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Posted Date : 03-Oct-2012 , 11:10:56 pm | Posted By CASANSAAR
As a Taxpayer friendly initiative, a facility to view details of Arrear Demand of taxpayers as communicated by their Jurisdictional Assessing Officers (A.O.) to the Central Processing Centre (CPC) is now enabled on the e-filing website i.e. https://incometaxindiaefiling.gov.i...
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Posted Date : 03-Oct-2012 , 08:10:00 am | Posted By CASANSAAR
If your income is not taxable and you are getting interest income, then you may get some relief from the paperwork for non-deduction of tax at source. According to a highly-placed government source, “CBDT is to examine the possibility of getting Form 15G/15H once in a life time from v...
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Posted Date : 02-Oct-2012 , 08:54:23 am | Posted By CASANSAAR
Small individual investors will be able to get no-frills demat accounts for trading in stocks, mutual funds and other securities from Monday without any annual maintenance charges for holdings up to Rs 50,000.Also, the charges would be capped at a maximum of Rs 100 a year if the value of their portf...
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Posted Date : 02-Oct-2012 , 08:53:56 am | Posted By CASANSAAR
In what could turn out to be a 'game-changer' for the life insurance industry, Finance Minister P Chidambaram on Monday urged the income-tax department to lower tax rates on life insurance policies and the insurance regulator to speed up approval for products.Life insurers will now be able...
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Posted Date : 02-Oct-2012 , 08:47:18 am | Posted By CASANSAAR
The Centre said that the guidelines for implementation of General Anti Avoidance Rules (GAAR) will be finalised by the Income Tax department by the end of this month. Talking to reporters in New Delhi today the Finance Minister P Chidambaram said GAAR rules will be first vetted by the Law Ministry. ...
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Posted Date : 01-Oct-2012 , 08:11:37 pm | Posted By CASANSAAR
Observing that the "CAG is not a munim (accountant)" the Supreme Court on Monday dismissed a plea challenging the Comptroller and Auditor General's power to conduct performance audit of controversial allocation of coal blocks by the UPA government. A bench of justices R M Lodha and A R dave said the...
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Posted Date : 29-Sep-2012 , 09:47:14 pm | Posted By CASANSAAR
For any query relating to e-filing of Income Tax Return, please call 18001801961 or 08026500025. For any query regarding status of e-filed return and ITR-V please call 18004252229....
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Posted Date : 29-Sep-2012 , 06:29:12 pm | Posted By CASANSAAR
eBay International AG, a Swiss tax resident, need not fork out any income-tax on the profits earned from its two India-specific Web sites. This ruling of the Mumbai Income Tax Appellate Tribunal is a significant one in the context of e-commerce transactions, say tax experts. The Tr...
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Posted Date : 29-Sep-2012 , 06:16:01 pm | Posted By CASANSAAR
CBDT has decided that the Income-tax Offices all over India shall make special arrangements by opening receipt counters on 29th and 30th September, 2012 for the convenience of taxpayers. Click here for CBDT Order...
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Posted Date : 29-Sep-2012 , 09:00:48 am | Posted By CASANSAAR
The government appointed panel to suggest a roadmap for fiscal consolidation has recommended a comprehensive review of the Direct Taxes Code Bill and bringing in more services in the tax net.The Kelkar Committee also recommended amendment to the law to make quoting PAN or the UID...
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Posted Date : 29-Sep-2012 , 08:54:52 am | Posted By CASANSAAR
All India Federation of Tax Petitioners (AIFTP) has urged the Central Board of Direct Taxes for extension of income tax return filing date this year. It pointed out that the due date on September 30 is a Sunday. AIFTP said CBDT should issue a clarification as it did in 1992. The half-yearl...
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Posted Date : 28-Sep-2012 , 03:44:32 pm | Posted By CASANSAAR
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Premier professional body set up by an Act of Parliament)ICAI Bhavan, Indraprastha Marg, Post Box No. 7100, New Delhi 110 002. ICAI invites applications from highly competent candidates for the positions of SECRETARY,TECHNICAL DIRECTORand&n...
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Posted Date : 28-Sep-2012 , 08:18:57 am | Posted By CASANSAAR
Finance Minister P Chidambaram is likely to review the entire appeal-filing mechanism of the Income Tax department in view of concerns expressed by the Supreme Court recently over delays in revenue cases. The Minister may review the mechanism in the middle of next ...
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Posted Date : 28-Sep-2012 , 08:11:39 am | Posted By CASANSAAR
PAN numbers are supposed to be like fingerprints. No two people can have the same one. Well, the Income Tax department seems have made an exception. The I-T department issued the same Permanent Account Number (PAN) to two different persons with the same name. The aggr...
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Posted Date : 28-Sep-2012 , 08:07:32 am | Posted By CASANSAAR
The Income Tax department has sought the dismissal of a plea filed by tea producer McLeod Russelagainst state's powers to tax transactions retrospectively.The department maintains that the state has powers to tax with retrospective effect and the amendments introduced in the Finance B...
