The government today hoped rollout of Direct Tax Code by April 2012 but things are not on track in case of Goods and Services Tax (GST). “DTC will be rolled out in April 2012 but for GST I think the date seems ‘optimistic’ under the present circumstances,” Revenue Secretary Sunil Mitra said.
The Central Bureau of Investigation has registered two cases against two former Branch Managers, Union Bank of India, Thiruvannamalai Branch; Dealers; Agents and others in connection with alleged grave irregularities committed in the sanction of Tractor, Power Tiller and Crop Loans at Thiruvannamalai District.
Compensation received under Non-Competition Agreement became taxable as a capital receipt and not as a revenue receipt by specific legislative mandate vide Section 28(va) and that too with effect from 1.4.2003. Hence, the said Section 28(va) is amendatory and not clarificatory. Lastly, in Commissioner of Income-Tax, Nagpur v. Rai Bahadur Jairam Valji reported in 35 ITR 148 it was held by this Court that if a contract is entered into in the ordinary course of business, any compensation received for its termination (loss of agency) would be a revenue receipt. In the present case, both CIT (A) as well as the Tribunal, came to the conclusion that the agreement entered into by the assessee with Ranbaxy led to loss of source of business; that payment was received under the negative covenant and therefore the receipt of Rs. 50 lakhs by the assessee from Ranbaxy was in the nature of capital receipt. In fact, in order to put an end to the litigation, Parliament stepped in to specifically tax such receipts under non-competition agreement with effect from 1.4.2003.
Key features of File Validation Utility (FVU) version 3.1 FVU 3.1 will be applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards and will be mandatory w.e.f April 01, 2011. Mandatory to quote Mobile No. in quarterly TDS/TCS statements for deductor category other than Central govt. and State Govt. Re-introduction of PAN reference no. […]
Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD. Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before submission. The Pen Drive / CD may contain details of multiple e-TDS/TCS statements. The computer media (CD/Pen Drive) will be return after acceptance of statements
ICAI requires technically par excellent, professionally successful, academically brilliant, administratively capable human resources for various top, senior, middle level positions including for entry level positions in its headquarters at Delhi/Noida. The ICAI is the apex accountancy body established by the Parliament for regulating the profession of Chartered Accountants in India. During its glorious existence of more than sixty-two years, ICAI has achieved recognition as a premier accountancy body not only in south asian region but globally as well.
Income of Pune-based stud farm owner Hasan Ali Khan multiplied by over 100 times in six years from Rs 529 crore to Rs 54,268 crore in 2006-07, reveals CAG report tabled in Parliament today. Khan, who is presently in custody of the Enforcement Directorate, has not filed returns for several years despite earning crores, Comptroller and Auditor General of India (CAG) said.
Notification No. 15/2011- Income Tax The Directorate of Income-tax (Expenditure Budget) will act as the Nodal Authority in respect of all Budget matters for the Grant No. 42 Direct Taxes and will perform all work related to the management of Expenditure Budget under this grant which inter alia, include: (i) to issue the Budget Circular as prescribed by Budget Division, Department of Economic Affairs; (ii) to examine the budget proposals received from the various constituent formations/units/under the grant. (iii) to consolidate the budget proposals received from the various constituents formations/units at each stage of the Budget exercise i.e. Budget Estimate (BE), Revised Estimate (RE) and Final Requirement (FR) and submit the same to FA (Finance) for further action;
Export Items: Existing description: Non-Alloy Steel Bars & Rods (including rounds, flats, hexagons, octagons, wire rods, cold twisted deformed bars, thermomechanically treated reinforcing bars etc.) Angles, shapes and sections (including beam, joists, channels, special profiles etc.), Plates/ Sheets / Strips/Wide coils, Blooms / Billets / Slabs/ Ingots……1000 kgs Modified description: Non-Alloy Steel Ingots/Blooms / Billets / Slabs…1000 kgs.
Circular No. 15 /2011-Customs – Representations have been received from some industry association on behalf of software dealers about difficulties being expressed in the assessment to customs duty of documents of title for IT software or documents that enable the transfer of the right to use such software at the time of its sale. It has been reported that there are frequent imports of such documents without any accompanying software. Such packages do not contain software but consist of paper licenses or PUK (Personal Unlocking Key, usually in the form of a scratch card of paper board or plastic) that are used to convey the right to use such IT software. The software in these cases could be freely downloadable or loaded by the OEM supplier under an arrangement with the software company as pre-loaded trial version of software on the computer system requiring the customer to purchase license or PUK after the trial period. Typically these licenses are used either to authorize additional uses against a sale of IT software that has already taken place in the past or to service transactions where the connected software is downloaded electronically by the customer. It has been pointed out that some of the field formations are insisting on the classification of such documents, even when imported without the packaged software, under CTH 8523 i.e. the heading applicable to IT software. It has also been represented that in certain cases the entire value of the license representing the right to use such IT software is sought to be loaded to the value of past imports of IT software by the importer.
