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Posted Date : 12-Sep-2011 , 07:41:39 am | Posted By CASANSAAR
Inefficiency, under assessment, irregular claim of tax exemption and other lacunae in revenue collection system of Delhi government may have caused a whopping Rs 3,000 crore loss to the exchequer in 2009-10, according to the CAG. Rapping the government for the shortcomings, the national auditor said...
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Posted Date : 09-Sep-2011 , 08:10:53 am | Posted By CASANSAAR
The direct tax collections rose 26% in the first five months of the current fiscal, belying fears of a drop in government revenue because of the slowdown. The 2011-12 budget has assumed a 19% increase in direct tax collections. However, net tax collections were down in April-August 2011-12 to Rs...
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Posted Date : 08-Sep-2011 , 12:44:11 pm | Posted By CASANSAAR
The due date for submission of ITR-V for A.Y. 2010-11 has been extended upto 31.10.2011 or 120 days from the date of upload whichever is later....
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Posted Date : 08-Sep-2011 , 08:08:10 am | Posted By CASANSAAR
The CBI found Rs 2.01 crore belonging to arrested Income Tax commissioner Daya Shankar from his chartered accountant's residence in Lucknow. The CBI also seized Rs 8.5 lakh from Shankar's Mumbai residence and Rs 4 lakh from his Ghaziabad house. Shanker was arrested on August 29 while accepting Rs 2 ...
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Posted Date : 08-Sep-2011 , 07:56:14 am | Posted By CASANSAAR
The Reserve Bank of India has sought a one-off tax exemption from the government for foreign banks that convert into local subsidiaries as it intensifies efforts to ring-fence the domestic financial system from global shocks. The permission, if granted by the government that's already facing wi...
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Posted Date : 08-Sep-2011 , 07:54:00 am | Posted By CASANSAAR
Till the other day, the Central Board of Direct Taxes (CBDT) was confident about meeting the direct tax collection targets. Now, though, it has turned apprehensive. Reason: Sluggish performance of manufacturing and other industry sectors. The indications, as a senior CBDT official said, are...
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Posted Date : 07-Sep-2011 , 07:29:49 am | Posted By CASANSAAR
The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on various small savings schemes with the secondary market yields ...
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Posted Date : 06-Sep-2011 , 10:43:54 pm | Posted By CASANSAAR
University of Cambridge has retained the number one spot ahead of Harvard, while MIT has jumped to the third place ahead of Yale and Oxford in the eighth QS World University Rankings. The US takes 13 of the top 20 spots and 70 of top 300 places in the latest world rankings of Universities compile...
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Posted Date : 06-Sep-2011 , 10:38:50 pm | Posted By CASANSAAR
The government on Tuesday said there is no evidence to suggest any increase in incidence of tax evasion over the previous years. "There is no evidence to suggest that there has been a rise in evasion of income tax over the previous years," Minister of State for Finance S S Palanimanickam said in ...
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Posted Date : 06-Sep-2011 , 08:27:10 am | Posted By CASANSAAR
Private sector lender Yes Bank today said it has appointed CA.Asit Oberoi as its Senior President and Chief Operating Officer. Oberoi will be responsible for overall operations and service delivery at the bank, according to a bank statement issued here. A chartered accountant, Oberoi has 20 year...
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Posted Date : 06-Sep-2011 , 08:05:18 am | Posted By CASANSAAR
Switzerland must solve a dispute with the United States over wealthy citizens using secret Swiss accounts to dodge taxes under existing laws and should continue to protect bank secrecy, the Swiss Bankers Association head said on Monday. The association's president, Patrick Odier, made the commen...
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Posted Date : 05-Sep-2011 , 07:32:59 am | Posted By CASANSAAR
Contesting an Income Tax notice to him over money he owes the government, Team Anna member Arvind Kejriwal has claimed he did not breach any bond norms. However, in a June 2007 letter, he had admitted to having violated the pledge he had signed before proceeding on a two-year study leave from his go...
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Posted Date : 04-Sep-2011 , 04:33:14 pm | Posted By CASANSAAR
Unlike the United Kingdom, India cannot have a treaty with Switzerland under which the deposits of Indians in Swiss banks would be taxed by the European nation, says the Central Board of Direct Taxes (CBDT). "We cannot have such a treaty with Switzerland because the environment is not conducive,"...
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Posted Date : 03-Sep-2011 , 10:04:17 am | Posted By CASANSAAR
The Supreme Court (SC) on Friday ruled that instructions issued to examiners in competitive examinations by the agency conducting the exam could be disclosed under the right to information (RTI) law, once the test is held. The court pronounced the decision in the case between the Institute ...
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Posted Date : 03-Sep-2011 , 10:01:38 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today hoped that the Direct Taxes Code (DTC), which seeks to replace the Income Tax Act of 1961, would come into force from April 1, 2012. "If we have it (the report of Standing Committee) in the Winter Session (of Parliament), I will have no problem in effecting...
