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  • I-T dept to set up data centre to check tax evasion
    Posted Date : 25-Apr-2014 , 03:43:28 pm | Posted By CASANSAAR

    To fasten the process of identifying tax evaders, the Income Tax department has decided to set up a major data centre of such classified information on the lines of the existing two such centres on e-filing and TDS information.   The new office which has been named Centralised Processing...

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  • Tax terrorism: Share deals of hundreds of unlisted companies under I-T dept scrutiny
    Posted Date : 25-Apr-2014 , 08:33:23 am | Posted By CASANSAAR

    A recent move by the tax department has flummoxed corporates and businessmen who are calling it 'tax terrorism' - a phrase that has gained currency after it found its way into BJP's manifesto. Hundreds of closely held firms, many owned by the country's top business houses, have been questioned ...

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  • Now, RBI to solely decide which loan is an NPA
    Posted Date : 25-Apr-2014 , 08:17:07 am | Posted By CASANSAAR

    The Reserve Bank of India has now become the sole regulator of borrowing and lending in the country.   The Gujarat High Court in a ruling on Thursday took away powers to determine whether asset is NPA or not and the period of non-payment that would make an asset NPA from all regulators except...

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  • Exclude private companies from audit cap scope, ICAI tells Ministry
    Posted Date : 20-Apr-2014 , 12:29:25 pm | Posted By CASANSAAR

    The recently introduced audit cap restriction under the new company law should not apply to private limited companies, one-person companies and small companies.   A representation to this effect has now been made by the CA Institute to the Corporate Affairs Ministry.   The new company ...

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  • Cancel tax benefits to defaulting political parties: EC to CBDT
    Posted Date : 16-Apr-2014 , 09:13:39 pm | Posted By CASANSAAR

    Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body. The Central Board of Direct Taxes, sources said, h...

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  • I-T Dept can now raise objections to merger schemes
    Posted Date : 16-Apr-2014 , 09:13:27 am | Posted By CASANSAAR

    The Income-Tax Department will now get an opportunity to protect the interests of the Revenue in reconstruction or amalgamation schemes filed for approval before various High Courts.   The Central Board of Direct Taxes (CBDT) has directed the Chief Commissioners of Income-Tax (CCITs) to ensur...

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  • No TDS on deposits doesn't mean these are tax-free
    Posted Date : 15-Apr-2014 , 08:24:23 am | Posted By CASANSAAR

    Are you receiving emails or telephone calls from banksadvising you to invest in recurring deposits because there is no tax deducted at source (TDS) in this case? Remember, such investments aren’t tax-free. No TDS merely means the bank will pay you the entireinterest&n...

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  • CBDT ask officials to ensure M&As do not defraud revenue
    Posted Date : 14-Apr-2014 , 07:21:43 am | Posted By CASANSAAR

    Worried over corporates defrauding revenue by mergers and acquisitions, the Finance Ministry has asked its officials to ensure that such deals do not result in loss to the exchequer. The revenue officials, CBDT said in a communication to Chief Commissioners, should raise concern...

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  • IT department directs DCHL to re-audit accounts
    Posted Date : 11-Apr-2014 , 08:47:01 am | Posted By CASANSAAR

    The income tax department has directed the management of the Deccan Chronicle Holdings Ltd (DCHL) to get the accounts of the company audited by an authorized auditor after receiving information about procedural irregularities in the company. Since the cloud of doubts is centered...

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  • Proposed New Roadmap for Implementation of Ind AS converged with IFRS - ICAI
    Posted Date : 10-Apr-2014 , 08:14:05 am | Posted By CASANSAAR

    For convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRSs), a Press Release (No.2/2010) laying down roadmap for application of converged Indian Accounting Standards (Ind AS) by companies (other than Banking companies, Insuran...

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  • FinMin detects unauthorised access of e-filers' online tax returns
    Posted Date : 07-Apr-2014 , 10:30:02 pm | Posted By CASANSAAR

    E-filers of income tax beware! Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.   Replying to an RTI query, the Ministry said a process of “multifunctional authentication” has been designed and will be in place...

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  • Govt rejects proposal to club allowances with basic salary
    Posted Date : 06-Apr-2014 , 09:05:22 am | Posted By CASANSAAR

    The labour ministry has asked retirement fund body EPFO not to go ahead with a proposal to club allowances with basic pay for provident fund deductions.   “EPFO has got a letter from the Labour Ministry asking it not to go ahead with clubbing of allowances with basic pay. The Employees&...

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  • Direct Tax Code 2013 allows Tax Audit by Company Secretaries and Cost Accountants also
    Posted Date : 03-Apr-2014 , 07:58:44 am | Posted By CASANSAAR

    Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allowsTax Audit not only by Chartered Accountants but also by Company Secretaries and Cost Accountants.   Clause ...

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  • Profits can't be taxed in the hands of partners
    Posted Date : 03-Apr-2014 , 07:29:19 am | Posted By CASANSAAR

    In what could bring a major relief to partnership companies, the Income-Tax department is set to clarify that the income of a firm that has been exempted from tax cannot be taxed for its profit in the hands of its partners. Earlier, even if the income chargeable to tax for a firm was nil due to cer...

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  • PAN-less candidates with over Rs 5 crore to face I-T scrutiny
    Posted Date : 03-Apr-2014 , 07:27:18 am | Posted By CASANSAAR

    For the first time, candidates with assets of over Rs 5 crore without a PAN card are set to come under the scanner of Tax department and Election Commission, which have prepared a list of 'red flags' to weed out suspected tax-evaders from the poll fray. This is part of a joint charte...

