Air India, Kingfisher Airlines accounts frozen by service tax dept for non-payment of dues
Posted Date : 09-Dec-2011 , 08:16:41 am | Posted By CASANSAAR
The service tax department has frozen the bank accounts of Air India and Kingfisher Airlines for non-payment of dues. This shows the extent of cash crunch the aviation industry is facing, making defaults in payment almost routine. While the state-run carrier has dues of Rs 170 crore, the Vijay ...
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Income Tax |
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Indian among top 3 countries fighting tax evasion
Posted Date : 09-Dec-2011 , 08:09:27 am | Posted By CASANSAAR
The UPA might be getting flak over black money from the Opposition, but the global community ranks India amongst the top three countries fighting to get tax evaders to book.
Global Forum on Tax Transparency Head Pascal Saint Amans said, "They (global Community) pretend they are bringing transpare...
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Income Tax |
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0 | Hits : 679
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e-Filing in F.Y 2011-12: Quick Statistics (as on 30th November 2011)
Posted Date : 08-Dec-2011 , 04:49:53 pm | Posted By CASANSAAR
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/11/2011)
COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR
FORM WISE RECEIPT OF E-RETURNS UPTO 30th NOVEMBER
S.N.
FORM NAME
F.Y. 2010-11
F.Y. 2011-12
PERCENT GROWTH IN F.Y. 2011-12
...
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Income Tax |
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0 | Hits : 975
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Google India gets Income-Tax Dept notice for not revealing correct revenues
Posted Date : 08-Dec-2011 , 08:27:47 am | Posted By CASANSAAR
Around the same time Telecom Minister Kapil Sibal was planning to pull up Google, the Income-Tax Department was giving the final touches to a tax demand on the Indian arm of the global search engine company. Google India Pvt Ltd, according to the tax office, has not offered its entire income for ...
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Income Tax |
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0 | Hits : 929
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Tax and Inequality- A Central Concern for Effective Governance
Posted Date : 08-Dec-2011 , 08:09:38 am | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee has said that it is desirable to have a periodic international dialogue on economic concerns that affects lives in all our countries. He was inaugurating the 4th International Tax Dialogue Global Conference on “Tax and Inequa...
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Income Tax |
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0 | Hits : 631
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Direct tax code to come into force in April 2012: Pranab Mukherjee
Posted Date : 07-Dec-2011 , 01:24:45 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to modernise tax laws in the country, will come into force from April 1, 2012. "The proposed Direct Taxes Code brings together the policy initiatives on direct taxes. It is slated to c...
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Income Tax |
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0 | Hits : 1169
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I-T dept has no record of tax collections for 2 months
Posted Date : 07-Dec-2011 , 08:36:28 am | Posted By CASANSAAR
The Income Tax (I-T) department has no record of its performance over the last two months. This is because of the ongoing nationwide agitation by I-T officials - from the level of income tax officer (ITO) to assistant commissioner of income tax (ACIT)/ deputy commissioner of income tax (DCIT).
&n...
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Income Tax |
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0 | Hits : 724
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Black money: FinMin panel gets over 3,000 responses
Posted Date : 07-Dec-2011 , 08:32:35 am | Posted By CASANSAAR
The high-level Finance Ministry committee on curbing the menace of blackmoney has received more than 3,000 comments from general public suggesting ways to curb the generation of illicit funds.
The committee, headed by Chairman of the Central Board of Direct Taxes (CBDT), has received close to 3,3...
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Income Tax |
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0 | Hits : 746
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Kapil Sibal vows to stop offensive content on Facebook, Twitter & Google
Posted Date : 06-Dec-2011 , 09:10:32 pm | Posted By CASANSAAR
Telecom Minister Kapil Sibal on Tuesday vowed to stop offensive and defamatory content on internet sites as a controversy raged over government's move to monitor content in cyber space. Maintaining that the government does not want to interfere with the freedom of the press, he said if the socia...
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Income Tax |
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0 | Hits : 714
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IRS officer, CA wife under scanner over Rs 57 lakh assets case
Posted Date : 06-Dec-2011 , 08:04:38 am | Posted By CASANSAAR
The dangers of clubbing incomes of husband-wife came to the fore in the Damle's case, but aside from that it may have unveiled their method of laundering black money.
