The current financial year 2008-09 the Investigation Wing of the Income Tax Department, Kolkata, has so far seized unaccounted cash of Rs 65 Crore and other assets to the tune of Rs 11 Cr. Multiple searches have led to disclosure of income to the tune of Rs 360 Cr so far. Some of the noteworthy […]
After receipt of Eligibility Certificate and the above mentioned information from the Industry Department, the Sales Tax Department shall issue the Identification Certificate on its own. There is no need for the eligible unit to separately make an application to the Sales Tax Department for grant of Identification Number.
THE Union Cabinet has approved the proposal of the Income-tax Department to establish a Centralized Processing Centre (CPC) at Bangalore for processing of all electronically filed returns in the country and the paper returns filed in Karnataka. The CPC will enable the Department to process the returns and issue refunds expeditiously. It will encourage more […]
The forthcoming interim budget could hold some pleasant surprises. Policymakers are examining all options, including tax cuts, aimed at giving a boost to the slowing economy and relief to industry to prevent job cuts. The Constitution does not restrain an outgoing government from announcing tax measures in an interim budget, ahead of general elections. “Constitutionally, […]
India Inc is against rotation of auditors every few years. At a closed-door meeting with Sebi chairman CB Bhave, nearly 45 top honchos expressed their opposition to this move, being demanded by foreign institutional investors (FIIs). The attendees included K V Kamath, Uday Kotak, Mihir Doshi and U K Sinha.
YESTERDAY was a red-letter day for the Indian Income Tax Department. It was an important day from the taxpayers’ angle as well. If the Netizens are thinking in terms of any tax relief, then they need to take a close look at the concept of relief. A fiscal relief is certainly a welcome news even for taxmen in their capacity as taxpayers.
(iii) Even in the case of the assessee, the department is accepting the earning of income albeit on a different footing i.e. claiming the same to be salary income in contra distinction to assessee’s claim being business income by virtue of Section 28(va). Though reference is made to colourable devise in the hands of the assessee following Supreme Court judgment in the case of McDowell &. Co. (supra), the same confine
