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kanaraja

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A minor, his mother, a web of firms and hundreds of crores: Bogus contract payments scam in a PSU unearthed after tip-off from a suspicious transaction reportFor detail news click hereThis information is in continuation on earlier post regarding Income tax departments various sources of information....
kanaraja...
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  May 15, 2013, 2:20 pm
System glitch deducts 40% amount as TDS from SBI depositors’ account! - MoneylifePlease go through the above article. This will reveal how SBI had deducted higher tds than the correct tax from the interest on deposits of its customers. It had deducted tax four times more than what is due as per the provisions of the Incometax Act. There are several cases where the banks deduct tax on interest on fixed deposits. But tds returns were not filed by the banks. I have found in several instances, where tds returns were filed but wrong PAN numbers quoted resulting in denial of refunds to the depositors.These defaults by banks resulted in depositors not getting their correct tax refund. This is...
kanaraja...
Tag :Incometax Law and Practice
  May 11, 2013, 11:24 am
Is it difficult to conceal any thing from Incometax Department?The technological development and computerisation in the country for last two decades make it difficult to conceal any thing relating to monetary transactions from the prying eyes of the Incometax Department. Whenever you make any cash deposit of Rs50000 and above in any Bank, you have to furnish the PAN no issued to you. Similarly whenever you make a fixed deposit and the interest on such deposits exceed Rs.10000 in an year, you have to give the PAN to your bank either with without Form no 15H or Form no 15G.Whenever you buy jewellery or get a credit card or open a new Saving Account, you have to give PAN. Again when ask for L...
kanaraja...
Tag :Incometax Law and Practice
  May 8, 2013, 11:31 am
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kanaraja...
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  May 7, 2013, 4:30 pm
      Wealth Tax - Is it necessary to file Wealth Tax Returns?As a practising Chartered Accountant, I find that many people are not filing wealth tax returns, even though they have taxable wealth.The reason for that is, the Incometax Department does not pay too much attention to catch hold of non- filers and stop filers of wealth tax returns.Action is taken only when the Assessing Officer's attention is drawn to non-filing of wealth tax returns. Such action takes place,  when the case of the assessee is taken for scrutiny. If the Incometax Officer finds during the course of scrutiny assessment under Incometax Act, that the taxable wealth of the assessee is more than the taxable limit, h...
kanaraja...
Tag :Wealth Tax
  May 6, 2013, 6:11 pm
The new Incometax Returns prescribed by the Incometax Department this year, provides for the compulsory disclosure of all assets and liabilities as on 31-03-2013 at cost.The importants points to be noted in this connection are as below.1. The value at which the assets are to be disclosed is at cost.2. All the immovable assets like land, buildings, houses, farm house, flats, plots, etc are to be disclosed. They should be disclosed at the cost for which they were bought and all the expenditure on improvements so for incurred. The value of immovable properties inherited from the parents etc, should be shown at nil cost. Similar are the assets gifted by the relatives etc are to be shown at NIL...
kanaraja...
Tag :Incometax Law and Practice
  May 5, 2013, 12:39 pm
The latest notification of the Income tax department says that persons with more than Rs. Five lac income have to file their Income tax returns online. What are the implications?.1. They have to register with the Income with the E Filing Website and get a Password. The user I'd is always the PAN number. It is a tedious job for which persons do not have previous experience in computer operations need the help of a Chartered Accountant. Of course you need to pay for it.2. The assessee, need to get a digital signature for filing the returns. The Chartered Accountant will help you in getting a digital signature. He will also help and teach you how to sign with the digital signature.3. Despite t...
kanaraja...
Tag :Incometax Law and Practice
  May 4, 2013, 9:26 am
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kanaraja...
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  May 3, 2013, 11:20 pm
The Incometax Department had last year, uploaded the arrear demands of the assessees as per the books of accounts of the Incometax Officers.Their books contained lot of mistakes. Several demands not pertaining to the assessees concerned were uploaded. In several cases huge demands, where the assessee filed returns showing below taxable income or loss were also shown as arrears with some tax effect. In many cases the intimation of the demand were not even despatched or served on the assessees. The CPC Bangalore started deducting these unverified demands with out giving proper notice to assessees. Representations to the Incometax Officers were met with the reply that it is not in their realm...
kanaraja...
