Recently, Hon’ble Karnataka High Court in the matter of K. Madhav Kamath Brother & Co. v. Asst. Comm. of Central Excise, pronounced that even if service tax is paid prior to Show Cause Notice, still the penalty shall be leviable u/s 76/78, 77 of Finance Act’94.
V.M. Engg. Works (the Assessee) made late payment of Service tax, consequent to which a Show Cause Notice was issued to the Assessee proposing to impose penalty for late payment of Service tax under Section 76 of the Finance Act, 1994 (the Finance Act).
Placed below are the relevant portions of the Second Report of the Special Investigation Team (SIT) on Black Money which was recently submitted by the SIT to the Hon’ble Supreme Court: I. In response to the directions issued by the SIT, CBDT has directed various Assessing Officers to finalize the assessments for all actionable cases (427), whose names are appearing in the HSBC list received by the Department.
Devising a Simple Compensation Structure The objective of this article is to explain the basic Compensation structure in its simplest form. Information about Statutory compliance with Labor Laws and Tax requirements will also be explained in brief. Every organization aspires to devise a compensation structure that is easily understood, while taking into account all the […]
Assessee was engaged in the business of trading in readymade garments. A letter was received from the Assessing Officer, TDS Circle Mumbai that the respondent-assessee had paid 3commission’ to HDFC on payments received from customers who had made purchases through credit cards.
The Central Government has finally agreed to many demands of various states during the most successful meeting held so far on 15th December , 2014. This is claimed to be a win win deal and passing of first hurdle in rolling out the long awaited goods and service tax(GST) in India from April, 2016.
This is an informative article that explains in brief the tax responsibilities of an employer towards his employee in order to generate timely and accurate payroll. Payroll taxes Payroll related tax involves a good understanding of a typical compensation structure in an organization. An employer has 2 parties that he has to consider when computing […]
Hon’ble High Court decided the matter in favour of the Petitioners and held that neither the Central Government, nor the DGFT would have the power to amend the FTP or withdraw any export benefit with retrospective effect.
Circuit Systems India Pvt. Ltd. (the Appellant) imported Glass Epoxy Copper and filed 5 Bills of Entry for the period October 2003 to January 2004 (Impugned period). During the Impugned period, the Anti-Dumping Duty was payable by the Appellant provisionally in terms of the Notification No. 141/2003 dated September 19, 2003 (the Notification).
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance
