"17 February 2015" Archive

Tax planning for financial year 2014-15

As the financial year draws to a close, we all start feeling the heat and realise that yes, now we have to invest in order to save tax. Whilst investing with tax saving and tax planning in mind is the key, these investments must be part of a larger financial plan - to achieve certain life goals and protect capital. Unfortunately, tax plan...

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Posted Under: Income Tax | ,

Budget may have some good news for taxpayers

Increase in basic exemption limit:- Sources familiar with the developments said the finance minister may increase the basic exemption limit for individuals from Rs 1,60,000 to Rs 1,80,000-Rs 200,000. There could be an increase in the exemption limits for women and senior citizens as well, in the range of Rs 10,000 to Rs 30,000. The minist...

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Posted Under: Income Tax |

Expectation of Individuals from forthcoming budget

Raise the bar: The slab of tax free income has not moved up in line with the real inflation. The current basic exemption limit of Rs 2,50,000 should be increased to Rs 3,00,000. This will increase the purchasing power of individuals and stimulate demand....

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Posted Under: Income Tax |

Provision Related to Dividend Under Companies Act 2013

The term ‘dividend’ has been defined under Section 2(35) of the Companies Act, 2013. The term 'Dividend' includes any interim dividend. It is an inclusive and not an exhaustive definition. According to the generally accepted definition, 'dividend' means the profit of a company, which is not retained in the business and is distributed ...

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Posted Under: Income Tax |

E-1 Sale – Benefits and Provisions for claiming exemption

What is E-1 Sale? How does it benefit registered dealers? What are the provisions to be followed for claiming exemption? When sale is during the course of movement of goods from one state to another is called E-I transaction or sale in transit. ...

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Posted Under: Income Tax |

Printing work is in the nature of Works contract and value of ink and processing material is exigible to Sales tax

Vibha Publications Pvt. Ltd. Vs. Commissioner, Trade Tax, UP. Lucknow [2015 (2) TMI 431 - ALLAHABAD HIGH COURT]

Vibha Publications Pvt. Ltd. (Appellant) was engaged in job work of printing material. In the printing process, the plates, chemicals and ink (Impugned Goods) were consumed. The Revenue contended that the value of Impugned Goods consumed in printing process is exigible to Sales tax....

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Posted Under: Income Tax |

DGFT Provision which is inconsistent with Foreign Trade Policy is liable to be set aside

BRG Iron & Steel Co. (P.) Ltd. Vs. Union of India [(2015) 53 taxmann.com 450 (Delhi)]

BRG Iron & Steel Co. (P.) Ltd. (the Petitioner) is a two star export house status holder. The Additional DGFT vide letter dated May 31, 2013 informed that the Petitioner entitlement under the Advance Authorization dated May 9, 2012, was limited to a sum of Rs. 38,83,52,050/- instead of Rs. 77,03,73,810/-....

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Posted Under: Income Tax |

Filing of more than one Refund claim in a month cannot be denied when statutory time limit is elapsing

Devki Nandan J Gupta Vs. Commissioner of Customs (Appeals), Mumbai [2015-TIOL-330-CESTAT-MUM]

Devki Nandan J Gupta (the Appellant) filed two SAD Refund claims of Rs. 21,92,938/- and Rs. 6,05,866/- on May 6, 2013 (Refund Claim 1) and May 24, 2013 (Refund Claim 2) respectively in terms of Notification No. 102/2007-Cus dated September 14, 2007 (the Notification). ...

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Posted Under: Income Tax |

Online CAG empanelment date extended to 25.02.2015

Sub:  Extension of Last date for on-line submission of application form for Empanelment with O/o C&AG to 25th February, 2015 We had received representations from a number of members that they could not fill up the C&AG’s online empanelment form for various reasons within the due date. In this regard, a request was made to...

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Posted Under: Income Tax |

Non refund of pre-deposit for long period without reason is harassment

Venkatesh Agencies, Falcon International Vs. Commissioner of Customs (Export), Nhava Sheva [2015-TIOL-308-CESTAT-MUM]

The Hon’ble CESTAT, Mumbai held that for no reason, the Revenue has retained the pre-deposit amount of the Appellants for more than 2 years after passing of the Order. Further, the Revenue neither filed an appeal against the Order nor obtained any stay, therefore, it is clear case of harassment to the Appellants that the legitimate clai...

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Posted Under: Income Tax |

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