Many times Goods and Services are being sold/ rendered by using different kind of arrangements/ entities based on terms and conditions which could change Revenue Recognition criteria in its entirety and a careful assessment is always required because if any incorrect assessment is done it could have a significant impact on amount of revenue.
Overall, the amendment in form of proviso to S. 10(38) is an anti-abuse measure, and a step forward to the Government’s agenda of cracking unaccounted money. Equally important is the Government’s commitment to notify genuine transactions that remain outside the fold of this amendment.
The petitioner does not have a contention that the Resort owned by the petitioner does not come under the definition of “Hotel”. The Resorts are assessed under the LT Act and have also been remitting such tax as collected from the non-members who are residing in their facility and for any facility other than accommodation […]
These writ petitions concern challenge to Finance Bill, 2014 by which taxi vehicles are also imposed with an obligation to pay one time tax for fifteen years.
The provisional figures for revenue collections up to March, 2017 show a gross Direct Tax collection of Rs. 10.09 lakh crore. The net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2% higher than the net collection for the corresponding period last year. With this the CBDT has accomplished 100% of the direct tax target for Financial Year 2016-1 7.
The indirect tax collections (Central Excise, Service Tax and Customs) in FY 2016-17are at Rs 63 lakh crore, which is 22.0% higher than the actual revenue receipts in FY 2015-16. Till March 2017, about 101.35% of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved.
CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank.
CBDT has extended time to furnish permanent account number or Form No. 60 by bank account holders who have not furnished the same at the time of account opening or subsequently to on or 30th day of June, 2017.
Criteria for verification of TDS returns-CAG recommend that the CBDT may prescribe the procedure and criteria for selection of TDS returns for verification.
CBEC constituted, in 2004, a Centralised Task Force (CTF) to co-ordinate, facilitate, monitor and oversee the efforts of Customs and Central Excise field formations in recovery of arrears. We observed that though the Task Force was entrusted with finalising and implementing strategies for realisation of arrears it did not take any such action for realisation of arrears.
