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Posted Date : 26-Jun-2014 , 08:32:34 am | Posted By CASANSAAR
Cracking its whip, the Central Board of Direct Taxes (CBDT) has asked the Income Tax Department to ensure prompt action in timely redressal of taxpayers' grievances pending for a long time. The CBDT, which supervises the functioning of the I-T department, has asked all Chief Commissioners of ...
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Posted Date : 24-Jun-2014 , 08:54:37 am | Posted By CASANSAAR
Income Tax (I-T) refunds should be paid immediately after assessment of the taxpayer is over and without delay, I-T Ombudsman for Kolkata K K Mahapatra today said. "Refunds should be given soon once the assessment is over and should happen in normal course," Mahapatra said at an interaction at ...
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Posted Date : 23-Jun-2014 , 08:30:13 am | Posted By CASANSAAR
Come tax filing season and you can always trust the income tax department to come up with something new! Revamped return forms, a widening of the compulsory e-filing net and exemptions from filing returns for certain categories of assesses were the salient changes in the last few seasons. This year,...
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Posted Date : 21-Jun-2014 , 11:35:27 am | Posted By CASANSAAR
Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that all tax payers must have a valid contact details registered in e-Filing portal. It is noticed that many registered users are not having ...
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Posted Date : 21-Jun-2014 , 08:55:16 am | Posted By CASANSAAR
Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that all tax payers must have a valid contact details registered in e-Filing portal. It is noticed that many registered users are not having auth...
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Posted Date : 19-Jun-2014 , 08:34:21 am | Posted By CASANSAAR
Concerned over the rising number of tax disputes with multi-national companies, the income tax department is planning to create more posts in the international taxation division to handle sticky issues. Sources told The Indian Express that central board of direct taxes (CBDT) is in the proc...
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Posted Date : 18-Jun-2014 , 08:28:54 am | Posted By CASANSAAR
The stage is being set for international arbitration for the Rs 20,000-crore tax dispute between New Delhi and British telecom major Vodafone, with both sides appointing their arbitrators. Sources told FE that the Centre on Monday appointed former chief justice RC Lahoti as its arbitrator in the hig...
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Posted Date : 17-Jun-2014 , 08:35:56 am | Posted By CASANSAAR
Recommending far-reaching reforms in tax administration, a government committee has suggested abolition of the post of Revenue Secretary, merger of CBDT and CBEC and broaden the use of Permanent Account Number (PAN). The Tax Administration Reform Commission (TARC), headed by Parthasarathi Shome...
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Posted Date : 14-Jun-2014 , 08:25:03 am | Posted By CASANSAAR
In what could probably become one of the landmark reforms by the Narendra Modi government, sources tell CNN-IBN that the Centre is likely to increase the Income Tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh. The Finance Ministry has also sought a report on the same from the I-T d...
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Posted Date : 12-Jun-2014 , 06:56:17 pm | Posted By CASANSAAR
Employees earning upto Rs 15,000 a month will soon come under the Employees' Provident Fund (EPF) net, with the Narendra Modi government approving a hike in the threshold for mandatory PF savings from Rs 6,500 a month to Rs 15,000.Though the Manmohan Singh government had approved the hike in the EPF...
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Posted Date : 12-Jun-2014 , 02:28:44 pm | Posted By CASANSAAR
CBDT notifies Cost Inflation Index (CII) for FY 2014-2015 is 1024. Financial Year Cost Inflation Index 1981-82 100 1982-83 109 1983-84 116 1984-85 125 1985-86 133 1986-87 140 1987-88 150 1988-8...
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Posted Date : 09-Jun-2014 , 03:41:37 pm | Posted By CASANSAAR
UK-based telecom major Vodafone is facing tax claims and interest totalling more than Rs. 27,000 crores in India, which includes Rs. 14,200 crores for acquiring Hutchison's stake in 2007, the company said in its annual report. Vodafone said that its Indian subsidiary had received a let...
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Posted Date : 08-Jun-2014 , 09:02:47 am | Posted By CASANSAAR
The Income Tax department has issued a notice to Chief Election Commissioner (CEC) V S Sampath in connection with the sale of a property in Hyderabad and acquiring a new residential property in Delhi with that money. The notice, issued by the intelligence wing of the department, has detecte...
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Posted Date : 02-Jun-2014 , 09:55:43 pm | Posted By CASANSAAR
The Institute of Company Secretaries of India has already represented to the Ministry of Corporate Affairs to bring private limited companies under the ambit of secretarial audit under the new Companies Act, its president R Sridharan said here today. Speaking to reporters here, he said the priv...
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Posted Date : 31-May-2014 , 08:53:28 am | Posted By CASANSAAR
The Cabinet has cleared the finance ministry's proposal to withdraw conciliationoffer given to Vodafone for resolving the Rs 20,000 crore tax row with UK-based telecom company. "The Cabinet in its last meeting on May 15 has cleared withdrawal of conciliation off...
