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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Income Tax |
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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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Mumbai I-T Dept. to collect 17% more corporate tax this year
Posted Date : 05-Jul-2011 , 11:03:10 am | Posted By CASANSAAR
The Mumbai income-tax department, which accounts for 35-40 % of the country's total tax collections, is planning to collect 17.2% more corporate tax than last year, as revenue authorities expect buoyancy in the economy seen last year, to continue. The projected corporate tax collection from Mum...
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Australia tax office takes aim at foreign companies on tax avoidance
Posted Date : 04-Jul-2011 , 02:35:39 pm | Posted By CASANSAAR
Australia's tax-collector plans to target foreign companies in a renewed crackdown on tax avoidance, with special focus on firms that shift profits offshore to minimise local tax. The Australian Tax Office, one of the world's most aggressive tax agencies, outlined profit-shifting and mult...
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CA gets 7-yr RI for forging I-T returns
Posted Date : 04-Jul-2011 , 07:27:08 am | Posted By CASANSAAR
L Vijayaraghavan, a city-based chartered accountant, has been sentenced to undergo rigorous imprisonment for seven years by the Additional Chief Metropolitan Magistrate (Economic Offences CourtI) in Egmore here, for forging a challan.
The charge against the CA was that while submitting his ...
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''ICAI accounting format for parties to ensure transparency''
Posted Date : 04-Jul-2011 , 07:19:15 am | Posted By CASANSAAR
In a bid to ensure transparency in their functioning, a format for accounting and auditing of income and expenditure of political parties has been submitted to Election Commission by the Institute of Charted Accountants of India, a top ICAI official has said.
The implementation of the unifo...
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0 | Hits : 819
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Major PSU banks may raise lending rates soon
Posted Date : 03-Jul-2011 , 06:43:02 pm | Posted By CASANSAAR
Major public sector banks, including State Bank of India, Punjab National Bank and Bank of Baroda, are likely to soon raise lending rates making home, auto and commercial loans expensive.
As many as a dozen banks, including private sector leader ICICI Bank have already hiked their lending...
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Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature
Posted Date : 02-Jul-2011 , 09:09:14 pm | Posted By CASANSAAR
Income-Tax (Sixth Amendment) Rules, 2011 – Amendment in Rule 12
Notification No. 37/2011 [F. No. 149/68/2011-So (Tpl)], Dated 1-7-2011
In exercise of the powers conferred by section 295, read with section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby ...
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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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Income Tax |
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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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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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Income Tax |
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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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Income Tax |
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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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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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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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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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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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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 : 741
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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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