HC upholds Income Tax Department's view on taxing Infosys for onsite services
Posted Date : 05-Nov-2011 , 08:42:37 am | Posted By CASANSAAR
An old tax case has come back to haunt Infosys, the country's second-largest software company. In a ruling that backs the Income-Tax Department's claim of Rs 100 crore, the Karnataka High Court has upheld the view of tax authorities that the work carried out by Infosys for clients overseas, f...
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Gross direct tax collection up by 20% in Apr-Oct
Posted Date : 04-Nov-2011 , 09:37:34 pm | Posted By CASANSAAR
The gross direct tax collection jumped 20.28 per cent during the April-October period to Rs 2,84,081 crore, mainly on account of increase in corporate tax mop-up. The figure was Rs 2,36,176 crore in the same period in the previous fiscal.
The gross tax collection in the first seven months ...
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India to join new convention to fight black money
Posted Date : 04-Nov-2011 , 08:42:55 am | Posted By CASANSAAR
India told the G20 Summit that it has been an active member of the global battle against black money and will soon sign the Convention on Mutual Administrative Assistance in Tax Matters to curb this menace.
"Tax evasion and illicit flows are serious problem and over the last two years, in o...
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I-T department raids Raymond premises across the nation
Posted Date : 04-Nov-2011 , 08:41:26 am | Posted By CASANSAAR
The income tax (I-T) department raided 15 locations, including residential and industrial premises of Raymond group head Gautam Singhania, spread across nine cities on Thursday.
The raids were conducted after the department received "reliable" information of under-representati...
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Kejriwal clears I-T dues, sends cheque to PM
Posted Date : 03-Nov-2011 , 04:23:36 pm | Posted By CASANSAAR
Key Team Anna member Arvind Kejriwal, Thursday, sent a cheque of Rs 9.27 lakh – to clear his dues - to Prime Minister Manmohan Singh so that his resignation from the Indian Revenue Service is accepted. In a letter enclosed with the cheque, Kejriwal said that his move to clear the du...
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Task Force on an IT Strategy for PDS Submits Report to Finance Minister
Posted Date : 02-Nov-2011 , 05:41:53 pm | Posted By CASANSAAR
The Task Force on an IT strategy for PDS submitted its report to the Finance Minister today. Following the announcement by the Finance Minister in his Budget Speech for 2011-12, the Task Force on Direct Transfer of Subsidies on Kerosene, LPG and Fertiliser was constituted by t...
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Manpower shortage: IT dept employees launch protests
Posted Date : 02-Nov-2011 , 08:47:20 am | Posted By CASANSAAR
The Joint Action Council, Delhi Circle, comprising Income Tax Employees' Federation and Income Tax Gazetted Officers' Association, said on Tuesday that it had launched Protests from October 25 demanding filling up of 700 posts of assistant commissioners. A statement from the Joint Council ...
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CBDT Issues Clarification Regarding Investigations Relating to Banking Information from Overseas
Posted Date : 02-Nov-2011 , 08:43:53 am | Posted By CASANSAAR
Following is the text of the clarification issued by Central Board of Direct Taxes, Department of Revenue, Ministry of Finance:“A section of the press has reported today that some investigations relating to banking information received from overseas have been referred to the Directorate of Cri...
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I-T crackdown on undisclosed Swiss account holders
Posted Date : 01-Nov-2011 , 08:22:55 am | Posted By CASANSAAR
In a first of its kind crackdown against those stashing unaccounted wealth overseas, the income tax department has launched an offensive against politicians and industrials who had parked money in HSBC Bank, Geneva.Under pressure to act against black money and money lau...
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Govt plans to bring corporate guarantees under tax net
Posted Date : 31-Oct-2011 , 08:31:11 am | Posted By CASANSAAR
The government may impose tax on companies giving guarantees for overseas acquisitions, but its efforts to plug a loophole may upset corporates eager to snap up cheap foreign assets. The Income-Tax Department reasons that corporate guarantees are given at a cost. Typically, a charge or fee is p...
