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Archive: 27 November 2013

Posts in 27 November 2013

CBDT approves two more exchanges for the Purpose of Section 43(5)

November 27, 2013 2553 Views 0 comment Print

Notification No. 91/2013 – Income Tax Central Government hereby notifies the National Commodity and Derivatives Exchange Limited and Universal Commodity Exchange Limited as a recognised association for the purposes of clause (e) of the proviso to clause (5) of the section 43, with effect from the date of publication of this notification in the Official Gazette.

Notification No. 90/2013 – Income Tax Dated 27/11/2013

November 27, 2013 823 Views 0 comment Print

Notification No.90/2013 – Income Tax S.O.3513 (E).─ In exercise of the powers conferred by clause (iii) of the Explanation 2 of clause (e) of the proviso to clause (5) of section 43 of the

Order of ITO cannot be branded as erroneous by CIT simply because order was not elaborate

November 27, 2013 972 Views 0 comment Print

In the present case before us, the assessee has offered the capital gains tax in the next year and there has not been any prejudice to the revenue. Further, the assessee has explained to the query raised during the scrutiny proceedings before the Assessing Officer was answered to the satisfaction of the Assessing Officer. Hence, the Order is not erroneous.

FAQ on Home Loan with EMI Calculator

November 27, 2013 2630 Views 0 comment Print

1. For what purposes can I seek a first time home loan?You can generally seek a first time home loan for buying a house or a flat, renovation, extension and repairs to your existing house. Most banks have a separate policy for those who are going for a second house. Please remember to seek specific clarifications on the above-mentioned issues from your commercial bank.

Notification No.115/2013-Customs (N.T.) Dated: 27th November, 2013

November 27, 2013 244 Views 0 comment Print

In exercise of the powers conferred by sub-rule (1) of Rule 3 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997 and in supersession of notification of the Government of India in the Ministry of Finance (Department of Revenue) No.78/2013-Customs (N.T.) issued vide G.S.R. No. 496 (E) dated the 19thJuly, 2013, the Central Government hereby appoints Sh. R.K Singla as the Director General (Safeguard) for the purposes of the said Rules.

CBDT Release List Of Potential Promotees to Post of CCIT

November 27, 2013 1085 Views 0 comment Print

The CBDT has vide letter dated 27.11.2013 released a list of 37 officers who are being considered for promotion to the grade of Chief Commissioner of Income-tax in the pay scale of Rs. 67,000 to 79,000 against the vacancies for the year 2013-14 (Regular DPC) and 2012-13 (Supplementary DPC)

Notification No. 114/2013-Customs (N.T.) Dated: 27/11/2013

November 27, 2013 301 Views 0 comment Print

In exercise of the powers conferred by sub-rule (1) of Rule 3 of the Customs Tariff (Transitional Product Specific Safeguard Duty) Rules, 2002 and in supersession of notification of the Government of India in the

Notification No. 113/2013-Customs (N.T.) Dated: 27/11/2013

November 27, 2013 250 Views 0 comment Print

WHEREAS the Jute products falling under headings 5310 and 6305 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act) and also specified in terms

Tribunal bound to consider all judgements cited during hearing of appeal

November 27, 2013 695 Views 0 comment Print

Whenever any decision has been relied upon and/or cited by the assessee and/or any party, the authority/tribunal is bound to consider and/or deal with the same and opine whether in the facts and circumstances of the particular case, the same will be applicable or not.

MVAT Audit 2013 – Approach and Important Issues

November 27, 2013 28128 Views 3 comments Print

Applicability of audit under MVAT Act, 2002- To whom audit is applicable? As per Section 61(1) of the MVAT Act, 2002, audit is applicable to A dealer who is liable to pay tax and his turnover, either of sales or purchases, exceeds Rs. 60 Lakhs during the Financial Year A dealer who holds a Liquor license in Form PLL, BRL, E, FL or CL.

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