in the corresponding period of 2010-11.Tax officials said the four-fold increase in collection of tax penalty co...
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Income Tax |
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0 | Hits : 739
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Cabinet approves amendments to Motor Vehicle Act
Posted Date : 01-Mar-2012 , 01:55:31 pm | Posted By CASANSAAR
Soon, traffic rule violators will have to cough up hefty penalties - almost 10 times more than what they pay now - for offences such as overspeeding and drunk driving. The Union cabinet has approved the proposed Motor Vehicle Amendment Bill, the legislation that regulates road transport in the count...
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0 | Hits : 983
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I-T dept should protect human rights during raids: Patna HC
Posted Date : 29-Feb-2012 , 08:25:14 am | Posted By CASANSAAR
Income Tax (I-T) officials should ensure no harassment is caused to the family during raids. Patna high court recently issued an order to this effect while upholding Bihar’s human rights commission's direction.
The court also instructed the tax authority (income tax in this ...
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Income Tax |
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High court says I-T department filing appeals
Posted Date : 29-Feb-2012 , 08:20:00 am | Posted By CASANSAAR
The Karnataka High Court, in a recent judgement, passed strictures on Income-Tax (I-T) department for filing repeated appeals and wasting taxpayers’ money. “It seems that the (I-T) department is filing these appeals mechanically—either for the purpose of statistics or to save their...
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Income Tax |
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House panel agrees on raising I-T exemption limit
Posted Date : 24-Feb-2012 , 02:57:31 pm | Posted By CASANSAAR
The key Parliamentary Committee on Friday reached a consensus to raise income tax exemption limit to Rs 3 lakh from current Rs 1.8 lakh, say sources. Sources revealed that he Committee is of the opinion that the income tax exemption limit should be Rs 3 lakh. The committee, according to so...
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Income Tax |
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0 | Hits : 996
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RBI allows 926 bank branches to receive advance income tax
Posted Date : 24-Feb-2012 , 08:27:35 am | Posted By CASANSAAR
For hassle free income tax collection, the Reserve Bank of India (RBI) designated a total of 926 computerised branches of public and private sector banks to receive advance income tax for people residing in Mumbai and Navi Mumbai."These arrangements have been made for the convenience of th...
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Income Tax |
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0 | Hits : 984
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Three women IRS members in CBDT for the first time
Posted Date : 22-Feb-2012 , 08:33:42 am | Posted By CASANSAAR
The proverbial glass ceiling in the country's top direct tax collection authority -- CBDT -- has been broken with three senior women IRS officers occupying the post of members in the rank of special secretaries.With the induction of 1976-batch Indian Revenue Service (IRS) officer Sudha Sharma as Mem...
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Income Tax |
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Black money: Income Tax dept may get to re-open returns beyond 6 years
Posted Date : 21-Feb-2012 , 08:30:41 am | Posted By CASANSAAR
Government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where "foreign assets" are involved. The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to l...
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Income Tax |
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0 | Hits : 1083
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SC breather to banks on tax dispute
Posted Date : 21-Feb-2012 , 08:16:05 am | Posted By CASANSAAR
The Supreme Court has allowed the appeals of major banks in Kerala and dismissed the appeals by the Income Tax department in a dispute over the calculation of tax. The bench headed by Chief Justice S H Kapadia has asked the tax authorities to compute tax according to the principles laid down in th...
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Income Tax |
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0 | Hits : 695
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Parliamentary Panel to take up Companies Bill after report on DTC
Posted Date : 19-Feb-2012 , 07:14:55 pm | Posted By CASANSAAR
A parliamentary panel will take up the Companies Bill 2011, which will replace the half-a- century old company law, after finalising the report on the Direct Taxes Code (DTC). "We first want to complete the report on DTC, after that we will take up the Companies Bill," a source said. The Parliam...
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Income Tax |
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0 | Hits : 827
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BCCI owes Rs 373 cr in taxes for 2009-10: I-T dept
Posted Date : 19-Feb-2012 , 07:13:40 pm | Posted By CASANSAAR
The Income Tax department has demanded over Rs 413 crore as tax from the world's richest cricket body, the BCCI as per its income assessment for the year 2009-10, of which only Rs 41 crore have been paid. This was revealed in response to an RTI query.
The department said BCCI used to get income t...
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