News on Tax, Corporate Law, Recent Judgement, Govt Policy

Government has imposed economy measures like rationalization of expenditure and optimization of available resources with a view to improve macroeconomic environment. These include a ban on holding of meetings and conferences at five star hotels, restrictions on foreign travel and ban on creation of Plan and Non-Plan posts. Ministries/Departments have been advised that posts that have remained vacant for more than a year shall not be revived except under very rare and u.. Full Article

There is no concept called Tax Free Zones as such in operation. However, there are schemes like Special Economic Zones (SEZs) and Export Oriented Units (EOUs) which provide tax exemptions. Both above schemes are administered by the Department of Commerce. Full Article

The Income tax Department conducts search and seizure operations based on the credible companies, association of ‘persons’ which includes individuals, hindu undivided families (HUFs), firms, companies, association of persons (AoPs), body of individuals (BoIs), local authorities and any artificial juridical person who are in possession of any money, bullion, jewellery, documents or any other valuable article or thing which represents undisclosed income of the person. Full Article

Commissioner of Sales Tax in Maharashtra has informed to defer the submission of VAT Audit Report in Form 704 under the MVAT Act, 2002 to 15th of January, 2013 from the scheduled due date of 30th November, 2012. A Notification to this effect is expected on coming Monday, the 12th November, 2012. Full Article

Direct Taxes - Monitoring of Advance Tax payment especially by top taxpayers; Emphasis is also given to monitor Advance tax payers that have to pay Alternate Minimum Tax applicable from the Financial Year; Full Article

Death Sentence of Mohammed Ajmal Mohammed Amir Kasab Executed The petition for clemency filed by condemned prisoner Mohammed Ajmal Mohammed Amir Kasab was rejected by the President on 5th November, 2012. The sentence was executed today at 7.30 a.m. at Yeravada Central Prison, Yeravada, Pune. Full Article

The answer books involving applications received seeking verification, inspection and/or certified copy, as also the applications received under the Right to Information Act, 2005, in relation to a given examination are retained for a maximum period of one year from the date of declaration of results of relevant examination Full Article

PAN structure is as follows: AAAAA9999A. First five characters are letters, next four are numerals, last is a character letter. If PAN does not follow the above structure, PAN will be shown as invalid Full Article

Income tax rate Chart for Financial Year 2012-13 / Assessment year 2013-14 . Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals Full Article

The Final Examination in Paper 8 – Indirect Tax Laws shall now be held on Tuesday, the 27th November, 2012 at the same venue and at the same timings, i.e. 2.00 PM to 5.00 PM. Admit Cards already issued would remain valid. Full Article