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Posted Date : 14-Dec-2012 , 07:59:00 am | Posted By CASANSAAR
On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France. Based on this information, inv...
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Posted Date : 13-Dec-2012 , 09:34:17 am | Posted By CASANSAAR
The Revenue Department has asked its officials to take action against those entities which do not promptly deposit with exchequer the tax they collect at source. “The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the A...
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Posted Date : 13-Dec-2012 , 09:28:29 am | Posted By CASANSAAR
The United Nations’ Panel of External Auditors which comprises Supreme Audit Institutions (SAIs) engaged in auditing United Nations, its specialised agencies and the International Atomic Energy Agency, held its 53rd meeting which concluded last night at the UN Headquarters in New York. Shri Vi...
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Posted Date : 11-Dec-2012 , 09:15:15 pm | Posted By CASANSAAR
The Andhra Pradesh High Court on Tuesday stayed a provisional order of Enforcement Directorate attaching Rs 822 crore deposits belonging to Mahindra Satyam in an allegedmoney laundering case involving former Satyam Chairman BRamalinga Raju and others. Based on a petition filed by Msat, Justice...
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Posted Date : 10-Dec-2012 , 09:56:46 pm | Posted By CASANSAAR
Net direct tax collection grew by 15.04 per cent to Rs 2,70,731 crore during April-November period of the current fiscal, with nearly three-fifth coming from the corporate sector. The net corporate tax collection, according to aFinance Ministry official, stood at Rs 1,62,897 cror...
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Posted Date : 10-Dec-2012 , 03:56:20 pm | Posted By CASANSAAR
In a stern warning to tax evaders, the government today asked them to either disclose their correct income and pay advance tax by December 15 or be prepared to face action. "Government would urge all assessees to disclose their true income. There is no advantage in suppressing the true in...
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Posted Date : 09-Dec-2012 , 09:45:38 pm | Posted By CASANSAAR
Many private firms and government departments have been slapped with notices for recovery of over Rs 500 crore tax allegedly evaded by them while executing Commonwealth Games-related projects in New Delhi. Official sources said recovery notices for Rs 505 crore towards value-added tax (VAT)...
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Posted Date : 09-Dec-2012 , 02:48:31 pm | Posted By CASANSAAR
The elite criminal investigation wing of the Income Tax department, which conducted a number of high-profile actions including raids on liquor baron Ponty Chadha, has been disallowed to carry out any search or seizure operations by the Finance Ministry henceforth. The just over-an-year old ...
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Posted Date : 06-Dec-2012 , 07:25:05 am | Posted By CASANSAAR
The investigations wing of the income tax (IT) department on Wednesday seized Rs 80 lakh in cash and a large amount of unaccounted jewellery in raids that were conducted at 28 different places across Punjab to check tax evasion by top Punjabi singers, actors, film distributors and music companies. T...
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Posted Date : 04-Dec-2012 , 07:24:56 am | Posted By CASANSAAR
Ten main political parties of the country had a whopping Rs 2,490 crore of tax-exempted income in the last five years, according to information from the Income Tax department through an RTI plea. Of this the ruling Congress and the main Opposition party BJP have cornered more than 80 per cent. &nbs...
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Posted Date : 04-Dec-2012 , 07:19:50 am | Posted By CASANSAAR
The Supreme Court on Monday gave two Sahara companies 24 hours to decide whether they would comply with the apexcourt's three-month-old directive to refund Rs 24,000 crore to nearly 3 crore investors throughmarket regulator Sebi or face the consequences. "Tell us by tomorrow (T...
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Posted Date : 03-Dec-2012 , 05:57:51 am | Posted By CASANSAAR
A Parliamentary committee has come down heavily on the Finance Ministry for writing off over Rs 1.33 lakh crore as non-recoverable direct tax saying it owes an explanation on how the situation was allowed to reach "irretrievable" levels.The Parliamentary Standing Committee on Fin...
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Posted Date : 01-Dec-2012 , 08:06:35 am | Posted By CASANSAAR
On a day the three-month deadline ended for two Sahara group companies to refund Rs 24,000 crore to investors through market regulator Sebi, Sahara approached theSupreme Court on Friday with a Rs 5,126-crore offer as repay ment to investors and, in the process, prove its bonafides as ...
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Posted Date : 30-Nov-2012 , 08:59:30 am | Posted By CASANSAAR
Dear friends! Nothing is permanent except change! the time for Change has come for ICAI...Chnage in policy...in leadership...in thought..in system..., This time we all members to be very careful and elect the true & mature leaders for the central and regional council. We appeal all the CAs n...
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Posted Date : 30-Nov-2012 , 08:32:34 am | Posted By CASANSAAR
In a landmark judgment the Mumbai bench of the Income Tax Appellate Tribunal has said that non-compete fees paid by an acquiring company to exiting promoters can be treated as an expense if the fees are not central to the deal. In the past the income tax department considered suc...
