Government breathes easy as direct tax collections rises 26% till August
Posted Date : 09-Sep-2011 , 08:10:53 am | Posted By CASANSAAR
The direct tax collections rose 26% in the first five months of the current fiscal, belying fears of a drop in government revenue because of the slowdown. The 2011-12 budget has assumed a 19% increase in direct tax collections. However, net tax collections were down in April-August 2011-12 t...
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Income Tax |
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Due date for submission of ITR-V extended
Posted Date : 08-Sep-2011 , 12:44:11 pm | Posted By CASANSAAR
The due date for submission of ITR-V for A.Y. 2010-11 has been extended upto 31.10.2011 or 120 days from the date of upload whichever is later....
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Income Tax |
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2 Cr found at home of I-T commissioner's CA
Posted Date : 08-Sep-2011 , 08:08:10 am | Posted By CASANSAAR
The CBI found Rs 2.01 crore belonging to arrested Income Tax commissioner Daya Shankar from his chartered accountant's residence in Lucknow. The CBI also seized Rs 8.5 lakh from Shankar's Mumbai residence and Rs 4 lakh from his Ghaziabad house. Shanker was arrested on August 29 while accepting Rs ...
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Income Tax |
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RBI seeks one-time tax relief to arm MNC banks
Posted Date : 08-Sep-2011 , 07:56:14 am | Posted By CASANSAAR
The Reserve Bank of India has sought a one-off tax exemption from the government for foreign banks that convert into local subsidiaries as it intensifies efforts to ring-fence the domestic financial system from global shocks. The permission, if granted by the government that's already facin...
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Income Tax |
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Tax target tough to realise, says CBDT
Posted Date : 08-Sep-2011 , 07:54:00 am | Posted By CASANSAAR
Till the other day, the Central Board of Direct Taxes (CBDT) was confident about meeting the direct tax collection targets. Now, though, it has turned apprehensive. Reason: Sluggish performance of manufacturing and other industry sectors.
The indications, as a senior CBDT official said, a...
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Income Tax |
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RBI comittee recommends increase in PPF Deposit Limit from Rs. 70,000 to Rs. One Lac
Posted Date : 07-Sep-2011 , 07:29:49 am | Posted By CASANSAAR
The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on various small savings schemes with the secondary market yie...
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Income Tax |
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Cambridge remains world's top University, Harvard, MIT follow
Posted Date : 06-Sep-2011 , 10:43:54 pm | Posted By CASANSAAR
University of Cambridge has retained the number one spot ahead of Harvard, while MIT has jumped to the third place ahead of Yale and Oxford in the eighth QS World University Rankings.
The US takes 13 of the top 20 spots and 70 of top 300 places in the latest world rankings of Universities compi...
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Income Tax |
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No evidence to suggest rise in tax evasion: Government
Posted Date : 06-Sep-2011 , 10:38:50 pm | Posted By CASANSAAR
The government on Tuesday said there is no evidence to suggest any increase in incidence of tax evasion over the previous years. "There is no evidence to suggest that there has been a rise in evasion of income tax over the previous years," Minister of State for Finance S S Palanimanickam said...
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Yes Bank appoints CA. Asit Oberoi as Sr President and COO
Posted Date : 06-Sep-2011 , 08:27:10 am | Posted By CASANSAAR
Private sector lender Yes Bank today said it has appointed CA.Asit Oberoi as its Senior President and Chief Operating Officer. Oberoi will be responsible for overall operations and service delivery at the bank, according to a bank statement issued here. A chartered accountant, Oberoi has 20 ...
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Income Tax |
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Swiss banks like Credit Suisse, UBS vow to protect secrecy amid US ultimatum
Posted Date : 06-Sep-2011 , 08:05:18 am | Posted By CASANSAAR
Switzerland must solve a dispute with the United States over wealthy citizens using secret Swiss accounts to dodge taxes under existing laws and should continue to protect bank secrecy, the Swiss Bankers Association head said on Monday. The association's president, Patrick Odier, made the commen...
