Rs 2,000 crore transactions under I-T scanner
Posted Date : 13-Feb-2012 , 08:59:01 am | Posted By CASANSAAR
In a major crackdown, the Income Tax department has under its scanner more than 22 crore instances of High Value transactions in the country and abroad which include unreported credit card operations and deals in real estate. The department has obtained, through its data mining and intelligence t...
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Budget 2012: Tax deduction on home loans may be raised to Rs 3 lakh
Posted Date : 13-Feb-2012 , 08:56:22 am | Posted By CASANSAAR
In a bid to boost housing sector credit, the government is contemplating to enhance income tax exemption for up to Rs 3 lakh paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lakh.
The government is considering to raise the tax deduction limit for housing loan in the ...
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Income Tax |
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Budget 2012: House panel for raising income tax exemption limit to Rs 3 lakh
Posted Date : 10-Feb-2012 , 07:44:36 am | Posted By CASANSAAR
A key Parliamentary Committee will adopt tomorrow the crucial report on Direct Taxes Code (DTC) Bill and recommend raising the income tax exemption limit to Rs 3 lakh from Rs 1.8 lakh at present. The Standing Committee on Finance, headed by former Finance Minister and senior BJP leader Yashw...
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Income Tax |
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IT dept gets over 3000 complaints on e-refund, e-filing
Posted Date : 09-Feb-2012 , 09:35:49 am | Posted By CASANSAAR
The Income Tax (I-T) department has received a large number of complaints from the assesses in relation to e-refund and e-filing of income tax returns, which were launched in 2006. So far, the department received as many as 3,009 complaints through citizen's charter and 111 grievances were re...
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Income Tax |
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Collection of direct taxes grew 16%, slower than the required 35%
Posted Date : 08-Feb-2012 , 08:33:13 am | Posted By CASANSAAR
India's direct tax collection grew 16% in 10 months this fiscal, sharply lower than the 35% pace needed to meet the government's full-year projection. According to figures available with the income-tax department, direct tax receipts in the current fiscal to February 5 grew to 3.6 lakh crore, ag...
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Income Tax |
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Union Budget to be presented on March 16
Posted Date : 07-Feb-2012 , 02:41:37 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee will unveil the Union Budget for 2012-13 on March 16 in the Lok Sabha. The budget session will begin on March 12 with President Pratibha Patil addressing the joint sitting of members of both the Houses of Parliament. While the rail budget will be presented...
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Income Tax |
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Budget 2012 likely to increase income tax exemption limit to Rs 2 lakh
Posted Date : 06-Feb-2012 , 07:49:36 pm | Posted By CASANSAAR
The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets. The possibility of lowering the tax rates...
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Income Tax |
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PAN to be most potent tool against tax evasion: Income Tax Department
Posted Date : 06-Feb-2012 , 08:44:20 am | Posted By CASANSAAR
Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country. A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its offic...
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Income Tax |
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Pune youngster dupes income tax department of Rs2.13 cr
Posted Date : 05-Feb-2012 , 07:42:32 am | Posted By CASANSAAR
The Swargate police have booked a person who allegedly duped the income tax (IT) department ofSwargate office to the tune Rs2.13 crore after stealing their cheque book and forging the signature of an IT officer, from March 11 to June 26, 2011.
Interestingly, the suspect, Giris...
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Income Tax |
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0 | Hits : 914
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Nearly 8,500 income tax officers on protest; HNIs and corporates enjoy breather
Posted Date : 04-Feb-2012 , 07:29:05 am | Posted By CASANSAAR
For some time, well-heeled individuals and corporates may not lose sleep over fears of tax sleuths knocking on their doors. Close to 8,500 gazetted income tax employees in the rank of I-T officers (ITOs), assistant commissioners and administrative officers have gone on a nationwide agitation....
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Income Tax |
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Mahindra Satyam gets attachment order from Income Tax Department
Posted Date : 03-Feb-2012 , 03:53:18 pm | Posted By CASANSAAR
Mahindra Satyam today said it has received a provisional attachment order from the Income Tax Department attaching land and buildings of the company. "The company had received a provisional attachment order dated January 30, 2012, from the Additional Commissioner of Income Tax (ACIT), Centra...
