Income Tax Department Directed to Launch Special Drive for Verifying High Value Transactions
Posted Date : 18-Jan-2012 , 09:26:45 pm | Posted By CASANSAAR
The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN w...
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Income Tax |
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Laxman Das appointed CBDT Member (Revenue)
Posted Date : 18-Jan-2012 , 09:13:47 am | Posted By CASANSAAR
Senior IRS officer Laxman Das has been appointed as the new Member (Revenue) in the Central Board of Direct Taxes (CBDT).
Mr Das is a 1974-batch Indian Revenue Service (IRS) officer and has held senior positions like that of Chief Commissioner (Income-Tax) in the past.
The portfolio was till now...
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Income Tax |
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Essar Oil loses deferred tax payment incentive, faces Rs 6,300 crore burden
Posted Date : 18-Jan-2012 , 09:12:25 am | Posted By CASANSAAR
Essar Oil would have to quickly deposit sales tax of Rs 6,300 crore to the Gujarat government, as the Supreme Court has rejected the company's contention that it was entitled to make deferred payment of tax on sales from its Vadinar refinery in the state. The Gujarat government had argued that E...
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Income Tax |
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Profits from offshore supply of IT equipment not taxable: court
Posted Date : 17-Jan-2012 , 08:44:22 am | Posted By CASANSAAR
A recent verdict by the Delhi high court might set a precedent on the taxation of equipment that comprise hardware and software. In a case between Swedish telecom equipment maker Ericsson and the department of income tax, the court held that profits from offshore supply of equipment comprising har...
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Income Tax |
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Govt asks I-T officials to file IPRs by month-end
Posted Date : 16-Jan-2012 , 08:26:39 am | Posted By CASANSAAR
After IAS and IPS officers, the government has now turned its heat on Indian Revenue Service (Income Tax) officers asking them to mandatorily furnish their immovable property returns by this month-end failing which they would be denied promotions. Citing a Department of Personnel and Training (DoPT)...
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Income Tax |
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Government to put stress on direct tax collection
Posted Date : 13-Jan-2012 , 09:45:49 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said stress has to be put on direct tax collection as part of the country's revenue generation exercise. While the amount of direct tax collected last year was Rs 5,96,000 crore, the indirect tax collection was Rs 3,76,000 crore, the minister said. In...
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Income Tax |
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Know Your Income Tax Refund Status online
Posted Date : 13-Jan-2012 , 08:23:35 am | Posted By CASANSAAR
The Centralised Processing Centre of the income tax Department here has processed over 26 lakh e-filed returns in Forms 1-4 for the assessment year 2009-10. It has determined refunds in over five lakh cases. A release said refunds are being sent through State Bank of...
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Income Tax |
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IT to pull up directors of 'defunct' companies
Posted Date : 12-Jan-2012 , 08:49:33 am | Posted By CASANSAAR
Directors who frequently change the names and addresses of companies in order to evade tax will now become answerable for their actions. The income tax department is identifying directors of such companies, and will make them pay up the tax dues even if they are not attached to the company any mor...
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Income Tax |
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CBI files charge sheet against the then ITAT member
Posted Date : 12-Jan-2012 , 08:40:00 am | Posted By CASANSAAR
CBI has filed a charge sheet before a Kolkata special court against a former member of Income Tax Appellate Tribunal for allegedly colluding with the owners of an accounting firm to deliver favourable orders to its client in lieu of illegal gratification.
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Income Tax |
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Black Money: India to knock at Swiss door for details in HSBC Geneva accounts
Posted Date : 12-Jan-2012 , 08:30:06 am | Posted By CASANSAAR
India will request Switzerland to provide details of all undisclosed accounts held by Indian nationals in HSBC, Geneva, as the investigation into tax evasion by rich Indian nationals becomes bigger. If the Swiss authorities indeed cooperate with India on this, tax authorities here will be able to...
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Income Tax |
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Firm fixed Income Tax tribunal for getting favourable orders passed: CBI
Posted Date : 11-Jan-2012 , 08:03:08 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) all set to file chargesheet against a judge of an Income Tax tribunal for colluding to pass favourable orders for a Chartered Accountants firm's clients.
