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Posted Date : 27-Aug-2012 , 07:31:36 am | Posted By CASANSAAR
The much talked about Direct Taxes Code (DTC) appears set to miss the April 2013 deadline, too. Finance Minister P Chidambaram wants a complete reworking of the DTC Bill, which had been substantially changed under former finance minister Pranab Mukherjee from what was initially formulated u...
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Posted Date : 23-Aug-2012 , 10:43:56 pm | Posted By CASANSAAR
An Income tax amount of Rs 201.36 crore is due from the Board of Control for Cricket in India (BCCI), the government said today. "Appropriate measures have been taken by the Department to recover the demands raised which resulted into collection of an aggregate amount of Rs ...
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Posted Date : 23-Aug-2012 , 10:32:12 pm | Posted By CASANSAAR
Service tax of 12.36 per cent has been imposed on the taxable services provided by the Film Artists. As a preparation for the introduction of a nationwide comprehensive Goods and Service Tax (GST), comprehensive approach to taxation of services has been brought into effect from the 1st day of J...
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Posted Date : 23-Aug-2012 , 08:39:46 am | Posted By CASANSAAR
Taxes worth Rs 58,636 crore are locked up in litigations in the Supreme Court and different High Courts, the government said today. On the Direct Taxes sides, 5,860 cases involved tax demand worth Rs 2,707 crore were locked up in Supreme Court. Another 29,650 cases with tax demand of Rs 36,...
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Posted Date : 23-Aug-2012 , 08:29:32 am | Posted By CASANSAAR
Based on the investigation carried out by the Enforcement Directorate (ED), the adjudicating authority has issued Show Cause Notices under Foreign Exchange Management Act, 1999 (FEMA) to BCCI & its officials for the contraventions of the relevant provisions of the said Act as per details below:-...
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Posted Date : 22-Aug-2012 , 06:52:03 am | Posted By CASANSAAR
Finance minister P Chidambaram has summoned his top tax administrators for a meeting at the end of this month, even as policymakers grapple to garner revenues in a slowing economy hit by high prices, low incomes and plunging exports. This will be the second conference of I-T chief commissi...
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Posted Date : 21-Aug-2012 , 07:32:02 am | Posted By CASANSAAR
Multinational companies and Indian industrial houses that have spread their wings abroad can raise a toast to the Income-Tax Department. In times of economic woe, the Tax Department has shown its generosity by retaining the tolerance band for transfer pricing adjustment at five per cent for...
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Posted Date : 20-Aug-2012 , 07:35:38 am | Posted By CASANSAAR
Damages awarded cannot be equated with income liable to tax deduction at source (TDS), the apex consumer commission has held. The National Consumer Disputes Redressal Commission (NCDRC) gave the order while directing the Airport Authority of India (AAI) to refund the "tax deducted at source (TD...
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Posted Date : 19-Aug-2012 , 03:19:42 pm | Posted By CASANSAAR
The Revenue department has begun a final tax assessment of the trusts associated with yoga guru Baba Ramdev after service and Income Tax officials recently conducted special investigations on these enterprises for alleged tax evasion. Both the revenue collection arms of Finance Ministry's Income Tax...
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Posted Date : 18-Aug-2012 , 07:39:03 am | Posted By CASANSAAR
The Income Tax Department is in the process of training a fresh batch (Batch-II) of 5000 graduates as Tax Return Preparers (TRPs) across the country. The TRPs are authorized to prepare Income Tax Returns for individual and HUF taxpayers. The Tax Return Preparer Scheme (see...
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Posted Date : 18-Aug-2012 , 07:26:55 am | Posted By CASANSAAR
A CBDT panel on black money has suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace. In its 66-page report on measures to tackle black money in India and abroad, the CBDT committee also recommen...
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Posted Date : 18-Aug-2012 , 07:20:30 am | Posted By CASANSAAR
All prosecutions filed by the Registrar of Companies (RoCs) before the competent courts of law for violation of the provisions of the Companies Act, 1956, are considered as criminal cases. The cases are decided by the competent courts on merits of each case with imposition of ...
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Posted Date : 17-Aug-2012 , 08:04:31 am | Posted By CASANSAAR
Providing more routes to firms finding it tough to attain minimum 25 percent public holding, Sebi on Thursday allowed them to dilute shares through two more avenues, bonus shares and rights issue, and hinted that further leeway could be provided on a case-to-case basis.Sebi has made it mandatory for...
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Posted Date : 17-Aug-2012 , 07:57:47 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has arrested an Income Tax Officer, (W) IV-(1), BL Uppal, for accepting a bribe of Rs. 25,000 from a complainant. Sources said that the CBI laid a trap and caught the accused ITO Uppal red-handed. An advocate, Aakash Gupta, had complained to the CB...
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Posted Date : 16-Aug-2012 , 11:48:06 am | Posted By CASANSAAR
A recent ruling by the Income Tax Appellate Tribunal (ITAT) has come as a big relief for foreign institutional investors (FIIs) hedging their currency risks through forward contracts with banks. The Mumbai bench of ITAT has held gains arising on cancellation of foreign exchange forward cont...
