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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Income Tax |
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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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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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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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Income Tax |
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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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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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Income Tax |
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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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