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  • Rs 30,000 cr black money recovered by CBDT
    Posted Date : 18-May-2011 , 05:09:49 am | Posted By CASANSAAR

    Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers.   The CBDT is in the process of creating a Directora...

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  • CBDT Circular No-03/2011, Dated: May 13, 2011
    Posted Date : 17-May-2011 , 09:35:02 pm | Posted By CASANSAAR

    Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961. http://casansaar.com/notification_details.php?id=135...

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  • Tax arrears are zooming: CAG
    Posted Date : 17-May-2011 , 09:16:33 pm | Posted By CASANSAAR

    Comptroller and Auditor General of India (CAG) has expressed concern over a huge build-up of tax arrears due to a poor recovery mechanism and lack of staff in the income tax (I-T) department. According to a latest CAG's audit finding report, which is yet to be tabled in Parliament, shows due to lack...

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  • Tax board targets Rs 5,30,000 crore collection in 2011-12
    Posted Date : 17-May-2011 , 09:14:02 pm | Posted By CASANSAAR

    Enthused by a good tax collection in 2010-11 fiscal, India's Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. "In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 ...

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  • Foreign cos to pay tax on all rev from seismic data contracts
    Posted Date : 17-May-2011 , 05:30:16 am | Posted By CASANSAAR

    Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal.In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway even i...

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  • 2G scam: SC pulls up I-T dept for slow pace of probe
    Posted Date : 16-May-2011 , 08:58:50 pm | Posted By CASANSAAR

    The Supreme Court on Monday castigated the Income Tax Department for its inertia in dealing with telecom companies involved in 2G spectrum allocation scam. The I-T department, however, said that it has issued notices to the companies that have sold their controlling stakes after getting the allotmen...

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  • Income Tax notices to Bhave routine affair: CBDT
    Posted Date : 16-May-2011 , 11:00:29 am | Posted By CASANSAAR

    The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year.The ITD has also initiated enquiry against two serving members of the Security and Exchange Board of India (Se...

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  • Tax exemption on 9.5% interest on PF for 2010-11
    Posted Date : 16-May-2011 , 10:58:41 am | Posted By CASANSAAR

    Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5 per cent interest income on PF deposits for 2010-11.The Finance Ministry notification last week raises the income tax exemption to 9.5 per cent interest income from 8.5 per cent.The decision clears t...

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  • India Signs DTAA with Republic of Colombia for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on income
    Posted Date : 13-May-2011 , 09:16:04 pm | Posted By CASANSAAR

    India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes on beh...

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  • MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode
    Posted Date : 13-May-2011 , 11:11:14 am | Posted By CASANSAAR

    The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL) mode. Accordingly, the circular No. 9/2011 has been re...

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  • Haryana asks I-T sleuths to curb pilferage of tax
    Posted Date : 13-May-2011 , 11:10:02 am | Posted By CASANSAAR

    Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release.The Governor was speaking at a function to give away completion certificates of the On-the-Job-Training Course to the 64t...

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  • CAG to review transfer pricing case, says I-T dept
    Posted Date : 12-May-2011 , 06:49:13 am | Posted By CASANSAAR

    The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised by the government auditor CAG."Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of I...

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  • Govt collects 'unprecedented' 7.90 lakh cr in taxes: FM
    Posted Date : 11-May-2011 , 08:58:59 pm | Posted By CASANSAAR

    The government has collected an "unprecedented" Rs 7.90 lakh crore in taxes in 2010-11 while refunds worth Rs 74,000 crore have been issued during the fiscal, Finance Minister Pranab Mukherjee said today.   "There has been an unprecedented collection of tax revenues in the financial year 2010...

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  • Waiver from filing I-T returns to benefit 85 lakh tax payers
    Posted Date : 08-May-2011 , 11:06:29 am | Posted By CASANSAAR

    As many as 85 lakh tax payers will benefit from the government''s decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said. "The decision, which will come into effect from June 1, 2011, will reduce the compliance burden about 85 lakh sm...

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  • UCO Bank moves HC against IT order levying fine on it
    Posted Date : 08-May-2011 , 10:54:46 am | Posted By CASANSAAR

    The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC.A bench of Chief Justice Dipak Misra and Justice Sa...

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  • I-T issues Rs 25,000 cr refunds; to issue more
    Posted Date : 06-May-2011 , 09:26:56 pm | Posted By CASANSAAR

    The Income Tax department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra gave the figures while addressing the top brass and...

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  • Transfer of shares without consideration doesn't attract capital gains tax: Authority for Advance Rulings
    Posted Date : 05-May-2011 , 09:01:33 pm | Posted By CASANSAAR

    Transfer of shares for the purpose of business reorganisation, if done without consideration, does not attract capital gains tax, according to a ruling by the Authority for Advance Rulings (AAR) in the case of US-based Goodyear Tire and Rubber Company . In the ruling given on May 2, AAR, a quasi-j...

