Roll-out of Speed Clearing is one of the many initiatives taken by Reserve Bank of India for improving efficiency in the time frame for and process of collection of outstation cheques – the time frame has reduced from 7-45 days to 2-3 days, while the
The Department of Telecommunications (DoT) is considering a proposal by the Unique Identity Authority of India (UIDAI) to bring about 700 million telecom users under an unique identification programme. The UIDAI plans to issue a 12-digit unique ident
Hyderabad bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Hyderabad Chemicals Supplies Limited v. ACIT (ITA No. 352/Hyd/2005) (Judgment date: 21 January 2011) held that as per the provision of Section 80-IA(5) of the Income-tax Act, 1961 (the Act) profit from the eligible undertaking has to be computed after deduction of the notional brought forward losses and depreciation of eligible undertaking even though they have been allowed to set off against other income in earlier years.
In the largest ever cash seizure, the Income Tax department today said it has recovered Rs 44.2 crore of unaccounted money from three Delhi-based commodity traders. In search and seizure actions conducted by the Income Tax department on January 18
The government is set to raise the threshold for independent verification of corporate transactions in the Companies Bill , diluting a proposal it made before a key Parliamentary panel. The threshold would now be fixed at 1% of a company’s annual turnover as against 5 lakh suggested by the corporate affairs ministry before the Parliamentary Standing committee on finance.
In continuation of previous articles, elaborating the difficulties in getting the refund claim under different conditions, we in this article are unveiling the problems existing in the Service tax refund mechanism under Conditions relating to Courier