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Income Tax |
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In letter to CBDT, Kejriwal admitted violating bond, for ‘larger public good’
Posted Date : 05-Sep-2011 , 07:32:59 am | Posted By CASANSAAR
Contesting an Income Tax notice to him over money he owes the government, Team Anna member Arvind Kejriwal has claimed he did not breach any bond norms. However, in a June 2007 letter, he had admitted to having violated the pledge he had signed before proceeding on a two-year study leave from his ...
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Income Tax |
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Not possible to have UK-type tax treaty with Switzerland: CBDT
Posted Date : 04-Sep-2011 , 04:33:14 pm | Posted By CASANSAAR
Unlike the United Kingdom, India cannot have a treaty with Switzerland under which the deposits of Indians in Swiss banks would be taxed by the European nation, says the Central Board of Direct Taxes (CBDT). "We cannot have such a treaty with Switzerland because the environment is not condu...
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Income Tax |
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Instructions to examiners can be made public post exam: SC
Posted Date : 03-Sep-2011 , 10:04:17 am | Posted By CASANSAAR
The Supreme Court (SC) on Friday ruled that instructions issued to examiners in competitive examinations by the agency conducting the exam could be disclosed under the right to information (RTI) law, once the test is held.
The court pronounced the decision in the case between the Institut...
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Income Tax |
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Direct Taxes Code may come into force from April next year, says Pranab Mukherjee
Posted Date : 03-Sep-2011 , 10:01:38 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today hoped that the Direct Taxes Code (DTC), which seeks to replace the Income Tax Act of 1961, would come into force from April 1, 2012. "If we have it (the report of Standing Committee) in the Winter Session (of Parliament), I will have no problem in effec...
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Income Tax |
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I-T dept attempts to unlock direct tax worth Rs2 lakh crore
Posted Date : 03-Sep-2011 , 10:00:10 am | Posted By CASANSAAR
Income tax officials in Mumbai have been instructed by top authorities to recover tax blocked as arrears and locked in dispute, in order to achieve their revised targets. The motivation behind this is a whopping Rs 2 lakh crore of revenue. According to income tax (I-T) officials, the city has 2.1&nb...
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Income Tax |
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I-T dept asks Kejriwal to pay dues of Rs 9 lakh
Posted Date : 02-Sep-2011 , 01:23:50 pm | Posted By CASANSAAR
In more embarrassment coming for Team Anna, reports have emerged that Anna Hazare's aide Arvind Kejriwal was slapped a notice by the Income Tax department last month.
The Income-Tax notice slapped on the Magsaysay Award winner asked him to pay dues of more than Rs 9 lakh.
The notice was served a...
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Income Tax |
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Payment for copyrighted goods not royalty: ITAT
Posted Date : 02-Sep-2011 , 07:22:40 am | Posted By CASANSAAR
The over 3 crore paid by erstwhile Reliance Infocomm, now Reliance Communications, for software sold by an Israel-based company does not amount to royalty fees and cannot be taxed in India, according to a ruling of the Income-tax Appellate Tribunal (ITAT), Mumbai.
The income tax depa...
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Good news for kidnappers -Ransom money is tax deductible says Court
Posted Date : 02-Sep-2011 , 07:11:41 am | Posted By CASANSAAR
If you are kidnapped while on a business trip and pay a ransom to your abductors, you can show the amount as "business expenditure" and get a tax exemption on it. This according to an August 23 Jabalpur high court order, which upheld the local tax tribunal’s decision to allow a Madhya pradesh ...
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Income Tax |
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Different transfer pricing method no ground for penalty: Income Tax Appellate Tribunal
Posted Date : 01-Sep-2011 , 07:34:17 am | Posted By CASANSAAR
In a first of its kind ruling on transfer pricing, a Mumbai bench of Income Tax Appellate Tribunal said that the I-T department cannot levy penalty on charges of concealment of income merely because it does not agree with the method adopted by the taxpayer to compute its income arising from c...
