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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Income Tax |
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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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Income Tax |
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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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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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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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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...
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Income Tax |
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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...
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Income Tax |
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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...
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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...
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Income Tax |
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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 ...
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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 ...
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'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 ...
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Income Tax |
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'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...
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Income Tax |
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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 ...
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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...
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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...
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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...
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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...
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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...
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0 | Hits : 822
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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 ...
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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...
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0 | Hits : 1305
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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 ...
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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...
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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 ...
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Income Tax |
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1 | Hits : 799
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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...
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