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Fraudulent home loan seekers and habitual defaulters will have a tough time now as lenders have a ready pool of information available on them, with the launch of the country”s first electronic centralised database of mortgage information called Cibil Mortgage Check. Cibil Mortgage Check would help banks and financial institutions share and access mortgage information, exercise better due diligence, and thus help reduce fraudulent property transactions.
The new direct taxes code has provisions to restrain public sector undertakings and the tax department from taking their disputes beyond a certain level, a move aimed at curbing wasteful litigation.
The Government of India has notified ESIC Amendment) Act 2010 vide official gazette dated 25 May 2010. The Employees State Insurance Act, ESI Act for short, was enacted by the Government of India in 1948. The Government of India through notification in Official Gazette dated 25 May 2010 has enacted The Employees’ State Insurance (Amendment) Act, 2010 to amend the earlier ESIC Act, 1948.
In our view decision in the case of Green Emirate Shipping & Travels (supra) is squarely applicable to the facts of the present case. As held in the aforesaid easel expression liable to tax’ in that contracting state as used in Article 4(l)of Indo-UAE-DTAA does not necessarily imply that the person should actually be liable to tax in that contracting state land that it is enough if other contracting state has right to tax such person, whether or not such a right is exercised
In our considered view, the AO was within his realm to invoke the provisions of s.40(a)(ia) of the Act on the premise that the assessee had failed to deduct tax at source while making the interest payments. The assessee’s stand that the payees have approached the AOs concerned for issuance of No TDS/lower TDS etc., authorization which they have failed to obtain etc., doesn’t hold water. Further contention of the assessee that TDS obligation was not was required, considering the computation of income shown in each case where F No.13 application was made to the AO concerned for authorization, in our considered view, to put it gently, the assessee had over-stepped in his perception which he was not obliged to do so under any provisions of I.T.Act.
In this bunch of four appeals, the assessee has challenged the impugned common order of the Learned CIT(A) for the A.Y. 2003-04 to 2006-07 dated 24.11.2006 and all these four appeals are arising out of the orders passed by the I.T.O.(TDS) – 3(1), Mumbai (in short the A.O.) treating the assessee in deemed default for not deducting the tax at source u/s. 194C and 194J of the Act.
The judgment of the Supreme Court is an expression of opinion on the interpretation of statute. Merely because a judgment has been rendered, the same cannot be a ground for reopening the assessment u/s 147 as it amounts to a change of opinion. Austin Engineering 312 ITR 70 (Guj) followed).
Pension products offered by insurers and mutual funds could be included in the long-term savings schemes eligible for tax concession available to individual under the new Direct Taxes Code provided they meet the norms laid out by the government.
The government may allow the Leave Travel Allowance (LTA) to be exempted from taxation once the Direct Tax Code (DTC) comes into effect. The directive to this extent will figure in the rules to be framed by the finance ministry after the DTC is passed by Parliament.
Concerned over Rs 38,000 crore in tax revenue being locked up in legal disputes, Finance Minister Pranab Mukherjee today asked the authorities to step up efforts to realise the taxes. “Rs 28,046 crore is blocked in appeal before CIT (Appeal) and Rs 10,010 crore before Income Tax Appellate Tribunal (ITAT),” Mukherjee said after meeting Revenue Department officials here.
