TCS has not received any tax scrutiny notice: Ratan Tata
Posted Date : 02-Jul-2011 , 07:23:09 am | Posted By CASANSAAR
IT major TCS's Chairman Ratan Tata today said the company has not received any scrutiny notice from the Income Tax Department for claiming tax benefits on its onshore services. "We have not received any such notice. I am not too sure of the veracity of that report. Unfortunately, people read these r...
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CBDT plans 11 more directorates for tax exemption cases
Posted Date : 30-Jun-2011 , 10:11:00 am | Posted By CASANSAAR
To speed up clearances of tax exemption cases, the Central Board of Direct Taxes (CBDT) will set up 11 more specialised offices in the country.
"CBDT plans to have directorate [exemptions] in all the states and to begin with we will be setting up 10-11 new directorates," a revenue officia...
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Income Tax |
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PAN mandatory for Rs 5 lakh and above jewellery purchases, for issuing debit cards ,LIP of more than 50k from tomorrow.
Posted Date : 30-Jun-2011 , 09:50:32 am | Posted By CASANSAAR
Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs five lakh or more from tomorrow -- a move that would help the tax department keep an eye on such high value transactions.
As per the amendments in the income tax rules, coming into effect from July 1...
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Centralised system to identify tax defaults soon
Posted Date : 30-Jun-2011 , 09:17:50 am | Posted By CASANSAAR
In a bid to tighten the noose around defaulters, the Income Tax Department will set up a centralised system to identify entities which deduct tax at source but do not deposit it with the government.
"This Centralised Processing Centre (CPC) would be set up to process TDS (tax deducted at so...
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fone CFO says $2.6bn tax on deal with Hutchison unfair
Posted Date : 29-Jun-2011 , 10:29:17 am | Posted By CASANSAAR
Terming the USD 2.6 billion tax liability on the company as "inequitable", UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake.
Vodafone exuded confidence that there was no tax payable on its...
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Income Tax |
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0 | Hits : 718
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Religious trusts protest abolition of tax exemption
Posted Date : 29-Jun-2011 , 08:37:03 am | Posted By CASANSAAR
It's rare to see leaders of various religious sects getting together for a common cause. On Tuesday, members of Hindu, Muslim, Jain, Parsee, Swaminarayan and Christian trusts came together under a federation to voice their protest against propositions in Direct Tax Code (DTC).
The soon to come new ...
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Commerce Ministry to move parliamentary panel on tax gains for SEZs
Posted Date : 28-Jun-2011 , 09:47:24 am | Posted By CASANSAAR
Its dream of creating special enclaves for exports in tatters because of changes in tax laws, the commerce ministry has decided to plead its case before the parliamentary standing committee looking into the direct taxes code bill during the monsoon session that begins in a month. An exporters' ...
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Taxing aviation won't pay, experts warn government
Posted Date : 27-Jun-2011 , 10:30:31 am | Posted By CASANSAAR
India has come under criticism for imposing fresh taxes on international air travellers in the current budget, with global aviation experts terming it as an easy "financial grab" that would affect the economy in the long run. "While taxes provide a tangible short-term revenue boost to the gove...
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IB seeks details of private agency roped in by CBDT to sweep finance ministry premises of 'planted adhesives'
Posted Date : 27-Jun-2011 , 07:56:52 am | Posted By CASANSAAR
The government may be pulling all stops to dismiss the controversy over suspected bugging of finance minister's office as a "non-event", but the dust has not quite settled. After the media reports on Chewing Gum Gate, the Intelligence Bureau, or IB, has discreetly reopened the inquiry into facts tha...
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Income Tax |
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0 | Hits : 706
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Taxpayers can now file returns through mobile phones
Posted Date : 25-Jun-2011 , 07:52:11 am | Posted By CASANSAAR
Online income tax return filing company TaxSpanner today announced launch of mobile version of its solution that would enable users to file income tax returns (ITR) from their handset.
