tax credit

SUMMARY OF CASE LAW Explanation as substituted by Finance Act, 2006 in sections 234B and 234C does not say that tax credit should not be allowed as a set off while computing assessed tax prior to the date of such substituted Explanation coming into force. CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCH `E’, MUMBAI, [...] Full Article

SUMMARY OF CASE LAW Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider; once it is found that Cenvat credit was irregularly availed by the assessee and by implication to that extent the service tax on the output service was short paid, it has [...] Full Article

In a landmark judgment Commissioner of Income Tax, Chennai Versus Chemplast Sanmar Limited – 2009 -TMI – 33295 – MADRAS HIGH COURT involving a question of law Honorable Court of Madras (Chennai) has upheld the decision of honorable Tribunal in the matter of CHEMPLAST SANMAR LTD. Versus DEPUTY COMMISSIONER OF INCOME TAX. Facts of the Case: Assessee is a [...] Full Article

OFFICE OF THE COMMISSIONER OF CENTRAL EXCISE::  MADURAI-625 002.  Trade Notice No.   12 /2009             Dated:   13.03.2009.        Service Tax No.     4 /2009 Sub:- Service Tax – Credit on ‘Tangible goods’ supplied during the course of providing taxable service u/s 65(105)(zzzzj) – Regarding.                       Supply of tangible goods including machinery, equipments and [...] Full Article

Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through [...] Full Article

The Income Tax Department (ITD) creates Annual Tax Statement of each taxpayer using their Permanent Account Number (PAN) as identifier. The tax statement contains details of tax paid by the taxpayer himself (self assessment/advance tax) and also details of tax deducted/collected from him during the financial year. Full Article