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Posted Date : 31-Jul-2012 , 10:19:50 pm | 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 electronically for the ...
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Posted Date : 31-Jul-2012 , 03:20:24 pm | Posted By CASANSAAR
F.No.225/163/2012/ITA.I1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 31st July 2012. Order under Section 119 of the Income Tax Act. 1986 On consideration of the reports of disturbance of general life caused due to f...
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Posted Date : 31-Jul-2012 , 07:59:01 am | Posted By CASANSAAR
The volume of income-tax applications has increased after the department has made it mandatory for all those who earn over Rs 10 lakh per annum or own assets abroad to file their returns online, causing the department's website to crash intermittently as several assessees try to register before the ...
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Posted Date : 30-Jul-2012 , 02:40:12 pm | Posted By CASANSAAR
In yet another move to provide clarity on taxation issues, Prime Minister Manmohan Singh today set up a committee to look into such matters pertaining to IT sector and research and development related activities. The panel, headed by former Central Board of Direct Taxes (CBDT) chairman N Ra...
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Posted Date : 30-Jul-2012 , 07:57:37 am | Posted By CASANSAAR
The Income-tax department cannot reopen an assessment on the sole basis of a change in the opinion of its officers, the Bombay High Court has said in a significant judgement.New materials and evidence are pre-requisites to reopen assessments, the court has said. The high court or...
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Posted Date : 30-Jul-2012 , 07:53:10 am | Posted By CASANSAAR
Undisclosed income of Indians totalling Rs 565 crore has been detected in France, according to Income Tax authorities, indicating that the Double Taxation Avoidance Agreementis showing results. The figure was disclosed in the information that India received from France on Indians havi...
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Posted Date : 30-Jul-2012 , 07:51:29 am | Posted By CASANSAAR
Department of Income Tax(Range IV & V, Chandigarh) in association with the Institute of Chartered Accountant of India (ICAI) will jointly organize a Tax Awareness and Facilitation Camp on Monday, July 30 at Rajasthan Bhawan, Sector 33, Chandigarh.BS Sandhu, IRS, Commissioner of Income Tax, ...
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Posted Date : 29-Jul-2012 , 08:59:08 am | Posted By CASANSAAR
With the last date for filing income tax returns fast approaching on Monday, the I-T department as well as assessees are facing problems with online data entry. This year onward, it is mandatory for all those who earn over Rs 10 lakh per annum to file their returns online, and this has caus...
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Posted Date : 28-Jul-2012 , 11:34:34 am | Posted By CASANSAAR
The income tax department plans to initiate prosecution proceedings against employees ofHSBC Switzerland for allegedly helping Indians stash away illegal wealth in Swiss banks.The finance ministry has given permission to the income tax department to initiate a...
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Posted Date : 27-Jul-2012 , 06:26:22 pm | Posted By CASANSAAR
India and Indonesia today signed an agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.The agreement was signed by the visiting Indonesian Foreign Affairs Minister Marty Natalegawa and his Indian Counterpart S.M Krishna at the Hyderabad house ...
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Posted Date : 26-Jul-2012 , 07:30:49 am | Posted By CASANSAAR
Just two days after petrol prices were hiked by 70 paise by oil marketing companies, prices of petrol and diesel went up in seven states, including West Bengal and Maharashtra, as the oil firms recalibrated rates to reflect changes in local levies.This hike is independent of Monday’s 70 paise ...
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Posted Date : 26-Jul-2012 , 06:38:18 am | Posted By CASANSAAR
The government may appeal against a Madras high court judgement on employee stock options (Esops) that could have a bearing on how corporate tax is calculated. The appeal plan was disclosed by a senior income tax department official, who didn’t want to be identified. In a 19 June judg...
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Posted Date : 26-Jul-2012 , 06:32:51 am | Posted By CASANSAAR
Bombay High Court recently dismissed an Income Tax department appeal against an order in favour of actor Amitabh Bachchan, holding that the plea did not involve ‘any substantial question of law’. On October 13, 2002, Bachchan had filed his income tax return, declaring his earnin...
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Posted Date : 26-Jul-2012 , 06:30:56 am | Posted By CASANSAAR
ANNOUNCEMENT FOR THE ATTENTION OF THE MEMBERSInternational Auditing and Assurance Standards Board’sInvitation to Comment, Improving the Auditor’s Report The International Auditing and Assurance Standards Board (IAASB), has recently published an Invitation to Commen...
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Posted Date : 25-Jul-2012 , 07:09:49 am | Posted By CASANSAAR
In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’. To avail these facilities, a taxpayer must visit th...
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Posted Date : 24-Jul-2012 , 08:57:24 pm | Posted By CASANSAAR
In a major drive to help taxpayers file returns, the Income Tax Department on Tuesday offered to provide expert services at door-steps in the four metros and some major cities like Bangalore, Jaipur and Patna. Also, it has started 'Online Tax Help' to provide professional services to ...
