This is a case before the Division Bench of Andhra Pradesh High Court whereby the petitioner has challenged the decision of the Authority of Advanced Ruling. The AAR held the petitioner to be an assessee in default under Section 201(1) of the Income Tax Act.
CA Dev Kumar Kothari Prizes or rewards are ‘capital receipt’ in hands of NON-PROFESSIONAL SPORTS PERSONS like Shri Abhinav Bindra. Why same theory should not be applied to professional sports person? A capital receipt cannot be deemed ‘income’.
Sub: Clarification on DP-1 The dealers who have submitted Form DP-1 without purchase commodities in the pre-revised Form DP-1 have the option to edit the Form DP-1 and submit the details of commodities purchased by them. Further, they can also edit the details of the commodities for sale, otherwise the commodity list submitted earlier would be treated as if these commodities are for sale. The last date for editing the said form is 26.08.2013.
References have been received in the Board to clarify whether or not a purchase order can be considered as a contract in terms of provisions contained in the Project Import Regulations, 1986. It is also reported that in this regard varying practices are being followed in different Customs Houses.
Notification No. 59/2013 – Income Tax Income-tax (13th Amendment) Rules, 2013 – Statement of income paid or credited by Venture Capital Company or Venture Capital Fund to be furnished under section 115U
Though the law and procedures under both service tax and central excise are made user friendly, assessee are still finding difficulties in interaction with the department officials. This may be because of lack of awareness of related law or the psychological image about the department. Sometime because of the fear in the minds of assessee about the probable disputes
1. HISTORY OF VARIOUS OTHER SCHEMES Under Direct & Indirect Taxes The problem of black money corroding the economy of the country is not a new or recent problem. It has been there almost since the Second World War and it has been continuously engaging the attention of the Government. The Government has adopted various […]
The Board has re-examined the subject matter. The view is that there can be no justification to hold up export consignments for long periods unless the export goods are prohibited under Customs Act, 1962 or ITC (HS) Policy. Essentially genuine exports must be
The Ministry of Corporate Affairs has initiated several steps to protect the interests of investors through programmes of investors’ awareness and education. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that important among such steps are :
Notification No. 58/2013 – Income Tax SO 2363(E) – In exercise of the powers conferred by sub-section (6) of section 195 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. (1) These rules may be called the Income-tax (12th Amendment) Rules, 2013. (2) They shall come into force on the 1st day of October, 2013.
