I-T Dept to provide political parties'' tax return details
Posted Date : 16-Jun-2011 , 10:11:17 am | Posted By CASANSAAR
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard. The department, according to sources, used to restrict such information, citing section 138 of t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 757
|
 |
Post Office savings accounts to be taxed from current fiscal
Posted Date : 16-Jun-2011 , 10:09:58 am | Posted By CASANSAAR
The government has decided to levy tax on the interest obtained on Post Office savings schemes from the current financial year. The Central Board of Direct Taxes ( CBDT )) has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of in...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1278
|
|
India Inc continues good show, Q1 advance tax payment up 15%
Posted Date : 16-Jun-2011 , 07:55:25 am | Posted By CASANSAAR
Indian companies paid about 15% higher advance tax in April-June compared to a year ago, belying apprehensions of a slowdown and indicating better corporate earnings ahead. Companies across sectors - manufacturing, FMCG, banking and finance - have paid higher advance tax in the first installment. "T...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1056
|
|
Cost Accounting Rules for Industry Steamlined...
Posted Date : 16-Jun-2011 , 04:17:54 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has done away with a 46-year system of prescribing sector-specific cost accounting record maintenance rules for 36 industrial segments. Instead, it has notified a common rule that outlines the broad principles companies need to follow.
The p...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1193
|
|
RBI interest rate increase worries CBDT
Posted Date : 15-Jun-2011 , 07:14:14 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) is worried over interest rate rises by the Reserve Bank of India (RBI) to curb inflation impacting direct tax collections in this financial year.
CBDT officials told Business Standard that companies had indicated the rate rise was raising their cost ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 853
|
|
Earnings from bribe may be made criminal offence under IT Act
Posted Date : 14-Jun-2011 , 07:20:28 am | Posted By CASANSAAR
In a bid to tackle tax evasion and check generation of illicit money, the government is considering classifying earnings from illegitimate sources like bribery and corruption as criminal offences under the income tax laws. "The income earned from illegitimate means could be classified as a criminal ...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 942
|
|
'Have toolbox to deal with tax havens not sharing info'
Posted Date : 14-Jun-2011 , 06:59:25 am | Posted By CASANSAAR
Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary."We have developed a toolbox... We have enabled ourselves to ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 701
|
|
'Tax offences can be criminal only in cases of illegal income'
Posted Date : 11-Jun-2011 , 08:26:56 am | Posted By CASANSAAR
Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But "if it is a tax evasion alone, it is a civil offence," the official said He, however, asserted that "if there is a...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 786
|
|
Difficult to recover taxes from Hasan Ali: I-T official
Posted Date : 09-Jun-2011 , 12:01:35 pm | Posted By CASANSAAR
The Income Tax Department today expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets."Hasan Ali does not have enough assets to meet the tax liability," an I-T department official said.Khan, who is accused ...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 773
|
|
Extra efforts would be required to achieve tax targets: Pranab
Posted Date : 08-Jun-2011 , 11:43:20 am | Posted By CASANSAAR
Amid fears of moderation in growth, Indian Finance Minister Pranab Mukherjee Wednesday said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15 per cent more than the last fiscal.The Minister, while addressing the annual conference of chief com...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 681
|
|
Govt bets on new tax code to bring back black money
Posted Date : 07-Jun-2011 , 08:26:19 pm | Posted By CASANSAAR
The DTC is proposed to be implemented from April next year
With the growing pressure for steps to tackle unaccounted income hidden abroad, the government has identified the proposed Direct Taxes Code (DTC) as a significant tool in this regard.
The DTC is proposed to be implemented from Apr...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 744
|
|
Committee on black money likely to hold 1st meet on June 9
Posted Date : 06-Jun-2011 , 09:46:15 pm | Posted By CASANSAAR
The CBDT chairman-headed committee, set up to strengthen ways to curb black money in the country, is likely to hold its first meeting on June 9. The meeting, which comes in the backdrop of the agitation led by Yoga guru Baba Ramdev, will begin with discussions and modalities on a number of issues re...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 740
|
|
No filing of tax return for salary and interest income up to Rs 5 lakh
Posted Date : 06-Jun-2011 , 09:26:33 pm | Posted By CASANSAAR
As many as 85 lakh salaried tax payers whose taxable income, including salary and interest income, is up to Rs 5 lakh, are not required to file income-tax return from now onwards. "No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1247
|
|
Gross Direct Tax Collections up by 37.34 per cent while Net Direct Tax Collections Decline by 47.93 per cent during First Two Months of Current Financial Year
Posted Date : 06-Jun-2011 , 11:03:50 am | Posted By CASANSAAR
Gross direct tax collections during the first two months of the current financial year (April & May 2011) are up by 37.34 percent at Rs.50,405 crore as against Rs.36,702 crore in the same period during the last fiscal. Net direct tax collections were, however, down by 47.93 per cent at Rs.12,954...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 793
|
|
CBI, I-T on Ramdev trail
Posted Date : 05-Jun-2011 , 08:49:46 pm | Posted By CASANSAAR
After the midnight purge, Baba Ramdev now faces CBI and income tax department scrutiny. The government activated the two agencies to look into the companies, properties and audit accounts of the yoga guru and his aides on Sunday, the day it broke up his fast,evicting him and his supporters from the ...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1077
|
|
PAN to be must for all high-value spendings, overseas travels and new debit cards to come under lens
Posted Date : 03-Jun-2011 , 08:30:00 pm | Posted By CASANSAAR
All high-value jewellery purchases, debit card requests, overseas travels, and life insurance premiums over Rs 50,000 will soon be tagged, with the Central Board of Direct Taxes making it mandatory to quote permanent account numbers (PAN) in such transactions. The Income-Tax department has amended r...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1287
|
|
Govt amends guidelines, allows tax relief for infrastructure funding companies
Posted Date : 03-Jun-2011 , 11:28:25 am | Posted By CASANSAAR
The government today amended guidelines for Public Financial Institutions (PFIs) permitting private companies, primarily engaged in infrastructure funding , to attain the status of a PFI and, seek tax and other benefits. Under the new norms notified by the Ministry of Corporate Affairs, any company ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 751
|
|
Income-tax department to seek details of Hasan Ali Khan's Swiss Bank accounts
Posted Date : 02-Jun-2011 , 08:51:56 pm | Posted By CASANSAAR
The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan's Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 795
|
|
HC rejects Shanti Bhushan''s plea seeking IT waiver for surgery
Posted Date : 01-Jun-2011 , 09:08:08 pm | Posted By CASANSAAR
Shanti Bhushan, former Union Minister and member of Lokpal Bill drafting committee, the Delhi High Court today dismissed his plea seeking waiver in the levy of income tax on expenses incurred for his heart surgery at Houston in the USA.
"We are of the opinion that concerning judgements and ...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 787
|
|
Govt overdrive to check black money yielding results
Posted Date : 01-Jun-2011 , 08:20:15 am | Posted By CASANSAAR
Amid the threat of Yoga Guru Baba Ramdev to go on hunger strike on the issue of black money from June 4, the government today said the series of steps taken by it to unearth unaccounted wealth have started yielding results.The income tax department, sources said, has detected unaccounted income o...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 809
|
|
To retrieve tax arrears, I-T to unleash power to arrest
Posted Date : 01-Jun-2011 , 06:09:06 am | Posted By CASANSAAR
The Income Tax Department is all set to crack the whip on tax defaulters by invoking its power, which has not been used for many years, to arrest and prosecute evaders.The step comes in the backdrop of the government initiating various steps to curb generation of black money in the country and a...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 765
|
|
I-T aims at over Rs 1 lkh cr refunds this fiscal: CBDT
Posted Date : 31-May-2011 , 09:39:30 pm | Posted By CASANSAAR
The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. "We intend to refund approximately Rs 1 lakh crore this fiscal," the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra sa...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 730
|
|
Montek favours introducing inheritance tax
Posted Date : 31-May-2011 , 09:12:17 pm | Posted By CASANSAAR
Planning Commission Deputy Chairman Montek Singh Ahluwalia today favoured imposition of inheritance tax as part of overall direct tax reforms.
"I think in any comprehensive reform of the direct tax system, if somebody were to say that we should have an inheritance tax, it should be considered as pa...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 711
|
|
CBDT retains right to snoop on tax evaders
Posted Date : 31-May-2011 , 09:10:34 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), the controlling authority of Income Tax department, will continue to have the right to tap phones of tax evaders on specific information, outgoing CBDT chairman Sudhir Chandra said on Tuesday.
"The power of interception stays with CBDT as there is no change...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 698
|
|
Prakash Chandra takes over as Chairman CBDT
Posted Date : 31-May-2011 , 11:14:04 am | Posted By CASANSAAR
Shri Prakash Chandra, an IRS (IT) Officer of the 1973 batch, took over as Chairman of Central Board of Direct Taxes (CBDT) today afternoon. He will also continue to look after the work relating to Personnel and Vigilance matters.
Shri Chandra was Director General of Income Tax (Investigation) in Ra...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 741
|
|
Delhi HC directs ICAI to put Satyam scam on fast track
Posted Date : 30-May-2011 , 08:36:37 pm | Posted By CASANSAAR
The Delhi High Court has allowed proceedings by the Institute of Chartered Accountants of India (ICAI) against two Satyam auditors.
Furthermore, ICAI can now take disciplinary actions against two former PricewaterhouseCoopers auditors Subramani Gopalakrishnan and Srinivas Talluri. "The cour...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 778
|
|
Govt committee to probe tax-related criminal offences
Posted Date : 30-May-2011 , 11:14:47 am | Posted By CASANSAAR
The government today announced setting up of a special wing -- Directorate of Income Tax (Criminal Investigation) -- to investigate criminal offences under direct tax laws.The DCI, to be set up with immediate effect, would collect information about persons and transactions connected with criminal ac...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 779
|
|
I-T dept to publish & expose names of tax defaulters
Posted Date : 30-May-2011 , 05:48:36 am | Posted By CASANSAAR
With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the whereabouts of defaulters, the Income Tax(I-T) department is working on plans to publish their names in newspapers.The problem has been further compounded with several of the tax defaulters having ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 768
|
|
I-T dept hits transparency button
Posted Date : 29-May-2011 , 08:31:35 pm | Posted By CASANSAAR
To bring in more transparency in Income Tax (I-T) search and survey operations, the Central Board of Direct Taxes has asked all officials attached to its investigation and assessment wings to compulsorily provide phone numbers of their seniors to taxpayers during an operation.
The move is intended...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 827
|
|
FinMin sets up panel to suggest framework to seize black money
Posted Date : 28-May-2011 , 08:42:59 am | Posted By CASANSAAR
Facing flak from different quarters for not doing enough to deal with the black money menace, the Government of India on Saturday constituted a high-level committee of taxmen to suggest a legal framework for confiscating such wealth by declaring it as "national assets".The Government is under imm...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 831
|
|
|
