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  • IT SEZ units to get tax sops soon. Notification to settle pending issue likely this month.
    Posted Date : 02-Aug-2011 , 04:01:50 pm | Posted By CASANSAAR

    Information technology and IT-enabled service units in special economic zones are going to be allowed the same tax concessions as given to developers of SEZs.   The government is to soon issue the new norms, as more and more IT companies don the function of a developer, empowering them to eve...

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  • E-filing of I-T returns jumps 140%
    Posted Date : 02-Aug-2011 , 03:57:19 pm | Posted By CASANSAAR

    5.3 mn e-returns filed till July 31, against 2.2 mn during the period last year.   The e-filing of income-tax returns has seen a major rise this year, with a 140 per cent jump in the number of filings till July 31, as compared to the same period in 2010-11.   A senior Income Tax Depart...

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  • M.C. Joshi Takes Over as Chairman, CBDT
    Posted Date : 01-Aug-2011 , 09:47:06 pm | Posted By CASANSAAR

    Shri M. C. Joshi has taken over as the Chairman, Central Board of Direct Taxes (CBDT) with effect from 1st August 2011. Shri Joshi belongs to the 1974 batch of the Indian Revenue Service (IRS). Earlier, he was THE Chief Commissioner of Income Tax, Uttaranchal, after having served in the Income Tax d...

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  • Names of tax defaulters to be made public
    Posted Date : 01-Aug-2011 , 07:34:44 am | Posted By CASANSAAR

    The committee will consider proposing a reward scheme for informants who supply information about such tax defaulters and which results into collection of the outstanding demands.   The other point in the terms of reference is to propose a scheme regulating such outsourcing to outside agencie...

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  • Govt panel on black money discusses changes in legislation
    Posted Date : 30-Jul-2011 , 07:12:11 am | Posted By CASANSAAR

    The government’s committee on unaccounted (‘black’) money met on Friday to discuss changes in existing legislation to address the issue. It discussed the responses the government had got till date from the general public on the problem.   The panel is chaired by Prakash Chan...

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  • RBI cautions RRBs on dealing with overseas entities
    Posted Date : 29-Jul-2011 , 08:34:29 am | Posted By CASANSAAR

    The Reserve Bank on Thursday asked all Regional Rural Banks to follow due diligence while dealing with transactions from persons and entities in eight countriers — Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey.   The bank cited a 2011 statement from the Financial ...

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  • Govt will achieve tax collection targets: CBDT
    Posted Date : 29-Jul-2011 , 08:26:13 am | Posted By CASANSAAR

    Allaying fears of sluggish economic growth impacting tax collections, Central Board ofDirect Taxes ChairmanPrakash Chandra today exuded confidence that revenue targets for 2011-12 will be achieved. "We have got no indication (of slowdown impacting revenue collections). I am confident that direct tax...

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  • MMDR proposal to make India most taxed nation in mines sector: FICCI
    Posted Date : 27-Jul-2011 , 10:08:38 pm | Posted By CASANSAAR

    Industry bodyFICCI today said the imposition of additional burden on the mining and mineral sector under the proposedMines and Minerals (Development and Regulation) Act would lead India to become the highest taxed country in the sector. "Indian mining sector is already one of the highly taxed s...

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  • I-T returns: Special counters for Delhiites
    Posted Date : 27-Jul-2011 , 05:18:54 pm | Posted By CASANSAAR

    The Income Tax Department will open 50-special counters at Vikas Bhawan (near ITO) for residents of North-East and North-West Delhi from July 28 to July 31 to file their tax returns. The last date for filing of income tax returns for the assessment year 2011-12 is July 31.   "The ITD, New Del...

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  • Exemption from requirement of furnishing return of income for A.Y. 2011-12 where income does not exceed Rs. 5 lakhs – Assessee has option to avail said exemption
    Posted Date : 26-Jul-2011 , 10:08:21 pm | Posted By CASANSAAR

    Income to accept Return of individual with Rs. 5 lakhs of income – CBDT had exempted those having income less than Rs. 5 Lakhs for the assessment year 2011-12 from filing Income Tax return. Board now clarifies that the Department should accept returns from this exempted category of persons, if...

