GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 14/2008-Customs New Delhi, the 4th February, 2008 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so […]
The Income Tax Department has extended the last date for filing of tax returns for Tax Deducted/Collection at source for the second quarter of this fiscal to February 29. This measure is likely to provide a major relief to the employers, who could not submit their returns due to delay in clarification on employees stock options or other reasons.
.In consultation with RBI, it has now been decided to extend the facility of refund through ECS in public/rights issues to 68 centers. List of these 68 centers as provided by RBI is enclosed at Annexure I.
In consultation with RBI, it has now been decided to extend the facility of refund through ECS in public/rights issues to 68 centers as provided by RBI. List of these 68 centers is enclosed at Annexure I.
Notification No. 15-Income Tax It is hereby notified for general information that the organization BIOVED Research Society, Allahabad (U.P.) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (‘said Act’), read with rules 5C and 5E of the Income-tax Rules, 1962 (‘said Rules’), with effect from 1-4-2007 in the category of ‘other
THE Assessing Officer during the course of assessment proceedings observed that the assessee has claimed share trading loss of Rs.7,91,263/ -. From the various bills furnished by the assessee including the brokers notes, the Assessing Officer observed that the assessee has not taken physical delivery of shares purchased but only paid margin money. Since actual delivery of shares were not taken by the assessee the Assessing Officer treated the transactions as speculative transactions within the meaning of provisions of section 43(5) and treated the loss claimed by the assessee as speculative loss and allowed to be carried forward as per law.
WHAT is ‘manufacture’ ? The Income Tax Act does not define it all. Nor does it say that the scope and meaning of this word may be borrowed from the sister taxing statute of Central Excise Act. As a result, it continues to be a major loosely defined concept, provoking the Income Tax AOs to disallow benefits claimed by the industry. This is what happened even in this case.
THE variety of information which is nowadays being sought under the RTI Act has indeed grown in quality and magnitude. One such quality question was volleyed at the CBDT which is related to Sec 11 of the Income Tax Act.
Computation u/s 115JA. The Assessing Officer while computing book profits u/s 115JA made disallowance on account of provisions made for (i) depreciation on investment, (ii) provision for amortization of securities, (iii) rebate allowed, (iv) provision for bad and doubtful debts, and (v) provision for fraud cases. It has been pleaded that in respect of first three items the nature of provisions has been explained under normal provisions. As regards provision for bad and doubtful debts, the same had been made as per RBI guidelines.
The Income Tax Department is gearing up to use identity-search technology to manage the swelling data base of taxpayers, a move that will make tax evasion difficult and bring to book habitual defaulters. In order to effectively manage the database of taxpayers, the Director General of Income Tax (Investigation) has invited bids from companies for developing a software, which can undertake identity search of taxpayers across the country.
