The Income Tax raid at Priyanka Chopra’s premises has revealed that the Bollywood actor has unaccounted assets worth Rs six crore, a senior official said today. Primarily of what we have scrutinised, we have found that assets worth Rs six crore were not accounted for, the Income Tax official said. However, the official did not divulge details of the unaccounted assets.
Let me start my message with the words of a Gandhian Nobel Peace Laureate, Martin Luther King, Jr.: Let us not wallow in the valley of despair, I say to you today, my friends. And so even though we face the difficulties of today and tomorrow, I still
DUBAI: Institute of Chartered Accountants of India (ICAI) has signed an MoU with an Abu Dhabi-based research institute to train mid-rank accountants in the UAE . ICAI and Centre of Excellence , Research and Training (CERT), the commercial arm of the
Ms. Katrina Kaif is a rather pained woman. The IT tax raids and the unsavoury publicity, notwithstanding, Kaif is rather miffed over tabloids tinting her a slimy tax evader. And this whole talk of her unaccounted moolah running into crores of rupees and the undisclosed lockers have quite rankled her starry nerves.
The government said it has no plans to bring out a tax amnesty scheme to lure black money stashed away in foreign accounts. The finance ministry made this submission before Parliament’s standing committee on finance.
From the language of section 205, it is clear that once the tax is deducted at source, the same cannot be levied once again on the assessee who has suffered the deduction. Once it is established that the tax has been deducted at source from the salary of the employee, the bar under section 205 of the Act comes into operation and it is immaterial as to whether the tax deducted at source has been paid to the Central Government or not, because elaborate provisions are made under the Act for recovery of tax deducted at source from the person who has deducted such tax.
With effect from 1 March 2011, Paypal Account holder in India are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by onli
The object of SARFAESI Act, 2002 is to enable the Banks to recover their dues without resorting to Civil Court for obtaining decree and consequential execution in accordance with the provisions of Civil Procedure Code. It is known fact that a proceeding initiated in a Civil Court can be prolonged unreasonably and everybody is aware of the delay in traditional courts in India. As such, in accordance with the object of providing speedy mode of recovery for the Banks in respect of secured loans, section 34 contains a Bar on Civil Courts in entertaining suits in respect of the matter in which the Bank has initiated a proceeding under SARFAESI Act, 2002.
Attention is invited to Board Circular No.6/2007-Customs dated 22.01.2007 which outlines comprehensive procedures and guidelines for transhipment of cargo from one Custom station to other Custom stations
Section 76 provides for penalty for failure to pay the amount while Section 78 provides for penalty for suppressing the taxable value. Section 78 is, thus, more comprehensive and provides for higher amount. Even if technically, the scope of sections 76 and 78 is different, penalty under Section 76 may not be justified if penalty had already been imposed under Section 78; the appellate authority was within its jurisdiction not to levy penalty under section 76 of the Act having regard to the fact that penalty equal to service tax had already been imposed under section 78 of the Act.