The CBI is said to have collected evidence that a member of the Income Tax Apellate Tribunal (ITAT) c...
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Income Tax |
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Black money: I-T dept wants signed undertaking
Posted Date : 09-Jan-2012 , 08:52:24 am | Posted By CASANSAAR
In order to guard against possible leakage of names figuring in the secret bank accounts lists it has received from foreign shores, the CBDT has ordered the I-T department to obtain a signed undertaking from any government entity or department who demands the data for their own probe.
The Central...
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Income Tax |
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Delhi Businessman discloses Rs 73 cr black money stashed abroad
Posted Date : 08-Jan-2012 , 07:57:35 am | Posted By CASANSAAR
In the biggest ever disclosure of black money stashed abroad, a Delhi-based businessman has disclosed and surrendered Rs 73 crores to the Income Tax department and also gave holding details of lockers in Swiss banks and the US.
The disclosure by the ...
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Income Tax |
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ED approaches IT dept over secret LGT bank accounts
Posted Date : 06-Jan-2012 , 08:25:18 am | Posted By CASANSAAR
Stepping up its offensive against Indians whose names figured in secret LGT Bank accounts abroad, the Enforcement Directorate (ED) has approached the Income Tax department to provide it with I-T returns and other financial statements of these entities.
Th...
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Income Tax |
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Income Tax Arrear Letter from CPC Bangalore just a communication of demand not a demand notice
Posted Date : 05-Jan-2012 , 09:46:51 pm | Posted By CASANSAAR
It has been reported in some sections of the press that the Central Processing Centre , Bangalore is sending notices for payment of taxes which are as small as Rs. 1/- , 4/- , 6/-, causing unnecessary hardship to as...
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Income Tax |
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Budget after March 9, dates not finalised: Pranab Mukherjee
Posted Date : 05-Jan-2012 , 08:28:55 am | Posted By CASANSAAR
The union budget for 2012-13 would be presented after March 9 following the state assembly elections but no dates have been finalised, Finance Minister Pranab Mukherjee said Wednesday. "We are working out the dates. We will present the budget after assembly election is over. (The model) c...
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Income Tax |
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Growth in direct tax collections drops to 8.3 per cent
Posted Date : 05-Jan-2012 , 08:15:12 am | Posted By CASANSAAR
India's annual growth in net direct tax collections slowed to 8.3% in the first nine months of the fiscal, deepening concerns that the government will miss its revenue targets. Net direct tax collections had grown at 9% between April and November. Data released by the Central Board of Direct Taxe...
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Income Tax |
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CBI arrests Vijay Sai Reddy, Auditor of Y S jagan in the amassing wealth case
Posted Date : 04-Jan-2012 , 06:38:28 pm | Posted By CASANSAAR
The CBI investigating into the illegal amassing of wealth by Y S R Congress president Y S Jaganmohan Reddy today arrested the Vijay Sai Reddy, auditor of Jagati Publication the flagship of Sakshi newspaper and TV channel.
The arrest in the sensational CBI probe against the Kadapa MP and s...
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Income Tax |
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File validation Utility (FVU) version 3.3 for FY 2010-11 onwards and version 2.131 for upto FY 2009-10 released
Posted Date : 04-Jan-2012 , 08:28:21 am | Posted By CASANSAAR
FVU 3.3 will be applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards
Mandatory to quote Book Identification Number – BIN (in case of regular statement) for tax deposited by book entry (transfer voucher – applicable only in...
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Income Tax |
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Employment increases by over 3% in quarter ending Sep
Posted Date : 03-Jan-2012 , 09:27:39 pm | Posted By CASANSAAR
Employment in the country has increased by over three per cent in the quarter ending September. According to the twelfth quick employment survey of the Labour and Employment Ministry, job generation has increased in respect of all sectors except Leather and Transport where there was a marginal fall....
