Category - Taxation

IT department to review Reality deals to check black money

The income tax department plans to review realty deals following allegations of rampant use of black money in many transactions. "We will take appropriate action wherever we find involvement of black money in such transactions," said Sudhir Chandra , chairman, Central Board of Direct Taxes . Chandra said the department would begin scrutiny of property… Read More

Book on Plugging tax avoidance or evasion techniques

Central Board of Direct Taxes (CBDT) has said that tax evasion done by corporates is becoming more sophisticated. The Income Tax (IT) Department detected tax evasion to the tune of Rs 50-60 crore. CBDT has also lauded the Mumbai IT department which released a book aimed at plugging tax avoidance or evasion techniques by India Inc.… Read More

Tags: tax evasiontax planning

Salaried Tax payers may be exempted from filing Income Tax Returns

E-filing of income tax returns was formally launched on October 13, 2006 and is mandatory for companies, firms etc. but optional for individuals. Mr. Sudhir Chandra, Chairman, Central Board of Direct Taxes  said the CBDT will, by June, notify guidelines for small salaried tax-payers having annual income of Rs 5 lakh who will not be… Read More

E-File Income Tax Returns for speedy refunds

The Central Board of Direct Taxes has promised speedy refunds to encourage electronic filing of tax returns. E-filing, which was formally launched on October 13, 2006, is mandatory for companies but still optional for individuals. Taxpayers who file their income-tax returns electronically will get their refunds within a month's time.  Usually, the wait for refunds… Read More

India Mauritius Tax Treaty to be Reviewed : Finance Ministry

Double Taxation Avoidance Agreements (DTAAs) are pacts / treaties that seek to eliminate double taxation of income or capital gains arising in one country and paid to residents or companies of another. The spirit of the DTAA was to ensure that the same income is not taxed twice. For instance, India-Mauritius tax treaty provides that… Read More

Tags: DTAAindian mauritius tax treatytax havens

Vodafone asked by Supreme Court to appear before the IT Deptt.

The Supreme Court has directed UK telecom major Vodafone to appear before the Income Tax (IT) Department which had instructed the company to pay penalty in the USD 2 billion tax case relating to the telecom major's stake purchase in Hutchison-Essar. Earlier, the I-T department had issued notice to Vodafone in March saying penal action… Read More

CVD on Import of Fertilisers under Chapter 31 made @ 1%

The Countervailing Duty on Fertilisers under Chapter 31 of Customs has been levied @1% ad valorem in case of imports of same into India.   Notification No.35/2011-Customs [F.No.354/35/2011TRU] New Delhi, 15th April, 2011 G.S. R. 322(E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of… Read More

All Income Tax Refunds to be complete by April

After having made 8.23 lakh refunds already in the first half of this month, the Income Tax Department today said it will settle all the pending claims in April itself. Refunds of Rs 78,000 crore to about 85 lakh assesses were made in 2010-11. In the first half of April, the I-T Department refunded Rs… Read More

Tag: Income Tax Refunds

Declaration of IEC Branch code and Authorised Dealer code is not required in case of Low value dutiable import consignments

The Central Board of Excise and Customs has made declaration of IEC branch code and AD code as non-mandatory in case low value dutiable import consignments (i.e. consignment other than documents, gifts and samples of an invoice value upto Rs. one lakh) under Courier Imports and Exports (Electronic Declaration and Processing)  Regulations, 2010.  The disclosure of IEC code will… Read More

Duty Drawback not to be recovered even if sale proceeds not realised by exporter

Where sale proceeds are not realised by an exporter within the period allowed under the Foreign Exchange Management Act, 1999 (42 of 1999), the amount of drawback paid to the exporter or the claimant  shall not be recovered subject to fulfillment of certain conditions. Notification is reproduced below for ready reference. [To be published in the… Read More

Ombudsman releases 660 crores in Income Tax Refunds

The income-tax ombudsman in Mumbai has released refunds and other dues to taxpayers amounting to over Rs 660 crore, which had been locked up for various years due to red-tapism at the income-tax office. This is the largest amount distributed to taxpayers in a single year from the office of the ombudsman in Mumbai, a… Read More

Tag: Income Tax Refunds

Rajasva Bhawan – The proposed National Tax Headquarters

The proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg in New Delhi, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today. The same will be known as Rajaswa Bhawan. The proposed building, which will house the tax department of the country, will set… Read More

Exemption from Special Additional Duty to Mobile Handset Manufacturers

Notification                                                                                                  New Delhi, the 1stMarch,2011No. 22/2011-CustomsG.S.R. (E).… Read More

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