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Posted Date : 12-Feb-2013 , 08:43:33 am | Posted By CASANSAAR
Preparing food items like paratha, samosa, dhokla and chappati for sale is a 'manufacturing activity' and entitled to tax exemptions, ruled an income tax tribunal."...manufacturing of chappati, paratha, samosa, dhokla constitutes manufacturing activity," said Ahmedabad bench...
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Posted Date : 12-Feb-2013 , 08:42:41 am | Posted By CASANSAAR
The finance ministry's crackdown on tax evaders has begun with over 35,000 nonfilers , who had made significant transactions, sent I-T notices to substantiate their source ofincome and why they had not filed their tax returns. Notices were sent after the intelligence wing of the&...
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Posted Date : 11-Feb-2013 , 08:11:30 am | Posted By CASANSAAR
After Shell, it’s the turn of the Aditya Vikram Birla group to get a taste of the income-tax medicine on transfer pricing. Hindalco, the owner of Novelis, is set to get a notice from the income-tax department for “earning” fees while giving corporate guaran...
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Posted Date : 09-Feb-2013 , 06:29:15 pm | Posted By CASANSAAR
Finance Minister P. Chidambaram has launched the much-awaited Rajiv Gandhi Equity Savings Scheme in Mumbai.The move would encourage new investors to put their money in the stock market.The scheme, which was announced in the Budget, seeks to provide tax benefits to first-time investors in stock ...
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Posted Date : 08-Feb-2013 , 08:10:32 pm | Posted By CASANSAAR
The finance ministry, which is on an overdrive to raise tax collections, is facing a roadblock from the very people who are responsible for filling up its coffers.Close to 8,500 employees in the rank of income-tax officers, assistant commissioners and administrative officers of the In...
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Posted Date : 08-Feb-2013 , 09:23:09 am | Posted By CASANSAAR
The investigation unit of the Income Tax Department in Chennai has roped in cyber experts to crack Nokia’s computer systems in the Sriperumbudur manufacturing plant. This is to investigate the method of software download by the Indian company from its parent in Finland to manufacture ...
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Posted Date : 08-Feb-2013 , 09:19:42 am | Posted By CASANSAAR
The following are the New/Revised Ind ASs (Post February, 2011) corresponding to the new/revised IFRSs issued by the IASB after finalisation of 35 Ind ASs hosted on the MCA’s website. These Ind ASs have been finalised by the Council of the ICAI and sent to the National Advisory Committee on Ac...
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Posted Date : 07-Feb-2013 , 09:28:31 am | Posted By CASANSAAR
Vodafone finds itself under renewed assault from Indian tax authorities even as it attempts to resolve a long-running tax dispute over the acquisition of Hutchison's Indian telecom business in 2007. This time around, theI-T Department has alleged that the Indian arm of the world's largest telec...
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Posted Date : 05-Feb-2013 , 07:33:53 pm | Posted By CASANSAAR
Finance Ministry today assured taxpayers that efforts would be made to end hostile relationships between officials and assesses and collect revenue in a just and fair manner. Addressing officials of Central Board of Excise and Customs (CBEC) Finance Minister P Chidambaram said in New Delhi...
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Posted Date : 05-Feb-2013 , 07:29:06 pm | Posted By CASANSAAR
Income tax authorities have reopened old cases involving theIndian cricket Board and slapped taxes totalling about Rs. 2,300 crore for seven years after terming all its activities as "commercial", forcing the world's richest cricket body against the wall. Tax assessment cas...
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Posted Date : 04-Feb-2013 , 08:40:01 pm | Posted By CASANSAAR
Global petrochemical and energy giant Shell's Indian arm is gearing up to challenge a recent transfer pricingorder by the income tax department order that has alleged underpricing of Rs 15,000 crores by Shell Indiawhile issuing shares to it's sole parent Shell Gas BV in March, 20...
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Posted Date : 03-Feb-2013 , 06:43:01 pm | Posted By CASANSAAR
In order to check black money and tax evasion, an online data bank is being setup by theFinance Ministry for effective coordination and dissemination of various inputs pertaining to illegal funds. The online system, which would act as data bank for financial intelligenc...
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Posted Date : 02-Feb-2013 , 02:50:29 pm | Posted By CASANSAAR
Circular No. 158/9/2012-ST dated 08.05.2012 and Circular No.154/5/2012-ST dated 28.03.2012 have been quashed by the Hon'ble High Court of Delhi in W.P.(c) No. 4456/2012 filed by Delhi Chartered Accountants Society (Regd.) and argued by Mr. Ruchir Bhatia, Adv. for Petitioner. By the afo...
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Posted Date : 02-Feb-2013 , 01:57:42 pm | Posted By CASANSAAR
India and Gibraltar have signed a Tax Information Exchange Agreement (TIEA) that among other things calls for transparent sharing of information. The agreement was signed yesterday by Jaimini Bhagwati, High Commissioner of India to the UK from the Indian side and Gi...
