Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.
Excise duty is essentially a duty on manufacture and is listed in Entry No. 84 of List-1 (Union List). Thus, entry 84 of Union List, read with Article 246 authorizes the Central Government to levy Excise duty on tobacco and other goods manufactured
Seeking Data on Tax Audit from CBDT: We have sent a letter of request to the Central Board of Direct Taxes (CBDT) asking them to provide the number of tax audit reports filed with them during 2009-10, e.g. data on tax audit based on fields like name
Islamabad: Even as Pakistan is reeling under devastation caused by unprecedented floods that has cost the country’s economy a whopping $43 billion, a report by a newspaper Monday said on Prime Minister Yousuf Raza Gilani and 25 of his cabinet members
Though the damages included an element of interest, the same is not assessable because in a decree or arbitration award, the amount loses its original character and assumes the character of a judgment debt. In substance, interest partake the character of the compensation and is not assessable as interest. Islamic Investment 265 ITR 254 (Bom) followed.
After missing its date with the Goods and Services Tax and the Direct Taxes Code, the government is also likely to miss the deadline for another major reform initiative – implementation of International Financial Reporting Standards (IFRS) from the n
Reserve Bank of India has sent show cause notices to over 12 banks for alleged violation of foreign exchange rules in sale of derivative products, banking industry sources said. Sources said notices were sent to banks for alleged violation of derivat
The government’s plan to offer tax incentives based on investments made by companies is expected to attract big overseas investments in the next round of bidding for oil and gas blocks. The investment-linked tax concessions proposed in the Direct Tax
The income-tax department on Thursday carried out surveys on major Hospitals in Mumbai to verify whether they were complying with the provisions of tax deducted at source (TDS) under the Income-Tax Act. Six high-end hospitals in South Mumbai and sub
The Shikshan Prasarak Mandali, Pune has decided to appeal against the Income tax department’s decision to cancel registration of the Mandali as a charitable trust’. Anant Mate, vice-chairman of the Mandali, said, “We have been given a month’s time to
The government is set to frame new accounting norms for non-governmental organisations (NGOs), as it looks to remove the veil over the flow and utilisation of funds by the sector that is not entirely above suspicion. The ministry of corporate affairs