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Posted Date : 27-Sep-2012 , 08:01:43 am | Posted By CASANSAAR
British telecom company Vodafone never said that it was ready to resolve its tax dispute with theIndian government if the interest and penalty on the tax liability is waived, a person close to the company said."Vodafone has never expressed a willingness to settle the t...
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Posted Date : 26-Sep-2012 , 09:54:40 pm | Posted By CASANSAAR
India has made it mandatory for all foreigners to furnish a tax residency certificate of their home country to claim benefits under the double taxation avoidance agreement. This will make the process of claiming tax credit easier for foreigners by removing the arbitrariness in the earlier regim...
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Posted Date : 25-Sep-2012 , 08:19:53 am | Posted By CASANSAAR
Are political parties required to reveal the source of their funding under the Right to Information Act? While the CPI agreed to disclose its funding to an NGO, other parties have flatly refused to do so. Association for Democratic Rights (ADR), sought the information under RTI, claiming that...
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Posted Date : 25-Sep-2012 , 08:11:32 am | Posted By CASANSAAR
From 2012-2013 onwards, companies may have to file their income-tax return as per the standards laid down by the Central Board of Direct Taxes (CBDT). The new standards will reduce the discretion which is currently available with the taxpayers under the standards prescribed by the Institute of Chart...
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Posted Date : 22-Sep-2012 , 09:28:37 pm | Posted By CASANSAAR
Union Minister for Road, Transport and Highways Dr C P Joshi have been given additional charge of Railway Ministry on Saturday a day after the resignation of Mukul Roy and other Trinamool Congress ministers. According to Rashtrapati Bhavan spokesperson Venu Rajamony, Dr Joshi was assigned ...
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Finance Minister approves the Operational Features of the Rajiv Gandhi Equity Savings Scheme (RGESS)Posted Date : 22-Sep-2012 , 09:03:00 am | Posted By CASANSAAR
The Union Finance Minister Shri P. Chidambaram approved a new tax saving scheme called “Rajiv Gandhi Equity Saving Scheme“(RGESS),exclusively for the first time retail investors in Securities Market. This Scheme would give tax benefits to new investors who invest up to Rs. 50,000 and who...
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Posted Date : 21-Sep-2012 , 08:12:21 am | Posted By CASANSAAR
UK-based telecom giant Vodafone today said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs 8,000 crore, is an option provided the interest and penalty are waived. "It is exactly an option. I don't know if its viable," Vodafone...
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Posted Date : 20-Sep-2012 , 09:12:02 am | Posted By CASANSAAR
In what would help assessing officers across the country to take a homogeneous view in legal matters of similar nature, the Central Board of Direct Taxes (CBDT) has formed a standing committee to firm up, what would be called ‘department’s view’, on contentious legal issues. The m...
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Posted Date : 19-Sep-2012 , 08:45:49 am | Posted By CASANSAAR
The Election Commission (EC) has sought deployment of the investigation machinery of the Income Tax department for checking movement of illegal funds during the forthcoming assembly elections in Gujarat and Himachal Pradesh. The Central Board of Direct Taxes (CBDT), which was written to by the ...
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Posted Date : 18-Sep-2012 , 08:03:15 am | Posted By CASANSAAR
The Supreme Court on Monday faulted government departments for dragging their feet on filing tax appeals running into crores and asked the government to put in place a mechanism to cut down the delays.A two-judge bench of the apex court, headed by CJI S H Kapadia and Justice A K Patnaik, e...
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Posted Date : 18-Sep-2012 , 07:57:48 am | Posted By CASANSAAR
Vodafone Group Plc, which has resisted setting aside money for a USD 2.2 billion tax bill in India, may make a provision to cover the legal risks, Chief Financial Officer Andy Halford said in an interview. The world's second-largest mobile-phone operator is consulting on the need for a pr...
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Posted Date : 17-Sep-2012 , 08:29:08 pm | Posted By CASANSAAR
Notified Cost Inflation Index for Financial Year 2012-13 / Assessment Year 2013-14 : 852...
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Posted Date : 17-Sep-2012 , 07:34:17 am | Posted By CASANSAAR
If you are away from your professional address and want to vote for then please fill the attached form and send it to returning officer till 5th October 2012. As per election rules, A member who is entitled to vote at a polling booth may be permitted at the discretion of...
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Posted Date : 17-Sep-2012 , 07:28:05 am | Posted By CASANSAAR
The Delhi High Court has ruled that income from sale of software embedded in hardware was not taxable as royalty despite the retrospective amendment to the Income Tax Act, as the changes cannot override a tax treaty. Deciding on a case between the Income Tax Department and Nokia Networks of Finland,...
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Posted Date : 17-Sep-2012 , 07:21:22 am | Posted By CASANSAAR
The Income Tax department is probing a few foreign banks and financial brokers after it was tipped off about large scale illegal high returns investment programme being executed in violation of RBI guidelines. The investments and returns scheme, called the Private Placement Programmes (PPP)...
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