We are glad to inform that the Online Correction functionality provided by CPC (TDS) has been availed by a large number of deductors for the purpose of carrying out corrections and over 2 Lakh Online Corrections have been submitted. The corrections include resolution of Short Payment Defaults that relate with unmatched challans.
As per the records of the Centralized Processing Cell (TDS), there is an outstanding demand in different years from 2007-08 onwards on account of defaults identified in TDS statements. Table below shows year wise outstanding demand on account TDS defaults as on October 23rd 2014.
Introduction : Globalization, liberalization and multilateralism has given to a new league of businessmen and entrepreneurs. While International trade has been present throughout much of the history, its economic, social, and political importance has been on the rise in recent centuries. International Trade not only enables a nation to specialize in the goods which it […]
Due to the unequal distribution of wealth, India has arrived at a situation where the affluent class gets richer and richer and the underprivileged becomes poorer and poorer. To bridge this financial gap and to satisfy the day to day requirements of the underprivileged, banks play a vital role by offering various loans to the finance seekers.
Government of India charges a certain % of amount borrowed as Guarantee fees for the Guarantee provided to the ECB Lender. Usually Service Tax is applicable on the Guarantee fee charged by Banks and other institutions but whether it is applicable in the case where GoI is providing guarantee in respect of an ECB?
LCL Logistics (India) Pvt. Ltd. (the Appellant) filed a Miscellaneous Application before the Hon’ble CESTAT, Mumbai, in respect of Order of the Hon’ble Tribunal vide which the penalty on the Appellant was reduced from Rs. 5,00,000/- to Rs. 1,00,000/-.
Hon’ble Tribunal concluded that any Stay Order passed by the Tribunal, if it is in force beyond August 7, 2014, it would continue till the disposal of the appeals and there is no need for filing any further applications for extension of orders granting Stay either fully or partially.
The Departments public outreach on the Taxpayers Services wins laurels! The Taxpayers’ Lounge set up by the Directorate of Income Tax (PRPP&OL) was awarded ‘Silver’ medal for excellence in display in the category of Ministries and Departments in the 34th India International Trade Fair, 2014 in the award ceremony held on 27th November 2014. The […]
It is pertinent to note that very recently , the Honourable High Court of Delhi in the case of Travelite (India) vs. UOI & Ors, while quashing Rule 5A(2) of the Service Tax Rules and the CBEC Instructions prescribing the manner of an audit and the records that can be called for by the authorities, held that
In exercise of the powers conferred by clause (b) of sub-section (1) of Section 15 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) and in supersession of the earlier Notifications referred below, the Central Government hereby authorizes the officers specified in column 3 of the Table below to function as Appellate Authority against the orders passed by the Adjudicating Authorities authorized by the Central Government under Section 13 of the said Act.
