"29 May 2014" Archive

Govt. notifies SIT with respect to unaccounted monies stashed in foreign banks

Notification F. No. 11/2/2009-Ad.E.D. 29/05/2014

Notification F. No. 11/2/2009-Ad.E.D. The said Special Investigation Team shall be charged with the responsibilities and duties of investigation, initiation of proceedings, and prosecution, whether in the context of appropriate criminal or civil proceedings of :- a) all issues relating to the matters concerning and arising from unaccounte...

6 Expectations of Middle Class from Budget 2014

CA Sandeep Kanoi Union Finance Minister Arun Jaitley is expected to present his budget either in last week of June 2014 or in First week of July 2014. With Budget around the corner the Taxpayers are very enthused about expected tax reliefs from Mr. Arun Jaitley and started thinking that good days are around the […]...

Posted Under: Income Tax | ,

Documents, Record and Returns mandatory for CENVAT Credit

Rule 9(1) of Cenvat Credit Rules prescribes that Cenvat Credit can be taken on the basis of ; Invoice of manufacturer from factory Invoice of manufacturer from his depot or premises of consignment agent Invoice issued by registered importer Invoice issued by importer from his premises or consignment registered with Centra...

Posted Under: Income Tax |

Compliance Partnership firm – Forms, Fees and Documentation

Partnership is simple to form and manage compared to company and LLP. However there are requirement of filing various forms in case of change in address, addition / removal of partner, change in firm name or business place etc. The article give you a tabular presentation of requirement for filing forms in Maharashtra State with time limit...

Posted Under: Income Tax |

CBI arrests an ITO for accepting a bribe of Rs. 5 lakh

CBI ARRESTS AN INCOME TAX OFFICER FOR ACCEPTING A BRIBE OF RS.FIVE LAKHS The Central Bureau of Investigation has today arrested an Income Tax Officer, Rudrapur, District Udham Singh Nagar (Uttarakhand) for demanding & accepting a bribe of Rs.Five Lakhs from the Complainant. A case was registered U/s 7 of PC Act, 1988 on a […]...

Posted Under: Income Tax |

Share Broking Company can set off loss from speculation trade against gain from delivery trading

CIT Vs Baljit Securities (P) Ltd. (Calcutta High Court)

The assessee basically is a share broker. The assessee also deals in buying and selling of shares for himself. The assessee is also dealing in derivatives. Dealing in derivatives has been excluded from the ambit of speculative transactions with effect from assessment year 2006-07....

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