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
|
 |
India inks DTAA with Ethiopia to check tax evasion
Posted Date : 26-May-2011 , 09:19:43 pm | Posted By CASANSAAR
India has signed a Double Taxation Avoidance Agreement (DTAA) with Ethiopia to check tax evasion and facilitate exchange of banking information.The agreement was signed by External Affairs minister S M Krishna and Ethiopia's minister of Finance and Economic Development Sufian Ahmed, in the pre...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1305
|
|
EPFO to contest tax demand on PF from CBDT, CBEC
Posted Date : 26-May-2011 , 09:15:17 pm | Posted By CASANSAAR
The Employees Provident Fund Organisation (EPFO) is ready to take on the tax departments over the issue of income tax and service tax demands raised on the organisation.
The EPFO had approached the finance ministry for help, which advised it to go through the legal procedure. Accordingly, E...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 874
|
|
DLF gets Rs 1,700 crore tax notice
Posted Date : 25-May-2011 , 08:48:46 pm | Posted By CASANSAAR
Realty major DLF has said income tax authorities have slapped additional tax notices for over Rs 1,700 crore pertaining to 2008-09 assessment year after being disallowed its profits in SEZ projects. The company said it is challenging the orders with appropriate authorities and hopes that these deman...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 745
|
|
Income below Rs 5 lakh? You need not file returns
Posted Date : 24-May-2011 , 09:51:46 pm | Posted By CASANSAAR
The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns.
A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee when he presented the Budget in February.
On Tuesday, Pranab M...
Continue Reading...
Category :
Income Tax |
Comments :
3 | Hits : 4937
|
|
Finance ministry may delay income-tax refunds
Posted Date : 24-May-2011 , 09:32:45 pm | Posted By CASANSAAR
The finance ministry may delay income-tax refunds to cushion strained resources as it fears a drop in revenue collection because of rising inflation and moderation in growth. "I would like to sound a note of caution in respect of targets for direct taxes that have been set for this year at Rs 5.32 l...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 924
|
|
CBDT plans to use third parties to recover tax dues
Posted Date : 24-May-2011 , 09:28:30 pm | Posted By CASANSAAR
Agencies to help get data on assets of taxpayers. The Central Board of Direct Taxes (CBDT) is considering use of third parties to recover tax dues. This is part of a plan to control mounting tax arrears.
The plan has been envisaged because insufficient information on assets of taxpayers is ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 887
|
|
FM prods I-T dept to strive hard to achieve tax collection target
Posted Date : 24-May-2011 , 09:22:54 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee has asked income tax officials to strive hard to achieve the collection target for the financial year 2011-12 that may be difficult due to slowing economy. "International economic situation is not very conducive and highly uncertain... The targets are very steep and...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 782
|
|
'Amended DTAAs to help dealing with black money'
Posted Date : 24-May-2011 , 05:18:34 am | Posted By CASANSAAR
Indian Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money."Income Tax Department is engaged in ways to tackle with black money," he told reporter...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 731
|
|
Non-profit sector under tax scanner
Posted Date : 23-May-2011 , 09:01:37 pm | Posted By CASANSAAR
The non-profit sector is expected to face tough scrutiny from the taxman in the coming days as the income tax department suspects that charitable institutions are being used to avoid tax payment. A senior official said the focus would specifically be on educational institutions, considering that sev...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 788
|
|
Black money: Central Board of Direct Taxes on foreign bank account trail
Posted Date : 23-May-2011 , 08:59:21 pm | Posted By CASANSAAR
The Central Board of Direct Taxes has begun a crackdown on those found to have undislcosed foreign bank accounts, intensifying its drive against black money. The apex direct taxes body has asked income tax officials to initiate prosecution if a taxpayer is found to have assets overseas but has not d...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1090
|
|
'Actor' Tendulkar allowed to claim tax deduction - ITAT
Posted Date : 23-May-2011 , 08:57:46 pm | Posted By CASANSAAR
An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements.
The two-member tribunal, which gave its order on May 20, upheld the cricket legend's argument that he was an 'actor' while appearin...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1115
|
|
I-T starts scrutiny of frozen IPO scam demat accounts
Posted Date : 22-May-2011 , 10:23:09 am | Posted By CASANSAAR
The Income Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts."Investigation and intelligence wings have started looking into the frozen accounts with...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 744
|
|
Rs 30,000 cr black money recovered by CBDT
Posted Date : 18-May-2011 , 05:09:49 am | Posted By CASANSAAR
Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers.
