"26 July 2010" Archive

Penalty sustainable on income not disclosed in Original return but disclosed in return filed after search

Ajit B. Zota Vs. ACIT (ITAT Mumbai)

Since the assessee disclosed additional income consequent to the search and seizure proceedings, the A.O. and the CIT(A) were correct in levying penalty....

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Import of ‘Worn Clothing’ -Customs Circular No 22/2010, 26-07-2010

Circular No. 22/2010-Custom Duty (26/07/2010)

Circular No.22 / 2010-Customs the import of ‘worn clothing’ should be adjudicated and fine in lieu of confiscation and penalty imposed keeping in view the ‘margin of profit’ on such unauthorized import and also the fact that such consignments should not get cleared by paying only nominal fine and penalty in future....

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Implementation of EPFiGMS – Grievance Management System of EPFO

A circular dated 5 May 2010 is issued by Employee Provident Fund Organization (Ministry of Labour & Employment, Govt of India) in relation to implementation to EPFiGMS. This circular is issued by the Central Provident Fund Commissioner to Additional / Regional Provident Fund Commissioners and related officers....

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Posted Under: Income Tax |

All about Employee State Insurance (ESIC) Act, 1948

Wage Limit increased from Rs. 10,000 to Rs. 15,000 for coverage of an employee under the ESIC Act:- The Government of India through notification in the Official Gazette has amended the Employees' State Insurance (Central) Rules, 1950. Accordingly, as per rule 50, the wage limit for coverage of an employee under Employees State Insurance ...

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Posted Under: Income Tax |

Easy Exit Scheme, 2010 – Key Highlights

It has been observed by the Ministry of Corporate Affairs that certain companies have been registered under the Companies Act, 1956, but due to various reasons some of them are inoperative since incorporation or commenced business but became inoperative later on and are not filing their due documents timely with the Registrar of Compan...

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Posted Under: Income Tax |

Company Law Settlement Scheme, 2010 – Key Highlights

It has been observed by the Ministry of Corporate Affairs that a large number of companies are not filing their due documents timely with the Registrar of Companies. Due to this, the records available in the electronic registry are not updated and thereby are not available to the stakeholders for inspection. Further, due to non-filing of ...

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Posted Under: Income Tax |

Synopsis of the speech made by the Finance Minister on GST

* Exemption threshold for both goods and services under Central Goods and Service Tax (“CGST”) and State Goods and Service Tax (“SGST”) to be INR 10 lakh. Threshold for small dealers under both CGST and SGST to be INR 50 lakh or INR 1 crore....

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Posted Under: Income Tax |

36 Legislations Scheduled for Monsoon Session of Parliament to Commence today

The Monsoon Session, 2010 of Parliament (5th Session of Fifteenth Lok Sabha and the 220th Session of the Rajya Sabha) is scheduled to commence on Monday, the 26th of July, 2010 and subject to exigencies of Government Business, the Session will conclude on Friday, the 27th of August, 2010 . The Session will provide 24 sittings spread over...

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Posted Under: Income Tax |

Rush to set up SEZ before March 31, 2011 to avail IT benefits

Companies sitting on the fence are trying to see if they can use the eight month window still available to set up units in special economic zones. Units have to come up before March 31, 2011, to avail of income-tax concessions available for SEZ units....

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Posted Under: Income Tax |

CAG questioned the preparedness of states to roll out GST

The country’s supreme audit body has questioned the preparedness of states to roll out the goods and services tax (GST), amid hectic parleys to build a consensus on the implementation of this crucial indirect tax reform from the next fiscal year....

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Posted Under: Income Tax |
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