Panel rejects disclosure scheme, new Act to check black money
Posted Date : 24-Sep-2011 , 09:49:21 am | Posted By CASANSAAR
A government panel on Friday ruled out voluntary disclosure of income scheme (VDIS), framing a new Act and capital punishment as measures to deal with the issue of black money stashed abroad. The committee merely considered strengthening the administrative machinery and better sharing of intellige...
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Income Tax |
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CBDT Chairman divests tax investigation portfolio to member
Posted Date : 22-Sep-2011 , 07:38:46 am | Posted By CASANSAAR
Nine months after the responsibility for Income Tax investigations was taken over by the Chairman of the Central Board of Direct Taxes (CBDT), the portfolio has now once again been vested with a separate member, in sync with the practice of previous years. The present Chairman of the Central...
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Income Tax |
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0 | Hits : 752
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Advance tax mop-up from top 100 cos grows 9.9% in Q2
Posted Date : 22-Sep-2011 , 07:35:27 am | Posted By CASANSAAR
Top companies and banks, including Bharti Airtel, Maruti Suzuki, SAIL and SBI, have paid lower advance taxes during the July-September quarter, reflecting the impact of slowdown. The other large companies which have paid lower taxes during the second quarter include IndianOil, Bh...
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Income Tax |
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0 | Hits : 660
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CPC Bangalore
Posted Date : 20-Sep-2011 , 08:01:57 am | Posted By CASANSAAR
Centralized Processing Center (CPC), Bangalore has been actively processing of returnsfor AY 2010-11.
The statistics for AY 2009-10, AY 2010-11 and 2011-12 are (as of 7th September,2011)-
AY09-10
AY10-11
AY11-12
No. of ret...
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Income Tax |
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0 | Hits : 1649
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CBDT cell to track poll expenditure
Posted Date : 20-Sep-2011 , 07:55:33 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) will soon have a dedicated cell to monitor election-related expenditure by political parties and donations made to them. "A special cell is being created under CBDT to look at election funding," said a finance ministry official. The new cell will be heade...
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Income Tax |
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0 | Hits : 694
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Govt sanctions two new investigation units for CBDT
Posted Date : 20-Sep-2011 , 07:46:39 am | Posted By CASANSAAR
In a bid to give more teeth to financial investigation and tracking down black money, the finance ministry has cleared two new units for the Central Board of Direct Taxes (CBDT). The two special investigation units, in addition to the three existing units, will widen the investigat...
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Income Tax |
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Income tax raids against Chinar, Manmohan groups yield Rs 4.34 cr
Posted Date : 18-Sep-2011 , 07:23:32 am | Posted By CASANSAAR
The Income Tax ( Investigations), Panchkula, today disclosed that in search operations being carried out at the Chinar Group and Manmohan Singh & Company premises on September 8 and 9, there has been a seizure of Rs 4.34 crore. “It includes Rs 3.36 crore in cash and jewellery worth Rs 98...
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Income Tax |
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0 | Hits : 744
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No TDS on compensation for farmland, clarifies government
Posted Date : 17-Sep-2011 , 08:07:28 am | Posted By CASANSAAR
Farmers will not have to cough up any tax upfront on the compensation money they receive for their land acquired by the government. The rural development ministry has clarified after complaints that in absence of clear rules the harshest provisions were being imposed. "We have issued orders t...
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Income Tax |
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0 | Hits : 840
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Advance tax nos show confidence
Posted Date : 16-Sep-2011 , 07:48:54 am | Posted By CASANSAAR
A cursory look at the advance tax payments by leading corporates during the July-September quarter showed most of them are sanguine about raking in handsome profits despite fears of a slowdown. However, the overall tax collection target for this fiscal might not be met.
Led by Rel...
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Income Tax |
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0 | Hits : 809
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VDIS scheme on disclosure of blackmoney in the offing
Posted Date : 14-Sep-2011 , 05:58:50 pm | Posted By CASANSAAR
A special voluntary disclosure scheme for bringing back blackmoney stashed away in tax havens abroad may be in the offing. The CBDT is understood to be "seriously considering" recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme (VDIS) announced in...