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  • India, Lithuania sign DTAA to check tax evasion
    Posted Date : 26-Jul-2011 , 09:24:50 pm | Posted By CASANSAAR

    India and Lithuania on Tuesday signed an agreement for avoidance of double taxation to prevent tax evasion and exchange of banking information between the two countries.   The double taxation avoidance agreement (DTAA) provides that business profits would be taxable in the source country if t...

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  • RBI Hikes Repo, Reverse Rpo by 50 BPS each, CRR Unchanged
    Posted Date : 26-Jul-2011 , 11:23:42 am | Posted By CASANSAAR

    RBI raised interest rates by a higher-than-expected 50 basis points on Tuesday, stepping up its fight against persistently high inflation despite slowing growth in Asia's third-largest economy. TheReserve Bank of India (RBI) increased therepo rate , at which it lends to banks, to 8 per cent, exceedi...

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  • Clarification form Finance Ministry: Exemption from filing returns is voluntary
    Posted Date : 25-Jul-2011 , 12:55:32 pm | Posted By CASANSAAR

    The finance ministry’s decision to exempt salaried people with taxable income up to Rs 5 lakh from filing returns has become a bane for some taxpayers. Though the ministry had clarified that it was not mandatory for taxpayers to avail of this privilege, some taxpayers willing to file returns d...

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  • I-T searches have no material implications: IRB Infra
    Posted Date : 23-Jul-2011 , 12:37:39 pm | Posted By CASANSAAR

    Highways developer IRB Infra today said searches conducted by the Income Tax (I-T) department at its premises has no material implications on the company.   "IRB Infrastructure Developers has cooperated with the authorities and various statements were recorded by the authorities during the co...

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  • E-filling of income tax returns may cross 50% this year
    Posted Date : 23-Jul-2011 , 07:17:50 am | Posted By CASANSAAR

    E-filing of income tax returns has increased so substantially over the past two years that the income tax department believes paper filing of returns would soon become a negligible proportion of the total. The department also says that e-filing, combined with its highly efficient and automated centr...

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  • IT raids at residences, offices of Malayalam superstars Mammootty and Mohanlal
    Posted Date : 22-Jul-2011 , 02:57:33 pm | Posted By CASANSAAR

    Income Tax officials today carried out simultaneous raids on the residences and offices of Malayalam superstars Mammootty and Mohanlal in Kerala , Tamil Nadu and Karnataka. According to IT sources, raids were being conducted on complaints that the stars had amassed wealth disproportionate to th...

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  • 2G spectrum scam: Court allows I-T dept to quiz Raja, 5 others
    Posted Date : 22-Jul-2011 , 07:12:21 am | Posted By CASANSAAR

    A Delhi court on Thursday allowed the income tax department to interrogate six accused, including former telecom minister A Raja , arrested for their alleged involvement in the 2G scam. The 2G trial also kicked off on Thursday with public prosecutor making opening statement, in which he accused Swan...

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  • Females better tax planners, says report
    Posted Date : 20-Jul-2011 , 07:13:02 pm | Posted By CASANSAAR

    Female salaried employees are paying less tax than their male counterparts due to lower tax slabs and better investments, with the percentage of women with a low tax ratio of 0-5 per cent higher than their male counterparts, according to the latest study. As per the findings of the 'India Tax Ratio ...

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  • Govt to bring more services under the tax net, says official
    Posted Date : 17-Jul-2011 , 09:36:42 pm | Posted By CASANSAAR

    The Union finance ministry plans to bring more professions in the services sector under the tax net, a senior bureaucrat said in Mumbai on Sunday. He was speaking at a service tax related event organised by the Associated Chamber of Commerce (Assocham).   "More areas in the services sector ne...

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  • No returns filed by 300 political parties: I-T
    Posted Date : 17-Jul-2011 , 07:40:59 pm | Posted By CASANSAAR

    A country-wide probe conducted by the Income Tax (I-T) department has found that close to 300 registered political parties have never filed their tax returns and the Election Commission has now asked the department to issue notices to them.\   The probe, conducted after the EC asked the Centr...

