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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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 : 1000
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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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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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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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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 : 716
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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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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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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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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 : 701
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Income tax department doubting authenticity of Swiss Bank account holders list
Posted Date : 21-Nov-2011 , 08:50:27 am | Posted By CASANSAAR
After serving notices and conducting raids, the income-tax department is having second thoughts on the authenticity of the list of Swiss bank account holders it obtained from the French government three months ago.Tax authorities, investigating the 700 unreported account holders with HSBC Geneva,...
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Income Tax |
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NGOs will have to reveal details of foreign aid to I-T
Posted Date : 19-Nov-2011 , 08:21:38 am | Posted By CASANSAAR
All non-governmental organizations (NGOs) and charitable trusts will now have to compulsorily file details of foreign contributions received in their Income Taxreturns along with their Foreign Contributions Regulation Act (FCRA) number.A revised I-T return form has been prepared by th...
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Income Tax |
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0 | Hits : 851
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Claiming HRA? Get the house owner's PAN
Posted Date : 18-Nov-2011 , 08:28:40 am | Posted By CASANSAAR
Kalpana Sinha, a tenant in a Mumbai suburb, often tells her house owner that her payment of rentals — Rs 30,000 a month — do not allow her to claim tax benefits. While the owner is willing to give her a temporary receipt, it contains little detail about the owner.
Sinha would ...
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Income Tax |
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0 | Hits : 1360
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Give names of top defaulters, CIC tells RBI
Posted Date : 17-Nov-2011 , 08:06:48 am | Posted By CASANSAAR
The Central Information Commission has directed RBI to reveal names and details of the top 100industrialists who have defaulted on loans from public sector banks. The CIC rejected RBI’s argument that it held the information in fiduciary capacity, and disclosing ...
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Income Tax |
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0 | Hits : 812
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Employees strike: I-T survey ops hit in Delhi
Posted Date : 16-Nov-2011 , 08:01:43 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 ...
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Income Tax |
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State cricket federations may soon lose I-T exemption
Posted Date : 15-Nov-2011 , 08:20:22 am | Posted By CASANSAAR
In another blow to cricket federations in the country, Income Tax department has slapped show-cause notices to seven of them, affiliated to the Board of Control for Cricket in India (BCCI), just before withdrawing tax exemption to them. This will put these sporting bodies at par with...
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Income Tax |
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I-T dept targets 'forced voluntary disclosures'
Posted Date : 15-Nov-2011 , 08:18:06 am | Posted By CASANSAAR
Deciding against bringing in a voluntary disclosure of income scheme (VDIS), the income tax department has decided to use some force in this regard.
A senior Central Board of Direct Taxes (CBDT) official told Business Standard the department had initiated an extensive exercise under which...
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Income Tax |
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I-T Department to regularise income of Indians with a/cs in HSBC Geneva
Posted Date : 14-Nov-2011 , 08:18:39 am | Posted By CASANSAAR
The income-tax department in Mumbai is all set to regularise the income disclosed by Indians named in the list of unreported account holders with HSBC Bank Geneva, by issuing notices under section 148 of the Income Tax Act. A notice under Section 148 of the I-T Act is usually served when the I-T ...
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Income Tax |
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0 | Hits : 841
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DTC Bill unlikely in winter session
Posted Date : 13-Nov-2011 , 09:12:53 am | Posted By CASANSAAR
After it became clear that the Goods and Services Tax (GST) could not be rolled out by the beginning of the next financial year, hopes were being pinned on the implementation of the Direct Taxes Code (DTC) from April 1, 2012. However, with a Parliamentary panel clearly saying it cannot table its r...
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Income Tax |
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No sign of 500,000 signed income tax e-returns
Posted Date : 12-Nov-2011 , 08:40:21 am | Posted By CASANSAAR
If you thought by filing your income tax e-return the job was done, you were mistaken. The income tax department’s latest records show out of nearly 8.17 million e-returns filed without digital signatures for the assessment year 2010-11 till October 31, about 500,000 signed returns (ITR-Vs) ar...
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Income Tax |
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Vodafone India's tax woes continue as I-T Dept adds Rs 8,500 crore to its income on account of transfer pricing
Posted Date : 12-Nov-2011 , 08:38:03 am | Posted By CASANSAAR
UK- based telecom giant Vodafone, which is fighting a Rs 11,000-crore capital gains tax case in the Supreme Court, could soon face a fresh tax burden in India. The income-tax department has issued a draft transfer pricing order to Vodafone, adding nearly Rs 8,500 crore to its income from India...
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Income Tax |
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Over 15000 Tax Disputes Involving Over 1.35 Lakhs Tax Proceedings Settled by Income Tax Settlement Commission
Posted Date : 12-Nov-2011 , 08:21:43 am | Posted By CASANSAAR
The Income Tax Settlement Commission, Ministry of Finance , has settled over 15000 tax disputes involving over 1.35 lakhs tax proceedings in its life time since 1976. In 2010-11, it passed 400 orders, in which it settled income amounting to 595 Crores, which was 187% over the returned income of 206 ...
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Income Tax |
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Tax violations in IPL should be investigated: Maken
Posted Date : 10-Nov-2011 , 08:43:55 pm | Posted By CASANSAAR
Sports Minister Ajay Maken today said the allegations of tax violation in running of the Indian Premier League should be looked into and asked the BCCI to come under the RTI ambit for its own good.
Maken said transparency in the working of National Sports Federations, including the BCCI, can ...
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Income Tax |
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FinMin seeks industry views on tax rates for next Budget
Posted Date : 10-Nov-2011 , 07:58:06 am | Posted By CASANSAAR
The Finance Ministry is seeking inputs from industry on tax rates as it prepares the next budgetary proposals. "You may...send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same," an o...
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Income Tax |
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Now, pay income tax through ATM
Posted Date : 10-Nov-2011 , 07:56:34 am | Posted By CASANSAAR
Paying income tax may now be as easy as paying your credit card or phone bill. Central Board of Direct Taxes has now enabled payment of taxes through ATMs of certain designated banks using the Online Tax Accounting System (OLTAS).
...
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Income Tax |
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Switzerland ready to share bank account info with India
Posted Date : 08-Nov-2011 , 02:38:41 pm | Posted By CASANSAAR
Switzerland has indicated it is ready to cooperate with India on sharing information related to Swiss bank accounts held by Indians within the framework of amended double taxation treaty between the two countries. Swiss Ambassador to India Philippe Welti told reporters in New Delhi yesterday. H...
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Income Tax |
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Government ensuring corporates do not delay tax payments to meet working capital needs
Posted Date : 08-Nov-2011 , 07:50:48 am | Posted By CASANSAAR
Income tax authorities will keep a close watch on tax payments by top corporates to ensure that they do not delay tax payments as part of the bouquet of measures being considered by the government to keep revenue growth on target. The advance tax payments by companies rose only 9.9% for the July...
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Income Tax |
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0 | Hits : 660
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India, US join hands to fight tax evaders
Posted Date : 07-Nov-2011 , 08:49:01 am | Posted By CASANSAAR
India and the US have joined hands to crack down tax evaders and bring to book those who have stashed black money in tax havens abroad. In a first of series of engagements between the two nations, a team of investigators drawn form investigation units in the Union Finance Ministry and the recen...
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Income Tax |
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0 | Hits : 712
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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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0 | Hits : 804
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