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Posted Date : 03-Feb-2012 , 08:19:17 am | Posted By CASANSAAR
Faced with a formidable task of collecting Rs 9.32 lakh crore taxes during the fiscal ending March 31, Finance Minister Pranab Mukherjee on Thursday said that he is exerting pressure on revenue officials to improve realisation. "I am putting pressure on my colleagues in the CBEC, CBDT ...and on my...
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Posted Date : 02-Feb-2012 , 08:21:04 am | Posted By CASANSAAR
A former Additional Commissioner of Income Tax, arrested by CBI for demanding Rs one lakh as bribe for clearing a tax return matter, has been sentenced to four years in jail by a Delhi court. Special CBI Judge Talwant Singh also imposed a fine of Rs four lakh on convict H A Siddiqui in the graf...
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Posted Date : 01-Feb-2012 , 03:12:16 pm | Posted By CASANSAAR
The Income Tax Department on Wednesday conducted searches at the premises of prominent Uttar Pradesh-based liquor baron and businessman Ponty Chadha, in the state and at a few locations in Delhi. The searches, which began early this morning, were conducted at more than 10 premises of the busin...
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Posted Date : 01-Feb-2012 , 08:35:32 am | Posted By CASANSAAR
Encouraged by the recent Supreme Court order in its favour, Vodafone Plc is taking on the income tax department, yet again. The British telecom major yesterday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December. The draft transfer pr...
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Posted Date : 31-Jan-2012 , 05:46:52 pm | Posted By CASANSAAR
The Reserve Bank of India, RBI will soon issue 500 rupees denomination bank-notes incorporating new rupee symbol without inset letter.According to the RBI release, the new notes will bear the signature of RBI Governor D Subbaro and the year of printing 2011 printed on the back of the bank note.The d...
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Posted Date : 31-Jan-2012 , 07:47:24 am | Posted By CASANSAAR
Despite settling his income tax (I-T) demand and getting a refund against it for the assessment year 2003-04, Delhi’s GD Saraswat (name changed) received another fresh tax notice of Rs 96,286 the following year. After resolving it as well, he received yet another notice in December 2011 for Rs...
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Posted Date : 30-Jan-2012 , 08:27:05 am | Posted By CASANSAAR
Tax authorities and the finance ministry are contemplating moving the Supreme Court to figure out how they should go about handling information on undisclosed offshore bank accounts of Indians. With the tax office receiving information on thousands of such accounts, the government is in favour of...
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Posted Date : 29-Jan-2012 , 07:50:07 am | Posted By CASANSAAR
The bill, which seeks to replace the archaic Income Tax Act, 1961, was tabled in Parliament way back in 2010 and has already missed two deadlines. The bill aims at reducing tax rates by expanding the tax base and minimising exemptions.“We will be able to submit our report only by the budget se...
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Posted Date : 28-Jan-2012 , 06:44:11 pm | Posted By CASANSAAR
Tax payers will no longer be facing hard times when it comes to paying tax or filing returns as the newAayakar Seva Kendra (ASK) has come into place to help them out. The I-T department launched this multifaceted mechanism to achieve 100% tax collection by helping people fi...
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Posted Date : 27-Jan-2012 , 06:37:45 pm | Posted By CASANSAAR
India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of Finance, Government of India in the presence of Deputy Se...
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Posted Date : 27-Jan-2012 , 07:59:46 am | Posted By CASANSAAR
Indian Railway Finance Corporation Limited (IRFC), the financing arm of the Indian Railways, is proposing to issue Tax Free, Secured, Redeemable, Non-Convertible Bonds of face value of RS 1,000 each in the nature of Debentures.They will have benefits under the Income Tax Act, 1961 and aggregate to R...
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Posted Date : 26-Jan-2012 , 09:09:23 am | Posted By CASANSAAR
To avoid disputes like the Vodafone tax case in future, government is contemplating incorporation of provisions on taxation of overseas deals from the stalled Direct Taxes Code (DTC) Bill in the Budget for 2012-13. "The Direct Taxes Code Bill contains a proposal to tax similar transactions... We...
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Posted Date : 24-Jan-2012 , 08:18:25 am | Posted By CASANSAAR
The Law Ministry is in the process of seeking more information from CBI and other agencies to take a final call on the investigative agency's request seeking sanction to prosecute 20 members of IT tribunal for their alleged role in outsourcing writing of judgements to private individuals to favo...
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Posted Date : 23-Jan-2012 , 08:37:38 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has constituted a "core committee" of officials to study today's Supreme Court judgement on the Vodafone taxation case. "The 10-member committee will go through the 275-page order of the Supreme Court and suggest a st...
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Posted Date : 21-Jan-2012 , 08:28:52 pm | Posted By CASANSAAR
Essar is likely to seek refund of $883 million, the amount deducted as withholding tax related to 22 per cent stake sale by its Mauritius entities in Vodafone Essar, from the I-T department, a day after Vodafone got relief with regard to Rs 11,000 crore tax demand. Essar is planning to seek a $883 ...