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Foreign IT firms use transfer-pricing provisions, double taxation treaties to minimise taxes in India
Posted Date : 01-Sep-2011 , 07:19:28 am | Posted By CASANSAAR
These are differences that are increasingly drawing the inquisitive and corrective eye of the income-tax department. In 2009-10, TCS, the largest home-grown IT company, recorded a net profit per employee of Rs 4.3 lakh. By comparison, Capgemini, a foreign IT firm with operations in India, ...
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Income Tax |
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CBDT warns foreign bank account holders
Posted Date : 31-Aug-2011 , 08:21:19 am | Posted By CASANSAAR
The Ministry of Finance recently issued strict guidelines for Indians holding foreign bank accounts.
In an internal order the CBDT has cleared a proposal on Sensitisation of Investigation Wing of Income Tax Department on action to be taken regarding undisclosed bank accounts and other asse...
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Tax Worth Rs.249 Crore Recovered from BCCI
Posted Date : 31-Aug-2011 , 08:19:32 am | Posted By CASANSAAR
As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs.651.82 crore, Rs.1,000....
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CBI arrests an Additional Commissioner of Income Tax Andasu Ravindra and two others in a bribery case of Rs.50 lakh
Posted Date : 31-Aug-2011 , 08:17:28 am | Posted By CASANSAAR
CBI traps additional commissioner of Income Tax Andasu Ravindra and two private persons for receipt of Rs 50 lakh bribe today. The officials seized one crore rupees during the seizure, the CBI officer said. CBI officials continuing their raids simultaneously in Chennai, Vizag, Hyd...
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Income Tax |
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I-T commissioner held for taking Rs 2 lakh bribe
Posted Date : 30-Aug-2011 , 07:33:55 am | Posted By CASANSAAR
Income tax commissioner Dayashankar was arrested on Monday by the anti-corruption branch of the Central Bureau of Investigation (CBI) for accepting a bribe of Rs 2 lakh from a Daman-based businessman. Dayashankar, I-T commissioner (appeals-34 ), was caught red-handed in his office at Bandra-K...
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I-T to probe banks helping people hide black money
Posted Date : 26-Aug-2011 , 11:11:54 pm | Posted By CASANSAAR
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. "We have found instances where banks are running multiple accounts of certain customers for the purpose...
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Collecting data on I-T returns of political parties: FinMin
Posted Date : 26-Aug-2011 , 06:00:22 pm | Posted By CASANSAAR
The government today said the Income Tax Department is collecting information on tax returns filed by various political parties and would place it in Parliament.
"The information is being collected from the field formations spread all over the country and to the extent possible shall be laid on the...
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Tax evasion worth crores detected in IT raids in small distts
Posted Date : 26-Aug-2011 , 07:57:43 am | Posted By CASANSAAR
In a first of its kind action in the state, the Income Tax department has conducted surveys in small districts and unearthed tax evasion to the tune of close to Rs 18 crore.The department recently conducted a special drive and conducted raids at the business premises of firms in Tikamgarh dist...
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India Signs DTAA with Georgia
Posted Date : 24-Aug-2011 , 09:38:35 pm | Posted By CASANSAAR
he Government of India today signed an Agreement for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Georgia. The Agreement was signed today by Mr. M.C.Joshi, Chairman, Central Board of Direct Taxes(CBDT) on b...
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Income Tax |
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Mah Satyam may approach AP HC over IT tax notice
Posted Date : 24-Aug-2011 , 07:19:26 am | Posted By CASANSAAR
IT consulting and outsourcing company, Mahindra Satyam, is poised to wage a legal battle against the income tax (I-T) department, which served draft notices on the company demanding payment of Rs 1,037.69 crore and Rs 1,075.73 crore for the 2002-03 and 2007-08 assessment years respectively, ...
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Income Tax |
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0 | Hits : 251
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Govt sets up panel to probe tax-related offences
Posted Date : 20-Aug-2011 , 11:54:27 am | Posted By CASANSAAR
The Finance Ministry has set up a Directorate of Income Tax (Criminal Investigation) to investigate criminal offences under direct tax laws, the Parliament was informed today.
"The Directorate of Income Tax (Criminal Investigation) is mandated to perform functions in respect of criminal m...
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