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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Supreme Court ruling on Vodafone tax case to have global implications
Posted Date : 24-Dec-2011 , 10:01:07 am | Posted By CASANSAAR
The Supreme Court ruling on the Vodafone tax case, which involves a tax demand of $2 billion, will have a major impact on tax regimes of various countries seeking to introduce rules covering cross-border acquisitions involving entities in their respective jurisdictions, according to senior tax o...
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Income Tax |
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HC dismisses Hindalco plea against I-T order on transfer pricing issue
Posted Date : 24-Dec-2011 , 09:57:18 am | Posted By CASANSAAR
The Bombay High Court on Friday dismissed the plea of the Aditya Birla Group flagship Hindalco Industries which had challenged the income-tax (I-T) department's contention that tax should be levied on corporate guaranatees issued by the company. A division bench comprising justices DY Chandrach...
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Income Tax |
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I-T searches unearthed Rs 18700 crore in last 2 years
Posted Date : 24-Dec-2011 , 09:55:06 am | Posted By CASANSAAR
More than Rs 18,700 crore of unaccounted wealth has been unearthed across the country after searches were conducted by the income tax officials in the last two years, the Central Board of Direct Taxes said on Friday. The body has, however, denied any harassment has been caus...
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Income Tax |
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No tax relief for Infy
Posted Date : 23-Dec-2011 , 08:33:37 am | Posted By CASANSAAR
Can an establishment seek a deduction under the Income-Tax Act with regard to a donation/ contribution made to police for regulating traffic? No way, says the Karnataka High Court. The division bench comprising late Justice V G Sabhahit and Justice Ravi Malimath in a recent judgment h...
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Income Tax |
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2G scam: CAG defends presumptive loss calculation
Posted Date : 22-Dec-2011 , 08:15:30 am | Posted By CASANSAAR
Faced with an aggressive Congress attack over there being no provision for "presumptive loss" in the statute, comptroller and auditor general Vinod Rai cited three income tax assessment orders to argue that the procedure was not just notional as dues had been recovered from assesses. ...
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Income Tax |
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Tax notices to over 100 Swiss bank account holders in Mumbai
Posted Date : 21-Dec-2011 , 08:12:40 am | Posted By CASANSAAR
More than 100 individuals in Mumbai, including a few corporate biggies, have received notices from the Income-Tax Department this month for holding undisclosed bank accounts with HSBC Geneva. They are among the 700 Swiss bank account holders whose names figure in the list shared by the French au...
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Income Tax |
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Gujarat
Posted Date : 21-Dec-2011 , 08:10:57 am | Posted By CASANSAAR
Direct tax collection has gone skywards taking Gujarat to the top position in the country. This fact is aptly reflected in the fact that many income tax commissionerates in Gujarat have registered more than 50 per cent increase in net tax collection as compared to 2010.Here is an example: ...
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Income Tax |
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Winter Session gets 3-day extension for Lokpal Bill
Posted Date : 21-Dec-2011 , 08:06:21 am | Posted By CASANSAAR
The Winter Session of Parliament will be extended for three days for smooth passage of Lokpal Bill. Parliamentary Affairs Minister Pawan Bansal told reporters outside Parliament that Business Advisory Committee, BAC has taken this decision. He, however, added that some MPs from opposition parties ha...
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Income Tax |
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kingfisher Airlines violated tax rules : Minister
Posted Date : 20-Dec-2011 , 07:03:56 pm | Posted By CASANSAAR
Cash-strapped carrier Kingfisher Airlines has not deposited with the government most of the income tax it deducted from its employees' salaries for the last two fiscal years, a government minister told lawmakers on Tuesday.
Kingfisher has about Rs 103 crore tax deducted at source to be deposite...
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Income Tax |
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Income Tax returns: CPC likely to start functioning next year
Posted Date : 20-Dec-2011 , 08:08:48 am | Posted By CASANSAAR
The much delayed Centralised Processing Centres (CPCs) for bulk processing of I-T returns in the city is scheduled to commence next year.
According to officials from the Income Tax Department, the building is ready and everything should fall in place by April next...
