While complying with TCS rules for collection, payment and uploading of TCS information (E-filing of TDS returns), Jewellery dealers have to furnish PAN of customers. For Certain customers,it is not convenient to provide PAN as they may have constraints in explaining the source.In such cases to accommodate high net worth customers,unscrupulous traders have an easy source of benami PAN particulars from reserved railway passengers chart.
Central Board of Excise and Customs is celebrating 2012 as the Golden Jubilee year to commemorate 50 years of the Customs Act, 1962. As a part of these celebrations, a Postage Stamp and a Coffee Table book on Indian Customs -Anything to Declare were released at a function held here today.
Finance Ministry is likely to launch the Rajiv Gandhi Equity Scheme, which is aimed at boosting retail investments in the capital market, by August 15. Officials from the Department of Economic Affairs (DEA) would meet counterparts in market regulator Sebi next week to finalise the details of the scheme, a senior finance ministry official said.
Shri Kapil Sibal Launches Anti-Ragging Web-Portal Shri Kapil Sibal, Union Minister of Human Resource Development inaugurated the Anti-Ragging Web Portal here today. The portal has been developed by the University Grants Commission (UGC) in collaboration with Ed.CIL (India) Ltd. and Planet E-Com Solutions. The Hon’ble Supreme Court in its judgment dated 8th May, 2009, while […]
In a Press Release the Institute has made it clear that Graduates seeking admission till 31st August, 2012 will be eligible for Examination in June 2013. B.A / B.Sc / B.Com/ Graduates of any discipline (excluding Fine Arts) can pursue the CS EXECUTIVE PROGRAMME conducted by the Institute of Company Secretaries of India (ICSI). CS Helpline is available on Telephone No. 011 – 41504444, 45341076 & 45341077 (Delhi).
Rebate under section 88E was to be allowed from the tax computed as per provisions of section 115JB to find out whether after set off of rebate under section 88E, any tax liability remained or not. Admittedly the tax liability as per MAT provisions was Rs.7,56,694/- and rebate admissible under section 88E was Rs.26,98,260/-. Therefore, in any view of the matter, no prejudice was caused to the revenue by non-consideration of provisions of section 115JB by Assessing Officer. Therefore, ld. CIT’s order cannot be sustained.
The Special Judge for CBI Cases, Jabalpur has convicted Shri B.C. Ekka, the then Superintendent & Shri M.K. Singh, the then Excise Inspector, both working in the office of Asstt. Commissioner, Customs & Central Excise, Jabalpur and sentenced them to undergo two years rigorous imprisonment with fine of Rs. 11,000/- in a bribery case.
The case of the assessee is that the statement/admission was made under the mistaken belief of law that Rs. 50 lakhs represents the sale value of stock found short was undisclosed income of the assessee instead of the correct legal position that the gross profit on suppressed sale is the income of the assessee.
I am directed to refer to the Ministry’s General Circular no. 14/2012 dated 21st June 2012 and to say that fees on Form 23B (Information by statutory auditor to the Registrar) has been deferred for two weeks and shall now be applicable from 5th August, 2012.
Ostensibly, while denying the assessee’s claim of carried forward unabsorbed loss/depreciation assessed under the normal provisions of the Act, the Assessing Officer has proceeded on the basis that section 10A of the Act provides an exemption and, therefore, loss suffered in such unit is not allowed to be set off or carried forward for further set off against other normal business income.
