News - (Get Professional Updates on Whatsapp, Msg on 8285393786)
  • Black money cases: I-T dept forms lawyer teams for prosecution
    Posted Date : 28-May-2012 , 07:39:18 am | Posted By CASANSAAR

    The Income Tax department has initiated a special country-wide exercise to engage a battery of lawyers for fighting black money cases and filing prosecution in a host of other tax evasion cases. Finance Minister Pranab Mukherjee, in his white paper on black money tabled during the recently conc...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 331

  • Demands on IT companies to be relaxed by the Income-Tax department?
    Posted Date : 28-May-2012 , 07:30:09 am | Posted By CASANSAAR

    There is a flicker of hope for Indian software companies battling a barrage of claims from theIncome-Tax Department.   In the last few days, the Central Board of Direct Taxes, an arm of the finance ministry, has asked tax offices in cities where the software firms are based...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 246

  • Revised CBDT Instruction on Grant of TDS Credit For AY 2011-12
    Posted Date : 28-May-2012 , 07:20:00 am | Posted By CASANSAAR

    Section 143 of the Income-tax Act, 1961 – Assessment – General – Processing of returns of A.Y. 2011-12 – Steps to clear backlog – Withdrawal of Instruction No. 1/2012, dated 2-2-2012   Instruction No. 4/2012 [F. No. 225/34/2011-ITA.II], dated 25-5-2012   T...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 799

  • India and Netherlands sign Protocol Amending DTAC
    Posted Date : 25-May-2012 , 11:06:07 pm | Posted By CASANSAAR

    The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 194

  • Income Tax department working on strategy to prevent corruption
    Posted Date : 25-May-2012 , 08:24:45 am | Posted By CASANSAAR

    The Income Tax Department is working on a comprehensive strategy to deal with corruptionwithin the organisation.  The work relating to identification of potential areas of corruption related to the organisational activities and development of an action plan for its mitigation ha...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 353

  • RBI, finance ministry differ over rural bank branches
    Posted Date : 25-May-2012 , 08:21:46 am | Posted By CASANSAAR

    The Reserve Bank of India, RBI, and the finance ministry seem to have differences on the way banks should go about ensuring financial inclusion. While both the regulator and the ministry are passionate about providing banking services at low cost to the disadvantaged, a difference of opinion be...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 308

  • Income Tax department scanning laptops, email records of Reebok top honchos
    Posted Date : 25-May-2012 , 08:17:54 am | Posted By CASANSAAR

    The Income Tax (I-T) department is scanning laptops and computersof top executives of Reebok India, including their email records, to find out details of the alleged financial irregularities.  On May 2, a team of I-T officials raided Gurgaon office of the spo...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 326

  • Zone-shifting of Candidates for June - 2012 CA - CPT Exams
    Posted Date : 24-May-2012 , 08:02:15 pm | Posted By CASANSAAR

    IMPORTANT ANNOUNCEMENT  May 23rd, 2012    Subject: Zone-shifting of candidates for June - 2012 CA – CPT Exams    Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Kolkatta and Hyderabad, some of the candidates have bee...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 455

  • Service tax trouble for BCCI
    Posted Date : 24-May-2012 , 08:05:15 am | Posted By CASANSAAR

    The service tax department believes the Board of Control for Cricket in India (BCCI) owes it Rs. 368 crore, largely arising from the sale of media rights for matches, including those that are part of the Indian Premier League (IPL). It has written to the Central Board of Excise and Customs...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 253

  • Income Tax surveys at Pune Warriors, Royal Challengers offices
    Posted Date : 24-May-2012 , 07:50:58 am | Posted By CASANSAAR

    The Income Tax department has reportedly carried out surveys at the offices of Indian Premier League (IPL) teams the Sahara Pune Warriors India, and Royal Challengers Bangalore in Mumbai and Bangalore. Sources said the surveys were in connection with allegations of the use of black money in the cash...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 263

  • Cabinet set to okay national portability, end of roaming
    Posted Date : 24-May-2012 , 07:45:17 am | Posted By CASANSAAR

