Trade and Industry has sought clarification as to whether the first installment of tax dues paid under Voluntary Compliance Encouragement Scheme (VCES), 2013 would be available as Cenvat Credit immediately after payment or Cenvat credit can be availed only after payment of tax dues in full and receipt of Acknowledgement of Discharge in form VCES-3.
The Supreme Court has cited two instances where a manufacturer may sell goods at lower prices and yet the declared value can be accepted- (i) company switching over business and (ii) where goods could not be sold within reasonable time]
However, extension in time for Installation of Capital Goods upto a maximum period of 18 months from the date of completion of import may be considered by the concerned RA.
Manpower, often referred to as labor is one of the primary concerns of every business. There comes the need of an efficient HR process in place to handle this manpower or labor. When we take HR process, we have two definitions. One part of it is concerned with acquiring manpower which is termed as recruitment […]
An identical issue has been considered and decided by this Tribunal in assessee’s own case for the assessment year 2002-03, Addl. DIT v. Bank of Bahrain & Kuwait. Respectfully following the order of this Tribunal, the direct and exclusive NRI Desk expenses incurred by head office were allowed
New Delhi: A Senior Income Tax Commissioner – Sanjay Srivastava – become the first income tax commissioner to be sentenced to jail for contempt by the Delhi High Court. Mr Srivastava has been sentenced to 15 days in jail by a division bench of the court in its order dated 17.01.2014.
As per the Citizens Charter the time line prescribed for a decision on application for no deduction of tax or deduction of tax at lower rate is one month. Instances have been brought to the notice of the Board, about considerable delay in issuing the lower/non deduction certificate under section 197 by the jurisdictional Assessing Officers.
One Person Company is new concept under the Companies Act, 2013. Previously, there was no such type of concept. One Person Company means a company which has only one person as a member. That type of Company Called One Person Company (Section 2(62)).
If the amount has been deposited on or before the due date of filing the return under Section 139 and admittedly it was deposited on or before the due date then the amount cannot be disallowed under Section 43B of the I.T. Act or under Section 36(1)(va) of the Act.
NSDL vide its circular No.: NSDL/TIN/2014/004 dated 15th January 2014 has informed that the Income Tax Department (ITD) has revised PAN application fees as follows :- From Rs. 96 to 105/- (For dispatch of PAN card in India)
