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Posted Date : 20-Aug-2011 , 11:54:27 am | Posted By CASANSAAR
The Finance Ministry has set up a Directorate of Income Tax (Criminal Investigation) to investigate criminal offences under direct tax laws, the Parliament was informed today. "The Directorate of Income Tax (Criminal Investigation) is mandated to perform functions in respect of criminal mat...
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Posted Date : 19-Aug-2011 , 04:52:06 pm | Posted By CASANSAAR
The government is amending the Double Taxation Avoidance Agreement it has with four countries and is also negotiating with 16 entities to improve information sharing on black money as part of the Tax Information Exchange Agreement. Finance minister Pranab Mukherjee said in response to a query during...
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Posted Date : 19-Aug-2011 , 06:05:05 am | Posted By CASANSAAR
The government's efforts to get the industry involved on the hugely emotive issue of black money has been given a cold shoulder with none of the business association and lobbies coming forward to provide views on how to tackle black money. "We are now extending the deadline to September 15 and writi...
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Posted Date : 17-Aug-2011 , 07:59:25 am | Posted By CASANSAAR
Encouraging results of the income tax department’s efforts to promote electronic filing of returns have prompted the Central Board of Direct Taxes (CBDT) to accelerate the procedure and stabilise systems infrastructure so as to ensure quick processing of all I-T returns. The Centralised Proce...
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Posted Date : 16-Aug-2011 , 08:17:14 am | Posted By CASANSAAR
Google Inc said it will buy phone hardware maker Motorola Mobility Holdings Inc for $12.5 billion in cash to bolster the adoption of its Android mobile software. The deal is Google's biggest deal to date. At $40 a share, the offer represents a 63 percent premium to Motorola Mobility's Friday ...
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Posted Date : 14-Aug-2011 , 09:33:28 am | Posted By CASANSAAR
Finance Minister says, there will be no more Tax-Free zones in the country. Talking to news persons in Siliguri today Pranab Mukherjee said that instead of tax free zone, the Centre is considering creating special economic zones in backward districts.He said Tax-free zone status in Himachal Pradesh ...
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Posted Date : 14-Aug-2011 , 09:28:01 am | Posted By CASANSAAR
Tax evaders can expect frequent crackdowns by the income tax (I-T) department. The reason — an increase in collection target has put authorities under tremendous pressure. The direct tax collection target for Mumbai has been increased from Rs1.85 lakh crore to Rs2.04 lakh crore. For the countr...
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Posted Date : 13-Aug-2011 , 07:33:35 am | Posted By CASANSAAR
Sluggish industrial performance in the first few months of the current fiscal has had little impact so far on direct tax collection withcorporate tax rising 30% during April-July 2011. The total corporate tax collection in the first four months was estimated at Rs 85,222 crore, contri...
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Posted Date : 12-Aug-2011 , 08:18:37 am | Posted By CASANSAAR
The implementation of the Direct Taxes Code appears set to miss its deadline once again. The Direct Taxes Code (DTC) Bill, introduced in Parliament on August 30 last year, proposes to replace the 50-year-old Income Tax Act.Initially proposed to come into force from April 2011, the c...
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Posted Date : 11-Aug-2011 , 08:12:44 am | Posted By CASANSAAR
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry. Under pressure to enhance tax realisation amid apprehensions of sluggish industrial growth, the Central Board of Direct Taxes has decided to target the cash economy in a big way to boost th...
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Posted Date : 10-Aug-2011 , 11:25:47 am | Posted By CASANSAAR
The equatorial island nations of Mauritius and Singapore are competing for the role of preferred gateway for foreign investments into India and other Asian countries. Think of it as a triangle, not of love, but of lucre. Companies and rich investors use gateway countries so they can earn profit...
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Posted Date : 10-Aug-2011 , 10:03:08 am | Posted By CASANSAAR
Four months into the new fiscal, the indirect tax collections are holding up well, suggesting that the slowdown is yet to impact tax collections materially. Indirect tax collections in July were up 16.4% from a year ago. In the April-July period the kitty was up 27% from a year ago. "Overall central...
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Posted Date : 09-Aug-2011 , 09:35:48 pm | Posted By CASANSAAR
Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 56,...
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Posted Date : 09-Aug-2011 , 04:50:14 pm | Posted By CASANSAAR
Under pressure to unearth blackmoney, the Income Tax department has tracked down over 50 high-value defaulters, who had declared their assets to be zero, with tax liability of over Rs 10 crore. The department has collected information about these defaulters from various sources and will soon in...
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Posted Date : 09-Aug-2011 , 08:18:21 am | Posted By CASANSAAR
The Income Tax Department entertains queries for all assessees regarding the refunding of income tax through the Tax Information Network (TIN). The SBI has been appointed as the refund banker, which processes refunds and routes them to the assessees' bank accounts. If the assessee does not choose di...
