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.
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. 5/2007-Central Excise ( N.T.), dated the 12th February, 2007, namely.
In exercise of the powers conferred by sub-section (1B) of section 129A of the Customs Act, 1962 (52 of 1962), the Board hereby makes the following further amendments in the notification of Government of India, Ministry of Finance, Department of Revenue, No. 39/2005-Customs (N.T.), dated the 13th May, 2005 namely.
The Principal notification was published in the Gazette of India, Extraordinary,vide Notification No.36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 1/2008-Customs (N.T.), dated, the 1st January, 2008 (S.O.2 (E) dated 1st January, 2008).
Notification No. 7-Income Tax In exercise of the powers conferred by clause (39) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies,— the Commonwealth Games Federation, 2nd Floor, 138, Piccadily, London, W1J 7NR, United Kingdom as the person;
It has been brought to our notice that the quality of data reported under EASIEST continues to be poor. Approximately, 45% of the challans do not bear any assessee code. It may please be noted that indication of assessee code and location code in the G.A.R.7 challan by the tax payer has since been made mandatory. Banks are, therefore, advised that no payment of Central Excise & Service Tax should be accepted by bank branches unless the assessee code of the tax-payer is quoted on the G.A.R.7 challan. At the time of acceptance of the challans, the authorised bank branches should, therefore, ensure that the 15 digit/character valid assessee code is quoted by the tax-payer in the challan.
The notification No.59/2005-Customs (N.T.) dated the 20th July, 2005, was published in the Gazette of India, Extraordinary, vide number S.O. 1037 (E), dated the 20th July, 2005.
