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Posted Date : 04-Aug-2014 , 01:14:11 pm | Posted By CASANSAAR
Tax Audit reports been revised vide Notification No. 33/2014, F.No.133/1/2014-TPL dated 25th July, 2014 issued by Central Board of Direct Taxes, Ministry of Finance, Government of India. The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification n...
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Posted Date : 03-Aug-2014 , 08:37:54 pm | Posted By CASANSAAR
As part of its vigour to track black money in country’s economic channels, the I-T department is creating a new “warehouse” of business related intelligence and funds data which will empower the taxman to check multiple trends of expenses made by individuals and entities. &nbs...
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Posted Date : 02-Aug-2014 , 08:09:39 pm | Posted By CASANSAAR
Dear Members, Due to last date of filing of ITRs being 31st July, 2014, the pressure on MEF site started from 1st August, 2014 whereby the members are facing problem in filling the same. Considering the genuine difficulty, the last date of online filing of MEF 2014-15 is hereby extended fro...
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Posted Date : 02-Aug-2014 , 09:10:26 am | Posted By CASANSAAR
Missed the deadline to file in come tax returns on July 31? Don't feel dejected. You can still file the returns without paying any penalty. Yes, contrary to the perception of many tax payers, there's still enough time to file your returns until March 31, 2015. However, there will be some implic...
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Posted Date : 01-Aug-2014 , 08:32:39 am | Posted By CASANSAAR
The Union Finance Minster Shri Arun Jaitley said that the Government is going to launch a new program of Financial Inclusion in Mission Mode which will provide households with facilities of savings, credit, remittances, insurance and pension among others. He said that this is a marked shift from ear...
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Posted Date : 31-Jul-2014 , 06:51:21 pm | Posted By CASANSAAR
Petrol prices have been reduced by Rs 1.09, while diesel prices have been hiked by 50 paise. The new rates are effective midnight. This is the first drop in petrol prices since April. Petrol prices were last slashed on April 15, by 70 paise per litre, excluding local levies. It was the...
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Posted Date : 31-Jul-2014 , 06:03:15 pm | Posted By CASANSAAR
Having regard to the Huge number of Income tax returns being filled at the last movement, Income tax Department should extend the Due Date for filing of income tax to August 5, 2014. The due date, which was scheduled for July 31, 2014 should be extended in light of Huge numb...
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Clarification Regarding Acquisition and Transfer of Immovable Property in India by Foreign NationalsPosted Date : 31-Jul-2014 , 05:22:22 pm | Posted By CASANSAAR
It has come to notice of the Central Government that foreign nationals are buying immovable property illegally in some parts of the country. Many organizations and social groups have also made representations to the Central Government expressing their serious concerns in this regard. It has als...
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Posted Date : 31-Jul-2014 , 09:07:20 am | Posted By CASANSAAR
Trouble Shooting Guide for Problems in accessing www.incometaxindiaefiling.gov.in Issue -Internet service from ISP (internet service provider) is not available or failing intermittently. Resolution - The call centre of ISP needs to be contacted for resolving this issue. &n...
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Posted Date : 31-Jul-2014 , 08:54:13 am | Posted By CASANSAAR
The Income Tax department has allowed profit-linked tax deductions to new special economic zone (SEZ) units upon transfer of technical manpower up to 20 per cent from an existing unit. This will provide some tax relief to software and IT-enabled services (ITeS) companies operating from suc...
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Posted Date : 30-Jul-2014 , 09:05:21 pm | Posted By CASANSAAR
The due date for filing income tax returns is almost upon us. And for those who have not yet filed their returns yet, they may be tempted to download mobile applications and finish the job on their handheld devices. Thursday is the due date to file tax returns. But wait! The Income Tax Department h...
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Posted Date : 30-Jul-2014 , 02:56:25 pm | Posted By CASANSAAR
If you have not received Email PIN Verification at the time of updating Profile at Income Tax efiling Website then Please check for email in your Inbox as well as the Spam or Junk folder (mail id - DONOTREPLY@incometaxindiaefiling.gov.in). Best way to receive Email PIN in your In...
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Posted Date : 30-Jul-2014 , 08:32:18 am | Posted By CASANSAAR
Politeness is the new mantra for the Income Tax department which has asked its officials to be more courteous while approaching taxpayers with queries regarding their financial transactions or returns. The I-T department had begun the practise of writing such clarification-seeking letters t...
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Posted Date : 30-Jul-2014 , 08:29:23 am | Posted By CASANSAAR
The Finance Ministry has said that income of Alternative Investment Funds (AIF) will be taxed at the rate of 30 per cent. Such funds basically pool in money from domestic and overseas investors and invest on the basis of a pre-determined policy. The Central Board of Direct taxes was request...
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Posted Date : 29-Jul-2014 , 07:16:50 pm | Posted By CASANSAAR
The internet service providers have been asked by the Income Tax Department to take prompt action on e-filing of income tax return which is facing severe connectivity issues. Since the deadline for online filing of ITR is nearing, online tax filing portal is witnessing a huge traffic during the pea...
