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  • Former Italian prime minister sentenced to prison for tax fraud
    Posted Date : 27-Oct-2012 , 08:13:33 am | Posted By CASANSAAR

    Former Italian prime minister Silvio Berlusconiwas on Friday sentenced to four years in jail, quickly reduced to one - for tax fraud with Italy's lengthy appeals process likely to ensure he never sees the inside of a prison cell. Scandal-hit Berlusconi, 76, condemned th...

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  • India, Spain sign tax avoidance agreement
    Posted Date : 27-Oct-2012 , 08:10:37 am | Posted By CASANSAAR

    India on Friday signed a tax avoidance agreement with Spain that will facilitate exchange of information on its tax evaders and getting details of financial transactions of domestic companies.  The agreement on amending the protocol for avoidance of double taxation and the ...

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  • After MCA, Income Tax begins probing Nitin Gadkari's Purti companies
    Posted Date : 26-Oct-2012 , 08:19:01 am | Posted By CASANSAAR

    After Ministry of Corporate Affairs, Income Tax department too has launched a probe to trace the source of funding of various firms that invested in BJP president Nitin Gadkari's company Purti Power and Sugar Limited (PPSL).   "We will trace the source the funds of the companies including the...

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  • Ex-Goldman Sachs director Rajat Gupta gets 2-year sentence and $5m fine for insider trading
    Posted Date : 25-Oct-2012 , 08:55:31 am | Posted By CASANSAAR

    A former Goldman Sachs and Procter & Gamble Co. board member once widely respected worldwide for his business smarts was sentenced Wednesday to 2 years in prison for feeding inside information about board dealings with a billionaire hedge fund owner who was his friend.  The India...

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  • Ten EU nations get go-ahead on financial transactions tax
    Posted Date : 24-Oct-2012 , 08:25:27 am | Posted By CASANSAAR

    The European Commission on Tuesday agreed a formal first step enabling 10 EU nations to launch a hotly contested Financial Transactions Taxslated to raise billions for the public purse. After plans to launch the tax across the European Union were scuttled duri...

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  • Undisclosed income of Rs 10 cr detected by I-T
    Posted Date : 23-Oct-2012 , 06:12:40 am | Posted By CASANSAAR

    An undisclosed income of Rs 10 crore has been detected by the Income Tax department during survey operation conducted on real estate groups here.   I-T sleuths had carried out survey on the premises of some real estate companies on Friday, said Jaspal Singh, Chief Commissioner of Income Tax, ...

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  • eBay accused of tax evasion in UK
    Posted Date : 23-Oct-2012 , 06:11:30 am | Posted By CASANSAAR

    Online auction giant eBay paid only £1.2 million ($1.92 million, 1.47 million euros) in tax to the British government despite generating £800 million in sales in the country, the Sunday Times reported.   The auction site denied any wrongdoing.   Accordin...

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  • Income Tax refunds decline 23.33%
    Posted Date : 22-Oct-2012 , 07:39:01 am | Posted By CASANSAAR

    The Income Tax refunds during the first half of current financial year have come down to Rs 46,000 crore from Rs 60,000 crore in the same period last year.   "The IT refund in April-September period of this fiscal stood at Rs 46,000 crore," a finance ministry official said.   The gover...

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  • CBDT opposes Shome Committee proposal to defer GAAR by 3 years
    Posted Date : 21-Oct-2012 , 08:08:34 am | Posted By CASANSAAR

    The country's apex tax body, the Central Board Of Direct Taxes (CBDT), has opposed Shome Panel's proposal to defer the implementation of the General Anti-Avoidance Rules (GAAR) for three years. TheCBDT has submitted a report to the finance ministry on the subject , ET NOW wa...

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  • Vodafone, Income Tax department set for another round in Supreme Court
    Posted Date : 19-Oct-2012 , 11:34:48 pm | Posted By CASANSAAR

    Nine months after British telecom major Vodafone won a $2.2-billion legal battle against the income-tax department, the two sides are set for another showdown in the Supreme Court.  The department has challenged in the Supreme Court a Gujarat high court order...

