"November, 2014" Archive

Electronic Mode of Payment- Who required to Pay Taxes online

Income Tax Rules provide that the following persons shall pay tax electronically (i.e. internet banking facility or through credit/debit cards) on or after the 1st day of August, 2008: i.  A company; and ii.  A person (other than a company), to whom the provisions of section 44AB of the Income-Tax Act 1961 are applicable. As […]...

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Posted Under: Income Tax |

Check List for passing on upfront service tax exemption to SEZ Unit/Developer/Co-Developer

Effective from 01.07.2013 in terms of service tax notification no 12/2013-ST, All SEZ Unit/ Developers/ Co-developers have to provide Form A2 authorisation from service tax authority for availing the upfront service tax exemption otherwise first pay service tax and claim refund of it from the Govt....

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Posted Under: Income Tax |

Delay in payment OF TDS for one day & 3% Interest

If an assessee has made a transaction of Rs. 5 Crores on January 31, 2014 and required to pay Rs. 50 lakhs as TDS on that amount. He deducted the TDS and required to pay the amount on February 7, 2014. Unfortunately he made the payment on February 8, 2014. For a delay of a single day as per the Software of the TRACES, he will be required ...

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Posted Under: Income Tax | ,

Functionality for CsIT(CO) for generation of MIS of Auditable cases (u/s 143(3), 144 & 147) – regarding

132 (27/11/2014)

The Directorate of Income Tax (Audit) desired for providing list of auditable cases (u/s 143(3), 144 & 147) from the Income Tax Database. 2. Since, it is important to provide requisite information to the offices of Audit across the country in a structured manner on regular basis, a new functionality has been provided in the ITD...

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Due date for Filing Return in Jammu & Kashmir extended to 31.03.2015

F.No. 225/268/2014/ITA.II (28/11/2014)

Considering the devastation due to floods in the State of Jammu & Kashmir, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961 (`Act') and in continuation to the earlier order under section 119 of the Act dated 16.09.2014, hereby further extends the 'due date' of furnishing retu...

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Tribunal cannot dismiss an appeal for want of prosecution – SC

Balaji Steel Re-Rolling Mills Vs. Commissioner of Central Excise and Customs (Supreme Court)

Balaji Steel Re-Rolling Mills (the Appellant) is a partnership firm engaged in the manufacture and sale of Hot Re-rolled products. The Commissioner of Central Excise and Customs, Aurangabad, (the Commissioner) vide order dated July 20, 1999...

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Posted Under: Income Tax |

Ignoring judicial discipline is gross incompetence & irresponsible conduct

RGL Converters Vs. Commissioner of Central Excise (CESTAT DELHI)

RGL Converters (the Appellant) is amanufacturer of Printed Cork Tipping Paper (PCT). The relevant process involves procurement of Cork Tipping Base Paper (CKT) including Other Uncoated Paper and Paper Board in rolls or sheets, including jumbo rolls of specified width and length....

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Posted Under: Income Tax |

Remission of duty on goods cleared for export under bond but destroyed at port before export

Honest Bio-Vet Pvt. Ltd. (the Appellant) cleared certain goods for export under ARE-1 under bond without payment of duty. The Appellant had taken the goods directly to the port of export i.e. JNCH, presented the Shipping Bill and ‘Let Export’ Order was allowed. ...

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Posted Under: Income Tax |

Inclusion of Royalty paid for technical know-how in assessable value of imported goods

Atlas Copco India Ltd. Vs. Commissioner of Customs, Import (CESTAT Mumbai)

Atlas Copco India Ltd. (the Appellant) imported parts and components (imported goods) from their related foreign entity Atlas Copco Air Power, Belgium and other related parties for the manufacture of the various compressed air and gas equipments...

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Posted Under: Income Tax |

Suspension order cannot be treated as SCN under Regulation 20(2) of CHA Licensing Regulations, 2004

NA (29/11/2014)

The Appellant argued that no Show Cause Notice was issued as required under Regulation 20(2) of the CHA Regulations. In response, after one year...

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