Explore the Supreme Court’s ruling in Customs Appeal 1150/2004 between Commissioner of Customs, Chennai, and Denso Kirloskar Industries. Details on CESTAT judgment.
The petitioner assessee had filed an appeal against the reassessment order as it was mandated and required to be filed within the period of limitation. They have, however, withdrawn the said appeal. Looking into the factual background of the present case, we feel that the plea of alternative remedy raised by the Revenue should be and ought to be rejected. Defence of alternative remedy in the present case will result in miscarriage of justice and cause prejudice to the petitioner.
The attached excel utility can be used by the organizations having less then 50 employees or by those who are liable to deduct TDS on salaries of less then 50 employees. In this utility once you enter the salary and TDS payment detailsit automatically generates form 16 in new format for financial Year 2011-12 and also prepares synopsis to fill Form No. 24Q.
Your attention is drawn towards your legal liability for estimating income for the current year and payment of Advance Tax under the Income Tax Act 1961. THE LAST DATE FOR PAYMENT OF FOURTH & FINAL INSTALEMNT OF 25% OF ESTIMATED TAX LIABILITY IS 15TH DAY OF MARCH 2012, thereby making cumulative payment of 100 % of the total yearly estimated tax liabilities
1. Where value of international transaction as defined u/s. 92B exceeds Rs.15 Crore. 2. Cases where there was addition of Rs.10 Lacs or more in earlier assessment year and question of law or fact is confirmed in appeal or pending before appellate authority. 3. Cases in which addition of Rs.10 Crore or more was made in earlier assessment year on the issue of transfer pricing.
What do you mean by Total Turnover/Gross Receipts? Total Turnover / Gross Receipts are amount received/receivable from clients in respect of sale of Previous Year. Section 145 relating to Method of Accounting applicable to Section 44AD As per this section the assessees have an option to choose either Mercantile or cash method. Gross Receipts are the amounts received from clients for the services provided ot to be provided and does not include the value of material supplied by the client.
Notification No. 17/2012-CUSTOMS (N. T.) In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 63/1994-Customs (N.T.) dated the 21 st November, 1994, {S. O. 830 (E), dated the 21 st November, 1994}, namely:-
Notification No. 16/2012 – Customs (N. T.) In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 62/1994-Customs (N. T.) dated the 21st November, 1994, {S. O. 828 (E), dated the 21st November, 1994}, namely:-
Notification No. 15/2012 – Customs (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue)
Foreign companies or firms or an association of individuals does not file a return of income with regard to its liaison office on the ground that no business activity is allowed to be carried out in India. In order to inquire about regular information from non-resident entities in respect of the kind of activities conducted by their liaison offices in India, the Government of India in the Union Budget 2011 had introduced Section 285 to the Income Tax Act. As per this section non-resident entities having liaison offices in India are required to submit prescribed annual statement in respect of their activities to the tax authorities within 60 days from the end of the financial year.
