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Posted Date : 27-Mar-2012 , 09:42:32 pm | Posted By CASANSAAR
Invite Applications for Visiting/Regular Faculty for Certificate Course in Master in Business Finance (MBFCC) At New Delhi, Mumbai, Chennai, and Kolkata. Click Here for Details www.icai.org...
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Posted Date : 27-Mar-2012 , 09:34:47 pm | Posted By CASANSAAR
Section 80E of the Income Tax Act, 1961 provides for a deduction to an assessee (being an individual), out of his income chargeable to tax, on account of any amount paid by him in the previous year by way of interest on loan taken by him from any financial institution or any approved charitable inst...
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Posted Date : 27-Mar-2012 , 04:00:07 pm | Posted By CASANSAAR
As much as Rs 2.73 lakh crore of outstanding income tax dues are locked up in tax disputes at various levels, Parliament was informed today. "As on September 30, 2011, a net amount of Rs 3,50,000 crore approximately is outstanding as income tax dues, out of which Rs 2,73,000 crore approximatel...
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Posted Date : 26-Mar-2012 , 08:30:58 pm | Posted By CASANSAAR
Some persons with accounts in a Swiss bank have paid taxes amounting to about Rs 180 crore so far, Finance Minister Pranab Mukherjee has said in Parliament. He did not disclose any name. Mukherjee said the government has received information from France and Germany under Double Taxation Avoidanc...
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Posted Date : 25-Mar-2012 , 09:53:31 pm | Posted By CASANSAAR
The government on Sunday said it has no vindictive intention in retrospectively amending tax laws and has no plans to re-open a large number of old cases, while assuring India Inc that the I-T department will not act like a "policeman". Interacting with industry leaders here...
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Posted Date : 25-Mar-2012 , 11:06:08 am | Posted By CASANSAAR
Union Finance Minister PranabMukherjee on Saturday said the Direct Tax Code (DTC) would be made operational by next year. Speaking at the post-budget interactive session organised by Federation of Indian Chambers of Commerce and Industries (FICCI),Mukherjee said, “To mop up add...
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Posted Date : 23-Mar-2012 , 04:32:40 pm | Posted By CASANSAAR
Public sector lender IDBI Bank today said it has collected Rs 1 lakh crore of central tax through its network in the current fiscal. The bank has also collected more than 16 percent of the government's revised target of direct taxes during the period. "IDBI Bank has achieved the landmark of Rs 1...
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Posted Date : 23-Mar-2012 , 08:33:14 am | Posted By CASANSAAR
Dear Member, It has been learnt that RBI has received communication regarding Bank Branch Audit allotment. All Bank Branches having advances of Rupees six crores and above and one third of the branches below six crores of advances will be audited. CA. Jaydeep N. Shah Pres...
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Posted Date : 23-Mar-2012 , 08:12:02 am | Posted By CASANSAAR
The Finance Ministry has constituted a 12-member advisory group headed by the Revenue Secretary on the controversial amendments in the Income Tax Act that seek to tax overseas deals with retrospective effect.The group, which will also have representatives from the industry chambers, will suggest to ...
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Posted Date : 22-Mar-2012 , 02:23:02 pm | Posted By CASANSAAR
Newly appointed railway minister Mukul Roy announced a rollback in some of the rail fares that were announced last week in the Rail Budget. Mukul Roy told Parliament that fares for first and second class passengers in air-conditioned carriages would still go up, but there would be no increase for...
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Posted Date : 21-Mar-2012 , 10:28:05 pm | Posted By CASANSAAR
British telecom major Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today. "They (Vodafone) will have to automatically pay the tax after approval of the amendments to the Finance Bill b...
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Posted Date : 21-Mar-2012 , 05:05:14 pm | Posted By CASANSAAR
All the regional offices of the Reserve Bank of India and the branches of agency banks will remain open on March 31, Saturday, for special clearings of government transactions for 2011-12. "With a view to facilitating accounting of all government transactions of the current ...
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Posted Date : 21-Mar-2012 , 07:49:40 am | Posted By CASANSAAR
The government today said the Income Tax Department will "bother" only those non-resident Indians who have unexplained funds."If any money is found to be of some person and then it comes to our knowledge, then if it is legitimately explained he doesn't have to bother, but if it is unexplained th...
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Posted Date : 20-Mar-2012 , 09:04:44 pm | Posted By CASANSAAR
The Supreme Court on Tuesday dismissed the government’s review petition in the Rs 11,000 crore Vodafone tax case.The government had filed a review petition asking the court to reconsider its verdict delivered in January which gave its order in favour of Vodafone and helped improve foreign inve...
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Posted Date : 20-Mar-2012 , 07:42:54 am | Posted By CASANSAAR
The Supreme Court will hear the Centre's plea for review of the Vodafone judgment on Tuesday at a time when the UPA government has proposed to amend the Income Tax Act to levy capital gains tax on domestic asset acquisition through merger and acquisition deals involving overseas companies....
