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  • No filing of tax return for salary and interest income up to Rs 5 lakh
    Posted Date : 06-Jun-2011 , 09:26:33 pm | Posted By CASANSAAR

    As many as 85 lakh salaried tax payers whose taxable income, including salary and interest income, is up to Rs 5 lakh, are not required to file income-tax return from now onwards. "No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest...

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  • Gross Direct Tax Collections up by 37.34 per cent while Net Direct Tax Collections Decline by 47.93 per cent during First Two Months of Current Financial Year
    Posted Date : 06-Jun-2011 , 11:03:50 am | Posted By CASANSAAR

    Gross direct tax collections during the first two months of the current financial year (April & May 2011) are up by 37.34 percent at Rs.50,405 crore as against Rs.36,702 crore in the same period during the last fiscal. Net direct tax collections were, however, down by 47.93 per cent at Rs.12,954...

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  • CBI, I-T on Ramdev trail
    Posted Date : 05-Jun-2011 , 08:49:46 pm | Posted By CASANSAAR

    After the midnight purge, Baba Ramdev now faces CBI and income tax department scrutiny. The government activated the two agencies to look into the companies, properties and audit accounts of the yoga guru and his aides on Sunday, the day it broke up his fast,evicting him and his supporters from the ...

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  • PAN to be must for all high-value spendings, overseas travels and new debit cards to come under lens
    Posted Date : 03-Jun-2011 , 08:30:00 pm | Posted By CASANSAAR

    All high-value jewellery purchases, debit card requests, overseas travels, and life insurance premiums over Rs 50,000 will soon be tagged, with the Central Board of Direct Taxes making it mandatory to quote permanent account numbers (PAN) in such transactions. The Income-Tax department has amended r...

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  • Govt amends guidelines, allows tax relief for infrastructure funding companies
    Posted Date : 03-Jun-2011 , 11:28:25 am | Posted By CASANSAAR

    The government today amended guidelines for Public Financial Institutions (PFIs) permitting private companies, primarily engaged in infrastructure funding , to attain the status of a PFI and, seek tax and other benefits. Under the new norms notified by the Ministry of Corporate Affairs, any company ...

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  • Income-tax department to seek details of Hasan Ali Khan's Swiss Bank accounts
    Posted Date : 02-Jun-2011 , 08:51:56 pm | Posted By CASANSAAR

    The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan's Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan...

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  • HC rejects Shanti Bhushan''s plea seeking IT waiver for surgery
    Posted Date : 01-Jun-2011 , 09:08:08 pm | Posted By CASANSAAR

    Shanti Bhushan, former Union Minister and member of Lokpal Bill drafting committee, the Delhi High Court today dismissed his plea seeking waiver in the levy of income tax on expenses incurred for his heart surgery at Houston in the USA.   "We are of the opinion that concerning judgements and ...

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  • Govt overdrive to check black money yielding results
    Posted Date : 01-Jun-2011 , 08:20:15 am | Posted By CASANSAAR

    Amid the threat of Yoga Guru Baba Ramdev to go on hunger strike on the issue of black money from June 4, the government today said the series of steps taken by it to unearth unaccounted wealth have started yielding results.The income tax department, sources said, has detected unaccounted income o...

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  • To retrieve tax arrears, I-T to unleash power to arrest
    Posted Date : 01-Jun-2011 , 06:09:06 am | Posted By CASANSAAR

    The Income Tax Department is all set to crack the whip on tax defaulters by invoking its power, which has not been used for many years, to arrest and prosecute evaders.The step comes in the backdrop of the government initiating various steps to curb generation of black money in the country and a...

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  • I-T aims at over Rs 1 lkh cr refunds this fiscal: CBDT
    Posted Date : 31-May-2011 , 09:39:30 pm | Posted By CASANSAAR

    The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. "We intend to refund approximately Rs 1 lakh crore this fiscal," the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra sa...

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  • Montek favours introducing inheritance tax
    Posted Date : 31-May-2011 , 09:12:17 pm | Posted By CASANSAAR

    Planning Commission Deputy Chairman Montek Singh Ahluwalia today favoured imposition of inheritance tax as part of overall direct tax reforms. "I think in any comprehensive reform of the direct tax system, if somebody were to say that we should have an inheritance tax, it should be considered as pa...

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  • CBDT retains right to snoop on tax evaders
    Posted Date : 31-May-2011 , 09:10:34 pm | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT), the controlling authority of Income Tax department, will continue to have the right to tap phones of tax evaders on specific information, outgoing CBDT chairman Sudhir Chandra said on Tuesday. "The power of interception stays with CBDT as there is no change...

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  • Prakash Chandra takes over as Chairman CBDT
    Posted Date : 31-May-2011 , 11:14:04 am | Posted By CASANSAAR

    Shri Prakash Chandra, an IRS (IT) Officer of the 1973 batch, took over as Chairman of Central Board of Direct Taxes (CBDT) today afternoon. He will also continue to look after the work relating to Personnel and Vigilance matters. Shri Chandra was Director General of Income Tax (Investigation) in Ra...

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  • Delhi HC directs ICAI to put Satyam scam on fast track
    Posted Date : 30-May-2011 , 08:36:37 pm | Posted By CASANSAAR

    The Delhi High Court has allowed proceedings by the Institute of Chartered Accountants of India (ICAI) against two Satyam auditors.   Furthermore, ICAI can now take disciplinary actions against two former PricewaterhouseCoopers auditors Subramani Gopalakrishnan and Srinivas Talluri. "The cour...

