Section 76 provides for penalty for failure to pay the amount while Section 78 provides for penalty for suppressing the taxable value. Section 78 is, thus, more comprehensive and provides for higher amount. Even if technically, the scope of sections 76 and 78 is different, penalty under Section 76 may not be justified if penalty had already been imposed under Section 78; the appellate authority was within its jurisdiction not to levy penalty under section 76 of the Act having regard to the fact that penalty equal to service tax had already been imposed under section 78 of the Act.
The applicants are advised to approach concerned Regional Authorities (as per jurisdiction) alongwith ANF 2B duly filled in with applicable fees to obtain the necessary authorization to import Natural Rubber as per allocation made to them, on or before 15th February 2011. RAs would be issuing Import Authorisation, after scrutinizing the applications.
Institute of Chartered Accountants of India president Amarjit Chopra today said women taking up accounting profession have increased recently. Addressing the members of the local chapter Chopra said nearly 40 per cent of the 6 lakh students currently
Income-tax officials on Thursday claimed to have detected documents revealing unaccounted wealth of around Rs 11 crore during their searches at the properties of actress Priyanka Chopra and photographer Atul Kasbekar. Documents seized during searches at the office and homes of the two celebrities have reportedly revealed a total unaccounted income of around Rs 11 crore.
Expressing concern that black money stashed in banks abroad might have originated from arms deals, drug trafficking and smuggling, the Supreme Court today asked the government as to what action it had taken against individuals and firms having foreign accounts.
RPCD.CO.Plan.BC. 49/04.09.01/2010-11 It has been decided that henceforth the amount of loans wrongly classified under priority sector identified and reported by Principal Inspecting Officers (PIOs) during Annual Financial Inspection of banks will be taken into account for arriving at the shortfall under priority sector lending targets.
Market regulator Securities and Exchange Board of India (Sebi) will impart financial education and investments skills to executives, home-makers and even school children, to spread awareness about sound investment practices and promote financial incl
Corporate funding to political parties should be treated as expenditure in order to increase transparency in financial statements and curb black money flow, Accounting regulator ICAI has said. It also added that Companies Bill should incorporate this
Empanelment of Schools/ Educational Institutions for holding May-2011 Chartered Accountants Examinations and Common Proficiency Test June-2011 The ICAI conducts Chartered Accountants Examinations in most of the cities in the Country as under :
The Central Vigilance Commission has imposed major penalty on 226 officials of different government organisations for their alleged involvement in corrupt practices. Out of the total 226, a highest of 50 are from Department of Communications, 36 from
