Taking a serious note of Union Bank of India (UBI) not reporting high-value transactions to it, the government has asked the state-owned bank to immediately carry out an audit of all its branches to check for such large deposits that have gone unreported.The Income Tax department, during a probe into alleged money laundering by former Jharkhand chief minister Madhu Koda, had stumbled on a bank account at one of UBI’s branches in Zaveri Bazar in Mumbai where approximately Rs214 crore had been deposited in cash between January five and March 30, 2007.
The finance ministry is likely to drop the proposal to tax religious trusts. The proposal formed part of the direct taxes code and had raised eyebrows both within and outside the finance ministry. “The issue has been raised in the finance ministry’s internal discussions. We are discussing whether the exemption was removed with intent or by mistake,” said a finance ministry official.
Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too. An internal committee of the Central Board of Direct Taxes, the principal policy-maker in the domain, has called for a thorough review of the code, including a revision of the income tax slabs and the definition of ‘income from salaries’.
To get the Service tax Registration followings documents are required:For Local/Single Registration 1. Copy of PAN Card of the assessee. 2. Proof of address of the premises to be registered. Copy of Telephone bill/Electricity bill/Rent agreement in the name of the company/firm/partner/proprietor
The sole proprietorship is the oldest, simplest, and most common form of business entity. It is a business owned by a single individual. For tax and legal liability purpose, the owner and the business are one and the same. The proprietorship is not taxed as separate entity. Note that the earnings of the business are taxed at the individual level, whether or not they are actually in cash. There is no vehicle for sheltering income.
S. 154 (7) provides that a rectification order can be passed within four years “from the end of the financial year in which the order sought to be amended was passed”. The AO passed an assessment order u/s 143 (3) on 24.11.1998 in which he committed the mistake of reducing the depreciation instead of adding to the income resulting in double deduction. The assessee went up in appeal on other issues to the CIT (A) who decided the appeal on 28.6.2004.
The Empowered Committee of State Finance Ministers, finally issued a long awaited First Discussion Paper on Goods and Services Tax in India. Though it was expected that this Discussion paper will put an end to much awaited queries on implementing GST in India, however after analyzing the Paper, it appears as if this has been drafted in a hush-hush manner to meet the revised deadline of implementing GST in India.
It is clarified that an application for grant of an EPCG authorization may be made by Regional Office or Head Office or a Branch Office or Manufacturing Unit of eligible exporter, to RA concerned. Para 4.2 & 4.3 of HBP Vol.-1 apply mutatis mutandis to EPCG scheme also.
In exercise of the powers conferred under clause (b) of sub rule (2A) of Rule 12 of the Central Excise Rules, 2002, the Central Government being satisfied that it is necessary and expedient in the public interest so to do, hereby exempts the assessees, from the submission of the Annual Installed Capacity Statement, who manufacture the following goods, namely,-
The principle of protection against self-incrimination is a fundamental principle of the British system of criminal jurisprudence. From there the principle find its place in all civilized legal system following common law jurisprudence. It has been adopted by the American system by the Fifth Amendment of the American Constitution, which provides that no person shall be compelled in any case to be a witness against himself. Thus the protection in American Constitution is available to all persons and in every proceeding, civil or criminal and the Courts have given a very wide interpretation to the protection.
