Income Tax News

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 | 11616 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 | 10461 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 | 6264 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 | 10956 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 | 6474 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 | 11604 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 | 6126 Views

Gross Direct Tax Collection Figures for April-July of the F.Y. 2013-14 is UP by 13.27 Percent

07 August 2013 at 15:11

Gross Direct Tax Collection Figures for April-July of the F.Y. 2013-14 is UP by 13.27 Percent and Stand at Rs. 1,57,169 Crore as Against Rs. 1,38,751 Crore in the same Period Last Year Gross direct tax collections during April-July of the Financia

Posted in Income Tax | 2 comments | 8874 Views

Overwhelming Response to e-Filing of Itr: 123.03 Lakh Returns e-Filed till 5th August, 2013 Which is 68.3%

07 August 2013 at 15:10

Higher than the Returns e-Filed in the Corresponding Period During Last Year: 6.92 Lakh Returns e-Filed on 5th August, 2013 Itself The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was exte

Posted in Income Tax | 5 comments | 9201 Views