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Posted Date : 15-Aug-2012 , 08:17:15 pm | Posted By CASANSAAR
The government will set up 14 more Income Tax Overseas Units (ITOUs) to deal with the menace of blackmoney and keep a tab on illegal routing of funds from abroad and parking money in foreign countries. The Finance Ministry has recently sent a detailed proposal in this regard to the Ministry...
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Posted Date : 14-Aug-2012 , 07:22:35 am | Posted By CASANSAAR
The country's highest law official has said the government can raise a demand on Hong Kong-based Hutchison as it is liable to pay tax on the sale of its Indian assets to the UK's Vodafone Group in 2007, possibly opening a new front in the four-year-old tax dispute. Attorney-General G...
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Posted Date : 13-Aug-2012 , 07:02:11 am | Posted By CASANSAAR
Those named in the confidential list given to the government of Indians with allegedly illegal accounts abroad through the HSBC bank are to be also charged with money laundering. The first complaints are expected to be filed in Delhi and Mumbai. The income tax (I-T) department has decided t...
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Posted Date : 12-Aug-2012 , 08:32:56 am | Posted By CASANSAAR
Files go missing from government offices all the time. But on this occasion the Income Tax (I-T) department has a legitimate reason. Thousands of files belonging to various business enterprises are believed stolen from one of the I-T offices at Bandra-Kurla Complex (BKC) after burglars broke into th...
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Posted Date : 11-Aug-2012 , 08:08:16 am | Posted By CASANSAAR
At a time when the government is facing flak from civil society activists over the issue of handling of black money cases, the finance ministry on Friday said tax evasion of a little over Rs 600-crore was detected, following processing of information received from Germany and France. Of this, taxes ...
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Posted Date : 10-Aug-2012 , 05:15:35 pm | Posted By CASANSAAR
Initiatives taken by the Investigation Division of Central Board of Direct Taxes (CBDT) for unearthing black money : I. The Government of India has commissioned a study on unacco...
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Posted Date : 10-Aug-2012 , 09:48:32 am | Posted By CASANSAAR
The finance ministry has said income-tax authorities will take appropriate action in the Vodafone tax dispute that could involve a potential Rs 20,000 crore claim on the company. "The assessing officer, as a quasi-judicial authority, will take appropriate action in the light of the Su...
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Posted Date : 08-Aug-2012 , 04:50:36 pm | Posted By CASANSAAR
The government today said it has detected alleged central excise and service tax evasions of about Rs 5,995 crore during 2011-12. A total of 450 cases of service tax evasion involving Rs 5,012.90 crore and 350 cases of central excise evasion involving Rs 982.80 crore were registered in the ...
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Posted Date : 08-Aug-2012 , 08:16:12 am | Posted By CASANSAAR
Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electron...
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Posted Date : 08-Aug-2012 , 08:12:07 am | Posted By CASANSAAR
Doctors getting free samples of medicines, gifts or foreign trips from pharmaceutical or healthcare companies should now be prepared to pay tax as such freebies will be calculated as taxable income.Similarly, drug makers and allied healthcare companies will also be no longer get tax exemptions ...
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Posted Date : 07-Aug-2012 , 08:53:46 am | Posted By CASANSAAR
Finance Minister P Chidambaram on Monday announced a relook at retrospective amendments to the Income Tax Act, which affected companies such as Vodafone, in a move aimed at bringing back investor confidence in the Indian economy. This is a sharp deviation from the stand taken by his predecessor Pran...
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Posted Date : 03-Aug-2012 , 04:23:22 pm | Posted By CASANSAAR
Bain Capital's acquisition of a 30% stake in Genpact, the country's largest ITeS company for $1 billion, could set the private equity fund - founded by US presidential nominee Mitt Romney - on collision course with India's income-tax authorities over payment of tax in the country...
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Posted Date : 01-Aug-2012 , 07:51:20 pm | Posted By CASANSAAR
Government of India and Government of Principality of Monaco have signed a Tax Information Exchange Agreement (TIEA) yesterday. The agreement was signed by the Minister of State for Finance, Shri S S Palanimanickam from Indian side and Counsellor of Government for Finances and Economy, Mr. Marco Pic...
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Posted Date : 01-Aug-2012 , 06:31:28 am | Posted By CASANSAAR
The Supreme Court on Monday clarified that the orders of the Authority for Advance Rulings(AAR) can be challenged before the respective high courts through writ petitions, a move which could have tax implications for firms involved in cross-border deals. Until Monday's ruling, an order...
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Posted Date : 31-Jul-2012 , 10:20:19 pm | Posted By CASANSAAR
The Government of the Republic of India signed a revised Double Taxation Avoidance Agreement (DTAA) with the Government of the Republic of Indonesia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th July, 2012 at Hyderabad House, Ne...
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