I-T dept sends fresh notice to Kejriwal to clear dues
Posted Date : 22-Oct-2011 , 08:25:52 am | Posted By CASANSAAR
Team Anna member Arvind Kejriwal has been slapped with a fresh notice by the Income Tax department, asking him to pay dues of Rs 9.50 lakh by October 27. The notice says his resignation from the service will be accepted only if the dues are cleared.Kejriwal, currently campaigning for the J...
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CBDT Makes Discussion Paper on Tax Accounting Standards Public
Posted Date : 21-Oct-2011 , 08:20:36 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned. The discussion paper is available on the following web-sites:
finmin.nic.in ; ...
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Income Tax |
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I-T dept to make names of defaulters owing over Rs 10cr public
Posted Date : 21-Oct-2011 , 08:14:31 am | Posted By CASANSAAR
The Income Tax department has decided to publish the names of defaulters who owe more than Rs 10 crore as unpaid taxes after it unearthed details of such assessees recently.The department has decided to send show cause notices to such assessees, who have reported "no assets/inadequate assets for rec...
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Direct Taxes Code will come next year: Finmin
Posted Date : 20-Oct-2011 , 08:10:55 am | Posted By CASANSAAR
The government on Wednesday expressed optimism that the Direct Taxes Code (DTC) would come into force from the next financial year.
Finance minister Pranab Mukherjee said he was confident of the DTC being recommended by the standing committee in the coming (winter) Parliament sessio...
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Formula 1 : SC notice to UP govt on tax exemption
Posted Date : 18-Oct-2011 , 05:14:57 pm | Posted By CASANSAAR
India's Formula One ambition has hit its first hurdle just two weeks ahead of the first Indian Grand Prix.
The Supreme Court sought explanation from the Uttar Pradesh government for granting tax exemption to Jaypee group, the company organising Formula 1 event in Greater Noida.
A bench headed by...
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CBDT releases discussion Paper on Tax Accounting Standards
Posted Date : 18-Oct-2011 , 08:01:34 am | Posted By CASANSAAR
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes
1. Background
1.1 Section 145 of the Income-tax Act, 1961 („the Act‟) provides that the method of accountin...
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FinMin meets Sebi, market players for STT consultation
Posted Date : 18-Oct-2011 , 07:54:09 am | Posted By CASANSAAR
As the demands for lowering statutory levy on share trading get the backing of the Securities and Exchange Board of India (Sebi), the finance ministry today held a meeting to discuss the rationalisation of the Securities Transaction Tax (STT).
However, the final proposal will be...
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India and Philippines to Sign DTAA Soon: FM
Posted Date : 17-Oct-2011 , 08:47:18 pm | Posted By CASANSAAR
Union Finance Minister Shri Pranab Mukherjee said that there is a need for transparent arrangement with a legal framework for exchange of information between India and Philippines relating to banking and tax related matters. The Finance Minister Shri Mukherjee raised this issue during his bilateral ...
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EC ropes in I-T dept to check poll funding
Posted Date : 17-Oct-2011 , 08:05:56 am | Posted By CASANSAAR
In a bid to check suspicious transactions, the Election Commission has rolled out fresh guidelines for monitoring of poll funding during the forthcoming elections in five states, including Uttar Pradesh, and has roped in the income tax department and the financial intelligence unit for...
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0 | Hits : 704
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Carbon tax cannot be addl source of climate finance: Pranab Mukherjee
Posted Date : 16-Oct-2011 , 09:09:45 am | Posted By CASANSAAR
India on Saturday strongly opposed imposition of carbon tax as an additional source of funding to fight climate change. "India believes that some of the measures like carbon export optimisation tax and levy on CDM/offsets violate the principles of the Convention (UNFCCC) as their incidence fall...
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Commodity, bullion trade to come under the I-T radar
Posted Date : 14-Oct-2011 , 08:15:30 am | Posted By CASANSAAR
A tardy progress in tax collection has triggered this reform. The government has decided to bring mining along with bullion and commodity trade on the income tax radar in the current financial year so as to promptly detect tax evasion and garner additional revenue.
