In the instant case, the only question which arises for our consideration and decision is whether the High Court was justified in interfering with the order passed by the assessing authority under Section 148 of the Act in exercise of its jurisdiction under Article 226
Facts of the case show that the assessee filed return of income declaring net income of Rs. 24,14,640/- electronically on 21.10.2007. The return was processed u/s. 143(1) of the I.T. Act. The assessee noticed that credit for advance tax of Rs. 1,10,000/- and TDS of Rs. 5,38,560/- was not allowed to the assessee.
What will be the relevant date for determining the rate of Service Tax applicable – whether the date of providing service or the date of issue of invoice or date of making payment?
Few days back I had written an article namely Etrip in Punjab-an Uncontrolled delegated legislation in which I had raised a point that while giving discretionary power to the Commissioner to specify the goods for the purpose of Etrip certain policy should or guidelines should have been laid down
The dispute is regarding treating the assessee in default u/s 201 (1) and consequential levy of interest u/s 201 (1A) for failure to deduct TDS in respect of amounts payable to M/s Overseas Shipbuilding Cooperation Centre in connection with consultancy work.
SEBI vide circular SEBI/MRD/Policy/SE/15864/2003 dated August 21, 2003 advised stock exchanges to obtain an undertaking in the form of an affidavit from the members of the stock exchange stating that the members as well as their sub-brokers are using only authorized software.
Provided that where the sponsor or its associates hold 50 per cent or more of the voting rights of the share capital of the custodian, such custodian may act as custodian for a mutual fund constituted by the same sponsor or any of its associates or subsidiary company.
During the audits conducted for the F.Y. 2008-09 various functional officers have given the feedback that in most of the cases, the buyers or sellers were able to reconcile sales and purchases when auditing officers had verified parameters in relation to cross-matching of annexure J2 with annexure J1.
The ceiling for FDI in ARCs has been increased from 49% to 74% subject to the condition that no sponsor may hold more than 50% of the shareholding in an ARC either by way of FDI or by routing through an FII. The foreign investment in ARCs would need to comply with the FDI policy in terms of entry route conditionality and sectoral caps.
Banks are advised that with effect from fortnight beginning August 24, 2013, incremental FCNR (B) deposits as also NRE deposits with reference base date of July 26, 2013, and having maturity of three years and above, mobilised by banks will be exempt from maintenance of CRR and SLR. To amplify, if a bank had a total FCNR (B) deposit base of say USD 100 as on the base date, and mobilises an incremental deposit of say USD 20, t
