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Posted Date : 19-Feb-2014 , 09:05:51 am | Posted By CASANSAAR
The Employees’ Provident Fund Organisation (EPFO) is trying to expedite cases for exemption certificates for private provident funds after the Interim Budget failed to extend a crucial deadline that expires on March 31, leaving employees of at least 50 firms without tax benefits. &ldq...
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Posted Date : 17-Feb-2014 , 08:11:13 am | Posted By CASANSAAR
The Income Tax department is keeping a close watch over 40.72 lakh high-value spenders as it plans to check potential evasion instances before the closing of the financial year on March 31. According to data, the department has information on 40,72,829 persons who had made cash deposit...
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Posted Date : 16-Feb-2014 , 09:26:20 pm | Posted By CASANSAAR
In a last-ditch effort to meet revenue targets, the Income Tax Department will be sending out letters to 23 lakh assessees who have not filed returns, according to an official. "We have identified 23 lakh people who have invested their money, but have not filed returns. We will be sending o...
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Posted Date : 13-Feb-2014 , 01:22:58 pm | Posted By CASANSAAR
R.K.Tiwari was appointed as the new chairman of Central Board of Direct Taxes (CBDT) on 9 February 2014. The appointment was approved by the Appointments Committee of the Cabinet (ACC). Mr. Tiwari is a 1976-batch Indian Revenue Service (IRS) officer. He is currently working as the Member o...
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Posted Date : 13-Feb-2014 , 01:15:19 pm | Posted By CASANSAAR
This is with reference to the news report appearing in certain section of media that the Finance Ministry pays Rs.37, 365 cr. in interest on excess tax refund and similar reports. The emphasis of these reports is that huge interest was paid by the Government on refund of excess taxes ...
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Posted Date : 13-Feb-2014 , 01:14:06 pm | Posted By CASANSAAR
Printing Process for Interim Budget2014-15 Commenced with Halwa Ceremony Halwa ceremony marking the commencement of Budget printingprocess for Interim Budget 2014-15 was held in North Block yesterday in the presence of the Union Finance...
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Posted Date : 29-Jan-2014 , 08:35:23 am | Posted By CASANSAAR
New PAN cards issued by the Income Tax department will cost Rs 105, including taxes. The I-T department has recently notified new procedures for verifying personal and proprietary data of an individual or entity for allotment of new PAN cards. The step, sources said, has been taken...
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Posted Date : 29-Jan-2014 , 08:29:27 am | Posted By CASANSAAR
The government has issued a fresh notification on tax exemption under the Rajiv Gandhi Equity Savings Scheme (RGESS) under Section 80CCG of the Income-Tax Act, 1961. A new retail investor in the scheme can now invest in one or more financial years in a block of three consecutive fiscal, beginning wi...
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Posted Date : 29-Jan-2014 , 08:17:46 am | Posted By CASANSAAR
The Income Tax Department has assessed that Cairn Energy Plc of UK did not pay tax on Rs 24,503.50 crore of capital gains made on transferring India assets to a new company. The department, in a seven-page order dated January 22, said the gains came after the Edinburgh-based firm transferred its en...
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Posted Date : 25-Jan-2014 , 09:23:25 am | Posted By CASANSAAR
The result of the Chartered Accountants Intermediate (IPC) Examination held in November, 2013 are likely to be declared onFriday, the 31st January, 2014 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the...
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Posted Date : 24-Jan-2014 , 04:53:56 pm | Posted By CASANSAAR
The procedure for PAN allotment process will undergo a change with effect from 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such P...
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Posted Date : 22-Jan-2014 , 08:38:58 am | Posted By CASANSAAR
A government clarification last year saved IT companies from additional tax demands, but that hasn't deterred the taxman. At least two IT companies have now moved court seeking to put a stop to income tax reassessment. The I-T department has initiated reassessment proceedings against I...
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Posted Date : 19-Jan-2014 , 07:47:02 pm | Posted By CASANSAAR
Financial details of Indians bringing in gold from abroad after duty payment will be shared by customs authorities with Income Tax department to check suspicious ferrying of the yellow metal into the country. According to norms, an Indian who has been living abroad for over six months can bring in ...
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Posted Date : 17-Jan-2014 , 08:33:02 am | Posted By CASANSAAR
A Senior Income Tax Commissioner - Sanjay Srivastava - has made history as the first income tax commissioner to be sentenced to jail for contempt by the Delhi High Court. Mr Srivastava has been sentenced to 15 days in jail by a division bench of the court . He had been accused of sexually harassin...
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Posted Date : 16-Jan-2014 , 08:49:11 am | Posted By CASANSAAR
ICAI has declared the Result of Chartered Accountancy Final Examination held in November 2013 on Wednesday 15th January 2014. This is (3.11%) the Lowest result in Last 11 Years for both the Groups (as per data available with us). While the pass percentage in Group ...
