IN A breather to the assessees, the Supreme Court has ruled that revenue department cannot impose penalty under provisions of the Central Sales Tax Act for furnishing incorrect representation without proving the intention (mens rea) for false representation. The penalty in tax matters is to levied strictly in accordance with the intention of the statutes, said the apex court over-ruling an Allahabad High Court order.
THE Central Board of Direct Taxes (CBDT), constituted under the Central Boards of Revenue Act, 1963, is an all-powerful apex body for the direct tax administration in the country. Its function is not merely restricted to ensuring administration of tax collection, but also to clarify and relax the rigours of the provisions of the Income-Tax Act, 1961 (the Act), to alleviate practical difficulties in the interpretation of law.
Following are the highlights of RBI mid-quarterly monetary review conducted for the first time on Thursday: 1. Ups short term lending (Repo) rate by 0.25 pc to 6 pc 2. Ups short-term borrowing (Reverse Repo) rate by 0.50 pc to 5 pc
Union Minister of Labour & Employment, Shri Mallikarjun Kharge Chaired the 190th Meeting of the Central Board of Trustees (EPF) in New Delhi CBT decides to increase the rate of interest to be credited to EPF members accounts for the year 2010-11 to 9
The Reserve Bank on Thursday raised its key short-term lending rate by 25 basis points and borrowing rate by 50 basis points to check rising prices. “Inflation remains the dominant concern in macroeconomic management”, RBI said while raising the repo
The following additional clause may be added in clause 82(1) “(j) details, as may be prescribed, in respect of shares held by or on behalf of the Foreign Institutional Investors indicating their names, addresses/countries of incorporation/registratio
Recently, ROCs have issued Show Cause Notices to the defaulting companies which have not filed their Balance Sheets and Annual Returns within the time prescribed under Section 159 and 220 of the Companies Act, 1956. DIN3 was introduced by Companies (
The Ministry has announced the revised All Industry Rates (AIR) of Duty Drawback vide Notification No. 84/2010-Cus. (N.T.), dated 17/09/2010. The rates of drawback have been made effective from 20.9.2010. The Notification may please be downloaded
Notification No. 84/2010 – CUSTOMS (N.T.), Dated: 17th September, 2010- The tariff items and descriptions of goods in the said Schedule are aligned with the tariff items and descriptions of goods in the First Schedule to the Customs Tariff Act, 1975(51 of 1975) at the four-digit level only. The descriptions of goods given at the six digit or eight digit or modified six or eight or ten digits are in several cases not aligned with the descriptions of goods given in the said First Schedule to the Customs Tariff Act, 1975.
The Union Cabinet today approved amendments to the Forward Contracts (Regulation) Act 1952 by introducing the Forward Contracts (Regulation) Amendment Bill, 2010 in the Parliament. After the Bill is passed and enacted by the Parliament, Forward Mark
