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Posted Date : 12-Oct-2011 , 08:14:41 am | Posted By CASANSAAR
The government has expanded the CBDT Chairman led committee on black money by adding one more member to it -- Member Investigation of the Income Tax department. Senior IRS officer S.S. Rana has recently taken over as the Member (Investigation) in the Central Board of Direct Taxes (CBDT) and with hi...
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Posted Date : 12-Oct-2011 , 08:13:32 am | Posted By CASANSAAR
The finance ministry has revised the Budget estimate of direct tax collection upwards by Rs 53,000 crore to Rs 5.85 lakh crore. The higher target is an increase of 31% over last yearas collection of Rs 4.46 lakh crore. The increase is intended to bridge the shortfall that might occur due to reductio...
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Posted Date : 11-Oct-2011 , 03:39:28 pm | Posted By CASANSAAR
The amended Indo-Swiss taxation treaty has came into effect, a development that will allow India to seek specific information on black money and tax evasion cases dating back to January 1, 2011. The revised taxation pact between the two countries came into force yesterday, at a time when the bl...
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Posted Date : 10-Oct-2011 , 08:32:03 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (Icai), the apex body of accounting professionals, wants the Reserve Bank of India (RBI) to appoint statutory auditors in state-run banks. The accountants’ body has sought the government intervention on this. Till 2005, RBI was directly ...
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Posted Date : 10-Oct-2011 , 08:27:15 am | Posted By CASANSAAR
Just back from Switzerland, President Pratibha Patil says she looks forward to a greater exchange of information on tax-related issues with that country. "Definitely. The Agreement(Amending Protocol to Double Taxation Avoidance Agreement) will further facilitate the flow of information once its...
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Posted Date : 08-Oct-2011 , 08:06:18 pm | Posted By CASANSAAR
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/9/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 30th SEPTEMBER S.N. FORM NAME F.Y. 2010-11 F.Y. 2011-12 PERCENT GROWTH IN F.Y. 2011-12 1 ITR-1 13,77,444 31,03,8...
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Posted Date : 08-Oct-2011 , 04:55:15 pm | Posted By CASANSAAR
Government plans to allow reopening of income tax returns of past 16 years of suspected assessees, as against 6 years at present. The move is aimed at strengthening the mechanism to investigate black money cases.A Finance Ministry official said in New Delhi that extending the period of reopening ret...
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Posted Date : 08-Oct-2011 , 04:54:24 pm | Posted By CASANSAAR
Gross Direct Tax collections during the first half of the current fiscal increased by 23% compared to the corresponding period last fiscal. The Net Direct Taxes in the same period grew by over seven percent. Net direct taxes are calculated by deducting refunds from the gross taxes. According to...
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Posted Date : 07-Oct-2011 , 08:10:38 am | Posted By CASANSAAR
The Sebi is reviewing the impact on the stock market turnover from a possible scrapping of STT, which is levied on all sale and purchase in the equity market. The regulatory authority is in favour of a complete or phased withdrawal of the levy and it expects any such move to positively impact the...
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Posted Date : 04-Oct-2011 , 03:22:54 pm | Posted By CASANSAAR
The Income Tax Department, on consideration of the reports of disturbance of general life caused due to earthquake in the State of Sikkim, the central Board of Direct Taxes, in exercise of powers conferred under section 119 of the income Tax Act. 1961, hereby extends the ‘due date’ of fi...
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Posted Date : 03-Oct-2011 , 08:19:47 am | Posted By CASANSAAR
The income-tax department has given its nod for NHAI, IRFC, HUDCO and PFC to cumulatively issue tax-free bonds to the tune of Rs 30,000 crore during 2011-12. Both National Highways Authority of India (NHAI) and Indian Railway Finance Corporation (IRFC) have been allowed to issue tax free bonds of R...
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Posted Date : 03-Oct-2011 , 08:07:30 am | Posted By CASANSAAR
The Income Tax department has sent notices for scrutiny to two NGOs associated with Kiran Bedi, who said she is open to any investigation. The I-T notices to NGOs Navjyoti and India Vision Foundation sent on Saturday pertain to certain exemptions enjoyed by them under v...
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Posted Date : 30-Sep-2011 , 07:44:38 am | Posted By CASANSAAR
Union Finance and Revenue Secretary R S Gujral on Thursday flagged concerns over the dip in direct tax collection growth, saying it was indicative of a "slowdown in the economy". Pointing out to disappointing advance tax collection for the second quarter, Gujral said, "There has been a decline. ...
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Posted Date : 28-Sep-2011 , 08:29:04 pm | Posted By CASANSAAR
Home Minister P. Chidambaram, who as Finance Minister had slashed taxes, on Wednesday suggested that rich should be taxed more even though “many people” would not like the idea. “We must raise the tax revenue to defend (the expected aggregate decline of resources). I know ...
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Posted Date : 28-Sep-2011 , 08:25:55 pm | Posted By CASANSAAR
The Enforcement Directorate has decided to send a team of its investigators to Switzerland, Singapore, UAE and the UK to gather data on investments and assets of stud farm owner Hasan Ali Khan who is being probed for allegedly evading income tax of over Rs.50,000 crore. The move has come ...
