Central Board of Direct Taxes has notified new income tax return forms for assessment year 2011-12 (Financial year 2010-11 ) . However, simplest form, which Finance Minister promised , will take some more day to come. Following income tax forms are notified For Individuals and HUFs not having Income from Business or Profession ITR-2 in [...]
New rules to empower Government to confiscate Benami property
April 15, 2011 by Leave a Comment
In a bid to restrain black money, the Government is all set to introduce such amendments to the Benami Transactions (Prohibition) Act, which will give it powers to confiscate any property that is declared benami. The bill related to such amendments is expected to be introduced in the monsoon session of Parliament. Benami transactions have [...]
Tax evasion catch: another Indian origin American pleads guilty
April 15, 2011 by Leave a Comment
The tax evasion pursuit of IRS & Us Justice Department against HSBC accounts of Indian origin Amercians are giving results. Josephine Bhasin ,an Indian-origin woman has pleaded guilty after Justice department charged her that she filed a false individual income tax return for 2008 that failed to include the mandatory reporting her interest in or [...]
Despite major opposition Government going ahead with garment excise duty
April 14, 2011 by Leave a Comment
When the Finance Minister proposed to levy excise duty on branded garments, all major brands like Shoppers Stop, Pantaloons, Westside, Lifestyle, Madura Garments and Arvind Brands went on strike against the proposal, stating that their cost prices were already up on account of increase in cotton prices and labour charges and that a tax levy [...]
Complaint of 20 Crore Evasion by Ex-CVO of CBDT
April 14, 2011 by Leave a Comment
The Central Board of Direct Taxes (CBDT) has issued a instruction to reopen a tax assessment case of former director general (vigilance) & chief vigilance officer, CBDT, PK Mishra. The case is being re-opened on the basis of a complaint filed by additional commissioner SK Srivastava. Srivastava has alleged that PK Misra has concealed income [...]
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