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Income Tax |
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Money seized in I-T searches can be set off against advance tax
Posted Date : 03-Jan-2012 , 08:59:47 am | Posted By CASANSAAR
The ruling relates to a case involving Ram S Sarda, from whose premises cash was seized by the Income-tax officials after a search. Subsequently, the taxpayer requested the income-tax department to treat the seized cash as payment of advance tax. The department ignored this and levied interest u...
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Income Tax |
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Seized cash to be returned only after tax review: I-T Dept
Posted Date : 31-Dec-2011 , 08:17:41 am | Posted By CASANSAAR
The Income Tax department today said cash confiscated by surveillance teams on the directions of Election Commission will be returned only after the completion of assessment of I-T returns for 2011-12 fiscal which may take up to two years.
"Persons whose cash has been seized (by surveillance team...
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Income Tax |
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Black money in polls: Election Commission deploys 204 Indian Revenue Service officials
Posted Date : 30-Dec-2011 , 08:08:36 am | Posted By CASANSAAR
To curb instances of black money use during the polls in five states, 204 Indian Revenue Service (Income Tax) officials have been deployed as 'expenditure observers' by the Election Commission. A total of 204 IRS officers, in the ranks of Additional Commissioners of Income Tax, largely drawn from...
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Income Tax |
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MCA Provides facility to register your Complaints and Grievances
Posted Date : 30-Dec-2011 , 08:02:56 am | Posted By CASANSAAR
ComplaintRaise complaint or concerns with respect to MCA21 services
GrievanceRaise a grievance (Please use this link only if you are a MCA Employee/Ex-employee)
SuggestionProvide your valuable feedback and suggestions for future improvements
QueryAsk information or...
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Income Tax |
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Budget likely on February 29, says FinMin official
Posted Date : 29-Dec-2011 , 06:32:52 pm | Posted By CASANSAAR
The government today indicated it will present the budget for 2012-13 on February 29, the assembly elections in five states notwithstanding."Legally there is no impediment in presenting the budget on February 29 ... There is nothing which prevents us," said a senior Finance Ministry official assoc...
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Income Tax |
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CBDT stares at Rs 20K cr shortfall in collection
Posted Date : 29-Dec-2011 , 09:02:14 am | Posted By CASANSAAR
The direct tax collection for the current fiscal is likely to fall short of the Budget Estimate by around Rs 20,000 crore, a Central Board of Direct Taxes (CBDT) official told The Indian Express.
The shortfall is imminent because the economy’s outlook has worsened and the first indications ...
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Income Tax |
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Short on revenue, government may go for larger market borrowings
Posted Date : 28-Dec-2011 , 08:55:18 am | Posted By CASANSAAR
The government is finding it difficult to meet direct tax target due to industrial slowdown and may go in for larger market borrowings than the revised target of Rs 4.7 lakh crore in the current fiscal, a top Finance Ministry official said today. "Growth slowdown is a big challenge. We may miss t...
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Income Tax |
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Income-Tax authorities serve notice to Jet Airways' Naresh Goyal on Tailwinds' foreign account
Posted Date : 27-Dec-2011 , 08:14:41 am | Posted By CASANSAAR
Naresh Goyal, founder-promoter of Jet Airways, has received two notices from Income Tax authorities over a Swiss bank account in the name of Tailwinds, three people familiar with the development told ET Now. Tailwinds is the Isle of Man-based parent of Jet Airways and owns 79.99% of the airl...
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Income Tax |
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I-T dept to reopen returns of 'suspects'
Posted Date : 26-Dec-2011 , 10:45:24 am | Posted By CASANSAAR
Faced with a number of cases of denial of secret foreign bank account holdings, the Income Tax department has decided to re-open past tax returns of such individuals in Mumbai and Delhi among others, in order to unearth black money stashed abroad.The Central Board of Direct Taxes (CBD...
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Income Tax |
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Press Note by CBDT
Posted Date : 24-Dec-2011 , 10:02:32 am | Posted By CASANSAAR
It has been reported in a section of the press that several captains of industry have complained to the government that taxmen are harassing industry by resorting to indiscriminate and increased ‘raids’. It is informed that under the Income Tax Act, search and seizure is conducted o...
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Income Tax |
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