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Posted Date : 09-Aug-2011 , 08:09:13 am | Posted By CASANSAAR
The Mumbai income-tax (I-T) department sent a note to the finance ministry and the Central Board of Direct Taxes (CBDT) last week saying telecom firms haven’t paid an estimated Rs. 1,000 crore of tax deducted at source (TDS) while selling their prepaid products through distributors, ...
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Posted Date : 08-Aug-2011 , 04:13:27 pm | Posted By CASANSAAR
Prime Minister's Economic Advisory Council Chairman C Rangarajan today said the downgrade of the US sovereign rating will negatively impact exports and moderate capital flows into the country. "More than the downgrade, what will be the impact for the rest of the world will be the slow pace of...
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Posted Date : 08-Aug-2011 , 07:45:56 am | Posted By CASANSAAR
Union Finance Minister has said that there would be no difficulty to bring Direct Tax Code, DTC into operation from 1st of April next year. Mr. Pranab Mukherjee expressed hope that the Parliamentary Standing Committee will submit its report by Winter Session of Parliament. Speaking at a function in ...
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Posted Date : 08-Aug-2011 , 07:38:13 am | Posted By CASANSAAR
After the list of bank accounts of Indians in Liechtenstein, it is the turn of HSBC accounts in Geneva. The government last month received a list of some 700 bank accounts in Switzerland from the French government and investigations are already underway to determine whether any of the account holder...
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Posted Date : 08-Aug-2011 , 07:28:41 am | Posted By CASANSAAR
The country's second largest car maker Hyundai Motor India today said it is considering to take legal steps against the Rs 266-crore tax evasion notice issued by the Directorate of Revenue Intelligence (DRI). "Our legal team is in the process of preparing an appropriate response to the show cause no...
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Posted Date : 08-Aug-2011 , 07:26:31 am | Posted By CASANSAAR
e-Filing for AY 10-11: Quick Statistics (as on 31st July 2011) QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 31/7/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 31st JULY S.N. FORM...
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Posted Date : 07-Aug-2011 , 02:53:09 pm | Posted By CASANSAAR
The Income Tax department has decided to share it's PAN card database with the NATGRID -- a network aimed to initiate robust information sharing amongst law enforcement agencies to tackle terror threats at home and abroad.The department, after getting approval from the Central Board of Direct Taxes ...
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Posted Date : 05-Aug-2011 , 09:56:25 pm | Posted By CASANSAAR
No. of PAN CARD Holders: As on 31.3.2009 8,09,21,993 As on 31.3.2010 9,59,26,877 As on 31.3.2011 12,10,45,706 No. of Returns filed during the financial year FY 2008-09 3,38,69,567 FY 2009-10 3,27,36,625 ...
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Posted Date : 05-Aug-2011 , 04:38:33 pm | Posted By CASANSAAR
The government is working to review the Double Taxation Avoidance Convention (DTAC) with Mauritius to further strengthen its provisions and have better exchange of information on tax matters with the island nation, which accounts for almost 36 per cent of FDI inflow to India. In a written reply to t...
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Posted Date : 04-Aug-2011 , 10:21:12 pm | Posted By CASANSAAR
Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas transactions. Senior advocate Harish Salve appea...
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Posted Date : 04-Aug-2011 , 07:19:10 am | Posted By CASANSAAR
Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank’s ATMs. “With this facility, the bank has given its vast customer base the freedom from waiting in long queues at counters or logging into ...
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Posted Date : 04-Aug-2011 , 07:11:43 am | Posted By CASANSAAR
In a reprieve to UP Chief Minister Mayawati, the Delhi High Court has ruled that gifts she received from party supporters cannot be included in her tax return for 2003-04, as it was not taxable under provisions of the Income Tax Act. The court dismissed the appeal of the Revenue Department which had...
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Posted Date : 03-Aug-2011 , 10:03:55 pm | Posted By CASANSAAR
Manual of Dos & Don'ts covering various aspects of General Conduct, Financial administration, Tax administration and Vigilance Administration etc prepared by the Vigilance Directorate , was released by Shri Prakash Chandra, Chairman CBDT during the Video Conference on 29.07.2011. Click here to ...
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Posted Date : 03-Aug-2011 , 09:47:58 pm | Posted By CASANSAAR
The Supreme Court is likely to start the final hearing on the high profile Rs 11,000 crore tax dispute between telecom major Vodafone and the I-T Department tomorrow– a development that corporate India has been keenly watching. A three-judge bench headed by Chief Justice S H Kapadia is expecte...
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Posted Date : 03-Aug-2011 , 08:05:19 am | Posted By CASANSAAR
A parliamentary committee has rapped the income tax department for letting the Indian cricket board enrich itself at the expense of the exchequer. In a report placed before the Lok Sabha on Tuesday, the Standing Committee on Finance said the income tax (IT) department had been "very lenient" w...
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