"August, 2015" Archive

Less Time more Load, still done with ITR upload

Krishna, recently everyone has celebrated the festival of Raksha Bandhan along with that many Taxpayers have filed Income Tax Returns. Krishna please explain, what difficulties arise while filling Income Tax Returns, what Taxpayers should do now and what, if no return is filed. ...

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Posted Under: Income Tax |

ICAI President's Message – September 2015

These days quite justifiably, people of Indian origin are remarkably being appointed, elevated and accepted for higher administrative and management responsibilities across organisations globally. Most notably, companies like Microsoft, Google, NetApp, Oracle, Nokia and SoftBank have quite recently hired people of Indian origin to play a ...

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Posted Under: Income Tax |

CESTAT should consider merits before deciding the matter; 'Prima facie no case' cannot be the ground to decide the matter

CEAT Limited Vs The Commissioner of Central Excise (Bombay High Court)

The Hon’ble High Court found that the Tribunal in reaching the conclusion that the Appellant has not made out any prima facie case extensively dealt with the arguments as if it is called upon to decide the Appeal finally....

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Government asks RBI to reverse Income Tax deductions of Telengana

After careful examination and consideration of issues connected, it has been decided that the deductions made by the Reserve Bank of India (RBI) of an amount of Rs. 1274.21 crores on account of State of Telengana in response to the Income Tax Notice, are not in consonance with the Principle of Co-operative Federalism and RBI has been aske...

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Posted Under: Income Tax |

ITR Filing due date for Gujarat extended to 7th September, 2015

F.No. 225/154/2015/ITA.II (31/08/2015)

CBDT hereby extends the 'due-date' for filing Returns of Income from 31st August, 2015 to 7th September, 2015, in cases of Income-tax assessees in the State of Gujarat, who are liable to file their Income tax returns by 31st August, 2015...

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CESTAT should follow judicial precedence before deciding the matter

Sunbel Alloys Co. of India Ltd. Vs The Commissioner of Central Excise (Bombay High Court)

It has been repeatedly emphasized that judicial Tribunals and Courts of law have to follow the rule of consistency and certainty so also finality of judgments. There is a definite purpose being served because of all this and namely parties before the Court of law ...

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Delhi VAT- Submit Form DP-1 online by 30-09-2015

No. F.3(352)Policy/VAT/2013/625-36 (31/08/2015)

In exercise of the powers conferred on me by sub-section (1) read with sub-section (2) and (3) of section 70 and sub-section (2) of section 59 of Delhi Value Added Tax Act, 2004, notify that the Form DP-1 shall be submitted online by all the dealers latest by 30/09/2015....

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Guidance on Implementation on FATCA and CRS

F. No. 500/137/2011-FTTR-III (31/08/2015)

To combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad requiring cooperation amongst tax authorities, the G20 and OECD countries working together developed a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI). The CRS on AEOI was presented to G20 Leaders in Brisbane on...

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Be More PATIENT Than Your Critics

Do you remember the person in your office who used to always criticize the efforts put in by management to improve the quality of processes and make life exciting for the staff by saying – ‘these guys have no idea how to run a business and they only think about themselves and not us’. Where is he/she now? ...

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Posted Under: Income Tax |

Notification No. 83/2015-Customs (N.T.), Dated: August 31, 2015

Notification No. 83/2015-Customs (N.T.) (31/08/2015)

NOTIFICATION NO. 83/2015-Customs(N.T.), Dated: August 31, 2015 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Gover...

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