It is seen that based on the concerns raised by various exporters, government has immediately acted upon and created a mechanism in GST portal enabling exporters to claim refund of the taxes paid.
Assessing Officer that the actual investment made in the new residential house is Rs. 20 lakh, but, he has also filed a revised computation of income on 20th November 2012, offering taxable long term capital gain at a higher figure of Rs. 24,98,488. It is also a fact on record that the Assessing Officer has accepted the income shown in the revised computation of income. Therefore, considering the peculiar facts of the present case, we are of the view that the explanation of the assessee to the effect that investment shown in new house at Rs. 25 lakh was due to a bonafide mistake is acceptable.
The Kolkata ITAT recently held that the circulars issued by the Central Board of Direct Taxes (CBDT) is binding on the department and it cannot take a plea that such a circular is not valid or is against the provisions of law.
As you are aware that UAN is mandatory for filing the member contribution. Currently UAN can be generated by Employer only and the same to be generated before ECR filing of that member. Establishments with large number of new joiners every month, are facing problem in generation of UAN due to mismatch of input data with Aadhaar.
Introducing the Refundable Tax System: a new concept in indirect taxation that aims to create awareness and enhance people’s lives through tax refunds.
In continuation to this Department’s Order No. 137 of 2017 dated 16.08.2017 and Order No. 181 of 2017 dated 24.10.2017, the President is pleased to grant Proforma Promotion to the following Commissioners of Income Tax
Para 5.19 of the Hand Book of Procedures of FTP 2015-20 permits re-fixation of Annual Average Export Obligation, in case the export in any sector/ product group decline by more than 5%. This implies that the sector/ product group that witnessed such decline in 2016-17 as compared to 2015-16, would be entitled for such relief.
Trade Notice issued by the Chief Commissioner, Jaipur Zone regarding Division of Taxpayers between the Center & the State and handling of legacy issues of CE & ST Assessees
Where AO passed order of reassessment under section 147, even when Revenue processed return of assessee under section 143(1)(i) by intimation, the impugned assessment order deserved to be quashed, as the AO could not proceed with extraordinary power under section 147, when normal procedure of assessment of income under section 143(3) was available.
All the regulatory changes across the globe have mainly protected the investors, who fight against inflation and try to get some healthy returns on their investments. The common investors only know how the returns offered on various products.
