SC to hear Vodafone plea against new tax penalty
Posted Date : 06-Apr-2011 , 09:29:09 pm | Posted By CASANSAAR
The Vodafone Group now has one more front to defend as it filed a petition in the Supreme Court to safeguard itself from more penalties from the local taxman on its Indian unit Vodafone Essar.
The tax department on March 23 sought to penalise Vodafone International, the holding company of Vodafon...
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Petition filed challenging HC recommendation to elevate ITAT President
Posted Date : 06-Apr-2011 , 09:27:43 pm | Posted By CASANSAAR
A recommendation by the Delhi High Court Collegium to elevate RV Easwar, currently the President of the Income Tax Appellate Tribunal (ITAT) Mumbai has been opposed in a petition before the court.
The Collegium had recommended the name of RV Easwar for appointment and elevation as Additional Ju...
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Income Tax |
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Facility of Income Tax Payment Through ATMS by Union Bank of India Launched
Posted Date : 02-Apr-2011 , 08:30:32 am | Posted By CASANSAAR
The Minister of State for Finance Shri Namo Narain Meena launched facility of Income Tax payment through ATMs by Union Bank of India here today. Senior officials from Ministry of Finance including Shri Sunil Mitra, Revenue Secretary, Shri Shashi Shekhar Sharma, Secretary, Financial Services, Shri Su...
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Tax returns can be made public: CIC
Posted Date : 02-Apr-2011 , 08:21:27 am | Posted By CASANSAAR
The Income Tax returns of individuals do not enjoy "absolute ban" from disclosure, the Central Information Commission has held while directing the Income Tax department to provide details of the total income of a person to his son-in-law who is facing a dowry case.
"We direct the CPIO to provid...
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Income Tax |
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Mahindra Satyam accounts frozen by I-T department
Posted Date : 22-Mar-2011 , 12:20:36 pm | Posted By CASANSAAR
The department issued notice to Mahindra Satyam (formerly Satyam Computer) to pay Rs 616.53 crore in taxes, the company said. Mahindra Satyam has now moved the Andhra Pradesh high court seeking a stay challenging the I-T department’s claim. A company source said that the ...
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Income Tax |
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Acceptance of e-TDS/TCS statements in Pen Drive
Posted Date : 22-Mar-2011 , 12:13:55 pm | Posted By CASANSAAR
Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD.
Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before s...
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Income Tax |
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DTC on track for April, 2012 rollout: Revenue Secy
Posted Date : 18-Mar-2011 , 10:42:18 am | Posted By CASANSAAR
The government today hoped rollout of Direct Tax Code by April 2012 but things are not on track in case of Goods and Services Tax (GST).
"DTC will be rolled out in April 2012 but for GST I think the date seems 'optimistic' under the present circums...
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Income Tax |
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India tax collection jumps 26 pc till March 12
Posted Date : 18-Mar-2011 , 10:41:39 am | Posted By CASANSAAR
India's tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up.
The total tax collection till Mar...
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Income Tax |
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Chartered Accountant faces Rs 100cr income tax demand
Posted Date : 18-Mar-2011 , 10:41:02 am | Posted By CASANSAAR
Pramod Agrawal, chartered accountant accused of swindling crores of public money, has been slapped with a tax demand of over Rs 100 crore. This is probably biggest ever demand from an assessee in the region. Not just that, the income tax department could slap another Rs 100 cro...
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Income Tax |
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I-T gets 2k cr from Harshad assets
Posted Date : 18-Mar-2011 , 10:33:03 am | Posted By CASANSAAR
In one of the biggest claims distributions in nearly two decades since the securities scam hit the market, Satish Loomba, custodian of Big Bull Harshad Mehta group (HMG), handed over a cheque for Rs 1,995.66 crore to the Income Tax department and Rs 200 crore to the SBI from th...
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Income Tax |
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'Why should tax payer pay for the better off under PDS'
Posted Date : 18-Mar-2011 , 10:25:38 am | Posted By CASANSAAR
The Supreme Court today asked the Centre as to why the tax payers' money should be used for subidising foodgrains under the public distribution system (PDS) for those who are above the poverty line.
"We don't understand the logic as to why a person...
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Income Tax |
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No routine tax scrutiny for senior citizens, small taxpayers
Posted Date : 15-Mar-2011 , 11:33:18 am | Posted By CASANSAAR
The Income Tax department today said the tax returns filed by senior citizens, who are above 60 years, and small taxpayers having a gross total income of less than Rs. 10 lakh, will not attract the routine scrutiny by the department.
“In order t...
