Good news for kidnappers -Ransom money is tax deductible says Court
Posted Date : 02-Sep-2011 , 07:11:41 am | Posted By CASANSAAR
If you are kidnapped while on a business trip and pay a ransom to your abductors, you can show the amount as "business expenditure" and get a tax exemption on it. This according to an August 23 Jabalpur high court order, which upheld the local tax tribunal’s decision to allow a Madhya pradesh ...
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Different transfer pricing method no ground for penalty: Income Tax Appellate Tribunal
Posted Date : 01-Sep-2011 , 07:34:17 am | Posted By CASANSAAR
In a first of its kind ruling on transfer pricing, a Mumbai bench of Income Tax Appellate Tribunal said that the I-T department cannot levy penalty on charges of concealment of income merely because it does not agree with the method adopted by the taxpayer to compute its income arising from c...
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Income Tax |
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Foreign IT firms use transfer-pricing provisions, double taxation treaties to minimise taxes in India
Posted Date : 01-Sep-2011 , 07:19:28 am | Posted By CASANSAAR
These are differences that are increasingly drawing the inquisitive and corrective eye of the income-tax department. In 2009-10, TCS, the largest home-grown IT company, recorded a net profit per employee of Rs 4.3 lakh. By comparison, Capgemini, a foreign IT firm with operations in India, ...
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Income Tax |
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CBDT warns foreign bank account holders
Posted Date : 31-Aug-2011 , 08:21:19 am | Posted By CASANSAAR
The Ministry of Finance recently issued strict guidelines for Indians holding foreign bank accounts.
In an internal order the CBDT has cleared a proposal on Sensitisation of Investigation Wing of Income Tax Department on action to be taken regarding undisclosed bank accounts and other asse...
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Income Tax |
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Tax Worth Rs.249 Crore Recovered from BCCI
Posted Date : 31-Aug-2011 , 08:19:32 am | Posted By CASANSAAR
As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs.651.82 crore, Rs.1,000....
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Income Tax |
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CBI arrests an Additional Commissioner of Income Tax Andasu Ravindra and two others in a bribery case of Rs.50 lakh
Posted Date : 31-Aug-2011 , 08:17:28 am | Posted By CASANSAAR
CBI traps additional commissioner of Income Tax Andasu Ravindra and two private persons for receipt of Rs 50 lakh bribe today. The officials seized one crore rupees during the seizure, the CBI officer said. CBI officials continuing their raids simultaneously in Chennai, Vizag, Hyd...
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Income Tax |
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I-T commissioner held for taking Rs 2 lakh bribe
Posted Date : 30-Aug-2011 , 07:33:55 am | Posted By CASANSAAR
Income tax commissioner Dayashankar was arrested on Monday by the anti-corruption branch of the Central Bureau of Investigation (CBI) for accepting a bribe of Rs 2 lakh from a Daman-based businessman. Dayashankar, I-T commissioner (appeals-34 ), was caught red-handed in his office at Bandra-K...
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Income Tax |
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I-T to probe banks helping people hide black money
Posted Date : 26-Aug-2011 , 11:11:54 pm | Posted By CASANSAAR
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. "We have found instances where banks are running multiple accounts of certain customers for the purpose...
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Income Tax |
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Collecting data on I-T returns of political parties: FinMin
Posted Date : 26-Aug-2011 , 06:00:22 pm | Posted By CASANSAAR
The government today said the Income Tax Department is collecting information on tax returns filed by various political parties and would place it in Parliament.
"The information is being collected from the field formations spread all over the country and to the extent possible shall be laid on the...
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Income Tax |
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Tax evasion worth crores detected in IT raids in small distts
Posted Date : 26-Aug-2011 , 07:57:43 am | Posted By CASANSAAR
In a first of its kind action in the state, the Income Tax department has conducted surveys in small districts and unearthed tax evasion to the tune of close to Rs 18 crore.The department recently conducted a special drive and conducted raids at the business premises of firms in Tikamgarh dist...
