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Posted Date : 11-Feb-2015 , 06:47:30 pm | Posted By CASANSAAR
Income Tax Department, Ministry of Finance, Government of India had initiated investigation into issuance of cheques by companies which are acting as entry operators to convert illegal cash into legitimate money. Recently in Kolkata, this investigation led to detection of substantial unaccounted inc...
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Posted Date : 11-Feb-2015 , 08:35:22 am | Posted By CASANSAAR
The Supreme Court-appointed special investigation team (SIT) on black money expects the income tax department to recover Rs 10,000 crore by March 31 as tax and penalty for tax evasion from 300-odd Indians who hold illegal accounts in Swiss banks. "Under the supervision of the SIT, the I-T depar...
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Posted Date : 07-Feb-2015 , 08:52:15 am | Posted By CASANSAAR
Kerala High Court on Friday has held that the priests and nuns drawing government salary were liable to pay income tax. Justice A K Jayasankaran Nambiar said that if the salary of priests and nuns working in government-aided institutions is submitted to the common pool of their congregation, such co...
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Posted Date : 04-Feb-2015 , 08:49:02 am | Posted By CASANSAAR
Concerned over latest shortfall in TDS revenue collections, the Income Tax department has decided to enhance prosecution action against large defaulters with the help of its specialised electronic database and processing centre created for this exclusive task. The department's Central Processin...
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Posted Date : 02-Feb-2015 , 08:04:55 am | Posted By CASANSAAR
Worried over a huge shortfall in TDS collections, CBDT has asked the Income Tax department to pull up its socks and initiate special measures to achieve the direct taxes collection target for this fiscal.Officials said the instructions were issued last week after a high-level 'video conference' meet...
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Posted Date : 30-Jan-2015 , 07:55:03 pm | Posted By CASANSAAR
The Income Tax Department has been awarded GOLD by the Government of India under category “Cat-I-Excellence in Government Process Re-engineering” for National Award on e-governance 2014-15. The award has been conferred for “TDS Reconciliation Analysis & Correction Enabling Syst...
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Posted Date : 30-Jan-2015 , 05:38:52 pm | Posted By CASANSAAR
As government focuses on bringing back black money parked abroad, those having illegal wealth on foreign shores seem to be already working to bring it back, albeit unscrupulously. Directorate of Revenue Intelligence (DRI) has unearthed what looks like a Rs 2,700 crore racket to turn black money park...
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Posted Date : 28-Jan-2015 , 08:16:15 pm | Posted By CASANSAAR
In a decision aimed at improving the investment sentiment, the Cabinet Committee on Economic Affairs (CCEA) on Wednesday took a decision to not challenge against a Bombay High Court ruling that said Vodafone was not liable to pay a tax demand of Rs. 3,200 crore in a transfer pricing case. T...
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Posted Date : 24-Jan-2015 , 08:07:16 am | Posted By CASANSAAR
The government may prosecute those accused of evading taxes under the Prevention of Money Laundering Act (PMLA) as part of a wide ranging crackdown on black money. Further, non-declaration of foreign bank accounts and assets may also be made a criminal offence, according to people who have been brie...
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Posted Date : 23-Jan-2015 , 08:16:33 am | Posted By CASANSAAR
The government may consider the demand of banks to make fixed deposits for three years and more tax-free instead of the five-year lock-in period at present, providing these lenders a level-playing field with mutual funds and tax-free bonds that have been weaning away a large chunk of investors.Indic...
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Posted Date : 22-Jan-2015 , 08:40:43 am | Posted By CASANSAAR
The income tax department has moved the Supreme Court seeking directions to a tax tribunal to consider certain facts relating to the taxable income of Vodafone India Services for the 2007-08 fiscal. This relates to the sale of its calls centre business and an alleged exercise of call options in a co...
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Posted Date : 21-Jan-2015 , 08:36:18 am | Posted By CASANSAAR
Tax evasion could soon become a prosecutable offence inviting jail term for offenders as the Supreme Court appointed special investigation team (SIT) on black money has suggested this to the government and sought a decision by March 31. "The Central Board of Direct Taxes (CBDT) is examining w...
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Posted Date : 20-Jan-2015 , 08:36:50 am | Posted By CASANSAAR
PSU bank employees' unions have deferred the proposed four-day strike from January 21 after the management of banks (IBA) assured that wage related issues will be resolved by early February. "Four-day strike has been put on hold as Indian Banks' Association (IBA) assured that wage issue will be...
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Posted Date : 19-Jan-2015 , 08:30:55 am | Posted By CASANSAAR
Taxpayers who had made refund claims with income-tax department will now have to wait for the payouts if their tax returns were to have been selected for scrutiny. The Central Board of Direct Taxes (CBDT) has clarified that processing of returns cannot be undertaken after notice has been is...
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Posted Date : 18-Jan-2015 , 10:02:52 am | Posted By CASANSAAR
The Income Tax department has set up a toll-free control room for the general public to alert it about any suspicious movement of "large sums of cash" in the national capital in the run up to the Assembly polls. The investigation wing of the department has set up a control room and complaint mo...