The Income Tax de...
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Income Tax deptt starts scrutinising high-value transactions
Posted Date : 13-Oct-2011 , 08:48:04 am | Posted By CASANSAAR
Stepping up efforts to check tax evasion and unearth black money, the Income Tax Department has started scrutinising high-value transactions. "The Central Board of Direct Taxes (CBDT) will verify all high-value transactions.
Directorate of Revenue Intelligence has been given all powers und...
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Govt expands CBDT committee on black money
Posted Date : 12-Oct-2011 , 08:14:41 am | Posted By CASANSAAR
The government has expanded the CBDT Chairman led committee on black money by adding one more member to it -- Member Investigation of the Income Tax department.
Senior IRS officer S.S. Rana has recently taken over as the Member (Investigation) in the Central Board of Direct Taxes (CBDT) and with ...
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Finmin ups direct tax target by 53k cr
Posted Date : 12-Oct-2011 , 08:13:32 am | Posted By CASANSAAR
The finance ministry has revised the Budget estimate of direct tax collection upwards by Rs 53,000 crore to Rs 5.85 lakh crore. The higher target is an increase of 31% over last yearas collection of Rs 4.46 lakh crore. The increase is intended to bridge the shortfall that might occur due to reduct...
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Revised Indo-Swiss taxation treaty comes into effect
Posted Date : 11-Oct-2011 , 03:39:28 pm | Posted By CASANSAAR
The amended Indo-Swiss taxation treaty has came into effect, a development that will allow India to seek specific information on black money and tax evasion cases dating back to January 1, 2011. The revised taxation pact between the two countries came into force yesterday, at a time when th...
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Income Tax |
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0 | Hits : 728
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Icai wants RBI to name PSU bank auditors
Posted Date : 10-Oct-2011 , 08:32:03 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (Icai), the apex body of accounting professionals, wants the Reserve Bank of India (RBI) to appoint statutory auditors in state-run banks. The accountants’ body has sought the government intervention on this.
Till 2005, RBI was directl...
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President looks forward to greater flow of tax information after DTAA
Posted Date : 10-Oct-2011 , 08:27:15 am | Posted By CASANSAAR
Just back from Switzerland, President Pratibha Patil says she looks forward to a greater exchange of information on tax-related issues with that country. "Definitely. The Agreement(Amending Protocol to Double Taxation Avoidance Agreement) will further facilitate the flow of information once ...
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0 | Hits : 725
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e-Filing in F.Y 2011-12: Quick Statistics (as on 30th September 2011)
Posted Date : 08-Oct-2011 , 08:06:18 pm | Posted By CASANSAAR
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/9/2011)
COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR
FORM WISE RECEIPT OF E-RETURNS UPTO 30th SEPTEMBER
S.N.
FORM NAME
F.Y. 2010-11
F.Y. 2011-12
PERCENT GROWTH IN F.Y. 2011-12
1
ITR-1
13,77,444
...
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0 | Hits : 886
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Fin Min to reopen suspect assessees' IT returns upto 16 years
Posted Date : 08-Oct-2011 , 04:55:15 pm | Posted By CASANSAAR
Government plans to allow reopening of income tax returns of past 16 years of suspected assessees, as against 6 years at present. The move is aimed at strengthening the mechanism to investigate black money cases.A Finance Ministry official said in New Delhi that extending the period of reopening ret...
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Gross Direct Tax collections up 23%
Posted Date : 08-Oct-2011 , 04:54:24 pm | Posted By CASANSAAR
Gross Direct Tax collections during the first half of the current fiscal increased by 23% compared to the corresponding period last fiscal. The Net Direct Taxes in the same period grew by over seven percent. Net direct taxes are calculated by deducting refunds from the gross taxes. According to...