Tag :Incometax Law and Practice
  May 3, 2013, 4:51 pm
The Incometax Department is yet to publish the new forms for filing Incometax Returns. It wants all the Salaried employees to file their retun of Income before the end of June and all other returns before July 30th except tax audit cases.In the last year the returns were prescribed very late and internet filing enabled also very late. Still many assessees are yet to receive their refunds. I dont know when the Incometax Department will act in time and announce new returns on 1st April of the new assessment year. May be the Apex Court has to issue an order in this regard?Similarly the orders of the transfers of the Commissioners and Chief Commissioners are yet to be issued. Only thereafter th...
kanaraja...
Tag :Incometax Law and Practice
  May 2, 2013, 11:16 am
This is how the Incometax department is going to expand like anything and create all sorts of hurdle to business. Please curse or thank the FM for this as you wish.Cadre Restructure proposal for Income Tax Department cleared by DOPT (as in Feb 2012 )Cadre restructuring proposal- Changes in Gr.A as approved by the Department of Personnel & Training.SL NOGRADESEXISTINGPOSTS CLEAREDBY DOEPOSTS APPROVED BY DOPTADDL. POSTS GIVEN1.APPEX (80000)PRINCIPLE CCIT029#27*20#(-9)2.HAG+(75500-80000)ADDL.CCIT0885050(-38)3.HAG (67000-79000)CCIT11633315034(-183)4.SAG PB-4(GP-10000)CIT731602831100(+229)5.NFSG PB-4(GP-8700)JAG PB-3(GP-7600)ADDL.CIT/JCIT125315651565312(0)6.STS PB-3 (GP-6600)DCIT1358160113963...
kanaraja...
Tag :Incometax Law and Practice
  May 1, 2013, 6:47 pm
No wealth-tax on agriculture land :Change in Finance Bill 2013 | SIMPLE TAX INDIAPlease read the above news item.The Wealth Tax Act  had been amended retrospectively from 01-04-1993 by exempting agricultural lands located with in the 8 km limit of municipalities, Corporations etc with the following two conditions:1. The land should be used for agricultural purposes.2. The said land should be shown as agricultural in the revenue records of the state Govt.This is an important piece of information which should be known to all tax professionals....
kanaraja...
Tag :Incometax Law and Practice
  May 1, 2013, 5:59 pm
Goolam Vahanvati: Attorney general or mob lawyer? - Firstpost: Latest and Breaking News from India, World, Business, Politics, Entertainment and SportsSee how the top legal man of the Govt works and his ethics. It is very interesting to read and to know....
kanaraja...
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  May 1, 2013, 8:48 am
I-T returns may require disclosure of all assets - The Economic TimesPlease kindly go through the above news item. May be it is putting extra burden on CAs this year. But this will help them in the future whenever any survey or search takes place. It will be easy for assessees to explain away all the assets they have. The clients also will not blame the Chartered Accountants if they do not reveal their assets to them and if later found out they have to face the music from the Incometax Department...
kanaraja...
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  May 1, 2013, 8:08 am
Saharashri Subrata Roy hits out hard at the SEBI chairman; seeks apology - Moneylife...
kanaraja...
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  April 5, 2013, 9:13 am
I got into two wheeler accident on 28-12-2007 which resulted in complete damage to anterior cruciate ligament and also a fracture. was fully bed ridden for about a month after a surgery at Coimbatore. Only during that period I realised the value every part of the body with which the god had endowed us with. Money, influence etc did not help and only god has been pleased to get me out of this misery at the earliest. Raj...
kanaraja...
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  February 17, 2008, 11:20 pm
I have changed my view of Europe and India, after a tour of France, Denmark,Belgium and Germany. I was under the impression that all the Europeans are racist, but I found them very congenial , nice to move with. In fact I found them very much interested in knowing about India and Indians. The food was also good and all Indians can adjust with the food available in Europe. The tourist facilities available are excellent. Similarly the law and order situation is very good and people can walk alone even during late night....
kanaraja...
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  June 21, 2007, 10:24 pm
Once upon a time, I was a fanatic cricket fan. Now a days after all the attention and money these players are getting, and after seeing their performance in their main sphere of activity, ie cricket, at the worst, I just cannot stand them. These IBV LIVE and ND TV fellows and other papers should just ignore them for some time. only then they will improve their performance and concentrate on their profession, instead of being models and advertisement oriented market men....
kanaraja...
Tag :cricket
  March 24, 2007, 11:47 pm

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kanaraja...
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  January 1, 1970, 5:30 am
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