In simple words, the assessee who is required to furnish the tax audit report for AY 2013-14 shall submit the tax audit report electronically. The following steps should be followed for filing the tax audit report electronically.
As you may be aware, during the Conference of Chief Commissioners and Directors General on 28th August, 2012, a point was raised that the arrears of penalties imposed on individuals, who are no more, may be waived off.
Monetary and Liquidity Measures On the basis of an assessment of the current macroeconomic situation, it has been decided to: keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of their net demand and time liabilities; and keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at […]
TRAI Reduces National Roaming Tariff Ceilings, Permits Customised Tariffs Through Special Tariff Vouchers for National Roamers and Mandates Free National Roaming Plans TRAI has reduced ceilings for national roaming calls and SMS and instituted a new regime for providing flexibility to telecom service providers to customise tariffs for national roamers through STVs and Combo Vouchers. […]
The President of India is pleased to appoint Ms. Sudha Sharma, Member, Central Board of Direct Taxes as Chairperson of the Ceuta” Board of Direct Taxes (CBDT) in the Department of Revenue, Ministry of Finance in the pay scale of Rs. 80,000/- (fixed) with the status of Special Secretary to the
The Department of Trade & Taxes, Government of NCT of Delhi, invites applications from such registered dealers, who fulfil the following eligibility criteria for consideration of their names for award under the Good Dealer Scheme of the Govt.NCT of Delhi.
Millions of taxpayers filing electronic I-T returns will soon get relief from sending by post the mandatory paper verification form (ITR V- Acknowledgement) as the CBDT has decided to soon stop this practice.
On the question whether an Assessee is entitled to adjust the actual cost of imported assets acquired in foreign currency on account of fluctuation in the rate of exchange at the time of making PAYMENT towards the whole or part of cost of the asset or towards repayment of whole or a part of the moneys borrowed by him from any person directly or indirectly, in any foreign currency specifically for the purpose of acquiring the asset along with interest, if any.
After considering the rival submissions and carefully gone through the affidavit filed by the assessee as well as the affidavit of Shri Sunil Hirawat, CA of the assessee, we note that the facts of the case do not suggest that the assessee has acted in a malafide manner
In order to attract the provisions of Section 41(1) of the Act, it is necessary that there should have been a cessation or remission of liability. As held by the Bombay High Court, in the case of J. K. Chemicals Ltd. (supra), cessation of liability may occur__ either by thereason of the liability becoming unenforceable in law by the creditor coupled with debtor declaring his intention not to honour his liability, or by a contract between parties or by discharge of the debt.
