Basic Exemption Limit for Small Service Providers In Its pre-budget memorandum-2014 on Indirect taxes Institute of Chartered Accountants of India (ICAI) has suggested that Current Service Tax Exemption Limit of Rs. 10 Lakh should be increased to Rs. 25 Lakh. It has submitted as follows :- The service tax exemption limit for small service providers […]
In its pre-budget memorandum 2014 Institute of Chartered Accountants (ICAI) has suggested that the provision of Excise/Service tax audit by Chartered Accountant be introduced, similar to the Tax Audit Under Income Tax Act 1961 and VAT audit under various states. ICAI has further suggested that Excise/Service Tax Audit in line with the Income-Tax Audit be […]
Facility to submit Form C, E etc. online Section 6 is charging Section. As per Section 6(2) subsequent inter-state sale transaction taking place by transfer of documents of title to goods, when the goods are in course of movement, are exempt. For this purpose the claimant dealer has to obtain Form E-1 from his vendor […]
Section 271(1)(c) empowers inter alia the Assessing Officer, where he is satisfied in the course of any proceedings under the Act that the assessee had concealed the particulars of his income or furnished inaccurate particulars of such income, to direct the payment of penalty. Sub-section (1B) was introduced by way of an amendment by the Finance Act, 2008 with retrospective effect from 1 April 1989. Sub-section (1B) reads as follows
The issue before us is whether the transfer of the shares of Nestle India Ltd and Hindustan Lever Ltd held by the members of Bilakhia family as investment by them to the assessee-company as per family arrangement dated 16-02-2001 claimed to have been transferred without
Assessee has not concealed anything in this regard. Therefore, it cannot be a case of concealment of facts. As far as the filing of inaccurate particulars of income is concerned, we hold that assessee was having huge carry forward losses and depreciation and the return was filed at nil income.
Time limits set out under section 153, for completing the assessments, reassessments and recomputations, are concerned, is that these time limits do not apply in the cases “where the assessment, reassessment or recomputation is made on the assessee or any person
The assessee is the proprietor of Shri Vekkaliamman Builders and Promoters and he also happens to be the Managing Director of Southern Academy of Maritime Studies Private Limited, in which he holds share of 63%.
It is well settled that proceedings under the Contempt of Courts Act are quasi-criminal in nature and hence, no action under the Act can be taken unless a clear case of criminal contempt is made out.
As reported by some of the newspapers and PTI GOvernment may provide a major relief to the tax-payers, by increasing the Income Tax slab limit for exemption from Rs.2 lakh to Rs.5 lakh. According to sources, the Finance Ministry has also sought a report on the same from the I-T department. The CBTD is likely […]