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CBDT's extensive scrutiny of NGOs
Posted Date : 31-Oct-2011 , 08:16:31 am | Posted By CASANSAAR
The income tax department’s headline-making notices to non-governmental organisations (NGOs) associated with Kiran Bedi, the ex-police officer who is member of social activist Anna Hazare’s team, is part of an extensive national exercise, say officials.
The exercise being carried out ...
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NRIs liable to file tax returns too in India
Posted Date : 30-Oct-2011 , 08:17:11 am | Posted By CASANSAAR
From the perspective of tax liability, under the Income Tax Act, an individual is considered to be a resident of India if he meets either of these conditions - he should be present in India physically for 182 days or more in a tax year (April 1 to March 31), or for 60 days in a tax year and 3...
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Income-Tax notices to two NGOs of Kiran Bedi
Posted Date : 29-Oct-2011 , 09:45:57 am | Posted By CASANSAAR
The Income-Tax Department has sent notices to the two NGOs run by Team Anna member Kiran Bedi to find out whether they are engaged in commercial activities. "We are not targeting any particular NGO or charitable trust. In fact, we have sent notices to several organisations, including those run by...
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Arvind Kejriwal seeks more time on Income Tax Department notice asking to pay over Rs 9 lakh in dues
Posted Date : 28-Oct-2011 , 10:18:26 am | Posted By CASANSAAR
Team Anna member Arvind Kejriwal did not comply with the Income Tax Department notice asking him to pay over Rs nine lakh in dues, saying he was needed more time to decide on the issue as he was given "very little time". "I am consulting my friends and will take a decision in a week or ten days....
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New PAN Application Form 49AA for resident/non-resident Individual, LLP, Company, Firm, AOP, BOI
Posted Date : 25-Oct-2011 , 08:38:22 am | Posted By CASANSAAR
Income Tax Department has released a New PAN application Form No. 49AA for Individuals not being a citizen of India, LLP registered outside India, Company registered outside India, Firm formed or registered outside India, Association of persons(Trusts) formed outside India...
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NCM to take up with par panel issue of tax on donations
Posted Date : 25-Oct-2011 , 08:23:01 am | Posted By CASANSAAR
The National Minority Commission today voiced concern on a proposal in the Direct Tax Code Bill to tax donations for institutions and organisations run by a particular religion or community and is planning to take up the issue with a parliamentary committee examining it.
A delegation led b...
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CBI arrests ITO and CA in Bribery Case
Posted Date : 24-Oct-2011 , 10:01:40 pm | Posted By CASANSAAR
An Income Tax officer and a chartered accountant (CA) were arrested on Wednesday by the Central Bureau of Investigation's (CBI) Anti-Corruption Bureau (ACB) Mumbai for demanding and accepting a bribe.
The officer, Ranjan Prakash, and the CA, Vimal Patangia, were n...
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Plan Panel forms Committee to fix financial conditions of power companies
Posted Date : 24-Oct-2011 , 07:17:06 pm | Posted By CASANSAAR
The Planning Commission has set up a Committee headed by its Member B K Chaturvedi to improve the financial health of power distribution companies in the country which is reeling under huge losses.The Committee also includes representatives from the Union Finance Ministry, the Reserve Bank of In...
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I-T dept sends fresh notice to Kejriwal to clear dues
Posted Date : 22-Oct-2011 , 08:25:52 am | Posted By CASANSAAR
Team Anna member Arvind Kejriwal has been slapped with a fresh notice by the Income Tax department, asking him to pay dues of Rs 9.50 lakh by October 27. The notice says his resignation from the service will be accepted only if the dues are cleared.Kejriwal, currently campaigning for the J...
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CBDT Makes Discussion Paper on Tax Accounting Standards Public
Posted Date : 21-Oct-2011 , 08:20:36 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned. The discussion paper is available on the following web-sites:
finmin.nic.in ; ...
