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  • Cost Inflation Index for Financial Year 2011-12 / Assessment year 2012-13
    Posted Date : 24-Jun-2011 , 08:03:08 am | Posted By CASANSAAR

    CBDT has vide Notification No. 35/2011 dated declared cost inflation Index for the financial year 2011-12. Cost inflation index for the financial year 2011-12 (Assessment year 2012-13) is 785. Full text of the Notification is as follows:- COST INFLATION INDEX FOR FINANCIAL YEAR 2011-12 NOTIFIC...

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  • Period of Validation of Registration in Chartered Accountancy Course
    Posted Date : 24-Jun-2011 , 07:45:47 am | Posted By CASANSAAR

    Important Announcement for Chartered Accountancy Course Students BoS/Announcement/227/11   June 23, 2011     Sub: Period of Validation of Registration in Chartered Accountancy Course -------------   In order to streamline the period of validity of registration for Common...

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  • Tax evasion: Govt authorises IT Department to initiate legal action
    Posted Date : 23-Jun-2011 , 08:16:23 am | Posted By CASANSAAR

    The Government has authorised the Income Tax Department to initiate legal action in tax evasion cases where Indian investments are located in foreign countries. Official sources said in New Delhi that the Central Board of Direct Taxes has issued an order that the Income Tax department does not need ...

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  • No excise duty on school uniforms, towels: CBEC
    Posted Date : 23-Jun-2011 , 08:15:42 am | Posted By CASANSAAR

    In a relief to the garment industry, the government today said no excise duty will be imposed on uniforms and items like towels if they merely bear logo of the institution or company they are made for. ".Such products would not merit treatment as branded products merely because the name of the sc...

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  • Income Tax inquiry against former Chief Justice Balakrishnan
    Posted Date : 23-Jun-2011 , 07:18:51 am | Posted By CASANSAAR

    The Home Ministry has asked the revenue department for a report on allegations that former Chief Justice of India K G Balakrishnan acquired assets disproportionate to his known sources of income during his tenure as a Supreme Court judge and CJI.       Sources said the move to ask...

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  • I-T dept to start prompt action against tax evaders
    Posted Date : 23-Jun-2011 , 07:14:54 am | Posted By CASANSAAR

    Taking a step forward against black money, the Finance Ministry has asked the Income Tax Department to launch immediate prosecution action in tax evasion cases wherein tangible assets and investments are located in foreign shores.   The department has been asked to do away with the norm of ta...

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  • CBDT Press Release on exemption from filing I-T return for persons with income up to Rs 5 lakh
    Posted Date : 23-Jun-2011 , 05:54:31 am | Posted By CASANSAAR

    The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.   Individuals having total income up to Rs.5,00,000 for FY 2010-11, after...

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  • How to verify correctness of TDS Certificate (Form 16A) issued by the deductor
    Posted Date : 22-Jun-2011 , 09:02:45 am | Posted By CASANSAAR

    NSDL has recently started a online facility by which deductee can verify the correctness of TDS Certificate (Form 16A) issued by the deductor. To know the correctness deductee must have the following details or should have a copy of TDS certificate issued by the deductor as information from  th...

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  • Govt resumes talks on tax treaty: FM
    Posted Date : 22-Jun-2011 , 08:57:10 am | Posted By CASANSAAR

     A day after the stocks fell over 300 points, the government on Tuesday said it has resumed talks with Mauritius for re-negotiation of the 30-year-old Double Taxation Avoidance Agreement (DTAA). "As far as DTAA with Mauritius is concerned, it is nothing new. It is an old one. For some time ta...

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  • GST regime unlikely; states oppose draft bill
    Posted Date : 22-Jun-2011 , 08:52:51 am | Posted By CASANSAAR

    Introduction of indirect tax reforms through the common goods and services tax, or GST, from the next fiscal appears uncertain with fresh opposition pouring in from BJP-ruled states who claim that it would reduce their status to that of municipalities and corporations. "The kind of draft that they (...

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  • Online filing of income tax returns jumps 80 pc
    Posted Date : 21-Jun-2011 , 09:20:02 am | Posted By CASANSAAR

    Online filing of tax returns in India jumped 80 per cent to 91.57 lakh in 2010-11 and is projected to zoom to to 7.5 crore in five years, according to an online service portal. SNK ETax Solutions Chairman Sanjay N Kapadiaa said in 2010-11, the number of tax returns filed was 4.4 crore, compared to 3...

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  • Hero Honda shareholders approves the changing of name to Hero MotoCorp
    Posted Date : 21-Jun-2011 , 08:10:11 am | Posted By CASANSAAR

    The shareholders of the country’s largest two wheeler maker Hero Honda has approved the changing of the name of the company to Hero MotoCorp Ltd, post the exit of Japan’s Honda from the firm.   At an extraordinary general meeting of the company held last Friday, the shareholders a...

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  • FDI grows by 43% in April to USD 3.12 billion
    Posted Date : 21-Jun-2011 , 08:08:40 am | Posted By CASANSAAR

    Following three months of consecutive decline, foreign direct investment (FDI) flows into India grew by about 43 per cent to USD 3.12 billion in April, 2011.   The country received USD 2.17 billion worth of FDI in April, 2010.   “The figure is showing a recovery in the global mar...

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  • Direct tax collections crosses Rs one trillion in Q1
    Posted Date : 21-Jun-2011 , 07:59:44 am | Posted By CASANSAAR

    Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in the same period last fiscal and Rs 77,500 crore in Apr...

