The CBI today arrested two senior officers of the Ministry of Home Affairs in two separate cases — an alleged excise evasion racket in the Union Territory of Daman, and an alleged scam in the purchase of bulletproof jackets for use by central police forces.
The Government is likely to place in the public domain by next month a revised discussion paper on the proposed Direct Taxes Code (DTC). After a quick round of consultations with some of the major stakeholders, the draft legislation (Bill) on DTC will be introduced in Parliament in the Monsoon Session, the Finance Minister, Mr Pranab Mukherjee, told the Lok Sabha here on Wednesday.
If everything goes well as planned, India will be ready to have internationalised domain names on the Internet in seven Indian languages — Hindi, Bangla, Punjabi, Urdu, Tamil, Telugu and Gujarati — by next year.
Against the backdrop of multi-crore Satyam fraud, the accounting regulator ICAI has sought information from 150 chartered accountant firms, including multi-national corporations, to see whether they circumvented laws while providing auditing services in the country.
(1) Where a claimant dealer has filed an application for refund under sub-section (1) of section 51, in FORM 501 and if it is noticed by the Commissioner that, — (a) the tax has not been paid onfthe earlier sales in respect of the transactions on which the dealer has claimed set-off or, as the case may be, refund, or (b) the claimant dealer has not received the declarations or certificates in support of the sales or the dispatches otherwise than by way of sales as covered under the Central Sales Tax Act, 1956,
Opposition on Thursday sought changes in the present income tax procedures to make it people-friendly and said it would help check tax evasion. Participating in the resumed debate on the Finance Bill in the Lok Sabha, Anant Geete (Shiv Sena) said people are more interested in evading tax than paying it for development.
Explanation (baa) to s. 80HHC defines the term “profits of the business” to mean business profits as reduced by 90% of .. “receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature“. The Tribunal took the view, on the basis of Bangalore Clothing 260 ITR 371 (Bom) that receipts towards recovery of freight, insurance
