"July, 2008" Archive - Page 3

Trade Circular No. 25T of 2008 on Business Audit under MVAt dated 23/07/2008

Trade Circular No. 25 T of 2008 (23/07/2008)

As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify...

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Service Tax – Accounting Codes for new services

Service Tax - Accounting Codes for new services -The Government while imposing new taxes, is not prompt in announcing the Head of accounts under which the tax is to be paid, leaving the tax payers as well as the Department in utter confusion. We have been getting several frantic calls from concerned assessees as to what the codes are for ...

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Higher TDS IF PAN no. Not disclosed to deductor

Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source (TDS) at the maximum marginal rate of 30 per cent (plus surcharge and education cess). Under the Income Tax Act, 1961, any income payable to the assessee is liable for TDS by ...

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Notification No. 26 (RE-2008)/2004-2009, Dated: 22/07/2008

Notification No. 26 (RE-2008)/2004-2009 (22/07/2008)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby makes the following amendments in the Schedule 2, Table B of ITC HS Classifications of Export and Import Items (1st Septe...

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Notification No. 25 (RE-2008)/2004-09, Dated: 21.07.2008

Notification No. 25 (RE-2008)/2004-09 (21/07/2008)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby makes the following amendments in the Notification No.22 (RE-2008)/2004-09 dated 3rd July, 2008....

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SEBI : Submission of Monthly Reports

Cir No.IMD/FII & C/30/2008 (21/07/2008)

The revised format of the report is enclosed herewith. The information in Annexures A, B, C, D & E should be submitted in an excel file termed as, report(custodian acronym)(month)(year).xls....

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CIT vs. Oriental Insurance (Supreme Court)

Where the High Court dismissed the appeals filed against a PSU on the ground that an application for permission of the COD had not been obtained within the period of 30 days as laid down in ONGC’s case, held that there was actually no rigid time frame indicated by the Supreme Court. The emphasis on one month’s time was to show urgency...

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Steel Authority vs. STO (Supreme Court)

Where the Appellate Commissioner disposed of the appeal by a non-reasoned order, held that a statutory appeal could not be disposed of in that manner. Reason is the heartbeat of every conclusion. It introduces clarity in an order and without the same it becomes lifeless....

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Deepak Agro Foods vs. State (Supreme Court)

Where the High Court was satisfied that the assessment order had been back-dated and directed that a fresh order be passed by a different AO and the assessee filed an appeal arguing that the assessment proceedings should have been declared null and void,...

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CBDT clarifies no annexures to be attached to Income Tax Returns Form (ITR)

(i) no annexures, TDS/ TCS certificates are required to be annexed to the returns of income. Wherever documents are attached with the return, the receiving official is required to detach and return to the tax-payers all such annexures; (ii) ITR-V verification form is in the nature of an acknowledgement, and therefore, the same should be r...

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