A Delhi court has decided to put an IRS officer on trial along with h...
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Income Tax |
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1 | Hits : 1344
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CBDT Clarification Regarding Information Received Under the DTAA With Germany
Posted Date : 05-Dec-2011 , 10:02:52 pm | Posted By CASANSAAR
It has been reported in some sections of the press that the Central Board of Direct Taxes (CBDT) has shared details of 18 individuals found to have stashed illegal funds abroad in LGT bank accounts. In this connection, it is clarified that the CBDT has not shared any information received under ...
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Income Tax |
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0 | Hits : 619
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India to Host Fourth International Tax Dialogue Conference
Posted Date : 05-Dec-2011 , 10:00:06 pm | Posted By CASANSAAR
India is hosting the 4th International Tax Dialogue Conference (ITD) Global Conference on Tax and Inequality. More than 250 foreign delegates are expected to take part in this three day conference being held at Vigyan Bhawan from 7th to 9th December. The conference would be inaugurated by the Union ...
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Income Tax |
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0 | Hits : 651
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Ministry steps in to reduce transfer pricing disputes
Posted Date : 05-Dec-2011 , 08:34:20 am | Posted By CASANSAAR
After the hue and cry by corporate India over huge transfer pricing orders slapped by the tax department running into thousands of crores, the government has stepped in with a key reform. The finance ministry has directed the Central Board of Direct Taxes (CBDT) to put in place a framework for an ...
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Income Tax |
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0 | Hits : 800
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IT officials to go on nationwide strike
Posted Date : 04-Dec-2011 , 09:11:12 am | Posted By CASANSAAR
Over 8,000 income tax officials in the country including 1,000 from Mumbai will go on an indefinite strike from Monday against the pending promotions of officials from the rank of income tax officer (ITO) up to the rank of assistant commissioner of income tax (ACIT)/deputy commissioner of income&n...
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Income Tax |
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0 | Hits : 980
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Companies worried about transfer pricing, says KPMG survey
Posted Date : 02-Dec-2011 , 08:38:38 am | Posted By CASANSAAR
India's bureaucratic tax system, more than tax rate, impacts investment decisions by foreign companies planning to set shop in the country. Unclear tax policies coupled with lengthy filing processes have made the country's tax regime moderately conducive for business, according to a survey conduc...
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Income Tax |
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0 | Hits : 1198
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Govt hopeful of House panel report on DTC in winter session
Posted Date : 02-Dec-2011 , 08:36:52 am | Posted By CASANSAAR
The Government expects that the Parliamentary standing committee report on the Direct Tax Code (DTC) will be presented during the ongoing winter session to enable implementing tax reforms by April next, a senior Finance Ministry official said today. "Right now, the Bill is before the standing commit...
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Income Tax |
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0 | Hits : 649
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ICAI to sign deal with New Zealand body
Posted Date : 02-Dec-2011 , 08:35:35 am | Posted By CASANSAAR
The CA institute plans to ink a mutual recognition agreement (MRA) with the New Zealand Institute ofChartered Accountants (NZICA) in January next year.
“We are in the final stages. The agreement may be signed during an ...
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Income Tax |
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0 | Hits : 1023
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Panel on curbing black money gets 2-month extension
Posted Date : 02-Dec-2011 , 08:29:13 am | Posted By CASANSAAR
The government has given a two-month extension to the term of the Central Board of Direct Taxes (CBDT) committee that is examining ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.
The panel was originally given tim...
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Income Tax |
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0 | Hits : 681
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Vodafone broke FDI cap in Hutch deal, breach continues, says CBDT
Posted Date : 01-Dec-2011 , 07:52:30 am | Posted By CASANSAAR
A new controversy is set to cloud the telecom sector and queer the pitch for Vodafone in the R11,000 crore tax appeal before the Supreme Court. According to a note prepared by the Central Board of Direct Tax for the Foreign Investment Promotion Board, which has the approval of the finance secreta...
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Income Tax |
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0 | Hits : 1039
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Denmark, Finland pass information on 1,500 transactions by Indians
Posted Date : 30-Nov-2011 , 08:51:37 am | Posted By CASANSAAR
India has received information on around 1,500 transactions from Denmark and Finland under Double Taxation Avoidance Agreements with these countries and the CBDT is looking into the data.