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Posted Date : 28-Sep-2011 , 08:28:30 am | Posted By CASANSAAR
The CBI has arrested the income tax commissioner of Agra, Homi Rajvanshi, for allegedly cheating the National Agricultural Cooperative Marketing Federation of India (NAFED) of over Rs 167 crore when he was posted there as additional managing director of finance. Five others who c...
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Posted Date : 27-Sep-2011 , 12:40:01 pm | Posted By CASANSAAR
Regulator Trai today exempted various service providers, including the dealers of telecom operators, e-ticketing agencies and social networking sites, from the new limit of one hundred SMSes per day per SIM, which was imposed to block pesky calls and messages. On September 5, after much delay, T...
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Posted Date : 27-Sep-2011 , 08:21:41 am | Posted By CASANSAAR
India has initiated a process to negotiate with 74 countries to broaden the scope of the Article concerning exchange of information to specifically include banking information and information which has no domestic interest. "Negotiations/renegotiations of Double Tax Avoidance Agreements (DTAA) with ...
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Posted Date : 24-Sep-2011 , 09:49:21 am | Posted By CASANSAAR
A government panel on Friday ruled out voluntary disclosure of income scheme (VDIS), framing a new Act and capital punishment as measures to deal with the issue of black money stashed abroad. The committee merely considered strengthening the administrative machinery and better sharing of intelligenc...
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Posted Date : 22-Sep-2011 , 07:38:46 am | Posted By CASANSAAR
Nine months after the responsibility for Income Tax investigations was taken over by the Chairman of the Central Board of Direct Taxes (CBDT), the portfolio has now once again been vested with a separate member, in sync with the practice of previous years. The present Chairman of the Central Boa...
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Posted Date : 22-Sep-2011 , 07:35:27 am | Posted By CASANSAAR
Top companies and banks, including Bharti Airtel, Maruti Suzuki, SAIL and SBI, have paid lower advance taxes during the July-September quarter, reflecting the impact of slowdown. The other large companies which have paid lower taxes during the second quarter include IndianOil, Bh...
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Posted Date : 20-Sep-2011 , 08:01:57 am | Posted By CASANSAAR
Centralized Processing Center (CPC), Bangalore has been actively processing of returnsfor AY 2010-11. The statistics for AY 2009-10, AY 2010-11 and 2011-12 are (as of 7th September,2011)- AY09-10 AY10-11 AY11-12 No. of retur...
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Posted Date : 20-Sep-2011 , 07:55:33 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) will soon have a dedicated cell to monitor election-related expenditure by political parties and donations made to them. "A special cell is being created under CBDT to look at election funding," said a finance ministry official. The new cell will be heade...
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Posted Date : 20-Sep-2011 , 07:46:39 am | Posted By CASANSAAR
In a bid to give more teeth to financial investigation and tracking down black money, the finance ministry has cleared two new units for the Central Board of Direct Taxes (CBDT). The two special investigation units, in addition to the three existing units, will widen the investigatio...
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Posted Date : 18-Sep-2011 , 07:23:32 am | Posted By CASANSAAR
The Income Tax ( Investigations), Panchkula, today disclosed that in search operations being carried out at the Chinar Group and Manmohan Singh & Company premises on September 8 and 9, there has been a seizure of Rs 4.34 crore. “It includes Rs 3.36 crore in cash and jewellery worth Rs 98 l...
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Posted Date : 17-Sep-2011 , 08:07:28 am | Posted By CASANSAAR
Farmers will not have to cough up any tax upfront on the compensation money they receive for their land acquired by the government. The rural development ministry has clarified after complaints that in absence of clear rules the harshest provisions were being imposed. "We have issued orders that ...
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Posted Date : 16-Sep-2011 , 07:48:54 am | Posted By CASANSAAR
A cursory look at the advance tax payments by leading corporates during the July-September quarter showed most of them are sanguine about raking in handsome profits despite fears of a slowdown. However, the overall tax collection target for this fiscal might not be met. Led by Relia...
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Posted Date : 14-Sep-2011 , 05:58:50 pm | Posted By CASANSAAR
A special voluntary disclosure scheme for bringing back blackmoney stashed away in tax havens abroad may be in the offing. The CBDT is understood to be "seriously considering" recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme (VDIS) announced in 199...
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Posted Date : 14-Sep-2011 , 07:30:56 am | Posted By CASANSAAR
A Mumbai special court Tuesday ordered the release of Rs 650 crore to the Income Tax department and banks from the liquidated assets of late scamster Harshad Mehta's group, an official said. Special court's Justice D.K. Deshmukh, based on a distribution proposal submitted by the finance ministry-...
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Posted Date : 12-Sep-2011 , 07:45:08 am | Posted By CASANSAAR
The Indian Premier League T20 tournament has not exactly turned out to be the money spinner for the Board of Control for Cricket in India (BCCI) as everyone believes. The second edition of the widely followed IPL in 2009 that was held in South Africa made a Rs 41.9-crore loss for the BCCI, plu...
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