"17 January 2013" Archive

Clarification Regarding issues Relating to Export of Computer Software- Direct TAX Incentives

Income tax press release 17/01/2013

The Indian Software Industry has been the beneficiary of direct tax incentives under the provisions like sections 10A, 10AA & 10B of the Income-tax Act, 1961 in respect of their profits derived from the export of computer software. ...

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SC describes ambit of Brand/trade name – Central Excise

It was held by Hon’ble Supreme Court of India that where the manufacture and sale of specified goods that do not physically bear a brand name but are sold from branded sale outlets it would disentitle an assessee from the benefit of S.S.I. Notification No. 1/93-C.E., dated 28th February, 1993, as amended from time to time. ...

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Posted Under: Income Tax |

Tribunal has power to grant unlimited stay of demand

Vodafone West Limited (formerly known as Vodafone Essar Gujarat Limited) Vs. Asst. Commissioner of Income Tax (ITAT Ahmedabad)

Tribunal has power to extend the period of stay beyond 365 days u/s.254(2A), third proviso, even if the delay in disposing off the appeal is not attributable to the assessee, there may be several other reasons for not disposing of the appeal by the ITAT....

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Clarifications on Issues relating to export of computer software – Deduction U/s. 10A, 10AA & 10B

Circular No. 01/2013-Income Tax 17/01/2013

Circular No. 01/2013-Income Tax The CBDT has issued a Circular No. 01/2013 dated 17.01.2013 in which it has provided clarifications on various issues relating to the export of computer software and the allowance of deduction under sections 10A, 10AA and 10B of the Income-tax Act, 1961. Circular Covers the following issues :- 1. Whe...

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Soon TDS Correction Statement can be filed with Digital Signature only

Vide clause 4 of the notification CBDT has specified that correction statement of tax deducted at source shall be furnished under digital signature or verified through a process in accordance with the procedure, formats, and standards specified by the Director General....

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Posted Under: Income Tax | ,

Bombay HC too stays coercive recovery pursuant to CBEC circular

Uhde India Pvt. Ltd Vs Union of India (Bombay High Court)

The Bombay High Court today (17.01.2013) granted ad-interim stay against coercive recovery pursuant to Circular No. 967/01/2013 – CX, Dated 1st January, 2013 issued by the Central Board of Excise and Customs. ...

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Number of notices that can be issued under section 148

Comunidado of Chicalim Vs Income-tax Officer (Supreme Court of India)

Number of notices that can be issued - If the appellant had already been served with a notice under section 148 and had complied therewith by filing a return, it was entitled to contend that no second notice lay and also to submit that in any event, the second notice was barred by time. ...

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Notification No. 06/2013-Customs (N.T.) Dated: 17/01/2013

Notification No. 06/2013-Customs (N.T.) 17/01/2013

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 amendment in the ...

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Indirect Tax Recovery Changes Gears

Dr. Sanjiv Agarwal Recently Central Board of Excise & Customs (CBEC) has issued a Circular directing the Department (Central Excise / Service Tax / Customs) to fast track the recovery proceedings in all cases where demand of tax or duty has been confirmed but not stayed, whether or not the assessee has gone into appeal, […]...

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Posted Under: Income Tax |

Govt Committed to Moderate Tax Rates, Non- Adversarial Tax Administration & Fair Mechanism for Dispute Resolution – FM

The Finance Minister reiterated the commitment of the Government of India to a stable tax regime, moderate tax rates, non- adversarial tax administration and a fair mechanism for dispute resolution. He added that India has been modernizing its tax administration in a way that will minimize transaction costs and maximize taxpayer convenien...

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Posted Under: Income Tax |

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