"May, 2013" Archive - Page 33

I-T returns may require disclosure of all assets

In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms. “The government is considering to introduce a new income tax return form that will require individuals to disclose al...

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Posted Under: Income Tax |

ST not leviable on issuance of reminder for renewal of premium as point of taxation doesn’t arise

TRADE NOTICE NO. 901/01/2013/ST (20/02/2013)

CLARIFICATION IN RESPECT OF NOTICES/REMINDER LETTER ISSUED FOR LIFE INSURANCE POLICIES TRADE NOTICE NO. 901/01/2013/ST [F.NO.IV(16)30-105/STC/TECH./2013/NAGPUR], DATED 20-2-2013 Authority: – Circular No.166/1/2013-ST, dated 1-1-2013 issued by Technical Officer TRU, New Delhi. It has been represented by life insurance companies that ...

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ST not leviable on transportation of milk by rail or vessel as it is exempted by Notification No. 25/2012

TRADE NOTICE NO. 902/02/2013/ST (20/02/2013)

SERVICE TAX ON SERVICES BY WAY OF TRANSPORTATION OF GOODS BY RAIL/VESSEL – TRANSPORTATION OF MILK TRADE NOTICE NO. 902/02/2013/ST [F.NO.IV(16)30-106/STC/TECH./2013/NAGPUR], DATED 20-2-2013 Authority:- Circular No. 167/2/2013-ST, dated 1-1-2013 issued by Technical Office TRU, New Delhi. Representation has been received from the India...

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New Norms for XBRL Filing

New norms have been put in place for Extensible Business Reporting Language (XBRL) filing with effect from 6th October, 2011 for select class of companies. For the financial years 2010-11 and 2011-12 a total of  2,90,39 and 2,57,86 companies respectively have filed their Balance Sheet using the revised XBRL norms. Giving this information...

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Posted Under: Income Tax |

Penal Action Against Fraudulent Companies

During last five years i.e. from 2008-09 to 2012-13 a total of 782 inspection reports in respect of companies were received in the Ministry of Corporate Affairs. Based on the findings in the inspection reports, penal actions have been taken against the companies and their directors/officers in default for violation of various provisions o...

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Posted Under: Income Tax |