Archive for May, 2010

BACHA MOTORS (P) LTD Vs CST, AHMEDABAD (CESTAT Ahemdabad)- It was also submitted that in several decisions of the Tribunal, reliance was placed on the decision of Hon'ble Supreme Court in the case of M/s MIL India Ltd. 2007 (210) ELT 188 (S.C.) = (2007-TIOL-30-SC-CX) to support the view that the Commissioner has no power to remand. After considering all these decisions, I find that in the case of M/s MIL India, the main issue before Hon'ble Supreme Court was entirely dif.. Full Article

The finance ministry may drop a provision in the draft direct taxes code that allows local tax laws to override India’s tax treaties with other countries, as it looks to avoid uncertainties over existing bilateral tax arrangements. The finance ministry has formed a special task force within the Central Board of Direct Taxes to rework the draft, which is expected to be made public next month. Full Article

The existing provisions contained in subsection 3 of Section 203 states that there is no requirement to issue a certificate by the deductor to the deductee if TDS has been deducted and paid as per the provisions of chapter XVII B. Similarly the first proviso to subsection 5 of Section 206C of the Act prescribes that there is no requirement of TCS certificate to be issued in case the tax has been collected and paid as per Section 206C. Full Article

As per existing provision, in case of TDS deducted as per Chapter XVII-B but the payment of the same not deposited with the Government within due date of section 139(1) for the last month of the previous year and within the last day of the financial year for the first eleven months, results in the disallowance of such expenses, the same not being an amount deductible as an expense. Full Article

The Gift tax was abolished with effect from October 01,1998. Thereafter, the practice of bogus foreign gifts itself had started with Government offering immunity for such gifts as part of disclosure scheme, but then the practice continues even after the amnesty period had expired. Unaccounted income found its way in many ways as in acquisition of immovable property, new constructions pretended borrowings and unreal gifts. Full Article

Assessment under the Punjab VAT Act 2005 is made u/s 29. The assessment under Punjab VAT Act is made after the filing of the VAT 20 i.e. annual return except in the case of Provisional Assessment. The assessment of Tax under section 29 of Punjab VAT Act 2005 can be done by two ways which can be discussed as follows: Full Article

To avoid confusion among students, the Institute of Chartered Accountants of India (ICAI) has decided not to change the curriculum of CA subject for another four to five years, said its vice-president G Ramaswamy. Full Article

With a view of provide an easy exit to the Companies which are desirous of getting the name struck off from the records of the ROC or are defunct companies i.e. such companies which are inoperative since incorporation or have commenced business but are inoperative later on and not filing their due documents timely with the Registrar of Companies, the Ministry has come out with an Easy Exit Scheme, 2010 vide its General Circular No. 2 /2010 dated May 26, 2010. Full Article