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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 804
|
 |
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 806
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1722
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
2 | Hits : 823
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 816
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 934
|
|
France hands over list of 700 bank accounts in Switzerland
Posted Date : 08-Aug-2011 , 07:38:13 am | Posted By CASANSAAR
After the list of bank accounts of Indians in Liechtenstein, it is the turn of HSBC accounts in Geneva. The government last month received a list of some 700 bank accounts in Switzerland from the French government and investigations are already underway to determine whether any of the account holder...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 946
|
|
Hyundai mulls legal action against DRI tax evasion notice
Posted Date : 08-Aug-2011 , 07:28:41 am | Posted By CASANSAAR
The country's second largest car maker Hyundai Motor India today said it is considering to take legal steps against the Rs 266-crore tax evasion notice issued by the Directorate of Revenue Intelligence (DRI). "Our legal team is in the process of preparing an appropriate response to the show cause no...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 955
|
|
e-Filing for AY 10-11
Posted Date : 08-Aug-2011 , 07:26:31 am | Posted By CASANSAAR
e-Filing for AY 10-11: Quick Statistics (as on 31st July 2011)
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 31/7/2011)
COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR
FORM WISE RECEIPT OF E-RETURNS UPTO 31st JULY
S.N.
FORM...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 964
|
|
I-T dept to share PAN database with NATGRID
Posted Date : 07-Aug-2011 , 02:53:09 pm | Posted By CASANSAAR
The Income Tax department has decided to share it's PAN card database with the NATGRID -- a network aimed to initiate robust information sharing amongst law enforcement agencies to tackle terror threats at home and abroad.The department, after getting approval from the Central Board of Direct ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1086
|
|
11,69,238 Multiple Pan Cards Detected and Deleted
Posted Date : 05-Aug-2011 , 09:56:25 pm | Posted By CASANSAAR
No. of PAN CARD Holders:
As on 31.3.2009
8,09,21,993
As on 31.3.2010
9,59,26,877
As on 31.3.2011
12,10,45,706
No. of Returns filed during the financial year
FY 2008-09
3,38,69,567
FY 2009-10
3,27,36,625
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1014
|
|
Government for reviewing DTA with Mauritius for better tax info
Posted Date : 05-Aug-2011 , 04:38:33 pm | Posted By CASANSAAR
The government is working to review the Double Taxation Avoidance Convention (DTAC) with Mauritius to further strengthen its provisions and have better exchange of information on tax matters with the island nation, which accounts for almost 36 per cent of FDI inflow to India. In a written reply to t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 731
|
|
No tax on Hutch deal under present laws: Vodafone in SC
Posted Date : 04-Aug-2011 , 10:21:12 pm | Posted By CASANSAAR
Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas transactions.
Senior advocate Harish Salve app...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 978
|
|
HDFC Bank starts income tax payment service through ATMs
Posted Date : 04-Aug-2011 , 07:19:10 am | Posted By CASANSAAR
Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank’s ATMs.
“With this facility, the bank has given its vast customer base the freedom from waiting in long queues at counters or logging into ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1021
|
|
Gifts received by Mayawati from supporters cannot be included in tax return: Delhi HC
Posted Date : 04-Aug-2011 , 07:11:43 am | Posted By CASANSAAR
In a reprieve to UP Chief Minister Mayawati, the Delhi High Court has ruled that gifts she received from party supporters cannot be included in her tax return for 2003-04, as it was not taxable under provisions of the Income Tax Act. The court dismissed the appeal of the Revenue Department which had...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 995
|
|
Release of Dos & Don'ts Manual by Chairman , CBDT
Posted Date : 03-Aug-2011 , 10:03:55 pm | Posted By CASANSAAR
Manual of Dos & Don'ts covering various aspects of General Conduct, Financial administration, Tax administration and Vigilance Administration etc prepared by the Vigilance Directorate , was released by Shri Prakash Chandra, Chairman CBDT during the Video Conference on 29.07.2011.
Click here to ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 987
|
|
SC to hear Vodafone
Posted Date : 03-Aug-2011 , 09:47:58 pm | Posted By CASANSAAR
The Supreme Court is likely to start the final hearing on the high profile Rs 11,000 crore tax dispute between telecom major Vodafone and the I-T Department tomorrow– a development that corporate India has been keenly watching. A three-judge bench headed by Chief Justice S H Kapadia is expecte...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 841
|
|
Standing Committee on Finance questions Rs 45 crore tax exemption to ICC
Posted Date : 03-Aug-2011 , 08:05:19 am | Posted By CASANSAAR
A parliamentary committee has rapped the income tax department for letting the Indian cricket board enrich itself at the expense of the exchequer. In a report placed before the Lok Sabha on Tuesday, the Standing Committee on Finance said the income tax (IT) department had been "very lenient" w...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 792
|
|
IT SEZ units to get tax sops soon. Notification to settle pending issue likely this month.