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Income Tax |
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Income Tax dept call Center to Solve taxpayers queries related to Refund, ITR V Status etc
Posted Date : 15-Mar-2011 , 11:31:51 am | Posted By CASANSAAR
Call Center To assist taxpayers a call center with 20 agents provides customer service and support for resolution of taxpayers queries. It provides information and updates on the following:
1. Status of receipt of ITR-V at CPC
2. Processing status...
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Income Tax |
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FM announces incentives for investment in education, health
Posted Date : 15-Mar-2011 , 11:30:02 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today made a slew of announcements, including to bring investments in education and health segments under the infrastructure sector and special grants for women self-help groups and fishermen.
Replying to the discussion on the ...
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Income Tax |
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Net Direct Tax Collections during April-February-2011 Increase to Rs. 3,36,177 Crore, up by 20.75 %
Posted Date : 14-Mar-2011 , 09:33:14 pm | Posted By CASANSAAR
Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period during last fiscal, The collections thereby registered a growth of 20.75 percent.
Growth in Corporate Income Tax during thi...
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Income Tax |
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I-T Dept keeping close watch on realty sector
Posted Date : 14-Mar-2011 , 09:31:00 pm | Posted By CASANSAAR
Suspecting the use of black money to finance deals in the country's booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers' lucrative projects.
"The focus of the Income Tax Department is...
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IT arrears decline despite rise in number of cases: Govt
Posted Date : 14-Mar-2011 , 09:30:25 pm | Posted By CASANSAAR
The quantum of money locked up in income tax disputes decreased in 2010 as compared to the previous year despite increase in number of cases, Parliament was informed today.
The amount stuck in I-T cases actually declined to Rs 2,42,377 crore as on December 31, ...
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RBI tightens the grip on non-banking finance companies
Posted Date : 14-Mar-2011 , 09:29:58 pm | Posted By CASANSAAR
The Reserve Bank of India may further tighten the regulatory screws on non-banking finance companies. The reason: it appears that the stiff regulation for banks has increased the incentive for exploiting regulatory arbitrage by moving business to NBFCs.
...
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'Govt to get new study conducted on black money issue'
Posted Date : 14-Mar-2011 , 09:24:16 pm | Posted By CASANSAAR
The government today said it will get a new study conducted on black money stashed by Indians within and outside the country by July next year.
The government has decided to get a fresh study conducted on unaccounted income and wealth, both inside and outside t...
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Treat tax payers as clients, FM tells IRS probationers
Posted Date : 14-Mar-2011 , 09:23:46 pm | Posted By CASANSAAR
Describing the committed taxpayers as “engines of economy”, Finance Minister Pranab Mukherjee today exhorted the young IRS probationers to treat them as their clients and not as adversaries.
“The assessee is no longer considered an a...
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Salary earners with income till Rs 5 lac need not file returns
Posted Date : 14-Mar-2011 , 12:22:58 pm | Posted By CASANSAAR
Salary earners having an income of less than Rs 5 lakhs will not have to file tax returns from this year, a finance ministry official said.
"Salaried people, may be up to Rs 5 lakh...they need not file the (income tax) return," CBDT chairman Sudh...
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Finmin denies I-T officials were behind Radia leak
Posted Date : 14-Mar-2011 , 12:18:13 pm | Posted By CASANSAAR
The finance ministry has refuted a media report that Income Tax officials were behind the leak of a corporate lobbyist's taped conversations.
"This is to clarify that no official of the Income Tax department has ever communicated any recording of telephonic interc...
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Axis Bank launches income tax payment facility at ATMs
Posted Date : 14-Mar-2011 , 12:17:33 pm | Posted By CASANSAAR
Private sector Axis Bank today announced the launch of the facility to pay income tax at ATMs. This facility, initially, will be available at select ATMs in the major centres and will shortly be made available at all 5,600-plus ATMs across the country, the bank said in a press ...
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I-T Dept slaps Rs 450 crore demand on Infosys
Posted Date : 14-Mar-2011 , 12:15:57 pm | Posted By CASANSAAR
The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today.
Onshore software development is th...
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I-T Dept slaps Rs 450 crore demand on Infosys
Posted Date : 14-Mar-2011 , 12:14:15 pm | Posted By CASANSAAR
The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today.
Onshore software development is th...
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500 tax information exchange pacts signed: Pranab
Posted Date : 14-Mar-2011 , 08:38:53 am | Posted By CASANSAAR
Indian Finance Minister Pranab Mukherjee has said about 500 tax information exchange agreements have been signed between different countries across the globe, a development that will help fight the menace of tax evasion and track ill-gotten money.
Mukherjee, who is...
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