Switzerland has said exchanging details of bank accounts with India would be possible once the tax treaty, aimed at tracking black money, between the two nations is revised. “India and Switzerland are in renegotiations to adapt the existing double taxation treaty. Once this revised double taxation treaty comes into force, it will be possible to exchange account details,” Swiss Federal Tax Administration spokesman Beat Furrer told PTI in an email reply.
Further, as per regulation 18 of SEBI (Stock Brokers & Sub-brokers) Regulations, 1992 (hereinafter referred to as Stock Broker Regulations), every stock broker shall preserve the specified books of account and other records for a minimum period of five years. In case such documents are maintained in electronic form, provisions of Information Technology Act, 2000 in this regard shall be complied with.
Tax dispute resolution in the Indian context hasn’t particularly been an encouraging experience. While a portion of this taint could be attributed to complexity of tax laws and efficiency levels of the administrative process, a material reason is delay in seeking resolution due to multiple layers of appeals, which currently is four.
Central Board of Direct Taxes (CBDT), the apex body that administers corporate and personal income-tax, expects a 10-15% year-on-year increase in collections by December 15, the last date for paying the third installment of advance tax, according to CBDT chairman SSN Moorthy. Mr Moorthy, who was in Mumbai on Monday for a review meeting of the department, said the trend so far suggested a high rate of increase in tax collection by December 15.
All taxpayers are assessed u/s.143, u/s.147, u/s.148 and u/s.153 of the Income-tax Act, 1961. After filing of return, when an asses see is being assessed by an Assessing Officer, he/she is required to file his/her submissions before the respective authority during the course of assessment. All these assessments are popularly known as ‘Scrutiny’ assessments. In case of these assessments, the authority before whom these proceedings are going on is supposed to form his opinion after verifying books of accounts, documents, submissions, proofs, evidences, statement of cross-examination of the parties concerned, etc. by bringing on record all or some of these things from the assessee, his/her representative and also by collecting independent evidences, proofs, documents, etc. To collect information, the assessing authority also can call outsiders by taking his/her statement on oath u/s.131 or u/s.133.
S. 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads as under :
Accordingly, the matter was again taken up in the DEPB Committee (Inter-ministerial Committee having representatives of Technical Authority as well) meeting held on 29th October 2009 and after detailed deliberations.
In Appendix 37D, Handbook of Procedures Vol. I, in TABLE 1 (FOCUS PRODUCTS), under the heading HANDLOOM PRODUCTS, at Sl. No. 28, ITC (HS) Code 52091113 is added after the ITC (HS) Code 52091112 and ITC (HS) Code 52091119 is deleted.
Whereas, in the matter of import of all kinds of Synchronous Digital Hierarchy Transmission Equipment (hereinafter referred to as the subject goods), falling under sub-heading 8517 62 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in or exported from, People’s Republic of China (China PR) and Israel (hereinafter referred to as the subject countries), the designated authority, in its preliminary findings vide notification No. 14/2/2009-DGAD, dated the 7th September, 2009, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 7th September, 2009, has come to the conclusion that–
Normally every sovereign state provides a legal framework to decide about the accounting year. Every entity carrying on a business is required to prepare the final accounts as understood by us for pre-defined accounting year. [More…] Besides annual report to various stakeholders, collection of tax revenue is also based on this pre-determined accounting year. In India, such an accounting year is financial year starting from 1st April and ending on 31st March. Earlier in India, sentimental luxury relating to choice of an accounting year was given to every business entity. No longer is such a luxury permissible.
