"12 May 2012" Archive

Excise duty evasion of Rs.112 Lakh reported by Anti Evasion Unit of Jalpaiguri Division

An intelligence was gathered that M/s. Mohindra Tubes Pvt. Ltd. factory premises located at NH 31, Gairkata Road, Telepara Sakoajhora No. 1 Gram Panchayat, Distt. - Jalpaiguri, Pin- 735 101, manufacturer of Asbestos Cement Pressure Pipe & Couplings was blatantly suppressing the clearance figures through mis-statement in statutory periodic...

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Posted Under: Excise Duty |

No separate activity code to identify Multi Level Marketing (MLM) companies

There is no separate activity code to identify Multi Level Marketing (MLM) companies. Therefore, these companies cannot be separately identified from the list of companies registered under the Companies Act, 1956. Also, there are no separate guidelines for MLM companies. Hence information on action and tax collection is not available. ...

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Posted Under: Excise Duty |

Info on Income Tax search, seizure and survey

The Income Tax Department conducts search, seizure and survey operations based on credible information relating to ‘persons’ which includes individuals, Hindu undivided families (HUFs), firms, companies, association of persons (AoPs), body of individuals (BoIs), local authorities and any artificial juridical person who are in possessi...

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Posted Under: Excise Duty |

Interest Rate on NRIs Deposits

To provide greater flexibility to banks in mobilizing non-resident deposits and in view of prevailing market conditions, the Reserve Bank of India (RBI) deregulated interest rates on Non-Resident (External) Rupee (NRE) Deposits and Savings deposits under Ordinary Non-Resident (NRO) Accounts with effect from 16 December 2011....

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Posted Under: Excise Duty |

SC Questions Toll Tax when there are no smooth roads

What is your policy. Public must know about it. It (building roads) should not be only to help builders and contractors. I do not understand your policy. We want to know what is your policy. Why should people pay toll tax when there is no smooth driving on road...

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Posted Under: Excise Duty |

Budget 2012 – Prasar Bharati exempted from Income tax

Prasar Bharati has been exempted from paying any income tax, with the smooth passage of the Finance Bill in the Lok Sabha. As per one of the amendments in the Finance Bill, 2012 which was passed by the Lok Sabha on 08.05.2012, "any income of Prasar Bharati (Broadcasting Corporation of India)" is now mentioned among entities who will not h...

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Posted Under: Excise Duty |

Govt. to recover Rs. 20,300 cr tax from Vodafone

A Day after the approval of the Finance Bill by the Lok Sabha, the government on Wednesday said that it will move ahead to recover the tax and penalty from the British telecom major Vodafone which is currently estimated at Rs. 20,300 crore. Finance secretary RS Gurjal said that no new notice would be required in the Vodafone case as the F...

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Posted Under: Excise Duty |

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