"December, 2014" Archive - Page 5

PK’s view on Indian Tax system. Enjoy it!

Krishna, Aamir Khan’s recently released movie, PK, is in Limelight. Tell me, if this character 'PK' participates in a T.V. talk show on the topic of Taxation, what fun it will create? In this way we can spread awareness of taxation among people for following tax laws....

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Posted Under: Income Tax | ,

8 benefits FM must consider for differently abled persons

The constitution of India has granted equal rights to every citizen of India. To provide a level playing field and to compensate for additional expenditure incurred by differently abled person and their family members certain benefits in form of additional deduction/tax concessions are granted. ...

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Posted Under: Income Tax | ,

Major Initiatives and Achievements of Ministry of Finance

Major Policy Initiatives, Programmes/Schemes Announced and Achievements Made with Regard to the Ministry of Finance in Last Seven Months Actions to curb Black Money First major decision taken by the present Government after taking over reins of power in May, 2014 was to constitute a Special Investigating Team (SIT) to implement the decisi...

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Posted Under: Income Tax |

Major Initiatives & Achievements of Ministry of Corporate Affairs

Ministry of Corporate Affairs: The mandate of the Ministry of Corporate Affairs primarily concerns administration of the legal framework within which companies registered in India are to operate along with some other connected matters. Within this mandate rapid strides have been made in the last six months to improve the legal framework, ...

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Posted Under: Income Tax |

ICAI will act against members signing Tax Audit Report more than prescribed limit

Attention has been drawn to certain issues raised on the certification work done by the members of the profession in the report of Comptroller and Auditor General of India (C&AG) entitled ‘Appreciation of Third Party (Chartered Accountant) Reporting in Assessment proceedings’ (Report No. 32 of 2014)....

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Posted Under: Income Tax |

Penalty leviable even if service tax is paid before SCN

K. Madhav Kamath Brother & Co. Vs Asst. Comm. of Central Excise (Karnataka High Court)

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....

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Vehicle Detention & Seizure of materials under VAT Acts – Need for transparent directions

Movement of the goods either on intra-state or inter-state basis has been proving as a night mare for the assessees and transporters, in view of the wide mis-use of the powers relating to inspection, detention and seizure by the VAT department in many of the States. ...

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Posted Under: Income Tax |

Decision of special bench is to be followed by other benches unless reversed by High Court

Income Tax Officer Vs Smt. Zeenat N. Shaik (ITAT Mumbai)

From the clarification issued by the Hon'ble High Court, it is clear that until and unless the decision of Marilyn Shipping & Transport (supra) is reversed by the Court, it is binding on all the benches of the Tribunal....

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Despite stay Special Bench Judgment in Merilyn Shipping binds smaller benches of Tribunal

Commissioner of Income Tax-II Vs M/s Janapriya Engineers Syndicate (Hyderabad High Court)

We find that the learned Tribunal taking note of the pendency of the appeal in this Court, preferred by the Revenue against the decision of the Special Bench of the Tribunal in M/s. Merilyn Shipping & Transport in I.T.A. No.477/Viz/2008 dated 29-03-2012, directed the Assessing Officer to re-decide the issue after the disposal of the appea...

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Books of accounts cannot be treated as defective without pointing out the defects

ITO Vs M/s Royal Health Care Pvt. Ltd. (ITAT Mumbai)

The first issue relates to rejection of books of account and estimation of profit. The assessee is a private limited company and it has got its account audited under the provisions of Companies Act, 1956. The assessee has stated that it was following cash system of accounting....

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