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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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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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 : 636
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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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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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0 | Hits : 683
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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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Income Tax |
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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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Income Tax |
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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 |
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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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Income Tax |
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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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Income Tax |
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0 | Hits : 665
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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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Income Tax |
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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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Income Tax |
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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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