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Posted Date : 06-Nov-2013 , 07:30:52 pm | Posted By CASANSAAR
Amid a slowing economy, gross direct tax collection has risen by 11.58 per cent to Rs. 3.37 lakh crore during the April-October period of fiscal year 2013-14 (FY14), according to official data. The collections had totalled Rs. 3.02 lakh crore during the first seven months ...
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Posted Date : 05-Nov-2013 , 08:42:34 am | Posted By CASANSAAR
Indian minority shareholders in Vodafone India, including Analjit Singh, will have to pay 20 per cent capital gains tax after selling their stake to the UK-based parent company, a Finance Ministry official said. "There is a capital gain for the minority shareholders and it will be tax...
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Posted Date : 04-Nov-2013 , 09:16:51 am | Posted By CASANSAAR
If you like shopping on the net and prefer paying cash, you may not be the only one taking a close look at the itemised bill - Indian tax authorities are now tracking online purchases to identify potential defaulters. In a country where just 3% of the more than 100 crore population pays income...
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Posted Date : 03-Nov-2013 , 12:53:56 pm | Posted By CASANSAAR
The Indian arm of IBM said it will seek legal recourse after Indian income tax authorities issued a tax demand of a little over Rs 5,300 crore.The tax department is alleging that IBM under-reported export revenues that the American company earned in the 2008-09 financial year fro...
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Posted Date : 01-Nov-2013 , 08:24:08 am | Posted By CASANSAAR
Income Tax department has formed verifications cells in all 33 districts of Rajasthan to monitor movement of black money during the upcoming Assembly election in the state. Three Air Intelligence Units (AIU) have also been formed at Jaipur, Jodhpur and Udaipur airports to check movement of ca...
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Posted Date : 30-Oct-2013 , 08:38:46 am | Posted By CASANSAAR
Companies set up with an express 'not-for-profit' charter have come under government scrutiny for going against that mandate. The finance ministry has sought a review of the regulatory regime for such so-called Section 25 companies under the Companies Act, including foreign direc...
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Posted Date : 29-Oct-2013 , 08:59:31 pm | Posted By CASANSAAR
The Direct Taxes Code Bill, which seeks to replace the archaic Income Tax Act, is likely to be placed in Parliament during the winter session, Finance Minister P Chidambaram said today. “We are trying to bring DTC in the next session,” the minister told reporters here. ...
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Posted Date : 28-Oct-2013 , 09:43:56 am | Posted By CASANSAAR
The Delhi High Court is set to rule whether a US company can simultaneously avail of the benefit of a lower tax rate under the Indo-US Double Tax Avoidance Agreement (DTAA) and exemptions on payments of royalty under the Income Tax (I-T) Act. The issue came up before the court on a dispute ...
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Posted Date : 26-Oct-2013 , 08:53:05 am | Posted By CASANSAAR
Indian chartered accountants are in good demand in the West Asian countries, Australia and Singapore, according to K. Raghu, vice-president of Institute of Chartered Accountants of India (ICAI). Speaking to presspersons on the sidelines of a sub-regional conference of the Southern Indi...
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Posted Date : 25-Oct-2013 , 12:30:22 pm | Posted By CASANSAAR
The new form No. 15CA and 15CB, effective from 1st October, 2013 are available on the website of Income tax (https://incometaxindiaefiling.gov.in/) under "efile option - prepare and submit online form (other than ITR) of the tax payer"....
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Posted Date : 25-Oct-2013 , 08:23:43 am | Posted By CASANSAAR
BJP prime ministerial candidate Narendra Modi's rally in Patna next week has come under the income tax department's scanner. The department's TDS (tax deduction at source) section served notice on the Bharatiya Janata Party's (BJP) state unit, which is organizing the Oct 27 ral...
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Posted Date : 23-Oct-2013 , 07:16:00 am | Posted By CASANSAAR
With an aim to make the reverse mortgage facility more attractive for senior citizens, the government has decided to give tax break on installment earned by pledging his residential property. Now it has been decided that annuity would be tax exempt, National Housing Bank Chairman and Managing ...
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Posted Date : 22-Oct-2013 , 08:17:37 am | Posted By CASANSAAR
Tax Administration Reform Commission (TARC), set up by the Finance Ministry to suggest measures to prevent economic offences among other things, held the first meeting today and is expected to submit its report in six months. "The Commission held its first meeting today and will submi...
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Posted Date : 21-Oct-2013 , 08:30:50 pm | Posted By CASANSAAR
As if the additional information required in tax returns was not enough, there's more bad news for tax evaders. Salaried taxpayers who claim HRAexemption will now have to report their landlord's PAN if the total rent in a year exceeds Rs 1 lakh. "In case the landlord does not have a P...
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Posted Date : 19-Oct-2013 , 08:20:17 am | Posted By CASANSAAR
The income tax department has never looked at coercion as a way to unearth unaccounted money and the idea is not to create nightmares, a senior tax official said today. “The department is never looking coercion as a way. I would like to assure everybody...our idea is not to create nig...
