It is reported in media that CBDT has analysed the data for CASS and found that a number of real estate developers and stock brokers were not selected for scrutiny in past as they provided wrong codes in tax returns.The department has started identifying these entities and has decided to prosecute them for providing wrong codes and also for evasion of taxes, wherever found.
Mumbai Tribunal has upheld in its order on Monday the view of income tax department that it has jurisdiction to tax the capital gains on the transfer of share by Hutchison to vodafone.The tribunal order regarding capital gains tax to be levied on the $11.2 billion transaction between two foreign firms—Dutch firm Vodafone and
These days , the income tax department has made the e-filing of return mandatory in case of every assessee having turnover exceeding Rs 10 lakhs or having professional receipts more than Rs 10 lakhs apart from companies and other entities. Previously , the processing u/s 143(1) was being done in A.O’s ward . However, now , all efiled returns are being processed centrally at Banglore. Finance minister , Mr Pranab
A taxpayer can apply for the certificate of deduction of tax at lower rate u/s 197 of the I.T. Act . Till this time certificate issued under section 197 of the I.T.Act were done manually with no database in income tax department. Now Central Board of Direct Taxes has issued instruction no 4 /2010 stating that now onwards lower deduction certificate shall be issued through computerized system so that the department has the database
Under the Indutsrial Park Scheme , deduction u/s 80IA(4) was provided only upto 31/03/2009 . However , the Finance Act (No.2) 2009 had extended the ending date of the scheme from 31st March 2009 to 31st March 2011.Now CBDT has amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to give effect to the extension of the ending date of operation of the Scheme to
The budget 2010-11 had proposed to tax all services provided at port and airports.However, govt may soon , as reported in media, may come out with a small list of essential services that will not be taxed at airports or ports. This will only give marginal relief to consumers of services — travellers and businesses — as most of the services that are currently out of tax net will face tax. The
The much awaited Direct Taxes Code may be introduced in the monsoon session of Parliament as per finance minister Pranab Mukherjee. Nine major concerns that issued from the first draft of the Code, include taxation of savings, taxation of minimum alternate tax, capital gains tax and foreign taxation among others.The minister also assured that all the concerns voiced by stakeholders have been considered while redrafting the Code. He was addressing
“The security certification of the Income Tax department’s Internet portal, which had lapsed on 8th May 2010, has been renewed. The e-filing facility for AY 2010-11 has now been restored,” stated by Finance Ministry in an official release today . The ministry said the facility of online filing of Income Tax (I-T) returns has been restored after procuring security certification for the Income Tax Department’s website.
The e-filing of Income Tax (I-T) returns have been suspended temporarily as the security certification for the I-T Department’s website could not be procured in time.The security certification, which is provided by specialised agencies, indicates that adequate safeguards have been taken to protect data from unauthorised access. The temporary suspension of e-filing of returns, the release added, will not affect taxpayers, as the due date for submitting I-T return for