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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Income Tax

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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Category : Income Tax | Comments : 1 | Hits : 1024

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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Category : Income Tax | Comments : 0 | Hits : 634

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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Category : Income Tax | Comments : 0 | Hits : 865

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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Category : Income Tax | Comments : 0 | Hits : 678

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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Category : Income Tax | Comments : 0 | Hits : 808

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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Category : Income Tax | Comments : 0 | Hits : 828

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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Category : Income Tax | Comments : 0 | Hits : 1287

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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Category : Income Tax | Comments : 0 | Hits : 797

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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Category : Income Tax | Comments : 0 | Hits : 707

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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Category : Income Tax | Comments : 0 | Hits : 719

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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Category : Income Tax | Comments : 0 | Hits : 844

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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Category : Income Tax | Comments : 0 | Hits : 821

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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Category : Income Tax | Comments : 0 | Hits : 1014

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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Category : Income Tax | Comments : 0 | Hits : 1133

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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Category : Income Tax | Comments : 0 | Hits : 801

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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Category : Income Tax | Comments : 0 | Hits : 611

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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Category : Income Tax | Comments : 0 | Hits : 713

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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Category : Income Tax | Comments : 0 | Hits : 729

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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Category : Income Tax | Comments : 0 | Hits : 1040

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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Category : Income Tax | Comments : 0 | Hits : 1105

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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Category : Income Tax | Comments : 0 | Hits : 650

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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Category : Income Tax | Comments : 0 | Hits : 693

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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Category : Income Tax | Comments : 0 | Hits : 796

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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Category : Income Tax | Comments : 0 | Hits : 700

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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Category : Income Tax | Comments : 0 | Hits : 769

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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Category : Income Tax | Comments : 0 | Hits : 742

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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Category : Income Tax | Comments : 0 | Hits : 892

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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Category : Income Tax | Comments : 0 | Hits : 706

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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Category : Income Tax | Comments : 0 | Hits : 760

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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Category : Income Tax | Comments : 0 | Hits : 709

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