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I-T dept to make names of defaulters owing over Rs 10cr public
Posted Date : 21-Oct-2011 , 08:14:31 am | Posted By CASANSAAR
The Income Tax department has decided to publish the names of defaulters who owe more than Rs 10 crore as unpaid taxes after it unearthed details of such assessees recently.The department has decided to send show cause notices to such assessees, who have reported "no assets/inadequate assets for rec...
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Direct Taxes Code will come next year: Finmin
Posted Date : 20-Oct-2011 , 08:10:55 am | Posted By CASANSAAR
The government on Wednesday expressed optimism that the Direct Taxes Code (DTC) would come into force from the next financial year.
Finance minister Pranab Mukherjee said he was confident of the DTC being recommended by the standing committee in the coming (winter) Parliament sessio...
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Formula 1 : SC notice to UP govt on tax exemption
Posted Date : 18-Oct-2011 , 05:14:57 pm | Posted By CASANSAAR
India's Formula One ambition has hit its first hurdle just two weeks ahead of the first Indian Grand Prix.
The Supreme Court sought explanation from the Uttar Pradesh government for granting tax exemption to Jaypee group, the company organising Formula 1 event in Greater Noida.
A bench headed by...
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CBDT releases discussion Paper on Tax Accounting Standards
Posted Date : 18-Oct-2011 , 08:01:34 am | Posted By CASANSAAR
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes
1. Background
1.1 Section 145 of the Income-tax Act, 1961 („the Act‟) provides that the method of accountin...
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FinMin meets Sebi, market players for STT consultation
Posted Date : 18-Oct-2011 , 07:54:09 am | Posted By CASANSAAR
As the demands for lowering statutory levy on share trading get the backing of the Securities and Exchange Board of India (Sebi), the finance ministry today held a meeting to discuss the rationalisation of the Securities Transaction Tax (STT).
However, the final proposal will be...
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India and Philippines to Sign DTAA Soon: FM
Posted Date : 17-Oct-2011 , 08:47:18 pm | Posted By CASANSAAR
Union Finance Minister Shri Pranab Mukherjee said that there is a need for transparent arrangement with a legal framework for exchange of information between India and Philippines relating to banking and tax related matters. The Finance Minister Shri Mukherjee raised this issue during his bilateral ...
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EC ropes in I-T dept to check poll funding
Posted Date : 17-Oct-2011 , 08:05:56 am | Posted By CASANSAAR
In a bid to check suspicious transactions, the Election Commission has rolled out fresh guidelines for monitoring of poll funding during the forthcoming elections in five states, including Uttar Pradesh, and has roped in the income tax department and the financial intelligence unit for...
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Carbon tax cannot be addl source of climate finance: Pranab Mukherjee
Posted Date : 16-Oct-2011 , 09:09:45 am | Posted By CASANSAAR
India on Saturday strongly opposed imposition of carbon tax as an additional source of funding to fight climate change. "India believes that some of the measures like carbon export optimisation tax and levy on CDM/offsets violate the principles of the Convention (UNFCCC) as their incidence fall...
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Commodity, bullion trade to come under the I-T radar
Posted Date : 14-Oct-2011 , 08:15:30 am | Posted By CASANSAAR
A tardy progress in tax collection has triggered this reform. The government has decided to bring mining along with bullion and commodity trade on the income tax radar in the current financial year so as to promptly detect tax evasion and garner additional revenue.
The Income Tax de...
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Income Tax deptt starts scrutinising high-value transactions
Posted Date : 13-Oct-2011 , 08:48:04 am | Posted By CASANSAAR
Stepping up efforts to check tax evasion and unearth black money, the Income Tax Department has started scrutinising high-value transactions. "The Central Board of Direct Taxes (CBDT) will verify all high-value transactions.
Directorate of Revenue Intelligence has been given all powers und...
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