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Posted Date : 31-Jul-2013 , 08:22:26 am | Posted By CASANSAAR
More than 82 lakh income taxreturns have been e-filed till Monday which is 40 per cent higher than the same period last year, the Finance Ministry today said. "On July 30, 2013, 6.23 lakh returns were e-filed till 6 pm. Record peak of more than 85,000 returns per hour has been ac...
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Posted Date : 30-Jul-2013 , 11:54:09 am | Posted By CASANSAAR
The Income Tax department has already identified 12 lakh assessees who do not file returns and are doing their follow-up action on them. The department has prepared a list of non-filers based on their information records. According to reports, a large number of tax payers have already paid taxes a...
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Posted Date : 26-Jul-2013 , 08:15:02 pm | Posted By CASANSAAR
The Central Information Commission has directed the Income Taxdepartment to disclose the list of top 10 Income Tax assessees among individual, companies and charitable organisations categories. Information Commissioner M L Sharma said the information should be disclosed as i...
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Posted Date : 26-Jul-2013 , 07:58:16 am | Posted By CASANSAAR
CBI has booked G E Veerabhadrappa, a Vice-President ofIncome Tax Appellate Tribunal(ITAT), for allegedly amassing disproportionate assets, a charge refuted by the official who said the case was a conspiracy against him.CBI sources today alleged that Veerabhadrappa, a chartered account...
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Posted Date : 25-Jul-2013 , 09:08:01 pm | Posted By CASANSAAR
Getting tough, the Income Tax department has sent letters to an additional 35,000 non-filers of returns. "The Income Tax department has sent letters to another batch of 35,000 non-filers ... With this latest batch, the department has now issued letters in 2.10 lakh high pri...
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Posted Date : 25-Jul-2013 , 08:30:44 am | Posted By CASANSAAR
The government has extended till October 31 the deadline for filing of income tax returns for taxpayers in calamity-hit Uttarakhand. The Central Board of Direct Taxes (CBDT), the apex body for framing policies of the I-T department, has issued orders in this regard on Tuesday. All the asses...
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Posted Date : 24-Jul-2013 , 08:13:00 am | Posted By CASANSAAR
With the rupee still continuing to be weak, the Reserve Bank today announced additional liquidity tightening measures to contain excessive speculation and volatility in the foreign exchange market.RBI has reduced the liquidity adjustment facility (LAF) for each bank from 1 per cent of...
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Posted Date : 23-Jul-2013 , 10:19:47 am | Posted By CASANSAAR
CBDT has released ITR 6 for e-filing or Online filing of Income tax Return to be used by a company, other than a company claiming exemption under section 11 for Assessment year 2013-14 or Financial Year 2012-13. The ITR-6 can be downloaded from the following w...
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Posted Date : 23-Jul-2013 , 08:19:41 am | Posted By CASANSAAR
Unlike the past two years, salaried persons earning up to Rs 5 lakh annually will have to file income tax returns,CBDT said today. The Central Board of Direct Taxes (CBDT) had exempted salaried employees having total income of upto Rs 5 lakh including income from other sources u...
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Posted Date : 22-Jul-2013 , 07:34:35 pm | Posted By CASANSAAR
The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees. The CBDT ...
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Posted Date : 22-Jul-2013 , 08:33:19 am | Posted By CASANSAAR
If you have a taxable income of Rs 5 lakh and above, it is mandatory for you to e-file your tax return. An average taxpayer should take roughly 30-40 minutes to key in all the information and upload his return. Here's how to go about it.1Log on to the Income Tax Department's portal (income...
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Posted Date : 20-Jul-2013 , 08:18:30 am | Posted By CASANSAAR
In a move that will limit the carry forward of losses by businesses to reduce their tax liability in subsequent years, the revenue department has issued a ‘departmental view’ on how to set off losses while calculating the taxable income. The circular is in line with a Kerala HC judgment ...
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Posted Date : 19-Jul-2013 , 07:57:29 am | Posted By CASANSAAR
Getting across to the income tax (I-T) department when you need to address a complaint or process your refund is often tiresome and long-drawn. However, the department is trying to change this system and quicken the response time to your refund and othergrievances by issuing a unique ...
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Posted Date : 18-Jul-2013 , 06:55:33 am | Posted By CASANSAAR
Special counters for filing of tax returns will be set up in the national capital. The counters would become operational from July 25 till July 31 and will remain open from 10 AM to 5 PM, officials said. July 31 is the deadline for filing of I-T returns by salaried and individual taxpayers. The cou...
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Posted Date : 16-Jul-2013 , 02:34:13 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said official amendments to the DTC bill, which seeks to overhaul the over 50-year old income tax law, will be introduced towards the end of Monsoon session of Parliament starting August 5.The Direct Taxes Code (DTC) bill was introduced in Lok Sabha in 2010 and S...
