Rs 40,000 cr I-T refunds in fiscal beginning itself
Posted Date : 26-Apr-2011 , 08:51:42 pm | Posted By CASANSAAR
The Income Tax Department will refund about 40,000 crore by the end of April or early May, as part of the initiative by the Central Board of Direct Taxes (CBDT) to complete the entire refunding process in the very first month of a fiscal year.
This initiative comes as a big relief to taxpayers who ...
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Print Specifications for SAHAJ and SUGAM
Posted Date : 26-Apr-2011 , 08:19:54 am | Posted By CASANSAAR
1. Printing of the forms should be according to the standards set below:
· No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, pape...
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Income Tax |
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Merger, acquisition regime under Competition Act to be effective from June1: Deora
Posted Date : 25-Apr-2011 , 08:50:09 pm | Posted By CASANSAAR
The regulations governing mergers, acquisitions and combinations under the Competition Act would be finalised by May 1, and implemented from June 1, said Minister for Corporate Affairs, Murli Deora, here on Monday.
“The revised draft of regulations is in the final stages and we expect...
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Income Tax |
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No tapping to only detect tax evasion: Cabinet secy
Posted Date : 25-Apr-2011 , 08:46:21 pm | Posted By CASANSAAR
Reacting to the controversy on whether the Central Board of Direct Taxes (CBDT) should have powers to intercept telephone calls, the cabinet secretary today answered in the negative. K M Chandrasekhar clarified that the law does not permit telephone tapping and monitoring of conversations to merely ...
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Income Tax |
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CBDT mulling punishment for misuse of employees TDS
Posted Date : 25-Apr-2011 , 08:42:00 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) is currently contemplating a policy that will help prevent corporate houses from misusing the TDS (Tax Deducted at Source) of their employees.
Such a rule is likely to see the light of day in the near future, CBDT chairman Sudhir Chandra, who was in ...
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Income Tax |
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I-T seeks addl 22,000 staff to strengthen operations
Posted Date : 25-Apr-2011 , 08:26:06 am | Posted By CASANSAAR
Aiming to give more teeth to the investigation against black money, Income Tax Department hit by staff shortage today said it has sought an additional 22,000 staff to strengthen its various operations.Besides, the tax department will redeploy its existing manpower towards intelligence gatherin...
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Income Tax |
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I-T seizes Rs 28 cr in states in poll bound states: CBDT
Posted Date : 21-Apr-2011 , 08:59:29 pm | Posted By CASANSAAR
Income Tax Department on Thursday said it has until now detected tax evasion to the tune of Rs 85 crore and seized Rs 28 crore unaccounted cash from individuals in the poll bound states. "The maximum cash -- Rs 17.5 crore was seized from Tamil Nadu and (Union Territory of) Puducherry," a CBDT offica...
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Income Tax |
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Govt to deploy officials in tax havens to check evasion
Posted Date : 20-Apr-2011 , 11:20:15 am | Posted By CASANSAAR
The income tax department will soon post 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries, an official in the finance ministry said.Concerns have been raised in the recent past over suspicion of round tripping or routing of Indi...
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Income Tax |
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Status of Quarterly TDS/TCS Statement now available by SMS
Posted Date : 19-Apr-2011 , 08:23:42 pm | Posted By CASANSAAR
NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS:
Accepted: This status is provided if the s...
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Income Tax |
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New direct tax targets should be up by 20% YoY: CBDT
Posted Date : 19-Apr-2011 , 11:11:19 am | Posted By CASANSAAR
Recently, the Income Tax Department detected tax evasion to the tune of Rs 50-60 crore. As per the latest updates, the Central Board of Direct Taxes (CBDT) has said that tax evasion done by corporates is becoming more sophisticated.
CBDT has also lauded the Mumbai IT department on April 19,...
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Income Tax |
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Sathya Sai Baba in critical condition
Posted Date : 19-Apr-2011 , 08:40:19 am | Posted By CASANSAAR
Sathya Sai Baba, who has been undergoing treatment for multi-organ dysfunction, continues to be in a critical condition, doctors attending on him said today.