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  • Rs 600 cr tax evasion in Jammu and Kashmir
    Posted Date : 16-Jul-2011 , 03:55:08 pm | Posted By CASANSAAR

    RTI group Sangrash on Saturday filed a writ petition in the state High Court over the the RTI on the Rs 600 crore tax evasion in Jammu and Kashmir. The petition has been treated as a Public Interest Litigation (PIL) and a division bench will hear the case on July 20. An RTI query which was reveale...

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  • FinMin hopes tax treaty talks with Mauritius to resume before Sept
    Posted Date : 16-Jul-2011 , 02:21:21 pm | Posted By CASANSAAR

    The finance ministry hopes talks with Mauritius on the Double Tax Avoidance Agreement (DTAA) would restart before September.   “There may be some talks before September, I should say,” said Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra on the sidelines of a functio...

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  • Income tax staff crunch may help you escape scrutiny
    Posted Date : 16-Jul-2011 , 02:18:56 pm | Posted By CASANSAAR

    High-income earners need not sweat over the income tax official . going through their returns with a magnifying lens. There is nearly a 50% chance of their returns escaping a scrutiny because of a critical shortage of midlevel officers in the income tax department. Nearly half the posts of assi...

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  • President prods govt to hasten anti-black money drive
    Posted Date : 16-Jul-2011 , 07:44:25 am | Posted By CASANSAAR

    President Pratibha Patil on Friday asked the government to expedite its crusade against black money both within and outside the country. Speaking at a celebration here to commemorate 150 years of the Income Tax, the President said government should give thrust to better global cooperation that can ...

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  • Govt plans to equip IT department with latest technology: Pranab
    Posted Date : 16-Jul-2011 , 07:37:27 am | Posted By CASANSAAR

    With its focus being on e-governance, the Income Tax Department is planning to equip itself with the latest technology for the benefit of tax payers.   “The Department has focused on e-governance initiatives to meet the challenges of the rapidly changing economic environment and the exp...

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  • BSE cancelled 1,350 trades
    Posted Date : 16-Jul-2011 , 07:21:09 am | Posted By CASANSAAR

    BSE on Friday cancelled about 1,350 trades done during the pre-open session in which several of the frontline stocks witnessed wild fluctuations. The exchange said that there was a technical glitch in the trading system on Friday morning that led to such major price swings. Dealers said that stocks...

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  • House panel pulls up I-T for IPL mess, seeks action on BCCI
    Posted Date : 15-Jul-2011 , 07:53:10 am | Posted By CASANSAAR

    The Income Tax (I-T) department received flak from parliamentarians on Thursday for being “lax” and “lenient on BCCI” for the Indian Premier League (IPL) mess. The parliamentary standing committee on finance on Thursday finalised its report where it has sought a thorough prob...

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  • Hero pays Rs 811 crore tax on Honda stake buyout: CBDT
    Posted Date : 15-Jul-2011 , 07:50:08 am | Posted By CASANSAAR

    The BM Munjal-promoted Hero Group has paid Rs 811 crore as capital gains tax for buying out erstwhile partner Honda from their joint venture, Hero Honda, Central Board of Direct Taxes (CBDT) on Thursday said. "Hero has paid the entire tax amount of Rs 811 crore in two tranches, Rs 100 crore in March...

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  • Swiss financial system pays Rs 1-lakh cr tax a year
    Posted Date : 14-Jul-2011 , 04:46:51 pm | Posted By CASANSAAR

    They are accused of helping Indians and others evade tax and hide their black money, but the Swiss financial sector itself pays taxes totalling about Rs one lakh crore every year to its government.   In its latest report on "The Economic Significance of Swiss Financial Centre," the Swiss b...

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  • Now, pay only 15% tax on short-term gains
    Posted Date : 14-Jul-2011 , 07:10:42 am | Posted By CASANSAAR

    There is a dim ray of hope for scores of investors who were asked to pay a higher tax for selling shares within 30 days of purchase. The Income Tax Appellate Tribunal has ruled that profits from sale of shares held for even less than 30 days are eligible to be treated as "short term capital gains" o...

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