"07 October 2014" Archive

Direct Tax Collection during April-September 2014 increases by 15.00 percent

Gross Direct Taxes Collections during April-September of the Current Financial Year 2014-15 is up by 15.00 percent and stood at Rs. 3,46,144 crore as against Rs. 3,01,063 crore Collected during the same Period Last Year...

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Posted Under: Income Tax |

To claim Air Travel Expenses Babus need not submit Boarding Pass

F.No. G-14019/2/13 (07/10/2014)

Difficulties have been expressed by various quarters in production of original boarding passes alongwith T.A. Claims from time to time. The matter has been considered and it has been decided with the approval of the competent authority that in order to simplify the procedure of settlement of T.A. Claims, the condition of submission of Boa...

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WHERE ‘CARO’ HAS GONE? ( Will new NACAS bring it back?)

Propriety or prudence is a term generally associated with expenditure from public money and audit of government departments and government companies. In the context of Companies, though provisions relating to propriety was absent in the Companies Act, 1956, Sections 227 (1A) and 227 (4A) inserted by the Companies Amendment Act, 1956 requi...

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Posted Under: Income Tax | ,

No Penalty in absence of mens rea

Mohan Poddar Vs. CCE, Raipur (CESTAT DELHI)

The Hon’ble Tribunal in absence of any discussion with regard to mala fide intention and mens rea set aside the OIO to the extent it related to imposition of penalty under Section 78 of the Finance Act....

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Posted Under: Income Tax |

In October Heat – Exponential Rise in Rate of Interest of Service Tax

Krishna, October month’s heat has started. In this by increasing rate of interest of service tax from 1st October 2014 the department has increased heat of taxpayers. However from 1st October 2014 rate of interest has been increased by the department. Depending upon the period of delay rate of interest has been increased. ...

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Posted Under: Income Tax | ,

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