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Posted Date : 05-Jun-2013 , 07:28:39 pm | Posted By CASANSAAR
Failure to deposit timely and correct Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) will now attract a penalty ranging from Rs. 200 to Rs. 1,00,000 by the Income Tax department. All the TDS range offices of the department across the country have been asked by the...
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Posted Date : 05-Jun-2013 , 01:51:37 pm | Posted By CASANSAAR
ICAI has launched an enquiry against Reebok India’s former Chief Financial Officer Vishnu Bhagat over his role in the alleged multi-crore fraud in the Indian unit of global sportswear major. “We have initiated an enquiry on our member… who was a key managerial person (CFO...
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Posted Date : 05-Jun-2013 , 08:53:35 am | Posted By CASANSAAR
Accounting regulator ICAItoday said it has sought details from the director general income tax (investigation), which is probing the alleged Rs 2,080 crore tax evasion by the finnish mobile maker Nokia. After it received the details on the case, the Institute of Chartered Accountants&...
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Posted Date : 05-Jun-2013 , 08:25:20 am | Posted By CASANSAAR
The Enforcement Directorate has issued a show-cause notice to construction major Emaar MGF Land Limited for alleged violation of the Foreign Exchange Management Act (FEMA) worth about Rs.8,600 crore by false representation on utilisation of foreign direct investment (FDI). FOREX RULE VIOLATION &...
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Posted Date : 04-Jun-2013 , 07:45:19 pm | Posted By CASANSAAR
The Union Cabinet today approved a proposal for conciliation with British telecom company Vodafone on their Rs 14,000-crore tax dispute. Officials said conciliation will pave way for amendments to theIncome Tax Act. This will be needed to have a uniform law for all companie...
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Posted Date : 04-Jun-2013 , 09:57:38 am | Posted By CASANSAAR
Income tax Department has releasede-Filing Utility for ITR- 3 for A.Y. 2013-14 / F. Y. 2012-13. To Whom it is Applicable ITR 3 for AY 2013-14 is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where incom...
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Posted Date : 04-Jun-2013 , 08:29:40 am | Posted By CASANSAAR
After asking individual taxpayers to declare their assets and liabilities in the new Income Tax Return (ITR) forms, the finance ministry will now tell companies, firms, trusts, as well as political parties, to give more disclosures in the ITR forms to be notified soon for the 201...
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Posted Date : 03-Jun-2013 , 05:22:42 pm | Posted By CASANSAAR
Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them. The department, during its recent deliberations with top I-T and CBDT officials here, decided to st...
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Posted Date : 03-Jun-2013 , 12:39:04 pm | Posted By CASANSAAR
With the corporate sector, especially multinational firms, flagging off concerns over an aggressive tax department, Finance Minister P Chidambaram has asked officials to tread cautiously while chasing tax evaders and avoid raids as long as possible.Chidambaram, who has assured fo...
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Posted Date : 02-Jun-2013 , 08:53:02 am | Posted By CASANSAAR
Those selling immovable property without disclosing their permanent account number ( PAN) are in for a tough time with the government mandating a 20% tax deduction at source (TDS) in such transactions. The new rules that came into effect from Saturday require buyers of immovable property, ...
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Posted Date : 01-Jun-2013 , 08:29:37 am | Posted By CASANSAAR
Senior IRS officer Sudha Sharma has been appointed as the new Chairperson of the Central Board of Direct Taxes in the Finance Ministry. The orders were issued late today by the ministry, official sources said. The board, also the administrative authority of the Income Tax department, is...
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Posted Date : 31-May-2013 , 08:05:05 pm | Posted By CASANSAAR
Indian authorities have dismissed Nokia's appeals against an income tax bill of Rs. 2,080 crore, the phone company said on Friday, a setback for its efforts to resolve the dispute in a crucial market. Nokia's India unit was served in March with the tax demand for five years starting from ...
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Posted Date : 30-May-2013 , 08:02:36 am | Posted By CASANSAAR
Tightening its noose on those who do not pay taxes, the Income Tax Department is likely to issue notices soon to over 10 lakh non-filers. According to sources, the tax department has prepared a list of non-filers based on their information records. “Our data analysis shows th...
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Posted Date : 30-May-2013 , 07:44:30 am | Posted By CASANSAAR
The government is examining the possibility of putting in place a formal framework for resolving tax disputes, notably the one with Vodafone, similar to the advance pricing agreements used to resolve transfer pricing cases.While no final decision has been taken, one option is to amend the ...
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Posted Date : 29-May-2013 , 08:02:09 am | Posted By CASANSAAR
Income Tax department has issued notices to three top private lenders in the country - ICICI Bank, Axis Bank and HDFC Bank - in connection with alleged money laundering charges levelled by online portal Cobrapost. The department has asked these banks to produce documents for verification as...
