As usual the last date for filing of Form No. 704 i.e. VAT Audit Report for 2005-06 and 2006-07 is extended to 31st March 2008. Judgment on the same is expected on 22nd February 2008.
In respect of supplies under categories mentioned in paragraphs 8.2(d), (e), (f), (g), (h), (i) & (j) of FTP, claim may be filed either on the basis of proof of supplies effected or payment received. Claims should be filed within a period of twelve months from date of receipt of supplies by project authority or from date of receipt of the payment as per the option of applicant either against a particular project or all the projects.. Claims may also be filed where part payments have been received.
The Supreme Court has ruled that international arbitration awards are not immune from challenge in the Indian courts of law. The provisions of Indian Arbitration and Conciliation Act will apply even for the international commercial arbitration’s held outside the country, unless the parties, by agreement, exclude all or any of its provisions. The apex court’s ruling came in a verdict which set aside an order of Andhra Pradesh High Court.
A mere allegation of corruption not backed by credible evidence would not be sufficient to direct the country’s intelligence organisations to reveal information under the RTI Act, the Central Information Commission (CIC) has held.
Since excise duty and sales tax did not involve any such turnover such taxes had to be excluded. Commission, interest, rent, etc. do yield profits, but they do not partake of the character of turnover and therefore they are not includible in the total turnover. If so, excise duty and sales tax also cannot form part of the total turnover under section 80HHC(3).
You may soon be able to complete all the boring government work done at a single destination.The state cabinet on Monday gave its approval to the Delhi Online project – that has been christened Jeevan – under which kiosks will be set up all over the city to provide single window facilities for a number of services relating to various departments of the Delhi government and also other agencies like MCD, NDMC and MTNL.
Individuals will have to start reporting their income from all sources in due course, including tax-free income.The government is vetting a proposal to shift from an exemption to a deduction-based regime for reporting income, a government official said. This means while computing the tax outgo, an individual has to include income from all sources and then claim a deduction on tax-free income. The objective of the proposal, set to feature in the new income-tax code, is to establish an audit trail.
: ON 17.1.2001 a search under Section 132 of the 1961 Act was carried out at the premises of the respondent-assessee, an individual. The search unearthed an unexplained investment of Rs. 65,000/- being the value of household valuables and Rs. 97,427/- on account of unexplained marriage expenses (undisclosed income).
G.S.R. (E).- In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944(1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue, No. 6/2007-Central Excise ( N.T.), dated the 12th February, 2007, namely
The SEBI appointed Derivatives Market Review Committee (DMRC), headed by Professor M. Rammohan Rao, recommended the introduction of Volatility Index and Futures and Options on this Index.
