The Special Judge for CBI case, Mumbai has convicted Sh. Rajiv Kumar the then Assistant Commissioner, Income Tax Circle 27 (1) Piramal Chambers Lal Baugh, Mumbai in a bribery case and sentenced him to undergo five years rigorous imprisonment with fine of Rs. 30,000/-.

Industry body Ficci has demanded that the highest income tax rate of 30 per cent should be levied on income above Rs 20 lakh as against Rs 10 lakh currently from next fiscal to encourage consumption. This needs to be re-visited as the tax rate of 30.9 per cent (inclusive of education cess) on income of Rs 10 lakh and above casts a sizeable burden on the middle class,

Notification No.62 / 2012 – Customs, New Delhi, the 21st December, 2012           G.S.R.921 (E).− In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following [...]

Notification No.57/2012-Customs (ADD),  New Delhi, the 21st December, 2012  G.S.R._(E). -WHEREAS in the matter of import of Choline Chloride (hereinafter referred to as the subject goods), falling under Chapter 23 or Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), (hereinafter referred to as the Customs Tariff Act), originating [...]

The Council at its Special Meeting held on 2nd February, 2011 considered the recommendation of the Board of Studies that the General Management and Communication Skills (GMCS) Course should be undergone by the articled assistants twice during the period of their articled training as under:

Point of Taxation Rules -Is it determining the taxable event for levy of Service Tax (i.e. service deemed to be provided). RULE 2A – Date of payment.— For the purposes of these rules, date of payment shall be the earlier of the dates on which the payment is entered in the books of accounts or is credited to the bank account of the person liable to pay tax:

This Court has heard the counsel for the parties. Learned counsel for the assessee argued that having regard to the facts, the ultimate disallowance was on account of Section 170(1) which was not even reflected in the orders of the lower authorities, nor adverted to by the orders of the lower authorities as well as the Tribunal in either round of litigation, i.e. quantum and penalty. Such being the case, the upholding of the quantum proceedings by the Court could not have been the only basis for the imposing of the penalty.

India batsman Sachin Tendulkar has announced his retirement from one-day international cricket. The Board of Control for Cricket confirmed the 39-year-old, regarded as the world’s greatest living batsman, had decided to bring an end to his 50-over career after 463 one-day international caps. Tendulkar spoke to BCCI president Narainswamy Srinivasan before announcing the decision.

The year of taxability of the capital gain in the case of development agreements came to be considered by the Hon’ble Bombay High Court in the case of Chaturbhuj Dwarkadas Kapadia v. CIT [2003] 260 ITR 491. It is pertinent to note that the High Court also noted both clauses (v) and (vi) of sec. [...]

Dresser Rand Company, USA was covered by Indo-US DTAA and as per Article 12(4) of the said Treaty, technical and consultancy services were not taxable in India and there was no obligation to deduct tax at source for the payment and such technical and consultancy services.