Circular No. 4 of 2012 The Board has been apprised that in certain cases the assessees have disputed the figures of arrear demands shown as outstanding against them in the records of the Assessing Officer. The Assessing Officers have expressed their inability to correct/reconcile such disputed arrear demand on the ground that the period of limitation of four years as provided under sub-section (7) of section 154 of the Act has expired.
In a writ petition filed by small investors, Karnataka High Court Held that provisions of Section 206AA of the Income Tax Act are contrary to provisions of Section 139A of the Act. Accordingly, provision of Section 206AA were made inapplicable to persons and was read down from the Act only for those persons whose income was less than the taxable limits. However, the High Court made it very clear that the provisions of the Section 206AA are applicable to the persons whose income is more than the taxable limits.
Deemed sale – it is a critical aspect of the Sales Tax law and it is going to have direct impact on the upcoming Negative list scheme. The new definition of service as defined in context of negative list excludes the deemed sale. In other words, service tax is not to be levied on the deemed sale. However, simultaneously, the concept of declared services is also brought into the service tax law where certain services are declared to be services for the purpose of levy of service tax. Some of these declared services are part of transactions which include the deemed sale; thus, there are certain transactions which will be subject to both sales tax as well as service tax. This bit of diction is about those transactions which will suffer dual taxes – sales tax as well as service tax.
Attention of SEBI has been drawn to news items appearing in a section of press wherein certain comments have been made about the pace of investigations completed during the year 2011-12. From the news items, it is noted that the data of entire years in the past has been compared with a part of the year 2011-12 and distorted inferences have been drawn. The correct position for the last three years is as under:-
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby notifies the Handbook of Procedures- Volume I (Appendices and Aayat Niryat Forms). This shall come into force with immediate effect, except Appendix 37A, 37C and 37D which will be deemed to have come into effect on 5th June, 2012.
Following is brief of the procedure under Automatic Route of ODI: 1. Submit form ODI along with the required documents 2. Conditions to be followed are under automatic route; a. Investee shall ensure that investment does not exceed 400% of the net-worth (capital plus reserves) of the investee (as on late audited balance sheet date)
A.O. In his assessment order has stated that the impounded disc. containing the books of accounts under JR-I & JR-2 from where the cash payments on 31.03.2008 were found, were not manually entered as apparent from the printout. The entries were computerized, not manual. Furthermore, as stated in the submissions dated 24.12.2010, it is not tenable as during the survey, no corroborative evidence and documents were found in support of assessee’s claim from business premises
With increase in transactions taking place in the e-world, the Income Tax department is keeping a vigil on online shopping stores and messenger services like BBM, Ovi to keep a tab on deals that could have ramifications of international taxation. Subscription-based interactive websites and online payment terminals have been placed under the scanner to develop actionable intelligence on cross-border transactions.
Whether reassessment proceedings initiated u/s 147 to successor of business on account of omission and failure to disclose fully and truly all material facts necessary for determining the income chargeable to tax for these assessment years is valid?
Government of India has decided to extend interest subvention of 2% on rupee export credit with effect from April 1, 2012 to March 31, 2013 on the same terms and conditions to the following sectors : i. Handicrafts Carpet . Handlooms Small and Medium Enterprises (SMEs) (as defined in Annex) Readymade garments Processed Agriculture Products Sport Goods Toys