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Income Tax |
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Laxman Das takes over as new CBDT chairman
Posted Date : 03-Feb-2012 , 08:20:58 am | Posted By CASANSAAR
Laxman Das took over as the new chairman of the Central Board of Direct Taxes (CBDT) on Wednesday. The former chairman of the CBDT, M C Joshi, retired yesterday. Das, who belongs to the 1974 batch of the Indian Revenue Services (IRS), was e...
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Income Tax |
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0 | Hits : 1036
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Finance Ministry putting pressure on taxmen to meet revenue targets
Posted Date : 03-Feb-2012 , 08:19:17 am | Posted By CASANSAAR
Faced with a formidable task of collecting Rs 9.32 lakh crore taxes during the fiscal ending March 31, Finance Minister Pranab Mukherjee on Thursday said that he is exerting pressure on revenue officials to improve realisation.
"I am putting pressure on my colleagues in the CBEC, CBDT ...and on my...
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Income Tax |
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Ex Addil Commissioner of Income Tax sent to jail for 4 yrs
Posted Date : 02-Feb-2012 , 08:21:04 am | Posted By CASANSAAR
A former Additional Commissioner of Income Tax, arrested by CBI for demanding Rs one lakh as bribe for clearing a tax return matter, has been sentenced to four years in jail by a Delhi court. Special CBI Judge Talwant Singh also imposed a fine of Rs four lakh on convict H A Siddiqui in the gr...
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Income Tax |
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I-T Dept searches premises of liquor baron Ponty Chadha in UP, Delhi
Posted Date : 01-Feb-2012 , 03:12:16 pm | Posted By CASANSAAR
The Income Tax Department on Wednesday conducted searches at the premises of prominent Uttar Pradesh-based liquor baron and businessman Ponty Chadha, in the state and at a few locations in Delhi.
The searches, which began early this morning, were conducted at more than 10 premises of the bus...
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Income Tax |
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Now, Vodafone takes on I-T dept over transfer pricing
Posted Date : 01-Feb-2012 , 08:35:32 am | Posted By CASANSAAR
Encouraged by the recent Supreme Court order in its favour, Vodafone Plc is taking on the income tax department, yet again.
The British telecom major yesterday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December. The draft transfer ...
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Income Tax |
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0 | Hits : 962
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RBI to issue 500 note with rupee symbol
Posted Date : 31-Jan-2012 , 05:46:52 pm | Posted By CASANSAAR
The Reserve Bank of India, RBI will soon issue 500 rupees denomination bank-notes incorporating new rupee symbol without inset letter.According to the RBI release, the new notes will bear the signature of RBI Governor D Subbaro and the year of printing 2011 printed on the back of the bank note.The d...
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Income Tax |
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0 | Hits : 1011
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Record errors: Taxpayers face harassment, tax demand
Posted Date : 31-Jan-2012 , 07:47:24 am | Posted By CASANSAAR
Despite settling his income tax (I-T) demand and getting a refund against it for the assessment year 2003-04, Delhi’s GD Saraswat (name changed) received another fresh tax notice of Rs 96,286 the following year. After resolving it as well, he received yet another notice in December 2011 for ...
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Income Tax |
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Vodafone effect: Taxmen to seek Supreme Court advice on foreign bank accounts of Indians
Posted Date : 30-Jan-2012 , 08:27:05 am | Posted By CASANSAAR
Tax authorities and the finance ministry are contemplating moving the Supreme Court to figure out how they should go about handling information on undisclosed offshore bank accounts of Indians. With the tax office receiving information on thousands of such accounts, the government is in favour of...
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Income Tax |
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Direct Tax Code set for debut only in 2013
Posted Date : 29-Jan-2012 , 07:50:07 am | Posted By CASANSAAR
The bill, which seeks to replace the archaic Income Tax Act, 1961, was tabled in Parliament way back in 2010 and has already missed two deadlines. The bill aims at reducing tax rates by expanding the tax base and minimising exemptions.“We will be able to submit our report only by the budget se...