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Posted Date : 17-Jan-2015 , 10:30:35 pm | Posted By CASANSAAR
In an attempt to make revenue collection appear non-adversarial, the government has gagged the income tax (I-T) department from sharing information on tax investigations or assessment with the media. The decision, sources said, was taken with a view to ensure that the I-T establishment did not appea...
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Posted Date : 17-Jan-2015 , 10:22:02 pm | Posted By CASANSAAR
As per the provisions of the Income-tax Act, 1961 (‘the Act’), for an assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessment Year. The Central Board of Direct Taxe...
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Posted Date : 17-Jan-2015 , 10:18:54 pm | Posted By CASANSAAR
A Special Investigation Team (SIT) has unearthed a multi-crore tax evasion scam in Haryana. Headed by an IGP-rank officer, the SIT submitted its report to Haryana Lokayukta Justice Pritam Pal on Thursday. According to the SIT report, prima facie an alleged tax evasion of over Rs 10,618 crore has bee...
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Posted Date : 17-Jan-2015 , 12:19:56 pm | Posted By CASANSAAR
Delhi High Court once again Adjourned the Tax Audit Deferment case to Monday in the case of Mahesh Kumar And Company Vs. Union Of India & Anr. – W.P.(C) 5990/2014 (Delhi High Court) CBDT Lawyer told the CBDT the Govt will suffer a loss of Rs.15K Crore if Date ...
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Posted Date : 17-Jan-2015 , 12:18:19 pm | Posted By CASANSAAR
Gujrat High Court Adjourned the ITR Extension Case to Monday in the case of Rajni Mangaldas Shah V/S Central Board Of Direct Taxes (Gujrat High Court Replica Watches), SCA/12571/2014. After a long arguments Gujrat High Court agrees to extend the due date for ITR but wa...
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Posted Date : 17-Jan-2015 , 12:16:48 pm | Posted By CASANSAAR
Matter came up for hearing after lunch. Deptt filed affidavit as per previous order that no penal action if return revised & income increased on basis of qualifications/ observations in TAR. Court opened their mind to dismiss the WP. Adv fake rolex Rashmi Chopra sought adjournment till tomo...
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Posted Date : 14-Jan-2015 , 08:54:15 am | Posted By CASANSAAR
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end. The latest development relates to the disclos...
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Posted Date : 13-Jan-2015 , 09:25:04 pm | Posted By CASANSAAR
At a time when the government has promised a more predictable tax regime as well as a far less aggressive one than under the previous administration, several foreign portfolio investors have been alarmed by moves to levyminimum alternate tax (MAT) on their capital gains from the market. ...
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Posted Date : 13-Jan-2015 , 08:40:39 am | Posted By CASANSAAR
To make it convenient for taxpayers, an industry body has suggested 'e-hearing' to deal with tax disputes rather than insisting on physical appearance before assessment officers for trivial issues. The suggestion has been made by Assocham in a letter addressed to Prime Minister&nb...
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Posted Date : 12-Jan-2015 , 08:37:17 am | Posted By CASANSAAR
CBI smashed a major bribery racket allegedly involving senior Income Tax officials, Chartered Accountants and businessmen, arresting four persons including a Joint Commissioner of I-T department. In the operation which started yesterday across Mumbai and Chennai, the agency has so far arrested ...
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Posted Date : 09-Jan-2015 , 05:34:41 pm | Posted By CASANSAAR
New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015 &n...
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Posted Date : 08-Jan-2015 , 08:45:48 am | Posted By CASANSAAR
On the heels of ushering in new dispute resolution mechanism, the CBDT has appointed 15 commissioners as members of the newly set up five dispute resolution panels (DRPs). These 15 commissioners will staff the five DRPs set up in Delhi (two panels), Mumbai (two panels) and Bengaluru (one DR...
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Posted Date : 05-Jan-2015 , 08:35:52 am | Posted By CASANSAAR
Check details about your new tax assessment range if you are going to file Income Tax returns, apply for refunds or conduct any I-T related business in future. A huge cadre restructuring in the I-T department, with the creation of over 20,700 posts recently, has brought about a number of change...
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Posted Date : 29-Dec-2014 , 10:58:13 am | Posted By CASANSAAR
Attention has been drawn to certain issues raised on the certification work done by the members of the profession in the report of Comptroller and Auditor General of India (C&AG) entitled ‘Appreciation of Third Party (Chartered Accountant) Reporting in Assessment proceedings’&nb...
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Posted Date : 27-Dec-2014 , 10:21:01 pm | Posted By CASANSAAR
Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.4 for the Form 24G Statements from FY 2005-06 onwards released (26/12/2014) Key features of NSDL Return Preparation Utility (RPU) version 1.4 Quoting of structurally valid TAN of DDO: Quoting of...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
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- NCLT orders insolvency proceedings against Subhash Chandra
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- Payment of MCA fees –electronic mode-regarding
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- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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