Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!
Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!
I am directed to refer to the Board’s circular Nos. 829/06/2006-CX dated 01.05.2006, 830/07/2006-CX dated 03.07.2006 and 850/08/2007-CX dated 27.04.2007, wherein the list of places as mentioned in paragraph 2(2) of the circular No. 581/18/2001-CX dated 29.06.2001 was amended from time to time.
These guidelines are issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Assessee tried to take the benefit of the AAR of British Gas (I) Pvt Ltd….but seem to have failed..!!!! ! Income Tax – Assessee posted abroad for more than 182 days on deputation – DTAA – Income not taxed by the contracting state – Return filed and tax paid in India – Later contended that since he was non-resident during the FY, his income was not taxable in India – Since his income was not brought to tax in the contracting state, such income is taxable in India as the purpose of such bilateral treaties is to avoid double taxation and not to exempt income from taxation altogether – Assessee’s appeal dismissed
“It is true that the Division Bench of the High Court has borrowed extensively from the orders of the Tribunal and the Commissioner and passed them off as if they were themselves the author’s,” noted the apex court. “We feel that quoting from an order of some authority particularly a specialised one cannot per se be faulted as this procedure can often help in making for brevity and precision, but we agree with Mr Vahanavati to the extent that any `borrowed words’ used in a judgment must be acknowledged as such in any appropriate manner as a courtesy to the true author(s).”
Section 254 of the Income-Tax Act, 1961 relates to appeals before the Income Tax Appellate Tribunal (ITAT) by assessees and the tax department. It also deals with the law relating to grant of stay of demand on assessees’ petitions. This section was amended w.e.f. June 1, 2001, to provide that where in an appeal filed by the assessee, the Tribunal passes an order granting stay of demand, it shall hear and decide such appeal within 180 days from the date of passing of stay order, failing which, the stay granted shall stand vacated on the expiry of this period.
All tax deductors / collectors are required to file the TDS / TCS returns in Form No.24Q (for tax deducted from salaries), Form No.26Q (for tax deducted from payments other than salaries) or Form No.27EQ (for tax collected at source). These forms require details of all tax deductions with name and permanent account number (PAN) of parties from whom tax was deducted.
This programme of enterprise-wide risk management was highly successful and resulted in substantial savings and structured decision-making with learnings for the company. The Board appreciated the consulting role of the Internal Audit Department which had fulfilled its role aptly described as ‘Best Practice Transfer and Risk Management’ and directed the CIA to ensure that this programme was spread to all functions of the company. The Board also directed the CIA to submit a list of top 50 risks (along with remedial measure taken and proposals for taking remedial measures, if not already undertaken) identified during the exercise every quarter. The structure of risk management within the company was thus institutionalised.
Using several features of the audit tools, the auditor was able to increase the depth of his audit and also do it faster. In this way, he was able to focus on streamlining processes and spend more time interacting with officials on business issues which were useful sources for analytical information. This was appreciated by the management.
During the audit of a bank branch (which is a semi-urban branch and has been put under concurrent audit for the first time), the concurrent auditors found that the total working is in a mess. Loan applications for loans already disbursed are not on record, disbursement conditions are not complied with, hypothecation agreements are incomplete, mortgages wherever necessary are pending and number of lacunae are observed in the processing of proposals, which are under the Branch Manager’s powers.
Using the analysis done offline in India, the auditors were able to focus their energies during a short visit on the core-concern areas and arrive at conclusions that were startling. Considering the focus on accountability in the US with the Sarbanes-Oxley legislation, the CEO and the CFO were taken aback at the status of internal controls in their organisation. Emergency measures to establish an elaborate exercise for implementing a robust internal control system with self- ssessment questionnaires was taken. Considering the success that Raj and his team had in meeting these new challenges, the management asked Raj whether his team would take this assignment in addition to the audit responsibility, which he gladly accepted. This resulted in considerable cost savings. Further, looking at the tremendous cost savings and approach towards auditing by Raj and his team, a performance bonus was sanctioned.
