"07 August 2013" Archive

Maharashtra VAT – Amendment in Qualifications of members of tribunal

Notification No. VAT-1513/CR.96/Taxation-1 07/08/2013

Earlier a person who has, for a continuous period of not less than three years held an office, not below the rank of Joint Commissioner of Sales Tax, in the Sales Tax Department of the State Government was eligible to be a Member of the Tribunal. Now this period of three Year been reduced to two years vide Notification No. No. VAT-1513/C...

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Overwhelming Response to e-Filing of Itr: 123.03 Lakh Returns e-Filed till 5th August, 2013

The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was extended by the Central Board of Direct Taxes (CBDT) from 31st July to 5th August, 2013 as there was an overwhelming response to e-filing from every corner of the country. 123.03 lakh returns have been e-filed till 5th August, 2...

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Gross Direct Tax Collection Figures for April-July of FY 2013-14 is UP by 13.27%

Gross direct tax collections during April-July of the Financial Year 2013-14 is up by 13.27 percent at Rs. 1,57,169 crore as against Rs. 1,38,751 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.75 percent and stands at Rs. 92,115 crore during April-July in F.Y. 2013-14 as against Rs...

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Service Tax offence for the period prior to 10.05.2013 are bailable

Sudip Das Vs Union of India (Calcutta High Court)

While Bombay HC has refused to grant bail application pending payment of Service tax for service tax evasion for the period starting before 10.05.2013 in the case of Kandra Rameshbabu Naidu but on the other hand Kolkutta High Court in the case of Sudip Das granted to bail to accused who had been charged for commission of offence punis...

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Non-Resident Deposits – Comprehensive Single Return (NRD-CSR): Submission under XBRL

RBI/2013-14/173 A.P. (DIR Series) Circular No. 19 07/08/2013

. It has been decided to move the NRD-CSR reporting to eXtensible Business Reporting Language (XBRL) platform to provide validations for processing requirement in respect of existing NRD schemes, improve data quality, enhance the security-level in data submission, and enable banks to use various features of XBRL-based data submission, and...

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Delhi VAT – Tax Deposit and Return Filing by newly registered dealers

Circular No. 12 of 2013-14 07/08/2013

It has come to the notice of the department that Tax Identification Number (TIN) issued to the newly registered dealers during the month of April, 2013 had some validation problem. The department has resolved the issue and fresh TINs have been issued to such dealers. Hence, they are required to immediately deposit their due tax. ...

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Those Not paying TDS on time shall be Liable for Prosecution – CBDT

Tax Deductors Who Default In Depositing TDS by Due Date Shall be Liable for Prosecution: CBDT It has come to the notice of Income Tax Department that many times the tax deductors, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds [&hell...

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SEBI Circular on Application for change in category of the Alternative Investment Fund

CIrcular No. CIR/IMD/DF/12/2013 07/08/2013

Any AIF proposing to change its category shall make an application to SEBI for the same along with application fees of Rs. 1 lakh. The application shall include the updated Form A (Refer First Schedule to the AIF Regulations), other updated supporting documents, if any and rationale for the proposed change. Registration fees shall not app...

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Legal Decisions Vs Departmental Circular

In the Indirect Tax Bracket net, there would be plethora of case laws passed by various Tribunals, High Courts and Supreme Court. Further, the CBEC also clarifies the issues to the Industry by way of Circular, Trade Instructions. There may be a scenario, where there would be contradictory view between the Legal Decisions and Departmental ...

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Scrutiny Criteria for F.Y. 2013-14 / A.Y. 2014-15

The following categories of cases / returns shall be compulsorily scrutinized for F.Y. 2013-14 / A.Y. 14-15:- a) Cases where value of international transaction as defined u/s 92B of IT Act exceeds Rs. 15 crores. b) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs. 10 Crores or more w...

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