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  • Govt committee to probe tax-related criminal offences
    Posted Date : 30-May-2011 , 11:14:47 am | Posted By CASANSAAR

    The government today announced setting up of a special wing -- Directorate of Income Tax (Criminal Investigation) -- to investigate criminal offences under direct tax laws.The DCI, to be set up with immediate effect, would collect information about persons and transactions connected with criminal ac...

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  • I-T dept to publish & expose names of tax defaulters
    Posted Date : 30-May-2011 , 05:48:36 am | Posted By CASANSAAR

    With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the whereabouts of defaulters, the Income Tax(I-T) department is working on plans to publish their names in newspapers.The problem has been further compounded with several of the tax defaulters having ...

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  • I-T dept hits transparency button
    Posted Date : 29-May-2011 , 08:31:35 pm | Posted By CASANSAAR

    To bring in more transparency in Income Tax (I-T) search and survey operations, the Central Board of Direct Taxes has asked all officials attached to its investigation and assessment wings to compulsorily provide phone numbers of their seniors to taxpayers during an operation. The move is intended...

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  • FinMin sets up panel to suggest framework to seize black money
    Posted Date : 28-May-2011 , 08:42:59 am | Posted By CASANSAAR

    Facing flak from different quarters for not doing enough to deal with the black money menace, the Government of India on Saturday constituted a high-level committee of taxmen to suggest a legal framework for confiscating such wealth by declaring it as "national assets".The Government is under imm...

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  • India inks DTAA with Ethiopia to check tax evasion
    Posted Date : 26-May-2011 , 09:19:43 pm | Posted By CASANSAAR

     India has signed a Double Taxation Avoidance Agreement (DTAA) with Ethiopia to check tax evasion and facilitate exchange of banking information.The agreement was signed by External Affairs minister S M Krishna and Ethiopia's minister of Finance and Economic Development Sufian Ahmed, in the pre...

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  • EPFO to contest tax demand on PF from CBDT, CBEC
    Posted Date : 26-May-2011 , 09:15:17 pm | Posted By CASANSAAR

    The Employees Provident Fund Organisation (EPFO) is ready to take on the tax departments over the issue of income tax and service tax demands raised on the organisation.   The EPFO had approached the finance ministry for help, which advised it to go through the legal procedure. Accordingly, E...

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  • DLF gets Rs 1,700 crore tax notice
    Posted Date : 25-May-2011 , 08:48:46 pm | Posted By CASANSAAR

    Realty major DLF has said income tax authorities have slapped additional tax notices for over Rs 1,700 crore pertaining to 2008-09 assessment year after being disallowed its profits in SEZ projects. The company said it is challenging the orders with appropriate authorities and hopes that these deman...

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  • Income below Rs 5 lakh? You need not file returns
    Posted Date : 24-May-2011 , 09:51:46 pm | Posted By CASANSAAR

    The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns. A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee  when he presented the Budget in February.   On Tuesday, Pranab M...

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  • Finance ministry may delay income-tax refunds
    Posted Date : 24-May-2011 , 09:32:45 pm | Posted By CASANSAAR

    The finance ministry may delay income-tax refunds to cushion strained resources as it fears a drop in revenue collection because of rising inflation and moderation in growth. "I would like to sound a note of caution in respect of targets for direct taxes that have been set for this year at Rs 5.32 l...

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  • CBDT plans to use third parties to recover tax dues
    Posted Date : 24-May-2011 , 09:28:30 pm | Posted By CASANSAAR

    Agencies to help get data on assets of taxpayers. The Central Board of Direct Taxes (CBDT) is considering use of third parties to recover tax dues. This is part of a plan to control mounting tax arrears.   The plan has been envisaged because insufficient information on assets of taxpayers is ...

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  • FM prods I-T dept to strive hard to achieve tax collection target
    Posted Date : 24-May-2011 , 09:22:54 pm | Posted By CASANSAAR

    Finance Minister Pranab Mukherjee has asked income tax officials to strive hard to achieve the collection target for the financial year 2011-12 that may be difficult due to slowing economy. "International economic situation is not very conducive and highly uncertain... The targets are very steep and...

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  • 'Amended DTAAs to help dealing with black money'
    Posted Date : 24-May-2011 , 05:18:34 am | Posted By CASANSAAR

     Indian Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money."Income Tax Department is engaged in ways to tackle with black money," he told reporter...

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  • Non-profit sector under tax scanner
    Posted Date : 23-May-2011 , 09:01:37 pm | Posted By CASANSAAR

    The non-profit sector is expected to face tough scrutiny from the taxman in the coming days as the income tax department suspects that charitable institutions are being used to avoid tax payment. A senior official said the focus would specifically be on educational institutions, considering that sev...

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  • Black money: Central Board of Direct Taxes on foreign bank account trail
    Posted Date : 23-May-2011 , 08:59:21 pm | Posted By CASANSAAR

    The Central Board of Direct Taxes has begun a crackdown on those found to have undislcosed foreign bank accounts, intensifying its drive against black money. The apex direct taxes body has asked income tax officials to initiate prosecution if a taxpayer is found to have assets overseas but has not d...

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  • 'Actor' Tendulkar allowed to claim tax deduction - ITAT
    Posted Date : 23-May-2011 , 08:57:46 pm | Posted By CASANSAAR

    An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements. The two-member tribunal, which gave its order on May 20, upheld the cricket legend's argument that he was an 'actor' while appearin...

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  • I-T starts scrutiny of frozen IPO scam demat accounts
    Posted Date : 22-May-2011 , 10:23:09 am | Posted By CASANSAAR

    The Income Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts."Investigation and intelligence wings have started looking into the frozen accounts with...

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