a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970).
Notification No. 314-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the Institution and separate books of account are maintained in respect of such business
the Institution will regularly file its return of income before the Income-tax authority in accordance with the provisions of the Income-tax Act, 1961
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the Institution and separate books of account are maintained in respect of such business
The programme of Local Audit is communicated by the Revenue Audit at least one month before the Local Audit. All co-operation & assistance should be extended to the Revenue Audit Party (RAP) during the audit process. The records requisitioned by the RAP should be entered in the ‘Register’ maintained for this purpose and complete records should be made available.
Ordinarily where the Income-tax Officer is satisfied about the genuineness of the transaction and payment and identification of the cash payment is established, the Income-tax Officer shall record his satisfaction about the fulfilment of the conditions for allowing the benefit of Rule 6DD(j). Apparently, Section 40A(3) was intended to penalize the tax evader and not the honest transactions and that is why after framing of Rule 6DD(j)
Ministry of Health & Family Welfare further observes that in the instant case food article in question, have been imported in the country and not found to be conforming to the prescribed standards. No order of release and reprocessing has been passed by the Court in the said interim order. The Customs Authority suo moto would not be in a position to release the food article for reprocessing.
The e-payment of service tax has been made mandatory w.e.f . 1.10.2006, for all assesses who has paid Rs 50 lakh or more in the preceding financial year or in the current financial year
It has been brought to the notice of the Board that certain doubts have arisen in respect to activities undertaken by authorized motor vehicle dealers and service stations