“His vital systems including liver are showing minimal response to treatment, which is a cause of worry to the treating doctors...
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Income Tax |
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File e-returns, get income-tax refunds in a month
Posted Date : 18-Apr-2011 , 08:27:40 pm | Posted By CASANSAAR
To speed up refunds and encourage electronic filing of tax returns, the Central Board of Direct Taxes has promised expeditious refunds.
As on December 31, 2010, there were about 40 lakh refund cases pending with the tax department. Last year, a Comptroller and...
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Income Tax |
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Maha expects Rs 15 crore entertainment tax revenue from IPL
Posted Date : 18-Apr-2011 , 08:14:56 pm | Posted By CASANSAAR
Maharashtra government is expecting an entertainment tax of Rs 15 crore from the 16 Indian Premier League (IPL) matches to be held in the state. "A deposit of Rs 7.3 crore has been collected for the IPL matches organised at the Wankhede stadium in the city out of the expected revenue of Rs 9.50 cror...
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Income Tax |
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Central tax collection exceeds Rs 7.92 lakh cr: Finmin
Posted Date : 17-Apr-2011 , 11:15:01 am | Posted By CASANSAAR
The central tax collection -- direct and indirect -- reached about Rs 7.92 lakh crore in 2010-11, exceeding even the revised estimate, on the back of strong economic growth.
The total Budget estimate for direct and indirect tax collections was Rs 7.45 lakh crore for the last fiscal, which was rev...
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Income Tax |
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'Tax headquarter building to be ready in 24-30 months'
Posted Date : 16-Apr-2011 , 12:08:35 pm | Posted By CASANSAAR
Rajaswa Bhawan, the proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg here, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today."I hope we will stick to the schedule," Mukherjee said while giving aways prizes to the suc...
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Income Tax |
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SC to Satyam:Give 617 cr guarantee in tax dispute
Posted Date : 16-Apr-2011 , 12:04:25 pm | Posted By CASANSAAR
The Supreme Court today directed Mahindra Satyam to make its presentation before the Central Board of Direct Taxes (CBDT) relating to its tax dispute within two weeks, and also asked it to furnish a bank guarantee of Rs 617 crore by April 25.
"Within two weeks the petitioner company (Mahindra Satya...
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Income Tax |
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SC to Vodafone: Appear before IT in tax case
Posted Date : 16-Apr-2011 , 12:01:50 pm | Posted By CASANSAAR
The Supreme Court today directed UK-based telecom major Vodafone to appear before the Income Tax Department which had instructed the company to pay penalty in the USD 2 billion tax case relating to the telecom major's stake purchase in Hutchison-Essar.
A three-judge bench headed by Chief Justice ...
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Income Tax |
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Govt fixes revenue target at Rs 9 lakh crore this fiscal
Posted Date : 13-Apr-2011 , 10:34:33 am | Posted By CASANSAAR
The government has set a revenue target of Rs nine lakh crore during the current financial year, a top official said here today."We have set a target to collect Rs nine lakh crore through direct and indirect taxes during 2011-12", Revenue Secretary Sunil Mitra saidHe said the revenue department had ...
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Income Tax |
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JK govt detects 3,045 cases of tax evasion in '09-10
Posted Date : 12-Apr-2011 , 09:30:25 am | Posted By CASANSAAR
The Jammu and Kashmir government has detected 3,045 cases of evasion of tax by various trade and business houses in the state in 2009-10.
Revealing this in its report on state finances for the year ended March 31, 2010, Comptroller and Auditor General (CAG) of India has said that 2,357 cases of eva...
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Income Tax |
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Rs 72,000-cr income tax refunds in 2009-10: CBDT
Posted Date : 12-Apr-2011 , 09:28:29 am | Posted By CASANSAAR
The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here.
"The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers i...
