One among st the main issues surrounding the impasse is the payment of ejected liability carrying a whopping sum of Rs.14000 crore by Vodafone International Holdings B.V. under the parasol of Capital Gains Tax to the Indian tax administration. An issue squarely won by Vodafone in a proactive tax war with the authorities at the Hon’ble Supreme Court of India sometimes designated popularly as the `Tax Terrorism’.
In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the some alterations in Schedule III to the Companies Act, 2013 (Notification dated 4th September, 2015).
According to Clause (1) of Rule 6A, the Audit Committee shall, after obtaining approval of the Board of Directors, specify the criteria for making the omnibus approval which shall include the following, namely:- (a) maximum value of the transactions, in aggregate, which can be allowed under the omnibus route in a year;
An employer is liable to pay his contribution in respect of every employee and deduct employees contribution from wages bill and shall pay these contributions at the above specified rates to the Corporation within 21 days of the last day of the Calendar month in which the contributions fall due. The Corporation has authorized designated branches of the State Bank of India and some other banks to receive the payments on its behalf.
ITAT Mumbai held in the case of Goldman Sachs (India) Securities Private Limited vs. ACIT that application for further stay is in favour of assessee. The reasons are that firstly, there is no change in the facts and circumstances since the last stay was extended by the Tribunal, and secondly, the major demand which has been raised prima facie appears to be covered by the decision of the Tribunal
As per the nature of business of the assessee, certain procedural non-compliance are not unusual, for which assessee is required to pay some fines or penalties. In our considered view, these routine fines or penalties are compensatory in nature; these are not punitive.
ITAT Mumbai held in the case of M/s. Multi Act Realty Enterprises Pvt. Ltd. vs. ITO that setting up of business’ and ‘commencement of business’ may be too different and independent events. For the purpose of deductibility of the business expenses, the reference point would be initial setting up of the business.
In the present case, the assessee had filed an application with National Housing Bank on 23.12.2004 and submitted along with this application Cheque No.669766 dated 23.12.2004. This fact has not been disputed by the Ld. DR appearing on behalf of the revenue.
In general terms tax defined as a levy of any type of financial charges being imposed by state or central governments on Individuals and Other Entities (includes Education, Corporates and Small and Big Shop keepers) Local authorities like municipal corporations also have the right to impose taxes.
From the time we are born, we are taught to be masters of our destiny but somewhere in the hustle and bustle of our daily life, we forget this readily. Sometimes things just don’t go our way and we fall prey to circumstances. The human spirit though is extremely resilient and most often than not […]