"... Information relating to around 1,500 transactions has been recently received from Denmark and Fi...
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Income Tax |
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0 | Hits : 1088
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Notification for Launch of 10-Year National Savings Certificate (IX-Issue), 2011 Issued
Posted Date : 30-Nov-2011 , 08:44:50 am | Posted By CASANSAAR
In accordance with the decisions taken by the Government on the basis of the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), headed by Smt Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India, Notifications on chang...
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Income Tax |
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New companies bill retained the provision for rotation of auditors every five years
Posted Date : 29-Nov-2011 , 03:54:06 pm | Posted By CASANSAAR
The government is likely to retain various contentious provisions in the new Companies Bill, like fixed term for independent directors and rotation of auditors every five years, despite concerns raised by industry. In thefinal draft of Companies Bill 2011, the Co...
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Income Tax |
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0 | Hits : 972
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RBI approves Air India debt restructuring
Posted Date : 29-Nov-2011 , 08:14:26 am | Posted By CASANSAAR
Air India Ltd has won the central bank’s approval for a debt recast plan crucial to the state-run carrier receiving desperately needed government funds over the next 10 years. The Reserve Bank of India (RBI) has, however, approved some of the loss-making carrier’s proposals while rejecti...
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Income Tax |
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0 | Hits : 801
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India and Nepal to Sign Revised Double Taxation Avoidance Agreement
Posted Date : 27-Nov-2011 , 11:42:27 am | Posted By CASANSAAR
Double Taxation Avoidance Agreement (DTAA) between India and Nepal will be signed tomorrow by the Finance Ministers of both the countries in Kathmandu. This Agreement (DTAA) would replace an earlier Agreement between two countries which was signed way back in 1987. The Union Finance Minister Shri Pr...
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Income Tax |
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0 | Hits : 686
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Delhi court orders FIR against Kiran Bedi.
Posted Date : 26-Nov-2011 , 06:13:00 pm | Posted By CASANSAAR
A Delhi court on Saturday ordered registration of FIR against former IPS officer Kiran Bedi for allegedly cheating and misappropriating funds in collusion with foreign companies and other foundations.Additional Chief Metropolitan Magistrate Amit Bansal directed the crime branch of Delhi Po...
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Income Tax |
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0 | Hits : 1035
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No cases against German bank account holders: CBI to CBDT
Posted Date : 26-Nov-2011 , 07:54:21 am | Posted By CASANSAAR
CBI is understood to have communicated to the Central Board of Direct Taxes that none of the individuals whose names figure in the LGT Bank accounts for stashing illegal funds abroad has any pending CBI cases against them. The list of 18 individuals was provided to the CBI by the CBDT to ...
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Income Tax |
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0 | Hits : 694
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100cr income tax seizure from coal dealer
Posted Date : 25-Nov-2011 , 08:38:56 am | Posted By CASANSAAR
Income tax officials have seized Rs 100 crore deposited in 13 different accounts of Ana branch of Bank of India at Jharia after searches at the residences of contractor and coal dealer Lal Babu Singh, alias Lal Bahadur Singh, concluded at the Shimla Bahal area on Thursday morning. The inco...
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Income Tax |
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1 | Hits : 1012
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I-T Dept taking punitive steps to check black money menace: FM
Posted Date : 24-Nov-2011 , 08:49:18 am | Posted By CASANSAAR
Under attack from various quarters on the issue of black money, Finance Minister Pranab Mukherjee said the Income Tax Department has taken several punitive and deterrent measures to tackle the problem. "The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted m...
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Income Tax |
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0 | Hits : 625
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Black money: ED issues notices to LGT bank account holders
Posted Date : 22-Nov-2011 , 08:37:14 am | Posted By CASANSAAR
The Enforcement Directorate has issued foreign exchange violation notices to those individuals whose names have figured in the LGT Bank accounts for stashing illegal funds. The Central Board of Direct Taxes (CBDT) has referred 17 cases to the ED in this connection as the Income Tax department ha...
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Income Tax |
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0 | Hits : 855
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Income Tax strike hits survey operations
Posted Date : 22-Nov-2011 , 08:31:34 am | Posted By CASANSAAR
The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long drawn employees agitation in the national capital. I-T employees and officials, except those of the Indian Revenue ...
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Income Tax |
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0 | Hits : 669
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