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Income Tax |
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Aamir Khan In Times 100 Most Influential People List
Posted Date : 12-Apr-2011 , 08:06:30 am | Posted By CASANSAAR
It was just after India's World Cup Cricket triumph that a very important news did not get the coverage that it deserved from the media. Ironically, it was about the man whose first film as a producer, 'Lagaan', took cricket to the Oscars! Yes, it is non other than Hindi cinema's superstar Aamir Kha...
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Income Tax |
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Government to issue biometric PAN cards to taxpayers
Posted Date : 12-Apr-2011 , 08:05:36 am | Posted By CASANSAAR
The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones.
The decision was taken recently by the Finance Ministry and it comes in the wake of a Comptroller and Auditor General (CAG) report that asked the Income Tax ...
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Income Tax |
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CBDT cracks down on use of unaccounted money in polls
Posted Date : 12-Apr-2011 , 08:04:56 am | Posted By CASANSAAR
All airports, major hotels, railway stations, financial brokers and hawala operators in the five states where Assembly polls are being conducted, are under the vigil of the Income Tax Department.
The exercise is part of the Election Commission’s drive to check black money from being used ...
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Income Tax |
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Now you can claim income-tax deductions for fines paid to RTO
Posted Date : 12-Apr-2011 , 08:04:26 am | Posted By CASANSAAR
Now you can claim income-tax deduction for fines paid to the RTO that are compensatory in nature. In a recent order, Income-tax Appellate Tribunal , (ITAT) has held that fines paid to RTO is an allowable expenditure under the Income-tax Act.
According to the provisions of the Income-tax Act, if a...
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Income Tax |
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Vodafone-Essar deal now in RBI court
Posted Date : 09-Apr-2011 , 11:28:51 pm | Posted By CASANSAAR
Fair valuation of minority stake in joint venture at core of dispute; different worth of shares in two Essar entities a thorny issue.
Vodafone’s $5-billion confrontation with its Indian telecom joint venture partner, Essar, is now set to get embroiled in regulatory drama, as the ball...
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Income Tax |
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AG asks I-T Department for 'zero delay' in filing appeals
Posted Date : 09-Apr-2011 , 11:25:13 pm | Posted By CASANSAAR
Concerned over the rise in instances of delay in filing appeals by the Income Tax Department, Attorney General (AG) of India Goolam Vahanvati asked the Central Board of Direct Taxes (CBDT) to move towards a ‘zero delay regime’.
Following this, CBDT today put out a special and detail...
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Income Tax |
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IPL to yield Rs 350 cr in taxes to government
Posted Date : 09-Apr-2011 , 11:23:06 pm | Posted By CASANSAAR
The government hopes to collect Rs 350 crore in taxes from the fourth edition of high voltage Indian Premier League Twenty20 cricket tournament beginning tomorrow.
The revenue will accrue to the government as the organisations will be required to deduct tax at source (TDS) while making payments t...
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Tax collections-both direct and indirect-for 2010-11 exceeds: Finance ministry
Posted Date : 06-Apr-2011 , 09:31:17 pm | Posted By CASANSAAR
The government today said the total tax collections-both direct and indirect-for 2010-11 have exceeded even the revised estimate on the back of strong economic activities.
“I am reasonably sure that we will cross Rs 4.50 lakh crore in direct taxes…I am reasonably confident that it ...
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Income Tax |
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OBC launches Income Tax payment facility through ATMs
Posted Date : 06-Apr-2011 , 09:30:50 pm | Posted By CASANSAAR
State-owned Oriental Bank of Commerce (OBC) launched the Income Tax payment facility through ATMs for their customers.
The process of income tax payment through ATMs is user friendly and would lead to higher compliance by spreading the tax net to cover individual taxpayers resulting in highe...
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Income Tax |
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SC orders status quo on 617 cr tax demand from Satyam
Posted Date : 06-Apr-2011 , 09:30:20 pm | Posted By CASANSAAR
The Supreme Court today ordered the Central Board of Direct Taxes (CBDT) to maintain status quo on its demand for Rs 617 crore income tax from Satyam Computer, while asking for a list of the actual liabilities of the scam-hit information technology (IT) firm.
A three-judge bench headed by Chief Jus...
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