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  • Direct Taxes Code 2013: How it affects you
    Posted Date : 01-Apr-2014 , 09:43:03 pm | Posted By CASANSAAR

    The Finance Ministry on Tuesday released a revised Direct Taxes Code (DTC) for comments. The new tax code is meant to create an efficient direct tax system by replacing the archaic Income Tax Act. The Direct Taxes Code Bill, 2010, was introduced in the Lok Sabha in 2010 and was later referred to the...

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  • Send Comments on Proposed Direct Taxes Code 2013
    Posted Date : 01-Apr-2014 , 08:03:54 am | Posted By CASANSAAR

    The Finance Minister, in his speech on Interim Budget 2014-15, made the following observation on Direct Taxes Code (DTC):-  "Revenues are of paramount importance. The best source of revenue is taxes and for that we need modern tax laws. I am disappointed that we have not yet been able to int...

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  • I-T asks e-filers of tax returns to send ITRV by speed post
    Posted Date : 31-Mar-2014 , 08:30:44 am | Posted By CASANSAAR

    If you are filing online your Income Tax return, the paper copy of the 'ITRV' should only be sent through "speed post" to the Central Processing Centre (CPC) of the department inBengaluru. ITRV or 'Income Tax Return - Verification' form is issued as an acknowledgement to returns filed onl...

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  • Tax relief denial does not affect exempt income: Tribunal
    Posted Date : 31-Mar-2014 , 08:26:00 am | Posted By CASANSAAR

    Jamsetji Tata Trust has won a major reprieve from the Income Tax Appellate Tribunal (ITAT), which has held that exempt income — such as dividend and long-term capital gains — cannot be brought to tax in the hands of the trust even if the investments made by it do not meet ...

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  • Govt Orders Special Audit of Nokia India Accounts
    Posted Date : 30-Mar-2014 , 09:13:01 am | Posted By CASANSAAR

    The government has ordered a special audit into the accounts of Nokia India, widening the ambit of its dispute with the Finnish handset maker and further queering the pitch for the completion of the company's $7.2 billion global deal to sell its devices business to Microsoft.A Nokia spokesperson con...

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  • Pricing pacts with MNCs soon to address tax grievances
    Posted Date : 28-Mar-2014 , 07:22:16 am | Posted By CASANSAAR

    The government’s attempt to address the tax-related grievances of MNCs is beginning to show results. The revenue department is set to sign some unilateral advance pricing agreements (APAs) by the end of this month. These agreements are aimed at giving conditional exemptions to MNCs from tax au...

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  • Banks and Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2014
    Posted Date : 27-Mar-2014 , 07:24:33 pm | Posted By CASANSAAR

    ounters shall remain open for extended hours till 8.00 pm. Further, on Sunday, March 30, 2014, agency banks will keep select branches open at key locations as a regular working day for transacting Government Business. Similarly, on Monday, March 31, 2014, at places where public holiday has been...

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  • Landlord PAN Mandatory for Rent Over 1 lakh P.A.
    Posted Date : 27-Mar-2014 , 02:53:35 pm | Posted By CASANSAAR

    Any salaried person would have heard of a term called HRA (House Rent Allowance). It not only gives benefit inthe form of allowance but also gives an opportunity for tax exemption up to a certain limit. Almost every salariedemployee takes this benefit. IT departmen...

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  • Tax Administration Reform Commission (TARC) to look into amalgamation of Direct, Indirect tax dept
    Posted Date : 27-Mar-2014 , 07:45:09 am | Posted By CASANSAAR

    The Tax Administration Reform Commission (TARC) set up by the Finance Ministry to suggest measures to prevent economic offences among other things, will soon look into amalgamation of Direct Tax and Indirect Tax Departments.   “In business practices, companies pay corporate income tax, ...

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  • Will simplify e-filing norms: CBDT
    Posted Date : 25-Mar-2014 , 08:17:50 am | Posted By CASANSAAR

    E-filing of Income Tax returns will be further simplified by the Central Board of Direct Taxes (CBDT) which said it is encouraged by the increasing number of taxpayers taking the online route. The e-filing of returns this financial year saw a jump of 40 per cent with 25,647 crore online returns...

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  • Over 50,000 cr revenue still to come; CBDT cancels all leave
    Posted Date : 23-Mar-2014 , 07:27:05 pm | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) has cancelled leave of all officials on tax collection duty and ordered 24X7 functioning of its offices till March 31 in order to collect the remaining revenue of over Rs 50,000 crore before the end of the current financial year.   The direct taxes tar...

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  • E-filing of I-T returns: Taxpayers to get Digital Signatures
    Posted Date : 23-Mar-2014 , 10:58:55 am | Posted By CASANSAAR

    In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income-Tax Department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.   The Central Board of Direct Taxes (CBDT), the apex office to formulate policies...

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  • Income Tax department website to get a face-lift, invites suggestions
    Posted Date : 21-Mar-2014 , 08:22:07 pm | Posted By CASANSAAR

    The Income Tax department is set to overhaul its official website for better taxpayer interface and has invited suggestions from public in order to make the portal more user friendly.  "The national website of the Income Tax department is undergoing redevelopment. In this regard, the departmen...

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  • EOW finds faults with NSEL Auditors
    Posted Date : 20-Mar-2014 , 07:58:52 am | Posted By CASANSAAR

    Mumbai police has now found that even auditors of the NSELhas violated several norms and some of them are punishable under the Indian Penal Code. Police has found some discrepancies since inception of the exchange in 2007 which suspended trading last July and later faced default of Rs...

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  • Java Based ITR Utilities enabled at Income Tax efiling Website
    Posted Date : 18-Mar-2014 , 09:06:58 pm | Posted By CASANSAAR

    These ITR utilities are developed using the latest JAVA technology and effort has been made to make it user friendly, simpler and faster preparation/submission of tax returns. It is recommended to stay connected to internet to experience the refreshingly new utility. Please check for ...

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