"27 December 2014" Archive

Change in processing of Quarterly TDS Statements

1. Step 1: CPC (TDS) will first process Original TDS Statements till the stage of 26AS generation for deductees reported. 2 Step 2: Short Payments and PAN Errors will be identified in the preliminary check of the Original statements....

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Posted Under: Income Tax | ,

Key features of NSDL Form 24G RPU / FUV version 1.4 wef 26.12.2014

Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.4 for the Form 24G Statements from FY 2005-06 onwards released (26/12/2014) Key features of NSDL Return Preparation Utility (RPU) version 1.4 ·     Quoting of structurally valid TAN of DDO: Quoting of structurally invalid TAN of DDO has been discont...

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Posted Under: Income Tax |

Guidelines: Compounding of Offences under Direct Tax Laws, 2014

F.No. 285/35/2013 (23/12/2014)

n the light of various references received from the field formation from time to time, existing guidelines on compounding of offences under Income-tax Act, 1961 (the Act) have been reviewed and in supersession of the same, including the guidelines issued vide F.No. 285/90/2008-IT(Inv.)/12 dated 16th May 2008, the following guidelines are ...

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FM Holds Pre Budget Consultation Meeting with Finance Ministers of States and Union Territories

FM: Immediate Challenges Before the Government is to Increase the Growth Rate as it Will Boost Both the Economic Activities and the Revenue Collections The Union Finance Minister Shri Arun Jaitley said that immediate challenges before the Government is to increase the growth rate as it will boost both the economic activities and the reven...

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Posted Under: Income Tax |

Education cess on clearing of goods fully exempt from Customs duty

Commissioner of Customs, Tuticorin Vs. DCW Limited

DCW Limited(“the Assessee”)was covered by Notification No. 96/2004-Customs dated September 17,2004passed in exercise of powers under Section 25(1) of the Customs Act, 1962 granting exemption of Basic Customs Duty subject to debit of the DEPB Licence....

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Posted Under: Income Tax |

Dyes and chemicals used in execution of works contract of dyeing exigible to Sale tax

State of Tamil Nadu Vs. A. Vairavel

In the instant case, A. Vairavel (the Assessee) used dyes and chemicals in execution of works contract of dyeing. The Department argued thatthe said transaction involvestransfer of property involved in the use of dyes and chemicals used in works contract of dyeing and hence assessable ...

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Posted Under: Income Tax |

Classification of goods precedes over the determination of rate of duty or any exemption applicable to the goods

LM Wind Power Blades (India) Private Ltd. Vs. Commissioner of Customs, Tuticorin

The Revenue alleged that the exemption availed was wrong as the impugned goods were not classifiable under Chapter heading specified in the Exemption Notification. Therefore, proceedings were initiated against the Appellant demanding differential Customs duty of Rs. 1,48,92,523/-....

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Posted Under: Income Tax |

Corrigendum amending conditions for claiming exemption would apply from date of original Exemption Notification

Polyplex Corp. N Ltd. Vs. Union of India

Corrigendum is issued for the correction of error or omissions in the original document, which relates back to the date of initial authoring for the reason that correction means whatever written was not correct or there was some mistake which need be corrected. ...

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Posted Under: Income Tax |

If goods not intended for retail sale than provision of valuation U/s, 4A not applicable

Wyeth Ltd. Vs. CCE, Nasik

The Hon’ble CESTAT, Mumbai after considering the provisions of the Standards of Weights and Measures Act, 1976 and Packaged Commodity Rules, 1977 and relying upon the decision in the case of Geoffery Manners & Co. Ltd. Vs. CCE [2006 (204) ELT 403] held that since the toothpaste were supplied as ‘free sample' and were not meant for ret...

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Posted Under: Income Tax |

FM asks IRS-Customs & Central Excise Officer Trainees to be Both Firm & Fair in Their Dealing with Tax Assesses

Finance Minister Shri Arun Jaitley Asks the Indian Revenue Service (IRS-Customs & Central Excise) Officer Trainees to be Both Firm and Fair in Their Dealing with the Tax Assesses; Asks Them to Maintain High Level of Ethics, Morality and Credibility in Public Life...

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Posted Under: Income Tax |

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