The CBDT is in the process of creating a Directo...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 856
|
|
CBDT Circular No-03/2011, Dated: May 13, 2011
Posted Date : 17-May-2011 , 09:35:02 pm | Posted By CASANSAAR
Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961.
http://casansaar.com/notification_details.php?id=135...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3458
|
|
Tax arrears are zooming: CAG
Posted Date : 17-May-2011 , 09:16:33 pm | Posted By CASANSAAR
Comptroller and Auditor General of India (CAG) has expressed concern over a huge build-up of tax arrears due to a poor recovery mechanism and lack of staff in the income tax (I-T) department. According to a latest CAG's audit finding report, which is yet to be tabled in Parliament, shows due to lack...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 771
|
|
Tax board targets Rs 5,30,000 crore collection in 2011-12
Posted Date : 17-May-2011 , 09:14:02 pm | Posted By CASANSAAR
Enthused by a good tax collection in 2010-11 fiscal, India's Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. "In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 716
|
|
Foreign cos to pay tax on all rev from seismic data contracts
Posted Date : 17-May-2011 , 05:30:16 am | Posted By CASANSAAR
Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal.In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway even i...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 948
|
|
2G scam: SC pulls up I-T dept for slow pace of probe
Posted Date : 16-May-2011 , 08:58:50 pm | Posted By CASANSAAR
The Supreme Court on Monday castigated the Income Tax Department for its inertia in dealing with telecom companies involved in 2G spectrum allocation scam. The I-T department, however, said that it has issued notices to the companies that have sold their controlling stakes after getting the allotmen...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 739
|
|
Income Tax notices to Bhave routine affair: CBDT
Posted Date : 16-May-2011 , 11:00:29 am | Posted By CASANSAAR
The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year.The ITD has also initiated enquiry against two serving members of the Security and Exchange Board of India (Se...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 835
|
|
Tax exemption on 9.5% interest on PF for 2010-11
Posted Date : 16-May-2011 , 10:58:41 am | Posted By CASANSAAR
Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5 per cent interest income on PF deposits for 2010-11.The Finance Ministry notification last week raises the income tax exemption to 9.5 per cent interest income from 8.5 per cent.The decision clears t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 889
|
|
India Signs DTAA with Republic of Colombia for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on income
Posted Date : 13-May-2011 , 09:16:04 pm | Posted By CASANSAAR
India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes on beh...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 785
|
|
MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode
Posted Date : 13-May-2011 , 11:11:14 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL) mode. Accordingly, the circular No. 9/2011 has been re...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 852
|
|
Haryana asks I-T sleuths to curb pilferage of tax
Posted Date : 13-May-2011 , 11:10:02 am | Posted By CASANSAAR
Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release.The Governor was speaking at a function to give away completion certificates of the On-the-Job-Training Course to the 64t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 814
|
|
CAG to review transfer pricing case, says I-T dept
Posted Date : 12-May-2011 , 06:49:13 am | Posted By CASANSAAR
The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised by the government auditor CAG."Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of I...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1098
|
|
Govt collects 'unprecedented' 7.90 lakh cr in taxes: FM
Posted Date : 11-May-2011 , 08:58:59 pm | Posted By CASANSAAR
The government has collected an "unprecedented" Rs 7.90 lakh crore in taxes in 2010-11 while refunds worth Rs 74,000 crore have been issued during the fiscal, Finance Minister Pranab Mukherjee said today.
"There has been an unprecedented collection of tax revenues in the financial year 2010...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 709
|
|
Waiver from filing I-T returns to benefit 85 lakh tax payers
Posted Date : 08-May-2011 , 11:06:29 am | Posted By CASANSAAR
As many as 85 lakh tax payers will benefit from the government''s decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said.
"The decision, which will come into effect from June 1, 2011, will reduce the compliance burden about 85 lakh sm...
Continue Reading...
Category :
Income Tax |
Comments :
8 | Hits : 1956
|
|
UCO Bank moves HC against IT order levying fine on it
Posted Date : 08-May-2011 , 10:54:46 am | Posted By CASANSAAR
The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC.A bench of Chief Justice Dipak Misra and Justice Sa...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 722
|
|
I-T issues Rs 25,000 cr refunds; to issue more
Posted Date : 06-May-2011 , 09:26:56 pm | Posted By CASANSAAR
The Income Tax department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra gave the figures while addressing the top brass and...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 727
|
|
Transfer of shares without consideration doesn't attract capital gains tax: Authority for Advance Rulings
Posted Date : 05-May-2011 , 09:01:33 pm | Posted By CASANSAAR
Transfer of shares for the purpose of business reorganisation, if done without consideration, does not attract capital gains tax, according to a ruling by the Authority for Advance Rulings (AAR) in the case of US-based Goodyear Tire and Rubber Company .
In the ruling given on May 2, AAR, a quasi-j...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1706
|
|
|
