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Archive: 22 June 2009

Posts in 22 June 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6354 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19380 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Section 118 of the Income-tax Act, 1961 – Control of income-tax authorities – Notified subordinate officers

June 22, 2009 3382 Views 0 comment Print

Notification No. 73/2009 – Income Tax Section 118 of the Income-tax Act, 1961 – Control of income-tax authorities – Notified subordinate officers In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Income-tax authorities specified in column (3) of the Schedule below shall be subordinate to the Income tax authority specified in column (2) of the said Schedule.

ICAI announcement on Indian CA firms having affiliation with international entities/network

June 22, 2009 561 Views 0 comment Print

Indian CA firms having affiliation with international entities/network – (22-06-2009)ANNOUNCEMENT (For Mandatory compliance) Indian CA firms having affiliation with international entities/network All the CA firms registered with the ICAI having affiliation with international entities/network are requested to furnish the following documents/details to the High Powered Committee of the ICAI: (1) Agreement/contract with the multinational entity; (2) […]

Income tax sleuths detected tax evasion worth around Rs 14 crore

June 22, 2009 345 Views 0 comment Print

Income tax sleuths on Friday detected tax evasion worth around Rs 14 crore from five developers-cum- real estate agents of Mohali.  This is considered to be the biggest detection made by the department during the current financial year. I-T men expect the figure to go up further after scrutiny of account books and computers impounded during […]

Infrastructure to generate Unique transaction Number (UTN) still not in place

June 22, 2009 1026 Views 0 comment Print

In a circular dated May 21, 2009, CBDT, said, The credit for any TDS…claim will be allowed…if the assessee quotes the relevant UTN for every TDS. Simply put, if a UTN is not mentioned against a TDS transaction then the tax already paid by the individual will be considered unpaid.

Government considering proposal to streamline rates applicable for tax deducted at source

June 22, 2009 654 Views 0 comment Print

This follows a recommendation from the income tax department that TDS rates should be structured in three slabs of between one and five per cent for any stream of income. TDS is the final tax payable by an assessee receiving any income as salary, contract fee or dues. It is deducted by the taxpayer while […]

LIC will provide facility to Claim LIC benefits at any of its branches

June 22, 2009 585 Views 0 comment Print

The country’s largest insurer Life Insurance Corporation, has decided to operationalise a system within two years that will allow policy holders to claim benefits and pay premium at any of its over 2,100 branches. “Premium payment can be done from anywhere in India. That’s what we have done it. Now claim payment we would like […]

Regarding anti-dumping duty on Phosphoric Acid of all grades and all concentration originating in, or exported from, Korea RP

June 22, 2009 415 Views 0 comment Print

For the purposes of this notification, rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act 1962 (52 of 1962), and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.

Regarding anti-dumping duty on imports of Diethyl Thio Phosphoryl Chloride originating in, or exported from the People’s Republic of China

June 22, 2009 346 Views 0 comment Print

For the purposes of this notification, rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.

Mere reference of assessee’s name in the statement under section 132(4) is not sufficient to invoke the proceedings under section 158BD

June 22, 2009 447 Views 0 comment Print

5. The assessee was subjected to search assessment, whereupon additions were made, which included disallowance of interest expenditure Rs.54,1800/- ; addition for unexplained cash credit Rs.10,500/-, and another disallowance of claim of set off of business loss Rs.18,698/-; totalling Rs.83,378/-. The assessee contended before the AO that the disallowance of interest expenditure on bank loan was only a technical addition

Dharamendra Textile’s case cannot be said to hold that section 11AC would apply to every case of non-payment or short payment of duty

June 22, 2009 280 Views 0 comment Print

18. One cannot fail to notice that both the proviso to sub section 1 of section 11A and section 11AC use the same expressions: “….by reasons of fraud, collusion or any wilful mis-statement or suppression of facts, or contravention of any of the provisions of this Act or of the rules made thereunder with intent to evade payment of duty,…”. In other words the conditions that would extend the normal period of one year to five years

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