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Posted Date : 29-Jul-2014 , 07:12:18 pm | Posted By CASANSAAR
The Income Tax Appellate Tribunal has held that State Bank of India was not required to deduct any tax at source (TDS) on over Rs. 11,000 crore in the Site Restoration Fund (SRF) account maintained by Oil and Natural Gas Corporation (ONGC) from 2002. Total stakes involved in his case includ...
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Posted Date : 29-Jul-2014 , 06:41:33 pm | Posted By CASANSAAR
The CBDT has notified Income-tax (7th amendment) Rules, 2014 which substitutes the existing Form No. 3CD with a new form. The new Form 3CD prescribes certain new reporting clauses and substitutes some existing clauses with new ones. The new form requires tax auditor to furnish more and detailed info...
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Posted Date : 29-Jul-2014 , 06:39:40 pm | Posted By CASANSAAR
The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect. Taxpayers and CAs are advised to await the release of the new schema and utility to submit in the newly notified aforementioned Forms. &nbs...
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Posted Date : 29-Jul-2014 , 08:28:48 am | Posted By CASANSAAR
The tax authorities are keeping close watch on compensation paid to top corporate bosses, including their allowances and perks, and income from your fixed deposits. The income tax department is also launching a city-specific drive focused on certain categories of spending ...
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Posted Date : 27-Jul-2014 , 11:01:06 pm | Posted By CASANSAAR
Senior IRS officer K V Chowdary is tipped to be the new Chairman of the Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department. The 1978-batch Indian Revenue Service officer is presently working as the Member (Investigations) in the CBDT and is expected to take over t...
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Posted Date : 26-Jul-2014 , 09:17:02 am | Posted By CASANSAAR
Late filing of I-T returns will no longer attract the stringent penalties as it currently does under the law. In a big relief to people who file their returns late, Finance Minister Arun Jaitley effected an amendment to the income tax law which imposes exorbitant per day penalties on late filers. &...
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Posted Date : 26-Jul-2014 , 08:49:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has fined 12 banks, includingICICI Bank, Axis Bank, Canara Bank and Corporation Bank, a total of Rs 1.5 crore in relation to the Deccan Chronicle Holdings Ltd (DCHL) loan default case. This fine has been levied as a result of not fol...
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Posted Date : 25-Jul-2014 , 03:33:55 pm | Posted By CASANSAAR
Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha 1. Unlisted securities and units of MF transferred between 1-4-2014 and 10-7-2014 shall be deemed to be long-term capital assets, if held for more than 12 months: It is proposed that unlisted shares and units o...
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Posted Date : 25-Jul-2014 , 03:23:16 pm | Posted By CASANSAAR
The Lok Sabha on Friday passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally. The bill was passed after Finance Minister Arun Jaitley gave his...
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Posted Date : 25-Jul-2014 , 08:38:05 am | Posted By CASANSAAR
A tax tribunal has accepted information on social networking site LinkedIn as additional evidence to determine whether the liaison office of a foreign entity generated taxable income in India. GE Group had set up a liaison office in India to act as a communication channel b...
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I.Tax Offices to Remain Open on 26th & 27th July, 2014 (Saturday & Sunday) for Accepting the ReturnsPosted Date : 24-Jul-2014 , 07:30:02 pm | Posted By CASANSAAR
For the convenience of the taxpayers, the Income Tax Department has decided to keep the offices open for accepting the returns of income during normal office hours on 26th July and 27th July, 2014, being Saturday and Sunday. This direction has been issued by the Central Board of Direc...
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Posted Date : 24-Jul-2014 , 09:18:27 am | Posted By CASANSAAR
The Supreme Court on Wednesday reacted sharply to the Centre's stand that the purpose behind creation of National Tax Tribunal (NTT) was to associate domain experts in deciding taxation disputes as it was often felt that judges lacked expertise in specialized fields. A five-judge constitution...
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Posted Date : 24-Jul-2014 , 08:01:10 am | Posted By CASANSAAR
The TDS wing of Mumbai Income Tax Department has decided to submit a detailed report to Central Board of Direct Taxes (CBDT) with its recommendations on various issues dealt with taxpayers. On Wednesday, the department held a proactive meeting with the Standing Committee on Tax Deducted at ...
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Posted Date : 24-Jul-2014 , 08:00:01 am | Posted By CASANSAAR
The Supreme Court today said there are "holes and gaps" in the legislation meant for setting up the National Tax Tribunal (NTT) which also lacks autonomy in its function. "Once the NTT comes into existence, the prerogative of constituting the bench is with the central government, i.e. executive...
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Posted Date : 23-Jul-2014 , 07:53:06 am | Posted By CASANSAAR
Many taxpayers must have filed their annual income tax returns and some are counting on the refunds. The tax department has made the process of checking the status of refund online very simple by using the permanent account number (PAN). One must make sure to give correct bank account number, MICR/I...
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- 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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