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Posted Date : 12-Jan-2014 , 10:56:55 am | Posted By CASANSAAR
In what could be good news for lakhs of taxpayers filing their I-T returns online, CBDT is mulling doing away with the mandatory submission of paper verification printout to its processing centre in Bangalore. Central Board of Direct Taxes (CBDT), the apex office to formulate policies for t...
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Posted Date : 09-Jan-2014 , 06:16:07 pm | Posted By CASANSAAR
The Income Tax authorities have looked into the affairs of the four cricket associations, namely Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association and have found that these cricket associations were engaged in certain activities ...
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Posted Date : 09-Jan-2014 , 08:50:07 am | Posted By CASANSAAR
Abolishing income tax and other levies and replacing them with some other suitable form of revenue is feasible and desirable, say experts, although some believe that such a move would militate against social equity. Describing the concept as "aspirational", Ficci President Sidharth Birla said: "If ...
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Posted Date : 07-Jan-2014 , 08:55:23 am | Posted By CASANSAAR
There’s nothing sexy about death or taxes unless someone promises to abolish it if you vote for them, an American tax lawyer once said. For the past month or so, top BJP leaders have been thinking aloud about a proposal to abolish income, sales and excise taxes and replace them with a...
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Posted Date : 06-Jan-2014 , 08:50:10 pm | Posted By CASANSAAR
The Reserve Bank today allowed Indian companies to issue non-convertible or redeemable preference shares or debentures to non-resident shareholders from their reserves as bonus. "On a review and with a view to rationalising and simplifying the procedures, it has been deci...
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Posted Date : 06-Jan-2014 , 08:39:18 am | Posted By CASANSAAR
Terming the existing taxation structure as a "burden", BJP's prime ministerial candidate Narendra Modi on Sunday promised to review and reform the system if his party is voted to power. "The present taxation system is a burden on the common man. There is a need to reform it. It is the need ...
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Posted Date : 02-Jan-2014 , 11:10:26 am | Posted By CASANSAAR
CBDT has finally recognised the difficulty faced by the importers of services in filing online 15CA and introduced the Facility to upload Form 15CA is now available as offline utility. The Remitter may use either online or offline utility to upload Form 15CA. This facil...
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Posted Date : 28-Dec-2013 , 07:36:06 am | Posted By CASANSAAR
The National Housing Bank's Rs 2,100 crore tax-free bond issue will hit the markets on December 30. The base issue size is Rs 1,000 crore with an option to retain oversubscription up to Rs 2,100 crore, NHB Chairman and Managing Director R V Verma said here. The issue will open on Decem...
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Posted Date : 27-Dec-2013 , 10:22:06 pm | Posted By CASANSAAR
The Income Tax Appellate Tribunal (ITAT) today stayed aRs. 3,700 crore tax claim by the Income Tax Department on Vodafone India in a transfer-pricing dispute and asked the telecom company to deposit Rs. 200 crore as initial payment and submit bank guarantees for the remaining sum. Th...
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Posted Date : 27-Dec-2013 , 08:50:04 am | Posted By CASANSAAR
The Income Tax Department will now accept Aadhaar Card as proof of identity and address for issuance of Permanent Account Number (PAN). The Central Board of Direct Taxes (CBDT) has issued a notification expanding the list of documents admissible as proof of identity and address by including Aadhaar ...
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Posted Date : 26-Dec-2013 , 08:12:51 am | Posted By CASANSAAR
The income-tax department has served prosecution notices on Indian nationals who have refused to share information on their undisclosed bank accounts with HSBC Geneva. The names of these individuals had figured in a list of more than 600 HSBC account-holders. The Indian government had received ...
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Posted Date : 26-Dec-2013 , 07:38:25 am | Posted By CASANSAAR
The latest to feel the taxman’s heat is Casio India, a wholly-owned subsidiary of Casio Computer Company Ltd, Japan (Casio Japan). Indian income tax authorities have invariably been “marking up” the advertising, marketing and promotion (AMP) expenses incurred by the Indian...
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Posted Date : 26-Dec-2013 , 07:32:03 am | Posted By CASANSAAR
The Tax Department is stumped by SEBI’s tax treatment plan for foreign portfolio investors (FPIs). According to a senior Revenue Department official, a notification on the tax treatment is yet to be finalised. FPI is a new investor category that will merge Foreign Institutional Invest...
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Posted Date : 25-Dec-2013 , 08:49:44 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has directed assessing officers/ transfer pricing officers to ignore safe harbour rates or margins while conducting transfer pricing audits. “In cases where an assessee has not opted for safe harbour or the option has not been found to be valid...
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Posted Date : 25-Dec-2013 , 08:43:33 am | Posted By CASANSAAR
CBI has arrested an Indian Revenue Service officer for allegedly receiving bribes from the perpetrator of the StockGuru scam, Ulhas Prabhakar Khaire. CBI sources said Yogendra Mittal, a 2006-batch IRS officer who was posted as the Deputy Commissioner of Income Tax, was arrested on the alleg...
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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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- Maha expects Rs 15 crore entertainment tax revenue from IPL
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- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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