Follow Us :

Archive: 25 March 2010

Posts in 25 March 2010

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

May 15, 2024 7179 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.

Exemption in Prohibition on export of Pulses

March 25, 2010 208 Views 0 comment Print

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes, with immediate effect, the following amendment in the Notification No. 15 (RE-2006)/2004-09 dated 27.06.2006 read with Notification No. 99 (RE-2008)/2004-09 dated 27.03.2009, as amended, from time to time.

It department looking to reopen Assessment of companies paying MAT

March 25, 2010 429 Views 0 comment Print

The Income Tax Department has decided to reopen assessments for three years, up to 2006-07, for companies paying the minimum alternate tax (MAT)., for companies paying the minimum alternate tax (MAT). MAT, inserted in the Income Tax Act in 1996-97, is meant to make those companies pay tax which earn profit and pay dividend to shareholders but do not pay tax to the government. Under Section 115 JB of the Income Tax Act, such companies pay 18 per cent of their book profit as tax.

Investigation in Satyam case by ICAI at final stage

March 25, 2010 186 Views 0 comment Print

The government today allayed apprehensions that accounting regulator ICAI was not working speedily against auditors involved in the accounting fraud in erstwhile Satyam Computers, even as the US counterpart has already banned two such auditors.

Circular on Procedure for electronic filing of Service Tax returns and for electronic payment of service tax

March 25, 2010 3831 Views 1 comment Print

Circular No. 919 /09 /2010 – CX- DG (Systems) has prepared comprehensive instructions outlining the procedure for electronic filing of excise and service tax return and electronic payment of taxes under ACES. The same is enclosed. The said instructions outline the registration process for new assessees, existing assessees, non–assessees and for Large Taxpayers Unit assessees, steps for preparing and filing of return, using of XML Schema for filing dealers’ return, procedure for obtaining acknowledgement of E-filed return, procedure for E-payment etc. It is requested to sensitise concerned officers and trade and industry regarding the instructions.

Govt. plans to introduce unique document id number for Income Tax communications

March 25, 2010 1634 Views 0 comment Print

After introducing unique account numbers for taxpayers (PAN) and those for tax deductors (TAN), the government will this fiscal introduce a unique document identification number (DIN) to be quoted on every income tax related communication.

Government may not roll back 10 per cent service tax on air travel proposed in budget 2010

March 25, 2010 249 Views 0 comment Print

he Budget proposal to charge 10 per cent service tax on air travel may not be rolled back, as the government expects to raise between Rs 600 and Rs 1,000 crore annually through the measure. Maintaining that the government plans to explore new avenues to mop up resources, a top official said, “at the moment it seems highly unlikely that there will be any roll-back on the service tax issue”.

Guidelines on Stripping/Reconstitution of Government Securities

March 25, 2010 1203 Views 0 comment Print

STRIPS in Government Securities will ensure availability of sovereign zero coupon bonds, which will lead to the development of a market determined zero coupon yield curve (ZCYC). STRIPS will also provide institutional investors with an additional instrument for their asset-liability management. Further, as STRIPS have zero reinvestment risk (discounted instruments with no periodic interest payment thereby obviating the need for reinvestment of intermediate cash flows arising out of the investment), they can be attractive to retail/non-institutional investors.

More then two-fold rise in Income Tax department appeals in Supreme Court

March 25, 2010 519 Views 0 comment Print

In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.

Priority Sector Lending – Categorisation of activities under Service under the MSMED Act, 2006

March 25, 2010 882 Views 0 comment Print

[original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification no. S.O. 1722 (E) dated October 5, 2006] does not exceed Rs. 5 crore in respect of manufacturing enterprises and investment in equipment (original cost excluding land and building and furniture, fittings and other items not directly related to the service rendered or as may be notified under the MSMED Act, 2006) does not exceed Rs. 2 crore in respect of service enterprises. Further, in terms of sub-paragraphs 3.1 and 3.2 of the same paragraph, Retail Trade forms a separate category under priority sector.

Making unsustainable claims do not amount to furnishing inaccurate particulars and Penalty u/s. 271 (1) (c) cannot be imposed

March 25, 2010 14101 Views 0 comment Print

CIT vs. Reliance Petroproducts Pvt. Ltd., (2010) 11 SCC 762 = (2010) 322 ITR 158. As the assessee had furnished all the details of its expenditure as well as income in its Return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part. It was up to the authorities to accept its claim in the Return or not.

Search Post by Date
May 2024