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Income Tax |
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Rs 650 crore released from Harshad Mehta's assets
Posted Date : 14-Sep-2011 , 07:30:56 am | Posted By CASANSAAR
A Mumbai special court Tuesday ordered the release of Rs 650 crore to the Income Tax department and banks from the liquidated assets of late scamster Harshad Mehta's group, an official said. Special court's Justice D.K. Deshmukh, based on a distribution proposal submitted by the finance minis...
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Income Tax |
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IPL T20 2009 had plunged BCCI's profits to Rs 21.2 crore
Posted Date : 12-Sep-2011 , 07:45:08 am | Posted By CASANSAAR
The Indian Premier League T20 tournament has not exactly turned out to be the money spinner for the Board of Control for Cricket in India (BCCI) as everyone believes. The second edition of the widely followed IPL in 2009 that was held in South Africa made a Rs 41.9-crore loss for the BCCI,...
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Income Tax |
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0 | Hits : 701
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CAG raps Delhi govt for loss in tax collection
Posted Date : 12-Sep-2011 , 07:41:39 am | Posted By CASANSAAR
Inefficiency, under assessment, irregular claim of tax exemption and other lacunae in revenue collection system of Delhi government may have caused a whopping Rs 3,000 crore loss to the exchequer in 2009-10, according to the CAG. Rapping the government for the shortcomings, the national auditor said...
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Income Tax |
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0 | Hits : 711
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Government breathes easy as direct tax collections rises 26% till August
Posted Date : 09-Sep-2011 , 08:10:53 am | Posted By CASANSAAR
The direct tax collections rose 26% in the first five months of the current fiscal, belying fears of a drop in government revenue because of the slowdown. The 2011-12 budget has assumed a 19% increase in direct tax collections. However, net tax collections were down in April-August 2011-12 t...
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Income Tax |
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0 | Hits : 722
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Due date for submission of ITR-V extended
Posted Date : 08-Sep-2011 , 12:44:11 pm | Posted By CASANSAAR
The due date for submission of ITR-V for A.Y. 2010-11 has been extended upto 31.10.2011 or 120 days from the date of upload whichever is later....
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Income Tax |
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2 Cr found at home of I-T commissioner's CA
Posted Date : 08-Sep-2011 , 08:08:10 am | Posted By CASANSAAR
The CBI found Rs 2.01 crore belonging to arrested Income Tax commissioner Daya Shankar from his chartered accountant's residence in Lucknow. The CBI also seized Rs 8.5 lakh from Shankar's Mumbai residence and Rs 4 lakh from his Ghaziabad house. Shanker was arrested on August 29 while accepting Rs ...
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Income Tax |
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0 | Hits : 1717
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RBI seeks one-time tax relief to arm MNC banks
Posted Date : 08-Sep-2011 , 07:56:14 am | Posted By CASANSAAR
The Reserve Bank of India has sought a one-off tax exemption from the government for foreign banks that convert into local subsidiaries as it intensifies efforts to ring-fence the domestic financial system from global shocks. The permission, if granted by the government that's already facin...
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Income Tax |
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0 | Hits : 680
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Tax target tough to realise, says CBDT
Posted Date : 08-Sep-2011 , 07:54:00 am | Posted By CASANSAAR
Till the other day, the Central Board of Direct Taxes (CBDT) was confident about meeting the direct tax collection targets. Now, though, it has turned apprehensive. Reason: Sluggish performance of manufacturing and other industry sectors.
The indications, as a senior CBDT official said, a...
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Income Tax |
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0 | Hits : 731
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RBI comittee recommends increase in PPF Deposit Limit from Rs. 70,000 to Rs. One Lac
Posted Date : 07-Sep-2011 , 07:29:49 am | Posted By CASANSAAR
The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on various small savings schemes with the secondary market yie...
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Income Tax |
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0 | Hits : 1227
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Cambridge remains world's top University, Harvard, MIT follow
Posted Date : 06-Sep-2011 , 10:43:54 pm | Posted By CASANSAAR
University of Cambridge has retained the number one spot ahead of Harvard, while MIT has jumped to the third place ahead of Yale and Oxford in the eighth QS World University Rankings.
The US takes 13 of the top 20 spots and 70 of top 300 places in the latest world rankings of Universities compi...
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Income Tax |
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0 | Hits : 850
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No evidence to suggest rise in tax evasion: Government
Posted Date : 06-Sep-2011 , 10:38:50 pm | Posted By CASANSAAR
The government on Tuesday said there is no evidence to suggest any increase in incidence of tax evasion over the previous years. "There is no evidence to suggest that there has been a rise in evasion of income tax over the previous years," Minister of State for Finance S S Palanimanickam said...