"After introducing the eFile by eMail option where customers need to just send us an email with a few deta...
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India amends tax treaty with Singapore
Posted Date : 25-Jun-2011 , 07:33:47 am | Posted By CASANSAAR
India and Singapore on Friday amended their Double Taxation Avoidance Agreement (DTAA) to enable more effective mutual exchange of banking and tax related information.
Under the DTAA amendment protocol, which was signed here by Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra a...
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Salaried persons with less than Rs 5 lakh taxable income need not file returns
Posted Date : 24-Jun-2011 , 08:04:43 am | Posted By CASANSAAR
Salaried individuals with taxable income of less than Rs 5 lakh will not have to file income-tax returns in the current assessment year. The finance ministry notified the scheme on Thursday, spelling out the conditions for the exemption announced in the Budget for 2011-12. Individuals with total tax...
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0 | Hits : 1289
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Cost Inflation Index for Financial Year 2011-12 / Assessment year 2012-13
Posted Date : 24-Jun-2011 , 08:03:08 am | Posted By CASANSAAR
CBDT has vide Notification No. 35/2011 dated declared cost inflation Index for the financial year 2011-12. Cost inflation index for the financial year 2011-12 (Assessment year 2012-13) is 785. Full text of the Notification is as follows:-
COST INFLATION INDEX FOR FINANCIAL YEAR 2011-12
NOTIFIC...
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Income Tax |
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Period of Validation of Registration in Chartered Accountancy Course
Posted Date : 24-Jun-2011 , 07:45:47 am | Posted By CASANSAAR
Important Announcement for Chartered Accountancy Course Students
BoS/Announcement/227/11
June 23, 2011
Sub: Period of Validation of Registration in Chartered Accountancy Course
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In order to streamline the period of validity of registration for Common...
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Income Tax |
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0 | Hits : 1647
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Tax evasion: Govt authorises IT Department to initiate legal action
Posted Date : 23-Jun-2011 , 08:16:23 am | Posted By CASANSAAR
The Government has authorised the Income Tax Department to initiate legal action in tax evasion cases where Indian investments are located in foreign countries. Official sources said in New Delhi that the Central Board of Direct Taxes has issued an order that the Income Tax department does not need ...
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No excise duty on school uniforms, towels: CBEC
Posted Date : 23-Jun-2011 , 08:15:42 am | Posted By CASANSAAR
In a relief to the garment industry, the government today said no excise duty will be imposed on uniforms and items like towels if they merely bear logo of the institution or company they are made for.
".Such products would not merit treatment as branded products merely because the name of the sc...
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Income Tax inquiry against former Chief Justice Balakrishnan
Posted Date : 23-Jun-2011 , 07:18:51 am | Posted By CASANSAAR
The Home Ministry has asked the revenue department for a report on allegations that former Chief Justice of India K G Balakrishnan acquired assets disproportionate to his known sources of income during his tenure as a Supreme Court judge and CJI.
Sources said the move to ask...
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I-T dept to start prompt action against tax evaders
Posted Date : 23-Jun-2011 , 07:14:54 am | Posted By CASANSAAR
Taking a step forward against black money, the Finance Ministry has asked the Income Tax Department to launch immediate prosecution action in tax evasion cases wherein tangible assets and investments are located in foreign shores.
The department has been asked to do away with the norm of ta...
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0 | Hits : 711
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CBDT Press Release on exemption from filing I-T return for persons with income up to Rs 5 lakh
Posted Date : 23-Jun-2011 , 05:54:31 am | Posted By CASANSAAR
The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.
Individuals having total income up to Rs.5,00,000 for FY 2010-11, aft...
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How to verify correctness of TDS Certificate (Form 16A) issued by the deductor
Posted Date : 22-Jun-2011 , 09:02:45 am | Posted By CASANSAAR
NSDL has recently started a online facility by which deductee can verify the correctness of TDS Certificate (Form 16A) issued by the deductor. To know the correctness deductee must have the following details or should have a copy of TDS certificate issued by the deductor as information from th...