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Posted Date : 03-Sep-2011 , 10:00:10 am | Posted By CASANSAAR
Income tax officials in Mumbai have been instructed by top authorities to recover tax blocked as arrears and locked in dispute, in order to achieve their revised targets. The motivation behind this is a whopping Rs 2 lakh crore of revenue. According to income tax (I-T) officials, the city has 2.1&nb...
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Posted Date : 02-Sep-2011 , 01:23:50 pm | Posted By CASANSAAR
In more embarrassment coming for Team Anna, reports have emerged that Anna Hazare's aide Arvind Kejriwal was slapped a notice by the Income Tax department last month. The Income-Tax notice slapped on the Magsaysay Award winner asked him to pay dues of more than Rs 9 lakh. The notice was served a w...
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Posted Date : 02-Sep-2011 , 07:22:40 am | Posted By CASANSAAR
The over 3 crore paid by erstwhile Reliance Infocomm, now Reliance Communications, for software sold by an Israel-based company does not amount to royalty fees and cannot be taxed in India, according to a ruling of the Income-tax Appellate Tribunal (ITAT), Mumbai. The income tax depart...
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Posted Date : 02-Sep-2011 , 07:11:41 am | Posted By CASANSAAR
If you are kidnapped while on a business trip and pay a ransom to your abductors, you can show the amount as "business expenditure" and get a tax exemption on it. This according to an August 23 Jabalpur high court order, which upheld the local tax tribunal’s decision to allow a Madhya pradesh ...
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Posted Date : 01-Sep-2011 , 07:34:17 am | Posted By CASANSAAR
In a first of its kind ruling on transfer pricing, a Mumbai bench of Income Tax Appellate Tribunal said that the I-T department cannot levy penalty on charges of concealment of income merely because it does not agree with the method adopted by the taxpayer to compute its income arising from cross...
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Posted Date : 01-Sep-2011 , 07:19:28 am | Posted By CASANSAAR
These are differences that are increasingly drawing the inquisitive and corrective eye of the income-tax department. In 2009-10, TCS, the largest home-grown IT company, recorded a net profit per employee of Rs 4.3 lakh. By comparison, Capgemini, a foreign IT firm with operations in India, record...
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Posted Date : 31-Aug-2011 , 08:21:19 am | Posted By CASANSAAR
The Ministry of Finance recently issued strict guidelines for Indians holding foreign bank accounts. In an internal order the CBDT has cleared a proposal on Sensitisation of Investigation Wing of Income Tax Department on action to be taken regarding undisclosed bank accounts and other asse...
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Posted Date : 31-Aug-2011 , 08:19:32 am | Posted By CASANSAAR
As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs.651.82 crore, Rs.1,000....
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Posted Date : 31-Aug-2011 , 08:17:28 am | Posted By CASANSAAR
CBI traps additional commissioner of Income Tax Andasu Ravindra and two private persons for receipt of Rs 50 lakh bribe today. The officials seized one crore rupees during the seizure, the CBI officer said. CBI officials continuing their raids simultaneously in Chennai, Vizag, Hyderab...
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Posted Date : 30-Aug-2011 , 07:33:55 am | Posted By CASANSAAR
Income tax commissioner Dayashankar was arrested on Monday by the anti-corruption branch of the Central Bureau of Investigation (CBI) for accepting a bribe of Rs 2 lakh from a Daman-based businessman. Dayashankar, I-T commissioner (appeals-34 ), was caught red-handed in his office at Bandra-Kur...
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Posted Date : 26-Aug-2011 , 11:11:54 pm | Posted By CASANSAAR
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. "We have found instances where banks are running multiple accounts of certain customers for the purpose of ...
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Posted Date : 26-Aug-2011 , 06:00:22 pm | Posted By CASANSAAR
The government today said the Income Tax Department is collecting information on tax returns filed by various political parties and would place it in Parliament. "The information is being collected from the field formations spread all over the country and to the extent possible shall be laid on the...
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Posted Date : 26-Aug-2011 , 07:57:43 am | Posted By CASANSAAR
In a first of its kind action in the state, the Income Tax department has conducted surveys in small districts and unearthed tax evasion to the tune of close to Rs 18 crore.The department recently conducted a special drive and conducted raids at the business premises of firms in Tikamgarh dist...
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Posted Date : 24-Aug-2011 , 09:38:35 pm | Posted By CASANSAAR
he Government of India today signed an Agreement for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Georgia. The Agreement was signed today by Mr. M.C.Joshi, Chairman, Central Board of Direct Taxes(CBDT) on b...
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Posted Date : 24-Aug-2011 , 07:19:26 am | Posted By CASANSAAR
IT consulting and outsourcing company, Mahindra Satyam, is poised to wage a legal battle against the income tax (I-T) department, which served draft notices on the company demanding payment of Rs 1,037.69 crore and Rs 1,075.73 crore for the 2002-03 and 2007-08 assessment years respectively, ...
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