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Income Tax |
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0 | Hits : 809
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Aayakar Seva Kendra to make I-T filing easy
Posted Date : 28-Jan-2012 , 06:44:11 pm | Posted By CASANSAAR
Tax payers will no longer be facing hard times when it comes to paying tax or filing returns as the newAayakar Seva Kendra (ASK) has come into place to help them out.
The I-T department launched this multifaceted mechanism to achieve 100% tax collection by helping people ...
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Income Tax |
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India Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters
Posted Date : 27-Jan-2012 , 06:37:45 pm | Posted By CASANSAAR
India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of Finance, Government of India in the presence of Deputy Se...
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Income Tax |
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IRFC tax-free bonds issue to open on Friday
Posted Date : 27-Jan-2012 , 07:59:46 am | Posted By CASANSAAR
Indian Railway Finance Corporation Limited (IRFC), the financing arm of the Indian Railways, is proposing to issue Tax Free, Secured, Redeemable, Non-Convertible Bonds of face value of RS 1,000 each in the nature of Debentures.They will have benefits under the Income Tax Act, 1961 and aggregate to R...
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Income Tax |
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Budget 2012 may include DTC norms to avoid Vodafone like disputes
Posted Date : 26-Jan-2012 , 09:09:23 am | Posted By CASANSAAR
To avoid disputes like the Vodafone tax case in future, government is contemplating incorporation of provisions on taxation of overseas deals from the stalled Direct Taxes Code (DTC) Bill in the Budget for 2012-13. "The Direct Taxes Code Bill contains a proposal to tax similar transactions... We...
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Income Tax |
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Law Ministry seeks more information in ITAT case
Posted Date : 24-Jan-2012 , 08:18:25 am | Posted By CASANSAAR
The Law Ministry is in the process of seeking more information from CBI and other agencies to take a final call on the investigative agency's request seeking sanction to prosecute 20 members of IT tribunal for their alleged role in outsourcing writing of judgements to private individuals to favo...
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Income Tax |
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Vodafone tax case: CBDT constitutes committee to study SC order
Posted Date : 23-Jan-2012 , 08:37:38 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has constituted a "core committee" of officials to study today's Supreme Court judgement on the Vodafone taxation case.
"The 10-member committee will go through the 275-page order of the Supreme ...
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Income Tax |
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Essar may seek $883m tax refund in Vodafone deal
Posted Date : 21-Jan-2012 , 08:28:52 pm | Posted By CASANSAAR
Essar is likely to seek refund of $883 million, the amount deducted as withholding tax related to 22 per cent stake sale by its Mauritius entities in Vodafone Essar, from the I-T department, a day after Vodafone got relief with regard to Rs 11,000 crore tax demand.
Essar is planning to seek a $88...
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Income Tax |
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SC to pronounce its judgement on Vodafone tax dispute today
Posted Date : 20-Jan-2012 , 08:10:39 am | Posted By CASANSAAR
The Supreme Court will on Friday pronounce its judgement on Vodafone International Holdings' appeal challenging the income tax demand of Rs 11,000 crore on the overseas deal between Vodafone and Hutchison.
Vodafone had moved the apex court challenging the Bombay High Court judgement of September ...
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Income Tax |
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Government may make declaring of overseas assets details mandatory by taxpayers
Posted Date : 19-Jan-2012 , 08:26:34 am | Posted By CASANSAAR
The government may make it mandatory for all taxpayers to provide details of their overseas assets, including bank accounts, while filing their annual tax returns, as the drive against tax evasion gains momentum. The proposed Direct Tax Code, or DTC, has a provision that seeks to cast an obligat...
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Income Tax |
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0 | Hits : 757
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I-T department slaps Rs 1,067-cr tax notice on Bharti Airtel
Posted Date : 19-Jan-2012 , 08:16:48 am | Posted By CASANSAAR
The income-tax department has slapped a 1,067-crore demand notice on Bharti Airtel, the country's largest telco by revenues and customers, for its alleged non-payment of Tax Deducted at Source (TDS) dues in the last four financial years in relation to its overseas operations. Bharti Airtel said ...
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