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  • Chowdary appointed new Member (inv) in CBDT
    Posted Date : 17-Oct-2012 , 07:44:54 am | Posted By CASANSAAR

    Senior IRS officer K V Chowdary has been appointed as the new Member (investigations) in the Central Board of Direct Taxes (CBDT) under Finance Ministry.The tax officer has moved to the new post in the Board as senior Income Tax officer Anita Kapur has joined the CBDT as Member (Audit and Judicial),...

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  • Kingfisher Airlines' employees get income-tax notices on non-payment of taxes
    Posted Date : 17-Oct-2012 , 07:40:40 am | Posted By CASANSAAR

    A seven-month backlog in unpaid salaries is not the only menace Kingfisher Airlines staff is grappling with these days. In a double whammy to Kingfisher's employees, the income-tax department has begun sending out notices directing them to clear tax liabilities, which run into several lakh...

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  • Penalty justified even if defaulter agrees to pay up: Tribunal
    Posted Date : 15-Oct-2012 , 11:17:36 am | Posted By CASANSAAR

    Even if a taxpayer, fearing he will be slapped with a penalty post a scrutiny assessment, comes clean and offers to pay tax on under-disclosed income, there is still ground enough to levy penalty for misstatements, held the Income-tax Appellate Tribunal in B.R. TV vs Assistant Commissioner of I...

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  • Paying tax soon to be a fundamental duty
    Posted Date : 15-Oct-2012 , 11:13:14 am | Posted By CASANSAAR

    Pay tax not just to relax, as the Income Taxdepartment says, but also to contribute to nation building as part of our soon-to-be fundamental duty.   The finance ministry plans to propose that paying tax be made a fundamental duty, hoping the move will increase complia...

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  • CAG inspection report says Salman Khurshid trust misused funds
    Posted Date : 13-Oct-2012 , 08:14:45 am | Posted By CASANSAAR

    The Comptroller and Auditor-General has pointed to malpractices in a trust controlled by law minister Salman Khurshid and asked the government to recover Rs71.50 lakh with interest.A sting operation conducted by a TV channel too had alleged irregularities by the Dr Zakir Hus...

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  • Infosys CFO V Balakrishnan to step down, CA.Rajiv Bansal to take over
    Posted Date : 13-Oct-2012 , 07:55:39 am | Posted By CASANSAAR

    Infosys CFO V Balakrishnan will step down from his current role at the end of this month to focus on three areas which the company said are strategic to it - the India business, the BPO business and the banking software product Finacle. He will remain on the board of the company. Balakrishnan, ...

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  • BSE investors to get trade alerts through SMS from Today
    Posted Date : 12-Oct-2012 , 07:53:25 am | Posted By CASANSAAR

    In a move to check unauthorised stock market trades through investor accounts, leading bourse BSE today said it will commence the service of sending SMS to all investors from today. "In order to check unauthorised stock market trades through investor accounts, as per SEBI ci...

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  • Separate benches to take up pending transfer pricing cases
    Posted Date : 12-Oct-2012 , 07:49:50 am | Posted By CASANSAAR

    Tax authorities have finally woken up to pending transfer pricing litigation in India. The Income Tax Appellate Tribunal has decided to constitute separate benches in Mumbai, Delhi, Bangalore and Hyderabad to hasten the disposal of transfer pricing and international taxation cases.   Transfer...

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  • GST and DTC are expected to be implemented by April 2013
    Posted Date : 12-Oct-2012 , 07:46:08 am | Posted By CASANSAAR

    There was a need to look again at the provisions of the proposed direct taxes code (DTC) and the goods and services tax (GST), said Parthasarathi Shome, director and chief executive, Indian Council for Research on International Economic Relations.   There should be fresh consultation over DTC...

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  • ICAI Invites Suggestions on Direct and Indirect Taxes for Pre-Budget Memorandum, 2013.
    Posted Date : 11-Oct-2012 , 08:53:13 pm | Posted By CASANSAAR

    The Direct & Indirect Taxes Committees of ICAI are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes- 2013 to be submitted to the Ministry of Finance. Suggestions are invited on laws relating to Direct Taxes, Central Excise D...