    The government is set to pave the way for an end to mobile roaming within the country and usher in a country-wide number portability scheme along with faster broadband speed proposed in the New Telecom Policy.  The Union Cabinet is scheduled to discuss the New Telecom Policy, which w...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 233

  • Petrol price hiked by a massive Rs 7.54 a litre
    Posted Date : 23-May-2012 , 10:18:15 pm | Posted By CASANSAAR

    The petrol price was hiked today by a record Rs 7.54 per litre as rupee had a free fall, an unpopular decision that was attacked by allies of UPA government who demanded its immediate rollback holding it as unacceptable.   The hike, the third in one year, came a day after end of the Budget se...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 243

  • India Against Corruption under I-T, ED scanner
    Posted Date : 23-May-2012 , 08:11:17 am | Posted By CASANSAAR

    The Delhi Police on Tuesday told a court here that it had written to the Income Tax Department and the Enforcement Directorate, asking them to audit the accounts, and examine funding from abroad, of India Against Corruption, the NGO behind Anna Hazare's anti-corruption crusade.   “Lette...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 397

  • Final Guidelines on Basel III Capital Regulations Issued by RBI
    Posted Date : 22-May-2012 , 08:39:28 pm | Posted By CASANSAAR

    Reserve Bank of India (RBI) has informed that they have formulated an action plan to adopt the Basel III norms and have issued final guidelines on Basel III Capital Regulations to all scheduled commercial banks on May 2, 2012 which is available at RBI website www.rbi.org.in. RBI further informed tha...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 481

  • Tax Department detects concealed income of Rs 19,938 crore in last 2 years
    Posted Date : 22-May-2012 , 08:39:28 am | Posted By CASANSAAR

    The government today said the incometax department has detected concealed income of Rs 19,938 crore in the last two fiscals. In 2010-11, the investigation wing of the Central Board of Direct Taxes ( CBDT) has detected concealed income of Rs 10,649.16 crore. This figure came down...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 255

  • Black money in IPL: Sports Ministry asks Finance Ministry to order probe
    Posted Date : 22-May-2012 , 08:27:25 am | Posted By CASANSAAR

    Sports Ministry has asked the Finance Ministry to order an expeditious probe into charges of black money playing a part in the IPL cricket matches. Sports Minister Ajay Maken told the Lok Sabha today that the Sports Secretary has written a letter last week in this regard to the Revenue Secretary and...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 250

  • Revival of Closed Companies
    Posted Date : 22-May-2012 , 08:26:08 am | Posted By CASANSAAR

    No scheme has been formulated by the Government of India for revival of closed companies.                                 The number of com...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 267

  • FDI routed through Mauritius, Singapore to avoid taxes: Government
    Posted Date : 21-May-2012 , 10:14:55 pm | Posted By CASANSAAR

    The government today said huge foreign direct investments are routed through Mauritius and Singapore into the country to avoid taxes as well as conceal identities of real investors, who could actually be Indian residents. Official data show that Mauritius accounted for 41.80...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 355

  • Special unit to handle BCCI-IPL tax cases
    Posted Date : 21-May-2012 , 07:35:21 am | Posted By CASANSAAR

    The Income Tax department has created a special audit team to bring together the scattered assessment and investigation proceedings of the BCCI and the IPL spread across the country.   Tax assessment of the BCCI for the financial years 2010-11, 2011-12, computation of exemption income as enjo...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 249

  • GAAR pushed, but new tax rule may still drive FIIs away
    Posted Date : 20-May-2012 , 11:13:25 pm | Posted By CASANSAAR

    Foreign investors may be relieved over the controversial GAAR tax proposals being pushed back by a year but another new taxation framework could make their India investments riskier and expensive. The proposals that are a part of the Finance Bill. They state that capital gains arising from the tra...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 311

  • Kingfisher Airlines owes Rs 269 crore income tax: Government
    Posted Date : 19-May-2012 , 07:12:59 am | Posted By CASANSAAR

     Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday. Kingfisher Airlines was found to have deducted tax at source (TDS) on salary...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 336