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Posted Date : 30-Nov-2012 , 07:55:33 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) on Thursday refused to accept custody of Sahara Group’s Rs 17,400 crore plus interest with the SAT registry, instead of SEBI. Dismissing the appeal, the tribunal said, “We fail to understand how this tribunal gets the jurisdictio...
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Posted Date : 30-Nov-2012 , 07:48:00 am | Posted By CASANSAAR
General Anti-Avoidance Rules The GAAR (General Anti-Avoidance Rule) provisions have not been put on hold.The Finance Act, 2012 had provided that these provisions shall be effective from the 1st day of April, 2014 and apply to Assessment year 2014-15 onwards. One of the r...
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Posted Date : 29-Nov-2012 , 08:30:56 am | Posted By CASANSAAR
The income tax (I-T) department has decided to begin prosecution against those having “substantial” amounts in their bank accounts in HSBC’s Geneva branch. The department has written to the finance ministry to suggest a benchmark for funds held on the basis of wh...
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Posted Date : 27-Nov-2012 , 08:21:53 am | Posted By CASANSAAR
The Director General of Income Tax (System) as per powers assigned to it under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 201 T, issued as per C B D T Notification No. SO 16(E) dated 4.1.2012, has decided to extend the time limit for...
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Posted Date : 26-Nov-2012 , 08:59:40 am | Posted By CASANSAAR
Given Indians’ yen for gold and the pressure on the current account due to its import, the Reserve Bank of India is considering introducing four gold-related instruments to ease the physical demand for the yellow metal. The instruments are modified gold-deposit scheme (GDS),...
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Posted Date : 26-Nov-2012 , 08:57:04 am | Posted By CASANSAAR
The Financial Intelligence Unit (FIU), country’s nodal agency for gathering, analysing and disseminating information related to suspicious financial transaction, has been asked to work with theDirectorate General of Central Excise Intelligence (DGCEI) to go after over 65,000 non...
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Posted Date : 26-Nov-2012 , 08:53:49 am | Posted By CASANSAAR
Around 600,000 people in Pakistan did not pay their taxes in the past one year, which highlights the "incompetence and mismanagement" of the country's top tax machinery, a daily said Sunday. The Federal Bureau of Revenue (FBR) claims 1.44 million people regularly file tax returns, but there are...
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Posted Date : 24-Nov-2012 , 08:52:25 am | Posted By CASANSAAR
Finance minister P Chidambaram has formed a team of revenue intelligence officials to track over 20,581 cases of high networth individuals and entities who have not filed their income tax returns, and get them to pay the amount they are suspected to have evaded. The list was compi...
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Posted Date : 23-Nov-2012 , 11:02:59 pm | Posted By CASANSAAR
Instances of alleged corruption for settlement of refund claims and complaints come to notice from time to time. Whenever any such instance or complaints comes to notice, the same is verified and if it is found to be correct, the concerned officers/officials have to face penal consequences depending...
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Posted Date : 23-Nov-2012 , 11:01:19 pm | Posted By CASANSAAR
There is no concept called Tax Free Zones as such in operation. However, there are schemes like Special Economic Zones (SEZs) and Export Oriented Units (EOUs) which provide tax exemptions. Both above schemes are administered by the Department of Commerce. In addition to above, package of incentives ...
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Posted Date : 22-Nov-2012 , 07:50:40 am | Posted By CASANSAAR
Income-Tax Appellate Tribunal (ITAT) ofChennai has held that interest on home loans will continue to remain out of the tax net even if the house is sold later. The tribunal clarified that the interest paid on loans is certainly an expenditure that should be taken into account while co...
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Posted Date : 21-Nov-2012 , 09:12:37 am | Posted By CASANSAAR
Giving a boost to key segments like roads and bridges, LNG and oil pipelines, water treatment plans, telecom towers, and three-star hotels, RBI today gave them 'infrastructure status' and paved way for them to avail easier funding from banks. In a notification, RBI said the credit facility ...
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Posted Date : 20-Nov-2012 , 08:22:52 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India[Set up by an Act of Parliament]Post Box No.7112, ICAI BHAWAN, Indraprastha MargNew Delhi - 110002 TO BE PUBLISHED IN PART III SECTION 4 OF THE GAZETTE OF INDIA19th November, 2012NOTIFICATION No.13-CA(Exam)/N/2012/III: In partial modific...
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Posted Date : 19-Nov-2012 , 08:48:06 am | Posted By CASANSAAR
The Income Tax department, probing the secret list of account holders in the Geneva branch of HSBC bank, has approached Swiss revenue authorities for banking data of certain individuals after investigations showed some of them reportedly had other accounts under fictitious names. The depart...
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Posted Date : 19-Nov-2012 , 08:41:27 am | Posted By CASANSAAR
Amendments to GAAR, the controversial law against tax avoidance through foreign investments, have been finalised, Finance Minister P Chidambaram disclosed today."I have finalised the amendments to the Chapter 10A of the Income Tax Act. Now it will go to the PMO and then we should be ready ...
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