Income Tax, Wealth Tax and Direct tax Code Related News

For most of the people 'tax savings' brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1 lakh under 80C. and upto Rs. 20,000 under section 80CCF. However, there are other lesser known avenues that offer additional tax breaks to individuals. They are not widely discussed as they involve special situations in.. Full Article

Union Budget 2012 proposes that, with effect from tax year 2011-12, every resident individual who has an asset outside India has to file the tax return mandatorily irrespective of income. In other words, income is not the only criteria to file an income tax return in India. Full Article

From July 1, government may impose penalty of Rs 10,000 and Rs 1,00,000 for inaccurate TDS returns and also for corrective filings after proposed amendments in the Finance Bill is cleared Full Article

Income-tax (Fifth Amendment) Rules, 2012 - Insertion of rule 2F -Notification No. 16/2012 - 2F. (1) The Infrastructure Debt Fund shall be set up as a Non-Banking Financial Company conforming to and satisfying the conditions provided by the Reserve Bank of India in the Infrastructure-Development Fund - Non-Banking Financial Companies (Reserve Bank) Directions, 2011, vide notification No. DNBS.233/CGM (US)-2011, dated 21st November, 2011. Full Article

Thus, Vodafone cannot say that it had received no communication from the tax department, about the chargeability of the transaction to tax in India. Further, it chose to ignore the advice, received before the conclusion of the transaction, that Vodafone or HTIL should approach the Assessing Officer under sections 195/197 of the Income-tax Act, 1961, for determining the exact tax liability in India. Full Article

The Central Board of Direct Taxes, CBDT, has constituted an advisory group for International Taxation and Transfer Pricing. The 13 members group will be headed by Revenue Secretary. A Finance ministry release says, the others members of the group include Chairman of CBDT, Director General of Income-tax , Joint Secretary of Department of Revenue, and [...] Full Article

Recently there have been large number of news in daily newspapers on the above subject. Brief facts are that a gang of 6 persons led by so called Sh. V.D.Goyal, Investigation Officer of Income Tax Department raided the house of Dr. Mohan Pandey, Saharanpur(U.P.) on 18/04/2012. They claimed that they belong to the Office of the CIT, Lucknow and produced a fake letter issued by the Commissioner of Income Tax, Zone-2, Lucknow before the S.S.P., Saharanpur and got police for.. Full Article

The Results Framework Document (RFD) for the Income Tax Department for the financial year 2012-13 under the objectives "Communication with Taxpayers" includes one of the action point "Display of Citizen’s Charter in all the buildings of the Department". Full Article