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Posted Date : 30-May-2014 , 08:43:33 am | Posted By CASANSAAR
In a step to help public sector banks to recover bad loans, the Finance Ministry has asked the Income Tax Department to share details of defaulters’ wealth tax returns with public sector banks (PSBs) if they ask for such information. The Ministry, in a communication to Commissioners o...
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Posted Date : 28-May-2014 , 08:05:52 am | Posted By CASANSAAR
With top functionaries of the finance ministry on Tuesday making presentations for new finance minister Arun Jaitley and minister of state for finance Nirmala Sitharaman, exercise for Budget 2014-15 kicked off formally. Secretaries of the ministry of finance made PowerPoint presentations to the two ...
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Posted Date : 27-May-2014 , 08:19:35 am | Posted By CASANSAAR
An empowered committee of the retirement fund body EPFO has approved granting regular tax exemption to 20 private provident fund trusts, which would provide tax benefits for subscribers of these firms. The firms who got approval for tax exemption during the meeting of the panel held...
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Posted Date : 26-May-2014 , 08:50:34 am | Posted By CASANSAAR
Even before the new finance minister gets down to preparing the next budget, he has to grapple with unpaid subsidies of at least Rs 1 lakh crore left behind by the UPA government. While the food subsidy bill accounts for almost half the amount with unpaid subsidies adding...
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Posted Date : 22-May-2014 , 09:05:33 pm | Posted By CASANSAAR
Income Tax Department has releases utility for A.Y. 2014-15 for Filing of TaxAudit Report , Transfer pricing Audit Report, MAT Audit , Trust Audit, Special Audit etc. Details of such Audit reports is as follows :- Form 3CA-3CD – Audit report under section 44AB...
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Posted Date : 22-May-2014 , 08:27:17 pm | Posted By CASANSAAR
CPC(TDS) provides us with the new feature of downloading Form 27D,the Tax Collection Certificate for Deductees forming part of TCS Statements, filed in the form of 27EQ. Please refer to the following relevant details for the above functionality Form 27D is&nbs...
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Posted Date : 22-May-2014 , 08:22:42 am | Posted By CASANSAAR
Finance Secretary Arvind Mayaram has called a meeting of revenue department officials to assess the progress on the proposed Direct Taxes Code and the Goods and Services Tax. Billed as the most significant tax reforms, the DTC seeks to replace the Income Tax Act of 1961, while t...
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Posted Date : 20-May-2014 , 08:27:48 am | Posted By CASANSAAR
Even as the results for the new government were declared on May 16, P Chidambaram, in one of his last decisions as finance minister, cleared over 100 postings of officers of the rank of commissioners and director and joint director of income tax. According to a circular issued by the Centra...
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Posted Date : 16-May-2014 , 09:55:08 pm | Posted By CASANSAAR
CBDT has released ITR-2 Online and offline Utility for A.Y. 2014-15 on its website https://incometaxindiaefiling.gov.in/. CBDT has already released Online and offline Return Filing Utility for ITR 1 & ITR 4S for AY 2014-15. So till now CBDT has laun...
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Posted Date : 13-May-2014 , 07:48:17 am | Posted By CASANSAAR
Just as voting ends across the country, Sharad Pawar's party, the Nationalist Congress Party, has been asked to explain huge cash deposits in a bank in Maharashtra. The Income Tax department has asked the party to account for more than 35 crores that were placed in a state-run bank between April 2,...
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Posted Date : 10-May-2014 , 06:09:08 pm | Posted By CASANSAAR
The Union government has sanctioned the office of the Principal Chief Commissioner of Income Tax in Bangalore with jurisdiction over all the I-T offices in Karnataka and Goa. This is to ensure effective monitoring of the functioning of the offices in the jurisdictional area and upscale I-T and TDS c...
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Posted Date : 08-May-2014 , 08:20:31 am | Posted By CASANSAAR
Vodafone Group Plc has served a fresh arbitration notice to India over the Rs 20,000 crore tax dispute, a development that has prompted the Indian government to seek withdrawal of its conciliation offer to settle the row amicably. The Finance Ministry, according to officials, has already ob...
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Posted Date : 05-May-2014 , 07:11:49 am | Posted By CASANSAAR
The CBI has filed closure reports in nearly a dozen cases involving around two dozen judges of various benches of the Income Tax Appellate Tribunal (ITAT) who were under probe following corruption cases registered against them between 2011-2012. The agency has concluded that there is “insuffic...
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Posted Date : 30-Apr-2014 , 07:26:10 pm | Posted By CASANSAAR
New versions of the Return PreparationUtility (RPU) version 3.9 and File Validation Utility (FVU) version 4.2 and 2.138 have been released by NSDL. The above versions are now mandatory to be used with effect from April 26, 2014, for TDS statements pertain...
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Posted Date : 28-Apr-2014 , 07:53:40 am | Posted By CASANSAAR
e Validation Utility (FVU) version 2.138 (for statements pertaining to FY 2007-08 to FY 2009-10) and FVU version 4.2 (for statements pertaining to FY 2010-11 onwards) are availablefor download from TIN website and the same is mandatory with effect from April 26, 2014. &...
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