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Govt resumes talks on tax treaty: FM
Posted Date : 22-Jun-2011 , 08:57:10 am | Posted By CASANSAAR
A day after the stocks fell over 300 points, the government on Tuesday said it has resumed talks with Mauritius for re-negotiation of the 30-year-old Double Taxation Avoidance Agreement (DTAA).
"As far as DTAA with Mauritius is concerned, it is nothing new. It is an old one. For some time ta...
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GST regime unlikely; states oppose draft bill
Posted Date : 22-Jun-2011 , 08:52:51 am | Posted By CASANSAAR
Introduction of indirect tax reforms through the common goods and services tax, or GST, from the next fiscal appears uncertain with fresh opposition pouring in from BJP-ruled states who claim that it would reduce their status to that of municipalities and corporations. "The kind of draft that they (...
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Online filing of income tax returns jumps 80 pc
Posted Date : 21-Jun-2011 , 09:20:02 am | Posted By CASANSAAR
Online filing of tax returns in India jumped 80 per cent to 91.57 lakh in 2010-11 and is projected to zoom to to 7.5 crore in five years, according to an online service portal. SNK ETax Solutions Chairman Sanjay N Kapadiaa said in 2010-11, the number of tax returns filed was 4.4 crore, compared to 3...
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Hero Honda shareholders approves the changing of name to Hero MotoCorp
Posted Date : 21-Jun-2011 , 08:10:11 am | Posted By CASANSAAR
The shareholders of the country’s largest two wheeler maker Hero Honda has approved the changing of the name of the company to Hero MotoCorp Ltd, post the exit of Japan’s Honda from the firm.
At an extraordinary general meeting of the company held last Friday, the shareholders a...
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0 | Hits : 829
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FDI grows by 43% in April to USD 3.12 billion
Posted Date : 21-Jun-2011 , 08:08:40 am | Posted By CASANSAAR
Following three months of consecutive decline, foreign direct investment (FDI) flows into India grew by about 43 per cent to USD 3.12 billion in April, 2011.
The country received USD 2.17 billion worth of FDI in April, 2010.
“The figure is showing a recovery in the global mar...
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0 | Hits : 730
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Direct tax collections crosses Rs one trillion in Q1
Posted Date : 21-Jun-2011 , 07:59:44 am | Posted By CASANSAAR
Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in the same period last fiscal and Rs 77,500 crore in Apr...
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FinMin resumes tax treaty talks with Mauritius
Posted Date : 21-Jun-2011 , 03:47:24 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee said on Tuesday India has resumed talks with Mauritius on a double taxation avoidance agreement.
"So far as the Mauritius double taxation avoidance agreement negotiations are concerned, it is an old one. For some time the talks were suspended; now it has ...
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Taxman pins hope on TDS to meet target: first target Interest income and Salary to be next...
Posted Date : 20-Jun-2011 , 10:18:03 am | Posted By CASANSAAR
CBDT to keep an eye on interest earned from bank fixed deposits.
Amid apprehension over slowing corporation tax collections, the Central Board of Direct Taxes (CBDT) plans to increase the contribution of tax deducted at source (TDS) in the direct tax kitty from 37 per cent to 40 per cent....
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0 | Hits : 773
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I-T Dept probes tax violations by charitable, religious trusts
Posted Date : 19-Jun-2011 , 05:03:49 am | Posted By CASANSAAR
Leaving no stone unturned to check tax evasion, the Income Tax department has begun a countrywide investigation of charitable and religious trusts that have been found violating tax exemption rules and are using donation funds for business purposes.
A classified report prepared by the depar...
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0 | Hits : 974
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Annual medical check-ups' expenses to be exempt from I-T
Posted Date : 19-Jun-2011 , 04:58:49 am | Posted By CASANSAAR
In a major relief to employees, the Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups.The Central Board of Direct Taxes (CBDT) has issued a notification in this regard.As per the notification, no income tax will be le...
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