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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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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Income Tax |
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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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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 : 997
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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 : 1094
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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 : 721
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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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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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Income Tax |
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Tax department seeks review of Supreme Court ruling in Vodafone case
Posted Date : 17-Feb-2012 , 06:49:32 pm | Posted By CASANSAAR
The Union government filed a request on Friday for a review of a Supreme Court ruling dismissing a $2.2-billion tax bill imposed on British phone giant Vodafone.The Supreme Court ruled in January that Indian tax authorities "had no jurisdiction to tax Vodafone" over it...
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Income Tax |
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Search against Ponty Chadha still on: CBDT
Posted Date : 17-Feb-2012 , 08:35:50 am | Posted By CASANSAAR
Faced with the growing suggestion that the income tax department's much-publicized "search and survey" operation against Ponty Chadha was actually a fizzle, the Central Board of Direct Taxes on Thursday claimed that the exercise with regard to the politically resourceful liquor baron was n...
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Income Tax |
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Parliamentary Panel to discuss DTC; may suggest hiking IT exemption limit
Posted Date : 16-Feb-2012 , 06:22:54 pm | Posted By CASANSAAR
A Parliamentary panel will meet tomorrow to discuss the report on the Direct Taxes Code (DTC) Bill, understood to have favoured raising I-T exemption limit to Rs 3 lakh. "The Standing Committee on Finance will meet tomorrow to discuss the the full report on the DTC Bill," sources said. Last week...
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Income Tax |
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House panel pushes for taxpayer-friendly code
Posted Date : 16-Feb-2012 , 08:17:21 am | Posted By CASANSAAR
The panel of Parliament examining the Direct Taxes Code (DTC) Bill has almost finalised its recommendations. It wants more taxpayer-friendly measures.
With the government expected to bring provisions in the coming Budget to change the rules that led to it losing in the tax dispute with Vo...
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Income Tax |
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Govenrment to Provide Citizen-Centric Governance in Order to Improve Taxpayer Services and Redressal of Public Grievances : FM
Posted Date : 15-Feb-2012 , 08:23:24 am | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee has said that initiative of the Government is to provide citizen-centric governance in order to improve taxpayer services and redressal of public grievances. The Finance Minister Shri Mukherjee said that to unearth the black money, the Government has ...
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Income Tax |
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Empanelment Form for Observers for the CA Exam to be held in May-2012 and the Common Proficiency Test to be held in June-2012
Posted Date : 13-Feb-2012 , 06:14:38 pm | Posted By CASANSAAR
ANNOUNCEMENT FOR EMPANELMENT OF MEMBERS OF THE INSTITUTE TO ACT AS OBSERVERS IN THE CENTRES WHEREIN CHARTERED ACCOUNTANTS EXAMINATIONS ARE CONDUCTED.
The Institute intends to draw a Panel from amongst its Members for acting as Observer at the examination centres in variou...
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Income Tax |
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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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Income Tax |
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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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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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0 | Hits : 1131
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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 : 939
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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 : 1064
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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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