Archive for August, 2009

The Finance Ministry on Thursday defended the concept of gross assets tax proposed under the new direct taxes code, stating that it met both “efficiency” and “equity” considerations. The proposal to go in for a minimum alternative tax (MAT) based on gross assets may be “unconventional” for India, but certainly not from the point of [...] Full Article

Empanelment status of C A Firms for conducting PSU Audit for the year 2009-10 can be viewed by visiting http://cagofindia.delhi.nic.in/caempanel/empstat-08.asp To check the empanelment status, please put name of applicant firm (at least three Characters ) or Online Acknowledgement Number or CAG’s Empanelment Number or Firm’s Station then click the submit button. Full Article

The long awaited Direct Tax Code Bill 2009 (‘Code’) was finally unveiled by the Finance Minister on August 12, 2009. The Code seeks to bring all direct taxes under one code and pave way for a single unified tax reporting system. The Finance Minister has indicated that the Code has been drafted on a clean [...] Full Article

In The Case of : Gujarat Mineral Development Corp vs. ITAT (Gujarat High Court) SUMMARY OF THE CASE LAWS Cross appeals filed by the assessee, a State Govt. undertaking, and the department were dismissed by the Tribunal on the ground that the parties had not obtained the approval of the Committee on Disputes (“COD”). The [...] Full Article

CASE LAW DETAILS In thee Case of : Shree Capital Services vs. ACIT  , Decided By :ITAT Kolkota Special Bench, Decide on : 31/07/2009, Appeal No.: I.T.A. No. 1294 (KOL) of 2008, Assessment Year :- 2004-05 SUMMARY OF THE CASE LAW In respect of AY 2004-2005, the assessee suffered a loss on account of trading [...] Full Article

EPCG-Before the aforesaid company availed of the benefit of 10% duty of customs scheme in April 1999, the government had introduced a 0% duty of customs scheme with effect from April 1, 1999. The benefit of the above scheme was made available for the period from April 1, 1999 to March 31, 2000. But no notification was issued to that effect in exercise of powers conferred by sub-section (1) of Section 25 of the Customs Act, 1962. Full Article

Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to [...] Full Article

The Central Board of Direct Taxes ( CBDT) has directed re-opening of all cases under the search and seizure label, income-escaping assessments and deductions claimed from profits and gains on all eligible businesses. Full Article