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Posted Date : 19-Mar-2012 , 10:07:09 pm | Posted By CASANSAAR
"Do not start consuming sleeping pills," this was the advice of former finance minister Jaswant Singh to the present incumbent in the finance ministry on the issue fiscal deficit. Making a brief remark before the Prime Minister's reply in the Lok Sabha to the Motion of ...
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Posted Date : 19-Mar-2012 , 08:19:58 am | Posted By CASANSAAR
Service tax exemption on advertising on media platforms, excluding TV and radio, could result in availability of up to Rs 1,500 crore more to advertisers for spending on campaigns, according to industry experts."Given that marketing budgets of companies always take into account the service tax ...
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Posted Date : 19-Mar-2012 , 08:17:07 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today expressed hope that the direct tax regime would become effective from 2013-14. Responding to a query in a post-budget interaction with industry leaders, he said the DTC legislation would be in place in 2012-13, but "effect would be from the next year ...
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Posted Date : 17-Mar-2012 , 10:20:52 pm | Posted By CASANSAAR
The government today maintained it has not come out with any kind of Voluntary Disclosure of Income Scheme (VDIS) by proposing changes in the Income Tax Act, which experts believe are some sort of concessions to tap black money. "There is no intention of government to give any sop in form ...
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Posted Date : 16-Mar-2012 , 06:59:03 pm | Posted By CASANSAAR
In a measure that will have far- reaching impact on foreign investment and the Vodafone case having a tax implication of Rs 11,000 crore, the government today proposed amendment in the Income Tax Act retrospectively from April 1, 1962. Under the proposed amendment, all persons, whether resident ...
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Posted Date : 16-Mar-2012 , 06:21:11 pm | Posted By CASANSAAR
To check the menace of black money, the government on Friday proposed a slew of measures, including I-T return assessment up to 16 years with regard to assets held abroad and tax deduction at source (TDS) on transfer of immovable property and gold purchase. "I propose a series of measures to deter ...
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Posted Date : 16-Mar-2012 , 03:16:23 pm | Posted By CASANSAAR
In the General Budget 2012-13 presented by the Union Finance Minister ShriPranab Mukherjee in LokSabha here today, it has been proposed to provide weighted deduction for expenditure in several sectors with the objective of promoting investment and facilitating growth.  ...
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Posted Date : 16-Mar-2012 , 03:14:20 pm | Posted By CASANSAAR
In the General Budget 2012-13presented by theUnion Finance Minister ShriPranab Mukherjeein LokSabha here today, it has been proposed to reduce the Securities Transaction Tax (STT) on cash delivery transactions by 20 per cent, from 0.125 per cent to 0.1 per cent, in orde...
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Posted Date : 16-Mar-2012 , 03:12:31 pm | Posted By CASANSAAR
A new scheme called Rajiv Gandhi Equity Savings scheme is proposed in the Union Budget 2012-13 to encourage flow of saving in financial instruments and improve the depths of domestic capital market. The Union Finance Minister ShriPranab Mukherjee in his Budget speech in LokSabha today said that...
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Posted Date : 16-Mar-2012 , 02:00:50 pm | Posted By CASANSAAR
Chapter I Preliminary Chapter II Rates of Income Tax Chapter III Income Tax Wealth Tax Chapter IV Customs Excise Chapter V Service Tax Chapter VI Amendments to the FRBM Act, 2003 Chapter VII ...
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Posted Date : 15-Mar-2012 , 06:54:48 pm | Posted By CASANSAAR
Tax payers will be looking forward to some relief from Finance Minister Pranab Mukherjee who is expected to raise the income tax exemption limit to at least Rs 2 lakh in his budget proposals to be unveiled in the Lok Sabha on Friday. The Minister may also marginally raise the slabs in other tax bra...
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Posted Date : 14-Mar-2012 , 08:09:17 am | Posted By CASANSAAR
The finance ministry today said income tax dues from 12 individuals, including stud-farm owner Hasan Ali Khan, account for 90 per cent of the total income tax outstanding. "The amount of outstanding income tax dues is a dynamic figure. As on September 30, 2010, about 90 per cent of the outstandi...
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Posted Date : 13-Mar-2012 , 08:13:22 am | Posted By CASANSAAR
The CBDT Chairman-led committee on combating the menace of black money has been given yet another extension and it is now expected to submit its final report by this month end. It is the third time that the deadline has been extended for the panel, which was constituted in May last year. With the...
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Posted Date : 12-Mar-2012 , 08:56:43 am | Posted By CASANSAAR
The Budget session of Parliament begins today. It will commence with President Pratibha Devisingh Patil's customary address to the joint sitting of the Lok Sabha and the Rajya Sabha.The first part of the session will conclude on the 30th of this month and the second phase will start from the 24th of...
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Posted Date : 06-Mar-2012 , 07:50:22 am | Posted By CASANSAAR
The Haryana government presented on Monday the Budget for FY13 where no fresh taxes have been imposed with emphasis on the social sector, even while expressing optimism about attaining revenue surplus by 2013-14 through better tax realisation. The state governement has widened the ambit of the ...
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