tax interest

This year again we will see this same picture on 26th of February 2010.Lots of hope and fate in that briefcase. Along with this US budget is also about get on the table within a next week followed with many countries budget. But we are already witnessing massive tremors of its upcoming budget earth quake. The tremors are so hard that the world equity markets have been rattled and saw a coming of like a house collapsed under earth quake. Full Article

The sub-rule (1) provides the different forms of returns to be filed by various categories of dealers. Earlier, the dealers. used to submit these forms of return-cum-chalan physically either to the Bank alongwith payment of tax, interest etc., if any or to the Sales Tax Department where tax liability was NIL. These forms of the return were return-cum-chalan. Full Article

In assessment years 1995-96 and 1996-97, the only identical reason recorded by the Assessing Officer for reopening the assessment, with variation in the amounts involved, is that the interest income under section 244 A has escaped assessment and to reassess the same under section 147 of the Act notice under section 148 of the Act was issued. While completing the assessment under section 143(3) read with section 148 the Assessing Officer applied a higher rate of tax, i.e... Full Article

The new Direct Tax Code has proposed some stringent penalty provisions in case of willful attempt to evade tax, but maximum penalty mooted will not be more than two times the amount of tax payable in respect of the amount of tax base underreported. Imprisonment for a term which may extend to seven years and with [...] Full Article

An act which a court orders to be done, or money which a court orders to be paid, by a person whose acts or omissions have caused loss or injury to another in order that thereby the person damnified may receive equal value for his loss, or be made whole in respect of his injury; the consideration or price of a privilege purchased; some thing given or obtained as an equivalent; the rendering of an equivalent in value or amount; an equivalent given for property taken or fo.. Full Article