amnesty scheme

The government may announce an amnesty scheme for citizens having unaccounted wealth abroad and also permit taxmen to dig into income tax filings of past 16 years of suspected assessees, based on the suggestions made by a high—powered panel. The committee on black money, headed by CBDT Chairman, which met last week, considered among other suggestions, an Offshore Voluntary Compliance scheme on the lines of the one operated by the Internal Revenue Service in the United .. Full Article

Compulsorily filing of E return. With effect from 1 July, 2010, a registered dealer whose gross annual turnover exceeds Rs 40 lakhs, is now required to file the return electronically. Penalty for Non/late submission of return/annual return. With effect from 1 July, 2010, if a company registered under Companies Act, 1956 fails to file return/annual return on due date then the commissioner can impose penalty not exceeding Rs 5000/-. Full Article

The Amnesty Scheme is open for the period from 1st August, 2009 to 31st March, 2010 and is called "Profession tax Enrollment Incentive scheme 2009". Full Article

Government has no plans to bring a new amnesty scheme for tax evaders and wants to amend the Indo-Mauritius tax treaty to curb its abuse by companies, the Rajya Sabha was informed on Tuesday. VDS schemes in the past offered amnesty to people declaring black money and paying tax. But VDS schemes cannot be hugely successful [...] Full Article

TRADE CIRCULAR Date:   4th July, 2009 No. VAT/ AMD-1009/IA/ ADM-06 Trade Cir. 21T of 2009 Sub    :    Waiver of penalty in certain cases for non-filing of return within prescribed time. Ref. :    1.   The Budget Speech delivered by Hon’ble Finance Minister on 4th June 2009. 2.   Trade Circular No.3 T of 2009 dated 23rd January, [...] Full Article

In its recent Budget Maharashtra State Govt. And its Finance Minister offered a mixed bag for the industry, trade and individuals subjected to professional tax. Keeping in mind not the economic slowdown but the forthcoming State Assembly polls in October, the Finance Minister, Mr Dilip Walse Patil has announced exemption of salary upto Rs 5000 [...] Full Article

As Maharashtra braces up for polls and celebrates its golden jubilee year, it tabled a revenue-deficit budget for the year 2009-10 on 4th June 2009 that focuses on infrastructure development and social sector. The major highlights and changes proposed are noted below : Penalty for late returns under MVAT Act reduced to Rs.5,000/- from Rs.10,000/-. Exemption [...] Full Article

Introduction of Amnesty Scheme and on-line system for compliances/ registration of documents with the office of the Registrar of Firms, Maharashtra, Mumbai No. 1-CA(RepCom) /2009,  Dated : June 1, 2009 The Principal Secretary, Law & Judiciary Department, Government of Maharashtra, 3rd floor, Mantralaya Main Building, Mantralaya, Mumbai – 400 032. Dear Sir Sub.:Introduction of Amnesty Scheme and on-line system for compliances/ [...] Full Article