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Posted Date : 17-Oct-2013 , 08:14:02 am | Posted By CASANSAAR
The Income Tax department may start an inquiry into alleged discrepancies in filing of tax returns of some of Madhya Pradesh ministers pointed out by an audit report. The Income Tax department has got some documents pertaining to the alleged lapses and is in the process of a...
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Posted Date : 16-Oct-2013 , 05:00:45 pm | Posted By CASANSAAR
Many taxpayers, who have filed their returnsand sent across their verification form in June or July, usually get the acknowledgement and refunds around this time of the year. However, quite often, many taxpayers complain that they did not get the intimation of the receipt of their ITR-V(ve...
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Posted Date : 15-Oct-2013 , 08:22:36 am | Posted By CASANSAAR
The world's fifth largest auditing and accounting firm BDOInternational, which has just re-entered the country for the third time by roping in MZSK & Associates as its new partner, is bullish about the market and plans to nearly treble head-count to around 1,200 over the next six month...
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Posted Date : 12-Oct-2013 , 08:19:30 am | Posted By CASANSAAR
Residents and non-residents should pay same tax on capital gains from sale of securities, according to a Delhi High Court ruling that is expected to clear the fog on a tax question that foreign companies face. Long-term gains from off-market sale ofsecurities attract a tax of 10%...
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Posted Date : 10-Oct-2013 , 08:38:29 am | Posted By CASANSAAR
The Income Tax (I-T) department has identified 10 lakh more high-risk individuals, who have made significant cash transactions through their credit cards orinvestments but the same had not been reflecting in their I-T returns. High-risk individuals also include those who hav...
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Posted Date : 09-Oct-2013 , 08:25:22 am | Posted By CASANSAAR
In a separate development, the NSEL Investors' Forum, whose members have petitioned the Bombay HC against NSEL and its promoter FT, on Tuesday urged the Institute of Chartered Accountants of India (ICAI) to take disciplinary action against Rajesh Hiranandani, partner,Deloitte Has...
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Posted Date : 09-Oct-2013 , 08:18:33 am | Posted By CASANSAAR
Amid a slowing economy, the gross direct tax collections rose only 10.66 per cent to Rs 3.01 lakh crore during the April-September period of 2013-14 fiscal. The collections totalled Rs 2.72 lakh crore in the same period of 2012-13 fiscal. The government has fixed direct tax colle...
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Posted Date : 07-Oct-2013 , 03:01:49 pm | Posted By CASANSAAR
The finance ministry is considering a proposal that can sharply reduce the government's borrowing costs, bring longterm savings into the cashstrapped infrastructure sectors, deepen the corporate bond market and, possibly, even make Indian stocks less vulnerable to the w...
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Posted Date : 04-Oct-2013 , 06:11:23 pm | Posted By CASANSAAR
The board of capital market watchdog Sebi is expected to discuss changes in certain norms for listed firms to make them in line with the rules in the new Companies Act, during its meeting tomorrow. Securities and Exchange Board of India (Sebi) would seek board approval for revision in illu...
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Posted Date : 04-Oct-2013 , 06:06:48 pm | Posted By CASANSAAR
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore.The department, according to sources, has also "pri...
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Posted Date : 04-Oct-2013 , 09:10:30 am | Posted By CASANSAAR
In a very favourable development, Hon’ble Delhi High Court has accepted the Writ petitions filled against the CBDT in the matter if extension of tax audit report for A Y 2013-14. Allthough everybody is getting mails and SMS from separate individuals who are claiming it that this is their ...
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Posted Date : 04-Oct-2013 , 08:37:04 am | Posted By CASANSAAR
Three days after BJP's Prime Ministerial candidate Narendra Modi tolddiamond merchants in Mumbai that they run the risk of receiving notices from the I-T department for hosting him, the tax officials did just that: they carried out search operations at offices of several diamond merch...
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Posted Date : 01-Oct-2013 , 07:51:13 pm | Posted By CASANSAAR
The US government began a partial shutdown on Tuesday for the first time in 17 years, potentially putting up to 1 million workers on unpaid leave, closing national parks and stalling medical research projects. Federal agencies were directed to cut back services after lawmakers could not b...
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Posted Date : 01-Oct-2013 , 08:34:11 am | Posted By CASANSAAR
At a time when the government has made little progress over the settlement of its multi-billion dollar tax dispute with British telecomgiant Vodafone and uncertainty persists over the taxation of cross-border deals, it has been stung with yet another challenge to its controv...
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Posted Date : 29-Sep-2013 , 08:48:11 am | Posted By CASANSAAR
Unable to solve software glitches in its e-filing system, the Central Board of Direct Taxes has asked assessees to manually file tax audit reports by September 30. The new requirement of manual filing of tax audit reports came through a CBDT notification on September 26. This means chartere...
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