  • GAAR provisions to be part of DTC, to come into effect in April 2013
    Posted Date : 18-May-2012 , 08:36:04 am | Posted By CASANSAAR

      The General Anti-Avoidance Rule (GAAR), approved under the Finance Act, will be part of the Direct Taxes Code (DTC) Bill to be tabled in the monsoon session of Parliament. The finance ministry plans to implement both GAAR and DTC from April 1, 2013. However, if the implementation of DTC is a...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 436

  • Baba Ramdev told to pay Rs 58-cr Income Tax
    Posted Date : 18-May-2012 , 08:28:44 am | Posted By CASANSAAR

    Yoga guru Ramdev’s trusts have lost their Income-Tax exemption and have been slapped a Rs 58-crore notice on the sale of their ayurvedic medicines. The I-T notice, for the assessment year 2009-10, on Haridwar-based Patanjali Yogpeeth Trust, Divya Yoga Mandir Trust and Bharat Swabhiman Trust h...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 636

  • Net direct tax collections rise 7-fold in April
    Posted Date : 17-May-2012 , 08:14:44 am | Posted By CASANSAAR

      The net direct tax collections rose to a whopping Rs14,812 crore in April this year, a seven fold increase compared to the same period of last fiscal. Net direct tax collections, gross collections minus refunds, was at Rs1,992 crore in April 2011. The net collection was higher mainly due t...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 274

  • 300 students fail Chartered Accountant final exam, but pass after retotalling
    Posted Date : 16-May-2012 , 08:47:12 am | Posted By CASANSAAR

    Students and lecturers have complained that there were many errors in totalling and that past questions were repeated in the final exams conducted by the Institute of Chartered Accountants of India last November.  Around 300 final-year students from all over the country cleared eithe...

    Continue Reading... Category : Income Tax | Comments : 1 | Hits : 3974

  • PAN must for gold buys exceeding Rs 2 lakh
    Posted Date : 16-May-2012 , 08:36:35 am | Posted By CASANSAAR

    Customers will no longer be able to buy gold bars or coins worth more than Rs 2 lakh – even by paying cash – without furnishing an Income-Tax Permanent Account Number (PAN). That is because it is now mandatory on the part of the seller to collect tax at source on such sales. The buyer's...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 448

  • DTC Bill in Monsoon Session of Parl: Pranab
    Posted Date : 15-May-2012 , 07:01:01 pm | Posted By CASANSAAR

    Finance Minister Pranab Mukherjee today said Direct Tax Code, DTC Bill will be introduced in the Monsoon session of Parliament. He stated this while introducing the Appropriation No-3 Bill 2012 along with the Finance Bill 2012 in the Rajya Sabha. The Finance Minister announced the roll back of the e...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 400

  • Increase in Number of Tax Payers
    Posted Date : 15-May-2012 , 06:58:44 pm | Posted By CASANSAAR

    The number of effective income tax assesses as well as the number of registered Central Excise and Service Tax assesses during the years 2006-07 to 2010-11 are as under:   Financial Year Income Tax Assesses Central Excise Service Tax 2006-07 31903137 ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 313

  • Amendments Proposed in Provisions Relating to GAAR
    Posted Date : 15-May-2012 , 06:57:17 pm | Posted By CASANSAAR

    The following government amendments have been proposed in the provisions relating to General Anti-Avoidance Rules (GAAR) contained in the Finance Bill 2012.i) To remove the onus of proof from the tax-payers to the Revenue Department before any action can be initiated under GAAR. ii) To introduc...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 180

  • 23 tax tribunal members under CBI scanner for ‘fixing’ verdicts
    Posted Date : 15-May-2012 , 08:44:16 am | Posted By CASANSAAR

    An estimated 69 orders passed by as many as 23 members of various benches of the Income Tax Appellate Tribunal (ITAT) are now the subject matter of an unprecedented nationwide inquiry for alleged corruption by the Central Bureau of Investigation (CBI). The ITAT, a quasi-judicial body, is the highes...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 317

Search News
News By Categories More Categories

Fresh Income tax news only on casansaar covering details for  Income tax return,efiling, calculator,refund, income tax slab,forms,rates  etc in india