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Income Tax |
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CBDT to focus on big corporates to meet tax targets
Posted Date : 20-Dec-2011 , 08:02:19 am | Posted By CASANSAAR
With direct tax collection target of Rs 5.32 lakh crore looking difficult to meet, the Central Board of Direct Taxes (CBDT) today said it will concentrate on big corporates and salaried employees to mop up the revenue.
"There is a concern...IIP and GDP are down. It will be difficult to ac...
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Income Tax |
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New direct taxes code unlikely in next Budget
Posted Date : 19-Dec-2011 , 08:34:37 am | Posted By CASANSAAR
The Direct Taxes Code (DTC), which will replace the Income Tax Act, 1961, is unlikely to be implemented from the next financial year as planned earlier. Unfazed, the finance ministry is considering announcing some DTC provisions in the Budget 2012-13.
The delay in the roll-out may o...
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Income Tax |
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Union Cabinet approved National Food Security Bill
Posted Date : 18-Dec-2011 , 09:20:08 pm | Posted By CASANSAAR
The Union Cabinet on Sunday evening approved the National Food Security Bill that will provide rice at Rs 3, wheat at Rs 2 and coarse grains at Re 1 per kg to over half of India's 1.2 billion population. The meeting was held at Prime Minister Manmohan Singh's 7, Race Course Road resid...
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Income Tax |
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CAG pulls up IT Dept for non-recovery of 4500 cr tax dues
Posted Date : 18-Dec-2011 , 07:44:13 pm | Posted By CASANSAAR
The Comptroller and Auditor General of India has pulled up the Income Tax Department for not recovering tax arrears worth over 4,500 crore rupees from various entities in past one year.In its latest report tabled in Parliament, the government auditor has said that over one lakh and fifty thousand ca...
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Income Tax |
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Tax dept has unearthed $12.3 bn black money: Pranab
Posted Date : 15-Dec-2011 , 08:33:09 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee on Wednesday told Parliament that the tax authorities had unearthed Rs 660 billion of unaccounted money as part of the government's efforts to curb tax evasion.
Mukherjee was replying to a debate on black money in the Lok Sabha.
He further said that the go...
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Income Tax |
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Black Money: Finance Ministry to ask tax havens for past banking info
Posted Date : 14-Dec-2011 , 07:50:26 am | Posted By CASANSAAR
Broadening its probe in overseas black money cases, the Finance Ministry has decided to write to tax havens and other countries to obtain past information of banking-related transactions in select cases. Top sources said that the Central Board of Direct Taxes (CBDT) has obtained data of a number...
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Income Tax |
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Central Board of Direct Taxes raises questions on CAG
Posted Date : 13-Dec-2011 , 07:40:54 am | Posted By CASANSAAR
Tax authorities have informed a parliamentary panel that the concept of "presumptive loss" that the national auditor used to calculate the 2G spectrum losses at Rs 1.76 lakh crore does not appear in any statutory provision of the income-tax laws. Further, the field offices of the Income-Tax Depar...
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Income Tax |
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Govt. to discuss Lokpal Bill tomorrow
Posted Date : 12-Dec-2011 , 10:12:02 pm | Posted By CASANSAAR
Government will hold discussions with its alliance partners on the Lokpal Bill on Tuesday ahead of tabling the Bill in Parliament. While the government says it is committed to pass the Bill in the current session to deal with corruption effectively, opposition is in favour of bringing Prime Minister...
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Income Tax |
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CBDT, DRI & ED told to probe exports to tax havens Bahamas & Cyprus
Posted Date : 12-Dec-2011 , 07:40:27 am | Posted By CASANSAAR
The finance ministry has asked three of its investigating arms to probe all exports to tax havens Bahamas and Cyprus, an official in the ministry told ET on the condition of anonymity. The ministry is concerned about the sudden surge in exports to the tax havens and has asked the agencies to asce...
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Income Tax |
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Over 30,000 pieces of info on black money under I-T scanner
Posted Date : 11-Dec-2011 , 10:20:50 pm | Posted By CASANSAAR
More than 30,000 pieces of information about black money in India have come under the scanner of the Income Tax Department. The Financial Intelligence Unit (FIU), under the Finance Ministry, has gathered voluminous data on suspicious transactions, the department informed a global OECD confere...
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Income Tax |
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