UIDAI said today in a statement that the Plastic or PVC Aadhaar smart cards are often not usable as the QR code commonly becomes dysfunctional during such unauthorised printing at some vendor/shop. Also, there could be a possibility of sharing Aadhaar details (personal sensitive demographic information) without informed consent with some devious elements.
While upholding the compounding guidelines issued by the Central Board of Direct Taxes (CBDT), a division bench of the Delhi High Court held that the amount of compounding fee can be more than the principal amount if there is willful default in the payment of tax on the part of the assessee.
Section 12A of the Income Tax Act nowhere empowers the Commissioner of Income Tax to assess the objects vis-a-vis the donation received by the Charitable Trust in the first year of its establishment. At the stage of Section 12A the Commissioner is not to examine the application of income.
Finance Bill’2018 has proposed some major changes impacting trusts. 1) Mandatory Requirement of obtaining PAN for the Trustees: Section 139A is amended to propose that every person, not being an individual, which enters into a financial transaction of an amount aggregating to two lakh and fifty thousand rupees or more in a financial year shall be required to apply to the Assessing Officer for allotment of PAN.
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 yesterday.
Miss Indira Vasanji Shah Vs. DCIT (ITAT Mumbai) owners of the plot have authorised the developer to take the plot and the moment the assessee has booked the flat and flat has been allotted to the assessee, a valuable right has created. It is a capital asset and that right continued till the assessee entered […]
Seeks to increase BCD tariff rate on Chana (Chickpeas), [Tariff item 0713 20 0] from 30% to 40% by invoking section 8A (1) of the Customs Tariff Act, 1975 and accordingly, the effective rate of BCD on Chana (Chickpeas), will also be 40%
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of Customs Tariff Act, 1975 (51 of 1975)
It has come to notice of this Directorate that when exporters login into DGFT System for MEIS application, sometimes Shipping Bill data is not found available in DGFT System. It takes considerable time to get the SB data available in DGFT System and, therefore, availing of FTP benefits, like MEIS, by exporter is delayed.
With snow reportedly falling in Philadelphia, USA and other places, Internal Revenue Service(IRS), the most dynamic tax collecting wing of the Federal Government of USA, opened the electronic filing window on January 29, 2018, enabling millions of tax payers to start the process of tax filing and aspire for tax refunds, if eligible.
