chief commissioner

The Union Finance Minister Shri Mukherjee said that for the Financial Year 2011-12, the Income-tax Department has been given a tax collections target of about Rs.5.33 lakh crores, which is at 20 per cent growth over the actual collections of the preceding year i.e. 2010-11. He said that the 13th Finance Commission (2010-15) has projected direct tax revenue collection at Rs.8.3 lakh crore by 2014-15 and direct tax GDP ratio at 7.62 per cent. The Direct tax GDP ratio as of.. Full Article

Area based exemption is available to the units in the specified areas in the North-East region, Jammu & Kashmir, Himachal Pradesh and Uttarakhand under different notifications. The exemption is applicable to the new industrial units set up after the specified date and also to the existing units which have undertaken substantial expansion by way of increase in installed capacity by not less than 25%. Full Article

Board hereby assigns the Show Cause Notice F.No. 856(23)LDH/2006/Pt./02-27 dated 31.12.2009 issued by the Additional Director General, DRI, Delhi Zonal Unit, New Delhi in case of M/s Regular Exports, Ludhiana and others, to the Commissioner of Central Excise (Adjudication), referred to as Commissioner of Central Excise (Adjudication)-I, New Customs House, New Delhi, for adjudication. Full Article

If you’re worried about what questions your income tax officer will ask about your returns, you can relax a bit. The department has decided to take up fewer tax returns for scrutiny this year. The Central Board of Direct Taxes had issued an internal circular in December 2009, asking commissioners to select fewer cases for scrutiny. Full Article

A dozen private nursing homes and hospitals today lost their approval granted under Section 17(2) of the Income Tax Act on the basis of an assessment conducted by the Department of Income Tax, Chandigarh. According to Chief Commissioner (Chandigarh region) P K Chopra, this has been done after it came to the notice that hospitals and nursing homes reviewed were not employing adequate number of medical staff (doctors and nurses) required under the prescribed rule. Full Article

For past sometime the Board has been concerned about the need for improving general quality of scrutiny assessments on a sustainable basis. In this connection, reference is invited to Board's instruction No. 2/2006 dated 27.04.2006 which required monitoring of scrutiny assessments by Range Heads under the powers available to them under section 144A of Income tax Act. Instructions have also been issued from time to time for strengthening the machinery for review of assess.. Full Article

For the first time the state government has candidly admitted that there is corruption at commercial tax department VAT checkposts. Industries minister Saurabh Dalal in an interaction with Gujarat Sales Tax Bar Association (GSTBA) has appealed to traders to come forward to lodge complaints against errant officers. Full Article

Attention of the Trade is invited to Trade Notice No. 2/2005-S.T., dated 31-3-2005, No. 21/2005, dated 4-7-2005, etc., notifying the geographical area of Service Tax Divisions-I & II and the allocation of various taxable services under both the said Divisions presently comprising of the concurrent geographical area while they are bifurcated on the basis of category of service. Divisions other than I & II of the Service Tax Commissionerate, Mumbai, have been created on ge.. Full Article