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  • Final view on retro tax amendments by Nov 15: FinMin
    Posted Date : 11-Oct-2012 , 07:33:32 am | Posted By CASANSAAR

    The government is likely to take a final view by November 15 on the Shome panel report, which had favoured prospective application of tax laws in its report on retrospective amendments relating to taxation of indirect transfers, a Finance Ministry official said."The Finance Ministry will take final ...

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  • Rs. 2,72,133 Crore Direct Tax Collections during First Half of 2012-13
    Posted Date : 10-Oct-2012 , 09:21:53 pm | Posted By CASANSAAR

    Gross direct tax collection during April-September of the F.Y. 2012-13 was up by 5.87 percent at Rs. 2,72,133 crore as against Rs. 2,57,042 crore in the same period last year. While gross collection of corporate taxes showed an increase of 1.60 percent (Rs. 1,78,173 crore as against Rs. 1,75,360 cro...

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  • Black money probe: first international success for ED
    Posted Date : 10-Oct-2012 , 08:29:39 am | Posted By CASANSAAR

    For the first time, the Enforcement Directorate (ED) has been able to convince Switzerland to give it access to attach the accounts of an Indian company, City Limouzines, under the Prevention of Money Laundering Act (PMLA). The company was allegedly involved in running a racket of ponzi schemes in v...

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  • Retired IT officer sentenced to three yrs for demanding bribe
    Posted Date : 10-Oct-2012 , 08:27:00 am | Posted By CASANSAAR

    A 63-year-old retired income tax officer has been sentenced to three years imprisonment by a Delhi court for extorting money from a jeweller here by threatening to implicate him in a false case.   Special CBI Judge Pradeep Chaddah, however, granted him bail as the punishment was not exceeding...

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  • Bank Audit rumors : Clarification by ICAI President
    Posted Date : 09-Oct-2012 , 08:25:14 am | Posted By CASANSAAR

    Dear Professional Colleagues,   This has reference to emails being received by the Institute about the Finance Ministry’s latest circular dated 26th September, 2012 containing general guiding principles on Internal Audit, Information System, Concurrent and ...

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  • We can’t don the role of cheerleaders : CAG
    Posted Date : 09-Oct-2012 , 08:18:03 am | Posted By CASANSAAR

    India’s national auditor has said the government should not expect it to be a cheerleader for all of its actions. Comptroller & Auditor General Vinod Rai took the opportunity of addressing his senior officers on Monday to say “we cannot don the role of cheerleaders. We strive to prov...

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  • Nearly 29,000 tax defaulters owe Rs 3,770 crore to government
    Posted Date : 09-Oct-2012 , 08:14:57 am | Posted By CASANSAAR

    Tax defaults by nearly 29,000 taxpayers aggregate to Rs 3,770 crore, according to a tax department's analysis of e-returns filed in 2012-13.Asking these tax-payers to voluntarily come forward and pay their dues immediately, the Central Board of Direct Taxes (CBDT) said the failure to ...

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  • Govt's tax evasion summons to insurance firms
    Posted Date : 07-Oct-2012 , 11:39:13 am | Posted By CASANSAAR

    The finance ministry has issued summons to about a dozen insurance firms seeking documents pertaining to sale of insurance policies and commission paid to their field associates as part of its probe into alleged service tax evasion of over Rs. 300 crore by them.    firms includ...

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  • Tax returns, Performance report out of RTI ambit: SC
    Posted Date : 05-Oct-2012 , 08:29:31 am | Posted By CASANSAAR

    The Supreme Court has ruled that the details of a person's income tax returns and performance of an employee are "personal information" which cannot be divulged under the provisions of the Right to Information Act unless a larger public interest is involved.   The apex court added that under ...

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  • Dead pay income tax in India, RTI query finds
    Posted Date : 05-Oct-2012 , 08:22:30 am | Posted By CASANSAAR

    Delhi resident Madan Kumari Jain is a conscientious citizen. She earns a steady income and pays her taxes religiously. In 2010-11, she paid Rs 2.01 lakh in tax. A year before that, she enriched the IT department by Rs 2.05 lakh. In fact she has made the exchequer richer by a million rupees...

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