Income Tax News

Income Tax Department Sends Letters to Another Batch of 35,000 Non-Filers to File Returns and Pay Taxes Thereon; Letters Issued in 2,45,000 Cases So Far

14 September 2013 at 12:21

As part of a massive exercise to identify high risk non-filers of Income Tax returns and ask them to file returns and pay taxes thereon, the Income Tax Department has sent letters to another batch of 35,000 non-filers this week. These persons were p

Posted in Income Tax | 6 comments | 64200 Views

Income Tax Surveys at Jaipur Result in Detection of Undisclosed Income of Rs. 118 Crore

07 September 2013 at 13:21

A Survey action was conducted by the Income Tax Department at Jaipur on 03.09.2013 in the case of a leading Builder and Developer of Jaipur which resulted in the detection of the additional income of Rs. 95.14 crores. The assessee not only admitted

Posted in Income Tax | 4 comments | 61758 Views

Direct Tax Collections for August Quarter up by 14.43% and Stood at Rs. 1,88,193 Crore as Against Rs. 1,64,463 Crore in the Same Period Last Year

06 September 2013 at 12:14

Gross direct tax collections during April-August of the Financial Year 2013-14 is up by 14.43 percent at Rs.1,88,193 crore as against Rs. 1,64,463 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of

Posted in Income Tax | 5 comments | 45237 Views

Tax Evasion by Foreign Companies

31 August 2013 at 13:36

Data on dollars transferred abroad by foreign companies in India is not centrally maintained by the government. However, with a view to prevent shifting of profits out of India and consequent erosion of the Indian tax base, selected international t

Posted in Income Tax | 4 comments | 11601 Views

Online Monitoring of Evasion of Taxes

31 August 2013 at 13:35

Under the provisions of the Prevention of Money Laundering Act, 2002 and the rules framed there under, it is the responsibility of the banks and other financial institutions to detect suspicious transactions and report such transactions to the Finan

Posted in Income Tax | 10446 Views

Government Sets-up Tax Administration Reform Commission Under Dr. Parthasarathy Shome

26 August 2013 at 16:16

In his Budget Speech 2013-14 in the Parliament on 28.02.2013, the Finance Minister had announced as under: “An emerging economy must have a tax system that reflects best global practices. I propose to set-up a Tax Administration Reform

Posted in Income Tax | 6243 Views

Draft Safe Harbour Rules for Comments

16 August 2013 at 11:25

[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Notification New Delhi, the …….day of August, 2

Posted in Income Tax | 10938 Views

CBDT Invites Suggestions from Stakeholders on Safe Harbour Rules

16 August 2013 at 11:24

In order to reduce the increasing number of transfer pricing audits and prolonged disputes, the Finance (No.2) Act, 2009 w.r.e.f 1.4.2009 inserted a new section 92CB to provide that determination of arms length price under section 92C or Sect

Posted in Income Tax | 6462 Views

Under the provisions of Chapter XX-C of the Income Tax Act 1961 -Proposal for exemption of prior approval of Cabinet for disposal of immovable properties acquired by the Central Government

14 August 2013 at 11:19

The Union Cabinet today approved the proposal for exemption of prior approval of Cabinet for disposal/auction of immovable properties acquired by the Central Government under the provisions of Chapter XX-C of the Income Tax Act 1961. Earlier a gov

Posted in Income Tax | 11586 Views

Cabinet approves Setting up of Tax Administration Reform Commission

14 August 2013 at 11:07

The Union Cabinet today approved the proposal for setting up of the Tax Administration Reform Commission (TARC). The Commission will consist of a Chairman, two full time members and four part-time members, of which at least two part-time members w

Posted in Income Tax | 1 comments | 6108 Views