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Income Tax |
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India Signs DTAA with Georgia
Posted Date : 24-Aug-2011 , 09:38:35 pm | Posted By CASANSAAR
he Government of India today signed an Agreement for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Georgia. The Agreement was signed today by Mr. M.C.Joshi, Chairman, Central Board of Direct Taxes(CBDT) on b...
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Income Tax |
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Mah Satyam may approach AP HC over IT tax notice
Posted Date : 24-Aug-2011 , 07:19:26 am | Posted By CASANSAAR
IT consulting and outsourcing company, Mahindra Satyam, is poised to wage a legal battle against the income tax (I-T) department, which served draft notices on the company demanding payment of Rs 1,037.69 crore and Rs 1,075.73 crore for the 2002-03 and 2007-08 assessment years respectively, ...
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Income Tax |
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0 | Hits : 719
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Govt sets up panel to probe tax-related offences
Posted Date : 20-Aug-2011 , 11:54:27 am | Posted By CASANSAAR
The Finance Ministry has set up a Directorate of Income Tax (Criminal Investigation) to investigate criminal offences under direct tax laws, the Parliament was informed today.
"The Directorate of Income Tax (Criminal Investigation) is mandated to perform functions in respect of criminal m...
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Income Tax |
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India amending Double Taxation Avoidance Agreement says, finance minister Pranab Mukherjee
Posted Date : 19-Aug-2011 , 04:52:06 pm | Posted By CASANSAAR
The government is amending the Double Taxation Avoidance Agreement it has with four countries and is also negotiating with 16 entities to improve information sharing on black money as part of the Tax Information Exchange Agreement. Finance minister Pranab Mukherjee said in response to a query during...
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Income Tax |
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Black Money: Business association and lobbies give a cold shoulder to provide views on how to tackle the issue
Posted Date : 19-Aug-2011 , 06:05:05 am | Posted By CASANSAAR
The government's efforts to get the industry involved on the hugely emotive issue of black money has been given a cold shoulder with none of the business association and lobbies coming forward to provide views on how to tackle black money. "We are now extending the deadline to September 15 and writi...
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Income Tax |
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I-T dept to expedite systems for quick processing of returns
Posted Date : 17-Aug-2011 , 07:59:25 am | Posted By CASANSAAR
Encouraging results of the income tax department’s efforts to promote electronic filing of returns have prompted the Central Board of Direct Taxes (CBDT) to accelerate the procedure and stabilise systems infrastructure so as to ensure quick processing of all I-T returns.
The Centralised Proce...
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Income Tax |
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Google to buy Motorola Mobility
Posted Date : 16-Aug-2011 , 08:17:14 am | Posted By CASANSAAR
Google Inc said it will buy phone hardware maker Motorola Mobility Holdings Inc for $12.5 billion in cash to bolster the adoption of its Android mobile software.
The deal is Google's biggest deal to date. At $40 a share, the offer represents a 63 percent premium to Motorola Mobility's Frida...
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Income Tax |
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No more Tax-Free zones: Finance Minister
Posted Date : 14-Aug-2011 , 09:33:28 am | Posted By CASANSAAR
Finance Minister says, there will be no more Tax-Free zones in the country. Talking to news persons in Siliguri today Pranab Mukherjee said that instead of tax free zone, the Centre is considering creating special economic zones in backward districts.He said Tax-free zone status in Himachal Pradesh ...
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Income Tax |
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Get ready for more I-T raids this financial year
Posted Date : 14-Aug-2011 , 09:28:01 am | Posted By CASANSAAR
Tax evaders can expect frequent crackdowns by the income tax (I-T) department. The reason — an increase in collection target has put authorities under tremendous pressure. The direct tax collection target for Mumbai has been increased from Rs1.85 lakh crore to Rs2.04 lakh crore. For the countr...
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Income Tax |
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Direct tax kitty grows 27%
Posted Date : 13-Aug-2011 , 07:33:35 am | Posted By CASANSAAR
Sluggish industrial performance in the first few months of the current fiscal has had little impact so far on direct tax collection withcorporate tax rising 30% during April-July 2011. The total corporate tax collection in the first four months was estimated at Rs 85,222 crore, contri...