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Posted Date : 20-Jan-2012 , 08:10:39 am | Posted By CASANSAAR
The Supreme Court will on Friday pronounce its judgement on Vodafone International Holdings' appeal challenging the income tax demand of Rs 11,000 crore on the overseas deal between Vodafone and Hutchison. Vodafone had moved the apex court challenging the Bombay High Court judgement of September 8,...
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Posted Date : 19-Jan-2012 , 08:26:34 am | Posted By CASANSAAR
The government may make it mandatory for all taxpayers to provide details of their overseas assets, including bank accounts, while filing their annual tax returns, as the drive against tax evasion gains momentum. The proposed Direct Tax Code, or DTC, has a provision that seeks to cast an obligat...
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Posted Date : 19-Jan-2012 , 08:16:48 am | Posted By CASANSAAR
The income-tax department has slapped a 1,067-crore demand notice on Bharti Airtel, the country's largest telco by revenues and customers, for its alleged non-payment of Tax Deducted at Source (TDS) dues in the last four financial years in relation to its overseas operations. Bharti Airtel said ...
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Posted Date : 18-Jan-2012 , 09:26:45 pm | Posted By CASANSAAR
The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN w...
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Posted Date : 18-Jan-2012 , 09:13:47 am | Posted By CASANSAAR
Senior IRS officer Laxman Das has been appointed as the new Member (Revenue) in the Central Board of Direct Taxes (CBDT). Mr Das is a 1974-batch Indian Revenue Service (IRS) officer and has held senior positions like that of Chief Commissioner (Income-Tax) in the past. The portfolio was till now b...
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Posted Date : 18-Jan-2012 , 09:12:25 am | Posted By CASANSAAR
Essar Oil would have to quickly deposit sales tax of Rs 6,300 crore to the Gujarat government, as the Supreme Court has rejected the company's contention that it was entitled to make deferred payment of tax on sales from its Vadinar refinery in the state. The Gujarat government had argued that E...
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Posted Date : 17-Jan-2012 , 08:44:22 am | Posted By CASANSAAR
A recent verdict by the Delhi high court might set a precedent on the taxation of equipment that comprise hardware and software. In a case between Swedish telecom equipment maker Ericsson and the department of income tax, the court held that profits from offshore supply of equipment comprising hardw...
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Posted Date : 16-Jan-2012 , 08:26:39 am | Posted By CASANSAAR
After IAS and IPS officers, the government has now turned its heat on Indian Revenue Service (Income Tax) officers asking them to mandatorily furnish their immovable property returns by this month-end failing which they would be denied promotions. Citing a Department of Personnel and Training (DoPT)...
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Posted Date : 13-Jan-2012 , 09:45:49 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said stress has to be put on direct tax collection as part of the country's revenue generation exercise. While the amount of direct tax collected last year was Rs 5,96,000 crore, the indirect tax collection was Rs 3,76,000 crore, the minister said. Inaugu...
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Posted Date : 13-Jan-2012 , 08:23:35 am | Posted By CASANSAAR
The Centralised Processing Centre of the income tax Department here has processed over 26 lakh e-filed returns in Forms 1-4 for the assessment year 2009-10. It has determined refunds in over five lakh cases. A release said refunds are being sent through State Bank of...
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Posted Date : 12-Jan-2012 , 08:49:33 am | Posted By CASANSAAR
Directors who frequently change the names and addresses of companies in order to evade tax will now become answerable for their actions. The income tax department is identifying directors of such companies, and will make them pay up the tax dues even if they are not attached to the company any more....
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Posted Date : 12-Jan-2012 , 08:40:00 am | Posted By CASANSAAR
CBI has filed a charge sheet before a Kolkata special court against a former member of Income Tax Appellate Tribunal for allegedly colluding with the owners of an accounting firm to deliver favourable orders to its client in lieu of illegal gratification. The agency filed its ...
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Posted Date : 12-Jan-2012 , 08:30:06 am | Posted By CASANSAAR
India will request Switzerland to provide details of all undisclosed accounts held by Indian nationals in HSBC, Geneva, as the investigation into tax evasion by rich Indian nationals becomes bigger. If the Swiss authorities indeed cooperate with India on this, tax authorities here will be able to...
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Posted Date : 11-Jan-2012 , 08:03:08 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) all set to file chargesheet against a judge of an Income Tax tribunal for colluding to pass favourable orders for a Chartered Accountants firm's clients. The CBI is said to have collected evidence that a member of the Income Tax Apellate Tribunal (ITAT) col...
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Posted Date : 09-Jan-2012 , 08:52:24 am | Posted By CASANSAAR
In order to guard against possible leakage of names figuring in the secret bank accounts lists it has received from foreign shores, the CBDT has ordered the I-T department to obtain a signed undertaking from any government entity or department who demands the data for their own probe. The Central B...
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