Income Tax Appellate Tribunal (ITAT) has ruled that foreign companies can claim tax deduction on expenses incurred in setting up a project office in India even if the mandatory approval from the Reserve Bank of India comes subsequently. The ruling was issued in the case of Stork Engineers & Contractors of the Netherlands, which was […]
The Authority for Advanced Ruling has ruled that if an Indian company pays a commission to an overseas company to promote its business in that country, such payment will not be taxable in India. The AAR, a quasi judicial body on matters of taxation
In exercise of powers conferred by Section 5, read along with Section 3(2) of the Foreign Trade (Development and Regulation) Act, 1992, also read along with paragraph 2.1 of the Foreign Trade Policy – 2004-09, the Central Government hereby amends Schedule-I of the ITC (HS) Classification of Export and Import Items, 2004-09.
Stud farm owner Hassan Ali Khan tops the list of direct tax defaulters in the country. The outstanding demand against Khan as on March 31, 2009, is a whopping Rs 50,345 crore. In a written reply in the Rajya Sabha on Tuesday, minister of state for finance S S Palanimanickam gave the names of Top 100 defaulters of direct taxes worth Rs 1.41 lakh crore.
The salient features of the MVAT Act amendments are briefly explained below: 2. Revised Returns-Section 20 (4) is substituted:- Earlier the revised returns could be filed anytime before the notice for assessment was served or within nine months from the end of the year, to which the return relates, whichever is earlier. Certain contingencies were not covered under aforesaid provision. Due to this many dealers could not file the revised returns in certain situations. Now section 20(4) is substituted and its scope is expanded to cover the following situations also:
No acquirer, who together with persons acting in concert with him holds, fifty five per cent (55%) or more but less than seventy five per cent (75%) of the shares or voting rights in a target company, shall acquire either by himself or through persons acting in concert with him any additional shares entitling him to exercise voting rights or voting rights therein, unless he makes a public announcement to acquire shares in accordance with these Regulations
Refund on appeal, etc. – Where, as a result of any order passed in appeal or other proceeding under this Act, refund of any amount becomes due to the assessee, the Assessing Officer shall, except as otherwise provided in this Act, refund the amount to the assessee, without his having to make any claim in that behalf:
forthe purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s. Kalinga Commercial Corporation, Plot No. C-112 HIG Housing Board Colony, Baramunnda, Bhubneswar – 1 and others, issued vide, DRI F.No. 55/KOL/APP/2008/PT/KCC dated 08th May, 2009, by the Additional Director General, Directorate of Revenue Intelligence, Kolkata Zonal Unit, Kolkata.
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Import), Jawaharlal Nehru Port Trust, Nhavato act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on the Commissioner of Customs (Import), New Custom House, Ballard Pier, Mumbai for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s GSF Collections Manufacturers, Musafirkhana, Sabu Siddique Road, B/H Radio Backbay, Masjid Bunder (W), Mumbai – 400 003 and others issued vide, F.No. DRI/MZU/C/INV-19/2008-09, dated the 26th May, 2009, by the Additional Director General, Directorate of Revenue Intelligence, Mumbai Zonal Unit, Mumbai.
for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s. Innovative Printers Products Private Limited, GIDC, Village: Zak, District: Gandhinagar (Gujrat) and others, issued vide, F.No. DRI/AZU/INV-06/2008 dated 28th May, 2009, by the Additional Director General, Directorate of Revenue Intelligence, Zonal Unit, Ahmedabad.
