Clarification form Finance Ministry: Exemption from filing returns is voluntary
Posted Date : 25-Jul-2011 , 12:55:32 pm | Posted By CASANSAAR
The finance ministry’s decision to exempt salaried people with taxable income up to Rs 5 lakh from filing returns has become a bane for some taxpayers. Though the ministry had clarified that it was not mandatory for taxpayers to avail of this privilege, some taxpayers willing to file returns d...
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I-T searches have no material implications: IRB Infra
Posted Date : 23-Jul-2011 , 12:37:39 pm | Posted By CASANSAAR
Highways developer IRB Infra today said searches conducted by the Income Tax (I-T) department at its premises has no material implications on the company.
"IRB Infrastructure Developers has cooperated with the authorities and various statements were recorded by the authorities during the ...
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E-filling of income tax returns may cross 50% this year
Posted Date : 23-Jul-2011 , 07:17:50 am | Posted By CASANSAAR
E-filing of income tax returns has increased so substantially over the past two years that the income tax department believes paper filing of returns would soon become a negligible proportion of the total. The department also says that e-filing, combined with its highly efficient and automated centr...
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IT raids at residences, offices of Malayalam superstars Mammootty and Mohanlal
Posted Date : 22-Jul-2011 , 02:57:33 pm | Posted By CASANSAAR
Income Tax officials today carried out simultaneous raids on the residences and offices of Malayalam superstars Mammootty and Mohanlal in Kerala , Tamil Nadu and Karnataka. According to IT sources, raids were being conducted on complaints that the stars had amassed wealth disproportionate...
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2G spectrum scam: Court allows I-T dept to quiz Raja, 5 others
Posted Date : 22-Jul-2011 , 07:12:21 am | Posted By CASANSAAR
A Delhi court on Thursday allowed the income tax department to interrogate six accused, including former telecom minister A Raja , arrested for their alleged involvement in the 2G scam. The 2G trial also kicked off on Thursday with public prosecutor making opening statement, in which he accused Swan...
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Females better tax planners, says report
Posted Date : 20-Jul-2011 , 07:13:02 pm | Posted By CASANSAAR
Female salaried employees are paying less tax than their male counterparts due to lower tax slabs and better investments, with the percentage of women with a low tax ratio of 0-5 per cent higher than their male counterparts, according to the latest study. As per the findings of the 'India Tax Ratio ...
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Govt to bring more services under the tax net, says official
Posted Date : 17-Jul-2011 , 09:36:42 pm | Posted By CASANSAAR
The Union finance ministry plans to bring more professions in the services sector under the tax net, a senior bureaucrat said in Mumbai on Sunday. He was speaking at a service tax related event organised by the Associated Chamber of Commerce (Assocham).
"More areas in the services sector ne...
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No returns filed by 300 political parties: I-T
Posted Date : 17-Jul-2011 , 07:40:59 pm | Posted By CASANSAAR
A country-wide probe conducted by the Income Tax (I-T) department has found that close to 300 registered political parties have never filed their tax returns and the Election Commission has now asked the department to issue notices to them.\
The probe, conducted after the EC asked the Cen...
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Rs 600 cr tax evasion in Jammu and Kashmir
Posted Date : 16-Jul-2011 , 03:55:08 pm | Posted By CASANSAAR
RTI group Sangrash on Saturday filed a writ petition in the state High Court over the the RTI on the Rs 600 crore tax evasion in Jammu and Kashmir.
The petition has been treated as a Public Interest Litigation (PIL) and a division bench will hear the case on July 20.
An RTI query which was revea...
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FinMin hopes tax treaty talks with Mauritius to resume before Sept
Posted Date : 16-Jul-2011 , 02:21:21 pm | Posted By CASANSAAR
The finance ministry hopes talks with Mauritius on the Double Tax Avoidance Agreement (DTAA) would restart before September.
“There may be some talks before September, I should say,” said Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra on the sidelines of a funct...