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Yes Bank appoints CA. Asit Oberoi as Sr President and COO
Posted Date : 06-Sep-2011 , 08:27:10 am | Posted By CASANSAAR
Private sector lender Yes Bank today said it has appointed CA.Asit Oberoi as its Senior President and Chief Operating Officer. Oberoi will be responsible for overall operations and service delivery at the bank, according to a bank statement issued here. A chartered accountant, Oberoi has 20 ...
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Income Tax |
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1 | Hits : 1007
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Swiss banks like Credit Suisse, UBS vow to protect secrecy amid US ultimatum
Posted Date : 06-Sep-2011 , 08:05:18 am | Posted By CASANSAAR
Switzerland must solve a dispute with the United States over wealthy citizens using secret Swiss accounts to dodge taxes under existing laws and should continue to protect bank secrecy, the Swiss Bankers Association head said on Monday. The association's president, Patrick Odier, made the commen...
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Income Tax |
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In letter to CBDT, Kejriwal admitted violating bond, for
Posted Date : 05-Sep-2011 , 07:32:59 am | Posted By CASANSAAR
Contesting an Income Tax notice to him over money he owes the government, Team Anna member Arvind Kejriwal has claimed he did not breach any bond norms. However, in a June 2007 letter, he had admitted to having violated the pledge he had signed before proceeding on a two-year study leave from his ...
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Income Tax |
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0 | Hits : 983
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Not possible to have UK-type tax treaty with Switzerland: CBDT
Posted Date : 04-Sep-2011 , 04:33:14 pm | Posted By CASANSAAR
Unlike the United Kingdom, India cannot have a treaty with Switzerland under which the deposits of Indians in Swiss banks would be taxed by the European nation, says the Central Board of Direct Taxes (CBDT). "We cannot have such a treaty with Switzerland because the environment is not condu...
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Income Tax |
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0 | Hits : 860
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Instructions to examiners can be made public post exam: SC
Posted Date : 03-Sep-2011 , 10:04:17 am | Posted By CASANSAAR
The Supreme Court (SC) on Friday ruled that instructions issued to examiners in competitive examinations by the agency conducting the exam could be disclosed under the right to information (RTI) law, once the test is held.
The court pronounced the decision in the case between the Institut...
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Income Tax |
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0 | Hits : 1060
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Direct Taxes Code may come into force from April next year, says Pranab Mukherjee
Posted Date : 03-Sep-2011 , 10:01:38 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today hoped that the Direct Taxes Code (DTC), which seeks to replace the Income Tax Act of 1961, would come into force from April 1, 2012. "If we have it (the report of Standing Committee) in the Winter Session (of Parliament), I will have no problem in effec...
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I-T dept attempts to unlock direct tax worth Rs2 lakh crore
Posted Date : 03-Sep-2011 , 10:00:10 am | Posted By CASANSAAR
Income tax officials in Mumbai have been instructed by top authorities to recover tax blocked as arrears and locked in dispute, in order to achieve their revised targets. The motivation behind this is a whopping Rs 2 lakh crore of revenue. According to income tax (I-T) officials, the city has 2.1&nb...
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Income Tax |
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0 | Hits : 874
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I-T dept asks Kejriwal to pay dues of Rs 9 lakh
Posted Date : 02-Sep-2011 , 01:23:50 pm | Posted By CASANSAAR
In more embarrassment coming for Team Anna, reports have emerged that Anna Hazare's aide Arvind Kejriwal was slapped a notice by the Income Tax department last month.
The Income-Tax notice slapped on the Magsaysay Award winner asked him to pay dues of more than Rs 9 lakh.
The notice was served a...
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Income Tax |
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2 | Hits : 1049
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Payment for copyrighted goods not royalty: ITAT
Posted Date : 02-Sep-2011 , 07:22:40 am | Posted By CASANSAAR
The over 3 crore paid by erstwhile Reliance Infocomm, now Reliance Communications, for software sold by an Israel-based company does not amount to royalty fees and cannot be taxed in India, according to a ruling of the Income-tax Appellate Tribunal (ITAT), Mumbai.
The income tax depa...
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