Posted Date : 02-Aug-2011 , 04:01:50 pm | Posted By CASANSAAR
Information technology and IT-enabled service units in special economic zones are going to be allowed the same tax concessions as given to developers of SEZs.
The government is to soon issue the new norms, as more and more IT companies don the function of a developer, empowering them to eve...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 912
|
|
E-filing of I-T returns jumps 140%
Posted Date : 02-Aug-2011 , 03:57:19 pm | Posted By CASANSAAR
5.3 mn e-returns filed till July 31, against 2.2 mn during the period last year.
The e-filing of income-tax returns has seen a major rise this year, with a 140 per cent jump in the number of filings till July 31, as compared to the same period in 2010-11.
A senior Income Tax Depa...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 916
|
|
M.C. Joshi Takes Over as Chairman, CBDT
Posted Date : 01-Aug-2011 , 09:47:06 pm | Posted By CASANSAAR
Shri M. C. Joshi has taken over as the Chairman, Central Board of Direct Taxes (CBDT) with effect from 1st August 2011. Shri Joshi belongs to the 1974 batch of the Indian Revenue Service (IRS). Earlier, he was THE Chief Commissioner of Income Tax, Uttaranchal, after having served in the Income Tax d...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1110
|
|
Names of tax defaulters to be made public
Posted Date : 01-Aug-2011 , 07:34:44 am | Posted By CASANSAAR
The committee will consider proposing a reward scheme for informants who supply information about such tax defaulters and which results into collection of the outstanding demands.
The other point in the terms of reference is to propose a scheme regulating such outsourcing to outside agencie...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 815
|
|
Govt panel on black money discusses changes in legislation
Posted Date : 30-Jul-2011 , 07:12:11 am | Posted By CASANSAAR
The government’s committee on unaccounted (‘black’) money met on Friday to discuss changes in existing legislation to address the issue. It discussed the responses the government had got till date from the general public on the problem.
The panel is chaired by Prakash Chan...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 659
|
|
RBI cautions RRBs on dealing with overseas entities
Posted Date : 29-Jul-2011 , 08:34:29 am | Posted By CASANSAAR
The Reserve Bank on Thursday asked all Regional Rural Banks to follow due diligence while dealing with transactions from persons and entities in eight countriers — Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey.
The bank cited a 2011 statement from the Financial ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 772
|
|
Govt will achieve tax collection targets: CBDT
Posted Date : 29-Jul-2011 , 08:26:13 am | Posted By CASANSAAR
Allaying fears of sluggish economic growth impacting tax collections, Central Board ofDirect Taxes ChairmanPrakash Chandra today exuded confidence that revenue targets for 2011-12 will be achieved. "We have got no indication (of slowdown impacting revenue collections). I am confident that direct tax...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 797
|
|
MMDR proposal to make India most taxed nation in mines sector: FICCI
Posted Date : 27-Jul-2011 , 10:08:38 pm | Posted By CASANSAAR
Industry bodyFICCI today said the imposition of additional burden on the mining and mineral sector under the proposedMines and Minerals (Development and Regulation) Act would lead India to become the highest taxed country in the sector. "Indian mining sector is already one of the highly t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 746
|
|
I-T returns: Special counters for Delhiites
Posted Date : 27-Jul-2011 , 05:18:54 pm | Posted By CASANSAAR
The Income Tax Department will open 50-special counters at Vikas Bhawan (near ITO) for residents of North-East and North-West Delhi from July 28 to July 31 to file their tax returns. The last date for filing of income tax returns for the assessment year 2011-12 is July 31.
"The ITD, New Del...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1670
|
|
Exemption from requirement of furnishing return of income for A.Y. 2011-12 where income does not exceed Rs. 5 lakhs
Posted Date : 26-Jul-2011 , 10:08:21 pm | Posted By CASANSAAR
Income to accept Return of individual with Rs. 5 lakhs of income – CBDT had exempted those having income less than Rs. 5 Lakhs for the assessment year 2011-12 from filing Income Tax return. Board now clarifies that the Department should accept returns from this exempted category of persons, if...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1423
|
|
India, Lithuania sign DTAA to check tax evasion
Posted Date : 26-Jul-2011 , 09:24:50 pm | Posted By CASANSAAR
India and Lithuania on Tuesday signed an agreement for avoidance of double taxation to prevent tax evasion and exchange of banking information between the two countries.
The double taxation avoidance agreement (DTAA) provides that business profits would be taxable in the source country if t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1235
|
|
RBI Hikes Repo, Reverse Rpo by 50 BPS each, CRR Unchanged
Posted Date : 26-Jul-2011 , 11:23:42 am | Posted By CASANSAAR
RBI raised interest rates by a higher-than-expected 50 basis points on Tuesday, stepping up its fight against persistently high inflation despite slowing growth in Asia's third-largest economy. TheReserve Bank of India (RBI) increased therepo rate , at which it lends to banks, to 8 per cent, exceedi...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 799
|
|
|