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Income tax staff crunch may help you escape scrutiny
Posted Date : 16-Jul-2011 , 02:18:56 pm | Posted By CASANSAAR
High-income earners need not sweat over the income tax official . going through their returns with a magnifying lens. There is nearly a 50% chance of their returns escaping a scrutiny because of a critical shortage of midlevel officers in the income tax department. Nearly half the posts of assi...
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President prods govt to hasten anti-black money drive
Posted Date : 16-Jul-2011 , 07:44:25 am | Posted By CASANSAAR
President Pratibha Patil on Friday asked the government to expedite its crusade against black money both within and outside the country.
Speaking at a celebration here to commemorate 150 years of the Income Tax, the President said government should give thrust to better global cooperation that can ...
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Govt plans to equip IT department with latest technology: Pranab
Posted Date : 16-Jul-2011 , 07:37:27 am | Posted By CASANSAAR
With its focus being on e-governance, the Income Tax Department is planning to equip itself with the latest technology for the benefit of tax payers.
“The Department has focused on e-governance initiatives to meet the challenges of the rapidly changing economic environment and the exp...
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BSE cancelled 1,350 trades
Posted Date : 16-Jul-2011 , 07:21:09 am | Posted By CASANSAAR
BSE on Friday cancelled about 1,350 trades done during the pre-open session in which several of the frontline stocks witnessed wild fluctuations. The exchange said that there was a technical glitch in the trading system on Friday morning that led to such major price swings.
Dealers said that stocks...
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House panel pulls up I-T for IPL mess, seeks action on BCCI
Posted Date : 15-Jul-2011 , 07:53:10 am | Posted By CASANSAAR
The Income Tax (I-T) department received flak from parliamentarians on Thursday for being “lax” and “lenient on BCCI” for the Indian Premier League (IPL) mess. The parliamentary standing committee on finance on Thursday finalised its report where it has sought a thorough prob...
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Hero pays Rs 811 crore tax on Honda stake buyout: CBDT
Posted Date : 15-Jul-2011 , 07:50:08 am | Posted By CASANSAAR
The BM Munjal-promoted Hero Group has paid Rs 811 crore as capital gains tax for buying out erstwhile partner Honda from their joint venture, Hero Honda, Central Board of Direct Taxes (CBDT) on Thursday said. "Hero has paid the entire tax amount of Rs 811 crore in two tranches, Rs 100 crore in March...
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Swiss financial system pays Rs 1-lakh cr tax a year
Posted Date : 14-Jul-2011 , 04:46:51 pm | Posted By CASANSAAR
They are accused of helping Indians and others evade tax and hide their black money, but the Swiss financial sector itself pays taxes totalling about Rs one lakh crore every year to its government.
In its latest report on "The Economic Significance of Swiss Financial Centre," the Swiss b...
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Now, pay only 15% tax on short-term gains
Posted Date : 14-Jul-2011 , 07:10:42 am | Posted By CASANSAAR
There is a dim ray of hope for scores of investors who were asked to pay a higher tax for selling shares within 30 days of purchase. The Income Tax Appellate Tribunal has ruled that profits from sale of shares held for even less than 30 days are eligible to be treated as "short term capital gains" o...
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Terms of Reference of The Task Force on Direct Transfer of Subsidies Extended
Posted Date : 13-Jul-2011 , 09:46:20 pm | Posted By CASANSAAR
The Ministry of Finance has decided to extend the terms of reference of the Task force which was constituted under the Chairmanship of Shri Nandan Nilekani, Chairman, Unique Identification Authority of India (UIDAI) to recommend and implement a solution for direct transfer of subsidies on Kerosene, ...
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Result of CA Final (May 2011) & CPT (June 2011)
Posted Date : 13-Jul-2011 , 01:56:10 pm | Posted By CASANSAAR
The results of the Chartered Accountants Final Examination held in May, 2011 and Common Proficiency Test (CPT) held in June, 2011 are likely to be declared on Tuesday, the 19th July, 2011, around 2:00 PM for more detail visit
http://220.227.161.86/23307result130711.pdf
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CBDT allows Mah Satyam to file revised returns for '03-07
Posted Date : 13-Jul-2011 , 07:28:19 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) is believed to have turned down the request of Mahindra Satyam to fully adjust taxes paid by its erstwhile owner Ramalinga Raju on fictitious income.