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  • I-T tracks frequent flyers to tax havens on Rs 1L income
    Posted Date : 05-May-2011 , 08:41:02 pm | Posted By CASANSAAR

    Tax sleuths tracking frequent flyers to international tax havens have found that some of these individuals have a declared annual income of as little as Rs 1 lakh and, in a few cases, no income at all! This startling discovery was made after the Directorate of Income Tax Intelligence started scruti...

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  • SC dissatisfied over IT probe into 2G scam
    Posted Date : 05-May-2011 , 11:22:38 am | Posted By CASANSAAR

    The tardy probe against corporate lobbyist Niira Radia and others for alleged tax evasion connected with 2G spectrum scam came in for sharp criticism from the Supreme Court which directed Income Tax department to be quicker and not to treat these cases in an "ordinary way."   The court said i...

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  • Individual taxpayers need not declare high-value transactions
    Posted Date : 04-May-2011 , 09:16:21 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) has given a breather to individual tax payers from declaring high-value transactions with banks, mutual funds, credit cards, etc via the income tax return forms. The newly notified income tax return forms for the Assessment Year 2011-12 - including Sahaj, Sug...

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  • I-T finds tax evasion in 2G scam; status report in SC tomorrow
    Posted Date : 04-May-2011 , 09:13:00 am | Posted By CASANSAAR

    The Income Tax department has found instances of alleged tax evasion and “multiple routing” of undeclared wealth in the 2G spectrum allocation scam and will file its first status report on the probe in the case in the Supreme Court tomorrow.   The department, according to official...

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  • I-T dept buys real estate worth Rs 2,500 cr in one yr
    Posted Date : 01-May-2011 , 11:25:53 am | Posted By CASANSAAR

     The Income Tax Department became one of the largest purchasers of real estate properties last year as it embarked on a mega expansion spree to spread its establishment for enhancing taxpayer services in the country.The department, which has recently begun a special drive to check prevalence of...

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  • Government faces cash crunch on tax refunds
    Posted Date : 29-Apr-2011 , 09:38:36 pm | Posted By CASANSAAR

    The government is facing a temporary cash crunch on account of tax refunds of nearly Rs 45,000 crore during April and May, prompting it to resort to short-term borrowing .  While tax refund is an annual affair, the use of electronic return filing and processing has resulted in faster refund of...

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  • EPFO to pay 9.5 percent interest foe F.Y. 2011-12 till new rate is decided
    Posted Date : 28-Apr-2011 , 08:50:02 pm | Posted By CASANSAAR

    Subscribers of retirement fund manager EPFO, settling their final claims before the new rate is announced for the current fiscal, will get the existing 9.5 per cent interest on their deposits.   “Since the rate of interest (on deposits) for 2010-11 has been declared as 9.5 per cent per ...

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  • Income Tax dept to give transcript of Radia tapes to CBI, ED:SC
    Posted Date : 27-Apr-2011 , 09:00:57 pm | Posted By CASANSAAR

    The Supreme court on Wednesday directed the Income Tax department to provide a transcript of tapped conversations of corporate lobbyist Neera Radia with corporate honchos, politicians and bureaucrats to CBI and ED which are probing 2G scam case. A bench of Justices GS Singhvi and AK Ganguly passed ...

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  • Raja refuses to disclose I-T details under RTI
    Posted Date : 27-Apr-2011 , 08:58:57 pm | Posted By CASANSAAR

    Former union telecom minister A Raja, who is in Tihar jail in the spectrum scam, has objected to the disclosure of his tax returns by the income-tax department under the Right To Information (RTI) Act. Acting on his objection, the department has rejected the RTI application filed by V Gopalakrishna...

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  • Kochi Tuskers in tax-evasion row
    Posted Date : 27-Apr-2011 , 11:13:38 am | Posted By CASANSAAR

    Trouble for Kochi Tuskers Kerala never seems to end -- a fresh row has broken out now between the franchise and Cochin Corporation over alleged tax evasion on ticket sales. Ahead of Wednesday night's match, when the tickets were brought to the corporation for sealing, a new batch of tickets priced ...

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  • I-T can reopen file if income not assessed properly
    Posted Date : 27-Apr-2011 , 05:54:18 am | Posted By CASANSAAR

    The Delhi High Court has ruled that the Revenue can reopen the assessment proceedings on change of opinion that the income of the assessee has escaped assessment. Such re-opening of the assessment by the Income Tax department is legal where no return has been filed by the assessee for the assessment...

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  • Indian names in Swiss bank data list : Assange
    Posted Date : 26-Apr-2011 , 09:19:13 pm | Posted By CASANSAAR

    In comments that could fuel a fresh controversy over the black money issue, WikiLeaks founder Julian Assange today said there are Indian names in the Swiss bank data list that are going to be made public. "Yes, there are Indian names in the data that we have already published or are going to publis...

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  • Now, quote PAN to buy gold in cash
    Posted Date : 26-Apr-2011 , 09:01:04 pm | Posted By CASANSAAR

    UNDER attack for not being able to curb black money transactions, the finance ministry is planning to make quoting of the permanent account number (PAN) mandatory for more transactions. The income tax (I-T) department may make quoting of PAN in documents for sale and purchase of bullion or jewellery...

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