Notification No. 13/2010-Income Tax S.O. It is hereby notified for general information that the organization Public Health Foundation of India, New Delhi, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2009-2010 onwards
Notification No. 14-Income Tax S.O. It is hereby notified for general information that the organization Petroleum Conservation Research Association, New Delhi, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2009-2010
post issue shareholding pattern of the issuer in the format specified in clause 35 of the Equity Listing Agreement shall be made available on the website of stock exchanges along with the final placement document.
The Deputy Commissioner of Central Excise issued a notice calling upon the respondent-assessee to pay the service tax in respect of the service rendered by it as a Dal Credere Agent. The Deputy Commissioner of Central Excise, Bangalore, passed an order in Original No. 28/2003 directing the respondent-assessee to pay the tax and also the penalty. Against which the respondent-assessee filed an appeal before the Commissioner of Central Excise (Appeals) in Order-in-Appeal No. 214/2003, where the Commissioner confirmed the order of levying of service tax on the respondent in regard to service rendered by Del Credere Agent. Being aggrieved by the same, the respondent-assessee filed an appeal before the CESTAT. CESTAT has allowed the appeal holding that Del Credere Agent is not liable to pay service tax. Against which the revenue has come in this appeal.
in the case of Ishikawajima-Harima (Supra) in Para 2 above. We wonder whether the proposed amendment is sufficient to provide the territorial nexus enunciated in the aforesaid decision and override the said decision of the Supreme Court. This amendment could lead to litigation. Further, the amendment is not clear as regards its applicability on income by way of interest or royalty earned by a non-resident outside India, where there is no nexus between such interest and royalty and the Indian state.
The Cabinet on Thursday approved an amendment to the Gratuity Act to raise the ceiling from Rs 3.5 lakh to Rs 10 lakh. The Bill to amend the Act will now go to Parliament, a government official told.
The Supreme Court has sought a reply from Samsung India Electronics on the I-T department plea that the firm is liable to deduct tax in respect of goods outsourced for manufacturing. The issue has been raised by the income-tax department saying that consumer electronics and home appliances manufacturer Samsung India Electronics Ltd is liable to deduct tax in respect of goods outsourced for manufacturing to other manufacturers or original equipment manufacturers.
In a move expected to make family settlements and transfer of shares more taxing, the government plans to tighten anti-abuse provisions in the Income Tax Act, by including share sales in unlisted companies below fair market value under the ambit of regulations.
Having altered the income tax slabs in the Budget, the Finance Ministry on Thursday said the next round of widening of the tax slabs is possible when the direct taxes code comes into effect, likely from 2011-12. “A further widening (of tax slabs) is possible. But this will happen when revised (draft direct taxes code) paper comes,” revenue secretary Sunil Mitra told reporters on the sidelines of a CII seminar here today.
Survey means to inspect or in a wider sense to scrutinize. The object of a survey is to find out, gather information, verify and collate information so as to apprehend a tax dodger or a tax evader. Survey is basically a surprise inspection carried out by the officers of the Income-tax department to verify co-related information, check the cash balance with the books, verify the position of stocks as compared to the position thereof in the books etc.