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Sebi to study the impact of STT on stock market turnover
Posted Date : 07-Oct-2011 , 08:10:38 am | Posted By CASANSAAR
The Sebi is reviewing the impact on the stock market turnover from a possible scrapping of STT, which is levied on all sale and purchase in the equity market. The regulatory authority is in favour of a complete or phased withdrawal of the levy and it expects any such move to positively impact the...
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Central Board of Direct Taxes (CBDT), extends the due date of filing of returns.
Posted Date : 04-Oct-2011 , 03:22:54 pm | Posted By CASANSAAR
The Income Tax Department, on consideration of the reports of disturbance of general life caused due to earthquake in the State of Sikkim, the central Board of Direct Taxes, in exercise of powers conferred under section 119 of the income Tax Act. 1961, hereby extends the ‘due date’ of fi...
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CBDT nod for tax free bonds worth Rs 30,000 cr
Posted Date : 03-Oct-2011 , 08:19:47 am | Posted By CASANSAAR
The income-tax department has given its nod for NHAI, IRFC, HUDCO and PFC to cumulatively issue tax-free bonds to the tune of Rs 30,000 crore during 2011-12.
Both National Highways Authority of India (NHAI) and Indian Railway Finance Corporation (IRFC) have been allowed to issue tax free bonds of...
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I-T notices sent to NGOs associated with Kiran Bedi
Posted Date : 03-Oct-2011 , 08:07:30 am | Posted By CASANSAAR
The Income Tax department has sent notices for scrutiny to two NGOs associated with Kiran Bedi, who said she is open to any investigation. The I-T notices to NGOs Navjyoti and India Vision Foundation sent on Saturday pertain to certain exemptions enjoyed by them under v...
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Dip in direct tax collection indicative of slowdown: R S Gujral
Posted Date : 30-Sep-2011 , 07:44:38 am | Posted By CASANSAAR
Union Finance and Revenue Secretary R S Gujral on Thursday flagged concerns over the dip in direct tax collection growth, saying it was indicative of a "slowdown in the economy". Pointing out to disappointing advance tax collection for the second quarter, Gujral said, "There has been a decli...
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0 | Hits : 691
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Rich must be taxed more: Chidambaram
Posted Date : 28-Sep-2011 , 08:29:04 pm | Posted By CASANSAAR
Home Minister P. Chidambaram, who as Finance Minister had slashed taxes, on Wednesday suggested that rich should be taxed more even though “many people” would not like the idea.
“We must raise the tax revenue to defend (the expected aggregate decline of resources). I kno...
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ED to send team abroad to collect info on Hasan Khan's assets
Posted Date : 28-Sep-2011 , 08:25:55 pm | Posted By CASANSAAR
The Enforcement Directorate has decided to send a team of its investigators to Switzerland, Singapore, UAE and the UK to gather data on investments and assets of stud farm owner Hasan Ali Khan who is being probed for allegedly evading income tax of over Rs.50,000 crore.
The move h...
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CBI arrests Agra IT commissioner for duping NAFED
Posted Date : 28-Sep-2011 , 08:28:30 am | Posted By CASANSAAR
The CBI has arrested the income tax commissioner of Agra, Homi Rajvanshi, for allegedly cheating the National Agricultural Cooperative Marketing Federation of India (NAFED) of over Rs 167 crore when he was posted there as additional managing director of finance. Five others who c...
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TRAI clears confusion over SMS limit, exempts certain services
Posted Date : 27-Sep-2011 , 12:40:01 pm | Posted By CASANSAAR
Regulator Trai today exempted various service providers, including the dealers of telecom operators, e-ticketing agencies and social networking sites, from the new limit of one hundred SMSes per day per SIM, which was imposed to block pesky calls and messages. On September 5, after much dela...
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Talks with 16 nations concluded to check flow of black money
Posted Date : 27-Sep-2011 , 08:21:41 am | Posted By CASANSAAR
India has initiated a process to negotiate with 74 countries to broaden the scope of the Article concerning exchange of information to specifically include banking information and information which has no domestic interest. "Negotiations/renegotiations of Double Tax Avoidance Agreements (DTAA) wit...
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