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  • FinMin resumes tax treaty talks with Mauritius
    Posted Date : 21-Jun-2011 , 03:47:24 am | Posted By CASANSAAR

    Finance Minister Pranab Mukherjee said on Tuesday India has resumed talks with Mauritius on a double taxation avoidance agreement.   "So far as the Mauritius double taxation avoidance agreement negotiations are concerned, it is an old one. For some time the talks were suspended; now it has re...

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  • Taxman pins hope on TDS to meet target: first target Interest income and Salary to be next...
    Posted Date : 20-Jun-2011 , 10:18:03 am | Posted By CASANSAAR

    CBDT to keep an eye on interest earned from bank fixed deposits.   Amid apprehension over slowing corporation tax collections, the Central Board of Direct Taxes (CBDT) plans to increase the contribution of tax deducted at source (TDS) in the direct tax kitty from 37 per cent to 40 per cent. ...

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  • I-T Dept probes tax violations by charitable, religious trusts
    Posted Date : 19-Jun-2011 , 05:03:49 am | Posted By CASANSAAR

    Leaving no stone unturned to check tax evasion, the Income Tax department has begun a countrywide investigation of charitable and religious trusts that have been found violating tax exemption rules and are using donation funds for business purposes.   A classified report prepared by the depar...

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  • Annual medical check-ups' expenses to be exempt from I-T
    Posted Date : 19-Jun-2011 , 04:58:49 am | Posted By CASANSAAR

     In a major relief to employees, the Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups.The Central Board of Direct Taxes (CBDT) has issued a notification in this regard.As per the notification, no income tax will be le...

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  • I-T Dept to provide political parties'' tax return details
    Posted Date : 16-Jun-2011 , 10:11:17 am | Posted By CASANSAAR

    The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard. The department, according to sources, used to restrict such information, citing section 138 of t...

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  • Post Office savings accounts to be taxed from current fiscal
    Posted Date : 16-Jun-2011 , 10:09:58 am | Posted By CASANSAAR

    The government has decided to levy tax on the interest obtained on Post Office savings schemes from the current financial year. The Central Board of Direct Taxes ( CBDT )) has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of in...

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  • India Inc continues good show, Q1 advance tax payment up 15%
    Posted Date : 16-Jun-2011 , 07:55:25 am | Posted By CASANSAAR

    Indian companies paid about 15% higher advance tax in April-June compared to a year ago, belying apprehensions of a slowdown and indicating better corporate earnings ahead. Companies across sectors - manufacturing, FMCG, banking and finance - have paid higher advance tax in the first installment. "T...

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  • Cost Accounting Rules for Industry Steamlined...
    Posted Date : 16-Jun-2011 , 04:17:54 am | Posted By CASANSAAR

    The ministry of corporate affairs (MCA) has done away with a 46-year system of prescribing sector-specific cost accounting record maintenance rules for 36 industrial segments. Instead, it has notified a common rule that outlines the broad principles companies need to follow.     The pra...

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  • RBI interest rate increase worries CBDT
    Posted Date : 15-Jun-2011 , 07:14:14 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) is worried over interest rate rises by the Reserve Bank of India (RBI) to curb inflation impacting direct tax collections in this financial year.   CBDT officials told Business Standard that companies had indicated the rate rise was raising their cost ...

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  • Earnings from bribe may be made criminal offence under IT Act
    Posted Date : 14-Jun-2011 , 07:20:28 am | Posted By CASANSAAR

    In a bid to tackle tax evasion and check generation of illicit money, the government is considering classifying earnings from illegitimate sources like bribery and corruption as criminal offences under the income tax laws. "The income earned from illegitimate means could be classified as a criminal ...

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  • 'Have toolbox to deal with tax havens not sharing info'
    Posted Date : 14-Jun-2011 , 06:59:25 am | Posted By CASANSAAR

     Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary."We have developed a toolbox... We have enabled ourselves to ...

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  • 'Tax offences can be criminal only in cases of illegal income'
    Posted Date : 11-Jun-2011 , 08:26:56 am | Posted By CASANSAAR

    Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But "if it is a tax evasion alone, it is a civil offence," the official said He, however, asserted that "if there is a...

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  • Difficult to recover taxes from Hasan Ali: I-T official
    Posted Date : 09-Jun-2011 , 12:01:35 pm | Posted By CASANSAAR

    The Income Tax Department today expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets."Hasan Ali does not have enough assets to meet the tax liability," an I-T department official said.Khan, who is accused ...

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  • Extra efforts would be required to achieve tax targets: Pranab
    Posted Date : 08-Jun-2011 , 11:43:20 am | Posted By CASANSAAR

    Amid fears of moderation in growth, Indian Finance Minister Pranab Mukherjee Wednesday said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15 per cent more than the last fiscal.The Minister, while addressing the annual conference of chief com...

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  • Govt bets on new tax code to bring back black money
    Posted Date : 07-Jun-2011 , 08:26:19 pm | Posted By CASANSAAR

    The DTC is proposed to be implemented from April next year With the growing pressure for steps to tackle unaccounted income hidden abroad, the government has identified the proposed Direct Taxes Code (DTC) as a significant tool in this regard.   The DTC is proposed to be implemented from Apr...

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  • Committee on black money likely to hold 1st meet on June 9
    Posted Date : 06-Jun-2011 , 09:46:15 pm | Posted By CASANSAAR

    The CBDT chairman-headed committee, set up to strengthen ways to curb black money in the country, is likely to hold its first meeting on June 9. The meeting, which comes in the backdrop of the agitation led by Yoga guru Baba Ramdev, will begin with discussions and modalities on a number of issues re...

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