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Income Tax |
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DTC set to miss deadline again
Posted Date : 12-Aug-2011 , 08:18:37 am | Posted By CASANSAAR
The implementation of the Direct Taxes Code appears set to miss its deadline once again.
The Direct Taxes Code (DTC) Bill, introduced in Parliament on August 30 last year, proposes to replace the 50-year-old Income Tax Act.Initially proposed to come into force from April 2011, the c...
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Income Tax |
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Cash economy on income tax radar
Posted Date : 11-Aug-2011 , 08:12:44 am | Posted By CASANSAAR
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
Under pressure to enhance tax realisation amid apprehensions of sluggish industrial growth, the Central Board of Direct Taxes has decided to target the cash economy in a big way to boost th...
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Income Tax |
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Mauritius & Singapore compete for preferred tax gateways to India
Posted Date : 10-Aug-2011 , 11:25:47 am | Posted By CASANSAAR
The equatorial island nations of Mauritius and Singapore are competing for the role of preferred gateway for foreign investments into India and other Asian countries. Think of it as a triangle, not of love, but of lucre. Companies and rich investors use gateway countries so they can earn profit...
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Income Tax |
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Indirect tax mopup rises 16.4% to Rs 31.5k cr in July
Posted Date : 10-Aug-2011 , 10:03:08 am | Posted By CASANSAAR
Four months into the new fiscal, the indirect tax collections are holding up well, suggesting that the slowdown is yet to impact tax collections materially. Indirect tax collections in July were up 16.4% from a year ago. In the April-July period the kitty was up 27% from a year ago. "Overall central...
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Income Tax |
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Tax arrears of Rs 3.89 lakh cr not realised in FY11
Posted Date : 09-Aug-2011 , 09:35:48 pm | Posted By CASANSAAR
Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11.
Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 5...
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Income Tax |
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I-T zeroes in on 50 high-value tax defaulters
Posted Date : 09-Aug-2011 , 04:50:14 pm | Posted By CASANSAAR
Under pressure to unearth blackmoney, the Income Tax department has tracked down over 50 high-value defaulters, who had declared their assets to be zero, with tax liability of over Rs 10 crore. The department has collected information about these defaulters from various sources and will soon in...
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Income Tax |
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0 | Hits : 799
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How to track your income tax refund
Posted Date : 09-Aug-2011 , 08:18:21 am | Posted By CASANSAAR
The Income Tax Department entertains queries for all assessees regarding the refunding of income tax through the Tax Information Network (TIN). The SBI has been appointed as the refund banker, which processes refunds and routes them to the assessees' bank accounts. If the assessee does not choose di...
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Income Tax |
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I-T dept says telecom firms haven
Posted Date : 09-Aug-2011 , 08:09:13 am | Posted By CASANSAAR
The Mumbai income-tax (I-T) department sent a note to the finance ministry and the Central Board of Direct Taxes (CBDT) last week saying telecom firms haven’t paid an estimated Rs. 1,000 crore of tax deducted at source (TDS) while selling their prepaid products through distributors...
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Income Tax |
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US crisis may hit export & capital flows: C Rangarajan
Posted Date : 08-Aug-2011 , 04:13:27 pm | Posted By CASANSAAR
Prime Minister's Economic Advisory Council Chairman C Rangarajan today said the downgrade of the US sovereign rating will negatively impact exports and moderate capital flows into the country. "More than the downgrade, what will be the impact for the rest of the world will be the slow pace ...
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Income Tax |
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No difficulty to bring Direct Tax Code into operation from Ist April: FM
Posted Date : 08-Aug-2011 , 07:45:56 am | Posted By CASANSAAR
Union Finance Minister has said that there would be no difficulty to bring Direct Tax Code, DTC into operation from 1st of April next year. Mr. Pranab Mukherjee expressed hope that the Parliamentary Standing Committee will submit its report by Winter Session of Parliament. Speaking at a function in ...
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