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Posted Date : 01-Feb-2013 , 11:32:05 am | Posted By CASANSAAR
The government will come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance, which among things had suggested raising annual income tax exemption limit to Rs 3 lakh. "Will come out with modified DTC (Bill) in r...
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Posted Date : 31-Jan-2013 , 03:12:09 pm | Posted By CASANSAAR
In a set back to the IT multinational, IBM India Pvt Ltd., the Karnataka High Court has cleared the hurdle for the Income-Tax Department to recover Rs 1,090.39-crore tax due from the company by staying the order of the Bangalore Bench of the I-T Appellate Tribunal. ...
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Posted Date : 31-Jan-2013 , 01:28:38 pm | Posted By CASANSAAR
The Income tax (I-T) department probing theNokia tax-evasion case has, in an interim report, said the company should pay Rs 13,000 crore for tax and transfer-pricing violations.A senior Income-tax official, who requested anonymity, told ET, "We have submitted a 150-page interim report...
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Posted Date : 31-Jan-2013 , 09:05:55 am | Posted By CASANSAAR
Finance Minister of India P Chidambaram has exuded confidence that the Rs112 billion Vodafone tax dispute will be resolved within a month. “They (Vodafone representatives) are being invited to a third round of discussions this week... they (Central Board of Direct Taxes) expect them to ...
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Posted Date : 30-Jan-2013 , 11:01:45 pm | Posted By CASANSAAR
Central revenue department officials have detected about Rs 200 crore alleged service taxevasion by a Delhi-based oil and gas exploration service provider firm. Acting on a specific intelligence, a case of allegedservice tax evasion was registered against Shiv Vani Oil and Gas Explora...
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Posted Date : 29-Jan-2013 , 08:14:41 am | Posted By CASANSAAR
In a severe blow to multinational corporations ( MNCs) operating in India, a special bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a significant portion of advertising, marketing and promotional (AMP) expenses incurred by their Indian arms to promote the brand and t...
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Posted Date : 28-Jan-2013 , 08:27:58 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) is pushing for exchange of information among tax administrators globally to tap tax leakage in cross-border transactions, even as the government is struggling to contain the fiscal deficit by boosting tax collection and paring expenditure. The foreign ta...
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Posted Date : 27-Jan-2013 , 12:31:52 pm | Posted By CASANSAAR
Aiming to attract first-time stock market investors, Finance Minister P Chidambaram will launch the much-awaitedRajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai on February 9. "He (Chidambaram) is going to Mumbai next month and will formally launch the Rajiv Gandh...
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Posted Date : 27-Jan-2013 , 12:24:46 pm | Posted By CASANSAAR
The government has allowed income tax exemption on 50% of the amount that people/ entities contribute for road safety activities. The road transport and highways ministry notified this recently, though the finance ministry had had approved this in May last year. This is likely to...
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Posted Date : 25-Jan-2013 , 08:36:07 am | Posted By CASANSAAR
A special CBI judge held an income-tax officer of Mumbai guilty Thursday of accepting a bribe of Rs 75,000 and sentenced him to five years rigorous imprisonment. Leeladhar Bangera was caught red-handed by CBI on March 19, 2010, demanding and receiving bribe from Anil Meh...
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Posted Date : 21-Jan-2013 , 02:08:52 pm | Posted By CASANSAAR
Taxpayers in the national capital will from now on have to go to Civic Centre instead of Mayur Bhawan for filing returns and other services. The Mayur Bhawan I-T building at Barakhamba road used to serve the salaried, non-corporate and exemptions taxpayers residing in and around Delhi. The office i...
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Posted Date : 21-Jan-2013 , 08:59:27 am | Posted By CASANSAAR
Google, mired in tax controversies in different jurisdictions, wants a quick decision on its dispute with Indian tax authorities. Google Ireland has moved theAuthority for Advance Rulings (AAR) to determine the tax liability here. According to the Indian tax department, Googl...
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Posted Date : 18-Jan-2013 , 08:21:53 am | Posted By CASANSAAR
Revenue and excise intelligence officials have detected Rs 2,600-crore tax and duty evasion in the quarter to December. Data released by the Directorate General of Central Excise Intelligence (DGCEI) and the Directorate General of Revenue Intelligence (DRI), agencies under the finance ministry's rev...
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Posted Date : 17-Jan-2013 , 08:16:36 pm | Posted By CASANSAAR
Seeking to remove apprehensions of the software industry, Finance Ministry today clarified that domestic and overseas software developers would continue to get tax benefits under the Income Tax Act. The clarifications, which come ahead of Finance Minister P Chidambaram's visit to Hong Kon...
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Posted Date : 17-Jan-2013 , 08:13:12 pm | Posted By CASANSAAR
ollowing is the text of the Statement made by the Chairperson, CBDT to the media here today: &nbs...
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Posted Date : 16-Jan-2013 , 07:10:43 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said he would outline amendments to the Constitution on the Goods and Services Tax (GST) in his Budget speech if there is consensus among states on the issue. At his pre-Budget consultations with Finance Ministers of states , he is understood t...
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