Tech Mahindra had acquired Satyam Computer, after a multi-crore accounting fraud in the company came...
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Payments to foreign companies for uploading ads not taxable: Income Tax Appellate Tribunal
Posted Date : 12-Jul-2011 , 07:07:57 am | Posted By CASANSAAR
Payments to a foreign company for uploading banner advertisements on portals are not liable to be taxed in India, the Income Tax Appellate Tribunal (ITAT) has ruled in an appeal filed by software company Yahoo India. Such payments are not in the nature of royalty and, therefore, do not come under th...
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Immovable property deals without PAN on income tax radar
Posted Date : 11-Jul-2011 , 12:11:36 pm | Posted By CASANSAAR
Empowered CIB to play lead role in recovering tax evaded.
Third-party information related to high-value transactions in immovable properties would be one of the focus areas of the Income Tax (I-T) Department this year, for tracking tax evasion and generating additional tax revenues.
...
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I-T Dept looks into Videocon-Datacom deal tax implications
Posted Date : 10-Jul-2011 , 10:18:01 pm | Posted By CASANSAAR
After Swan and Unitech Wireless, the Income Tax Department is looking into the tax implications of a deal between Datacom solutions and the Videocon Group after the former was allotted 2G licences in 21 circles for Rs 1,507 crore in 2008. In a complex structure, Videocon Telecommunications was origi...
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Now e-ticketing through SMS instead of normal print-outs.
Posted Date : 10-Jul-2011 , 08:34:24 am | Posted By CASANSAAR
Now railway passengers can get their e-tickets on their cell phones instead of normal print-outs.
Named as 'm-ticket', the mobile phone-based ticket booking system envisages a passenger to book his train ticket through mobile phones and carry the display ticket, sent to his cell phone throu...
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SC gives two weeks relief to Satyam in tax case
Posted Date : 08-Jul-2011 , 07:30:39 am | Posted By CASANSAAR
The Supreme Court on Thursday directed that the order of the Central Board of Direct taxes (CBDT) with regard to its multi crore tax demand from Mahindra Satyam Computer will not come into effect for two weeks.
The order of the Apex Court headed by Chief Justice of India SH Kapadia, Justice...
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Direct tax collection in Q1 up 24 percent
Posted Date : 08-Jul-2011 , 07:27:39 am | Posted By CASANSAAR
The country's direct tax collection has increased almost 24 percent in the first quarter of the current fiscal year and stood at Rs.104,136 crore as compared to Rs.84,041 crore in the like period of last fiscal, official data showed on Thursday. According to the figures released by the finance minis...
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SEZ sales by realtors under I-T scanner
Posted Date : 07-Jul-2011 , 12:50:34 pm | Posted By CASANSAAR
Smelling the possibility of major tax evasion and routing of unaccounted income, the income tax department has started re-opening cases pertaining to the sale of sites in Special Economic Zones (SEZs) by developers, especially to associated entities.
A senior I-T department official associated wi...
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First quarter tax collection figures belie fears of economic slowdown
Posted Date : 07-Jul-2011 , 07:39:21 am | Posted By CASANSAAR
Belying slowdown fears, the government’s net indirect tax receipts recorded 32 per cent increase to Rs 76,499 crore, while gross direct tax collections rose about 23 per cent to Rs 1,03,000 crore in the first quarter ending June 2011. Net direct tax receipts, however, showed about 17 per cent ...
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RBI sets limit on MF investments
Posted Date : 06-Jul-2011 , 07:23:17 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday put a limit on how much banks can invest in liquid and short term schemes of mutual funds, a decision that can impact adversely the assets under management (AUM) of fund houses that rely heavily on money flows from banks.
The central bank said that a ban...
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