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Posted Date : 16-Jul-2013 , 07:55:57 am | Posted By CASANSAAR
Every district in the country will have at least one Income Tax office once the ambitious cadre restructuring of the department is implemented by the end of this year. The proposal was discussed at length and approved at a recent meeting of top I-T and Central Board of Direct Tax...
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Posted Date : 15-Jul-2013 , 02:34:08 pm | Posted By CASANSAAR
The tax authorities have introduced several new guidelines for filing returns this year. Find out how these changes are likely to impact you. First they made it compulsory for businesses to e-file their tax returns. Then they made it mandatory for taxpayers with incomes of over 10 lakh to tak...
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Posted Date : 15-Jul-2013 , 07:21:09 am | Posted By CASANSAAR
Electronic filing of income taxreturns is likely to jump sharply this year as the government has brought down the mandatory limit of online filing to income above Rs.5 lakh from the earlier Rs.10 lakh. "A large number of people come under Rs.5 lakh to Rs.10 lakh category. The lowering of i...
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Posted Date : 14-Jul-2013 , 06:54:49 am | Posted By CASANSAAR
The changes in the tax rules have stumped many after both state and Union budgets were presented earlier this year. For one, under property tax, if any person buys property less than the collector rates, then he would have to pay tax applicable on the difference of the two. The new amendm...
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Posted Date : 13-Jul-2013 , 07:38:10 am | Posted By CASANSAAR
As the members are aware, the Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee by the members. Recently, i...
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Posted Date : 13-Jul-2013 , 07:29:47 am | Posted By CASANSAAR
Indian Revenue Service officials of the Income Tax department will donate their one day's earnings to relief fund for the Uttarakhand rain and flash floods affected people. The I-T officials have been asked to send their contributions to a designated bank account in the national capital whi...
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Posted Date : 11-Jul-2013 , 08:46:16 pm | Posted By CASANSAAR
As always, July is the time for filing tax returns in India. As a Non Resident Indian, you would typically need to file a tax return in India if you have income that arises in India. This year, theincome tax department has made two important changes that you must be aware of. These changes...
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Posted Date : 11-Jul-2013 , 08:24:17 am | Posted By CASANSAAR
The enforcement directorate (ED) on Wednesday issued show cause notices for alleged foreign exchange violations of Rs 3,805 crore to telecom firms and other entities as part of its investigation into the 2G spectrum allocation case. The notices by the central probe agency have been issued a...
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Posted Date : 11-Jul-2013 , 08:16:46 am | Posted By CASANSAAR
Sixty-five-year old Prabha Mishra, who has never earned any income in life, was shocked to receive a letter from the income tax department recently. It said the Directorate of Intelligence & Criminal Investigation had information about term deposits she made last year but did n...
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Posted Date : 09-Jul-2013 , 08:22:55 pm | Posted By CASANSAAR
Download Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961- Revised 2013 Edition issue by ICAI. Click on the attached file. or CLICK HERE Source : ICAI...
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Posted Date : 07-Jul-2013 , 08:34:56 pm | Posted By CASANSAAR
Taxpayers having grievances regarding their I-T refunds and tax computations will now get a unique acknowledgement number with an assurance that their complaint will be resolved within two months time. The newly introduced number will not cause confusion and will be different from the exist...
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Posted Date : 05-Jul-2013 , 02:50:25 pm | Posted By CASANSAAR
As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) - Forming an Opinion and Reporting on Financial Statements. In this regard, ICAI h...
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Posted Date : 05-Jul-2013 , 12:48:38 pm | Posted By CASANSAAR
No employee, as a matter of right, can seek the benefits of voluntary retirement scheme (VRS) and the decision-taking power lies only with the employer firm, the Supreme Court has held."A voluntary retirement scheme introduced by a company, does not entitle an employee as a matter of right...
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Posted Date : 04-Jul-2013 , 05:11:41 pm | Posted By CASANSAAR
As part of its drive against fake Permanent Account Number, the Income-Tax Department is considering making proof of date-of-birth mandatory for issuance of PAN card. “The Department might ask for proof of date-of-birth for issuing a PAN card. Ration cards and rent receipts might no l...
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Posted Date : 02-Jul-2013 , 08:15:38 am | Posted By CASANSAAR
New Income Tax Return Forms A.Y. 2010-11 A.Y. 2011-12 A.Y. 2012-13 A.Y. 2013-14 ITR - 1 SARAL - II (ITR-1) English Instructions Hindi Instructions ITR-1 SAHAJ Indian Individual Income tax ReturnEnglish Hindi Print Specifications ...
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Fresh Income tax news only on casansaar covering details for Income tax return,efiling, calculator,refund, income tax slab,forms,rates etc in india