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Posted Date : 29-May-2013 , 07:57:29 am | Posted By CASANSAAR
Finance minister P Chidambaram has told top income tax officials to keep a close tab on those not filing tax returns and ensure that the tax collection target for the current financial year is met.Inaugurating the annual conference of chief commissioners and director generals of income tax...
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Posted Date : 28-May-2013 , 10:56:06 am | Posted By CASANSAAR
Income tax Department has released e-Filing Utility for ITR- 2 for Assessment year 2013-14 / Financial Year 2012-13. We have placed link for the same as the bottom of the article. We also discussed Who can use this Return Form?,Who cannot use this Return Form?,Manner of filing this Return...
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Posted Date : 28-May-2013 , 10:15:20 am | Posted By CASANSAAR
The Economic Offences Wing of the Crime Branch, Kozhikode, which arrested the CEO of Amway India and two of its directors on Monday, had also registered cases against Amway India directors Pahlavi Suresh Shraff and Shabdul Suresh Shraff, who reside in New Delhi, based on a complaint filed on Novembe...
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Posted Date : 28-May-2013 , 08:36:41 am | Posted By CASANSAAR
If India Inc does not deposit provident fund or employee state insurance contributions collected from its employees promptly, as per the due dates under these legislation, it will have to pay tax on the same. In a recently heard tax appeal, in the case of LKP Securities, the M...
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Posted Date : 28-May-2013 , 08:33:44 am | Posted By CASANSAAR
Finance Minister P. Chidambaram will inaugurate the 29th annual conference of Chief Commissioners and Directors General of Income Tax here on Tuesday. The two-day conference is being organised by the Central Board of Direct Taxes (CBDT) at Vigyan Bhawan here on May 28th ...
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Posted Date : 27-May-2013 , 07:01:11 pm | Posted By CASANSAAR
Continuing its drive against non-filers, the income tax department on Monday sent letters to another 35,000 such assessess for not filing tax returns, taking the total number of these letters to 1.75 lakh. The I-T Departmenthas identified around 12 lakh assessees who have not filed th...
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Posted Date : 27-May-2013 , 08:53:40 am | Posted By CASANSAAR
Sudha Sharma, a 1976 batch Indian Revenue Service (IRS) officer, is likely to be the new head of Central Board of Direct Taxes (CBDT). Its current chairperson Poonam Kishore Saxena will retire on May 31. "Sudha Sharma's appointment as the next CBDT c...
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Posted Date : 27-May-2013 , 08:46:14 am | Posted By CASANSAAR
Seeking to avoid transfer pricing taxation dispute, about 146 multi national companies (MNCs) have sought advance ruling under APA (Advance Pricing Agreements) mechanism. "We have received 146 applications from companies for advance pricing agreement mechanism which would allow co...
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Posted Date : 26-May-2013 , 04:34:07 pm | Posted By CASANSAAR
After WNS and Infosys, iGate is the latest to face tax issues in India with the US-based outsourcing firm having an "unsettled" tax demand of $132.7 million (about Rs 738 crore) for assessment years 2004-05 to 2009-10. iGate, which was in news for sacking of its chief executive Phaneesh Mur...
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Posted Date : 24-May-2013 , 07:33:14 pm | Posted By CASANSAAR
Finance Minister P. Chidambaram said on Friday he would introduce a bill for a direct tax code (DTC) during the monsoon session of parliament. The code, which will replace the existing Indian Income Tax Act 1961, is intended among other things to rationalise tax rates to bring more people...
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Posted Date : 23-May-2013 , 09:17:12 pm | Posted By CASANSAAR
The Cabinet on Thursday approved the proposal for creation of 20,751 additional posts in the Income Tax Department in various cadres. Of them, 1349 posts will be in the Indian Revenue Services (IRS) cadre and 19,402 posts in the non-IRS cadres. A decision in this regard was taken at the cabinet...
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Posted Date : 22-May-2013 , 08:36:05 am | Posted By CASANSAAR
The Union Finance Minister Shri P. Chidambaram has repeatedly emphasized that there is need for a non–intrusive tax administration to enable the tax payer to file his/her return and pay appropriate taxes. In the statement made by the Revenue Secretary, Government of India to the media on ...
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Posted Date : 21-May-2013 , 06:38:06 pm | Posted By CASANSAAR
In a bid to attract greater FIIs (foreign institutional investors) participation in the debt market, the government today said foreign investors will pay only 5 per cent withholding tax on interest earned from such investments till May 2015. "In order to provide broad based incentive and en...
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Posted Date : 21-May-2013 , 05:22:09 pm | Posted By CASANSAAR
The government today said it would send letters to 70,000 "high priority" assessees this month asking them to disclose their true income and pay taxes in the current financial year. "... 70,000 letters are being sent in two batches to other high priority cases in this month. Of these, the first...
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Posted Date : 19-May-2013 , 03:51:08 pm | Posted By CASANSAAR
Income Tax department has slapped a fresh USD 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm. The Bangalore-based software services exporter is already contesting additional income tax demands of USD 214 milli...
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