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Posted Date : 24-Jul-2012 , 08:55:56 pm | Posted By CASANSAAR
The income tax department has set up special I-T return receipt counters in Delhi. People having income from salary can file their I-T returns at the counters in Mayur Bhavan, Connaught Place till tomorrow. According to the department, I-T returns will later on be only accepted at the new I...
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Posted Date : 24-Jul-2012 , 07:56:19 am | Posted By CASANSAAR
Tightening the norms, Income Tax (I-T) Department has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the 2012-13 assessment year.Taxpayers, who hold foreign bank accounts or properties, will now have to furnish details of their foreign as...
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Posted Date : 20-Jul-2012 , 06:06:37 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:- • Employe...
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Posted Date : 19-Jul-2012 , 07:58:21 pm | Posted By CASANSAAR
Insurance companies have come under the scanner of a government intelligence agency for allegedly evading service tax of over Rs 300 crore. The Directorate General of Central Excise Intelligence (DGCEI) has initiated a probe following complaints of the service tax evasion by various insurance provi...
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Posted Date : 19-Jul-2012 , 07:45:12 am | Posted By CASANSAAR
IT major Mahindra Satyam today said it has appointed T N Manoharan and Ravindra Kulkarni as additional directors on its Board. "TN Manoharan and Ravindra Kulkarni are co-opted as additional directors on the Board of the Company, wef July 18, 2012," Satyam Computer Services said in a filing ...
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Posted Date : 19-Jul-2012 , 07:41:32 am | Posted By CASANSAAR
The Karnataka High Court has said that theIncome-tax Appellate Tribunal or ITAT does not have powers to stay the tax demands beyond 365 days, an order which is expected to have a wide bearing. The ruling of the High Court on July 5 in the case of Ecom Gill Cof...
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Posted Date : 18-Jul-2012 , 07:33:14 am | Posted By CASANSAAR
The income tax (I-T) department has cancelled the applications of three educational institutions seeking exemptions under the Section 10 (23C) IVa of the Income Tax Act as these educational institutions have a turnover of more than Rs 1 crore and still had not applied for exemptions under the releva...
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Posted Date : 18-Jul-2012 , 07:27:56 am | Posted By CASANSAAR
In a major boost to foreign investors’ sentiment, the Central Board of Direct Taxes (CBDT) is likely to come out with a circular to bring more clarity on indirect tax transfers under a particular merger or acquisition. The CBDT’s circular will be on Section 9 of the Income Tax Act. More...
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Posted Date : 17-Jul-2012 , 10:15:38 pm | Posted By CASANSAAR
The Supreme Court has asked the Ruias owned Essar Oil to pay dues of Rs 1,000 crore as sales tax to the Gujarat government by July 30, following which the coercive action taken by Gujarat government to force immediate payment of the remaining principal amount ...
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Posted Date : 15-Jul-2012 , 08:20:49 pm | Posted By CASANSAAR
About two months after a criminal case was filed by Reebok India against two of its former employees over a scam allegedly involving Rs 870 crore, the Income Tax department has found that it may not be a case of corporate fraud as made out and could involve tax evasion to the tune of Rs 14...
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Posted Date : 14-Jul-2012 , 08:59:17 am | Posted By CASANSAAR
With just 17 days left for filing income tax return (ITR), it is time to start the process. However, the CBDT has come out with guidelines on procedural aspects of filing ITR, based on tax payers' annual income. Here is a quick look of changes made by the Central Board of Di...
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Posted Date : 14-Jul-2012 , 08:52:08 am | Posted By CASANSAAR
Although the Central Board of Direct Taxes (CBDT) has chalked out a detailed strategy on quality scrutiny assessment for the current fiscal year to avoid tax evasion and maximise revenue collection, income tax (I-T) employees raised doubts on whether the target would actually be achieved. &nb...
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Posted Date : 13-Jul-2012 , 07:09:59 pm | Posted By CASANSAAR
Prime Minister Manmohan Singh Friday set up an experts' committee to review and rework the controversial General Anti Avoidance Rules (GAAR) tax provision. The four-member committee to be headed by Parthasarathi Shome, director and chief executive of the Indian Council ...
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Posted Date : 13-Jul-2012 , 06:48:37 am | Posted By CASANSAAR
An income-tax tribunal has held that a company cannot avoid paying penalty for claiming false deduction on grounds that its claim was supported by advice from a chartered accountant. A division bench of the Income-tax Appellate Tribunal (ITAT), Kolkata, made this point in an appeal filed by Dar...
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Fresh Income tax news only on casansaar covering details for Income tax return,efiling, calculator,refund, income tax slab,forms,rates etc in india
