The Central Board of Direct Taxes (CBDT) — the nodal office for the income tax department — has decided to settle all income tax refunds pertaining till 2009-10 by the end of the current fiscal. With the Central Processing Centre operational,
The Union Government and the State Governments give Guarantees for repayment of borrowings within such limits, if any, as may be fixed upon the security of the Consolidated Fund of India or of the State, as the case may be, in terms of articles 292 and 293 of the Constitution. Guarantees are also given by the Union Government for payment of interest on borrowings, repayment of share capital and payment of minimum annual dividend, payment against agreements for supplies of materials and equipments on credit basis on behalf of the State Governments, Union territories, local bodies, railways, Government companies or corporations, joint stock companies, financial institutions, port trusts, electricity boards and co-operative institutions. Guarantees are also given by the Union Government to the Reserve Bank of India, other banks and financial institutions for repayment of principal and payment of interest, cash credit facility, financing seasonal agricultural operations and for providing working capital in respect of companies, corporations, co-operative societies and co-operative banks. Further, guarantees are also given in pursuance of agreements entered into by the Union Government with international financial institutions, foreign lending agencies, foreign Governments, contractors and consultants towards repayment of principal, payment of interest and payment of commitment charges on loans. The Union Government also gives performance guarantees for fulfilment of contracts or projects awarded to Indian companies in foreign countries as well as foreign companies in foreign countries besides counter-guarantees to banks in consideration of the banks having issued letters of credit to foreign suppliers for supplies or services rendered by them on credit basis in favour of companies or corporations. Furthermore, guarantees are given by the Union Government to railways, and electricity boards for due and punctual payment of dues and freight charges by the companies and corporations. Similarly, guarantees are also given by the State Governments and Union Territory Governments (with legislature).
I strongly believe that implementing the provisions of the SARFAESI Act, 2002 making a good balance between the object and the interests of the borrower is a very complicated exercise. There are so many judgments on the provisions of the SARFAESI Act, 2002 and still certain areas remain complicated. I would like to share a typical case presented to me in the recent past and the facts of the case are as follows:
We aim to be an efficient and effective tax administration respected for fairness, transparency and professionalism.” If a registered dealer/company is not issuing form C, even though the same is mentioned in their purchase order, the invoices are raised accordingly, Sale tax dept collects additional tax, penalty from the Seller & the Buyer is not penalized? No questions are asked to the Buyer for non issuing of Form C, against applicable purchases! Sale tax dept allows Buyer to continue the business, and indirectly helping him to evade the tax?
Swatanter Kumar J.- Before the Income-tax Appellate Tribunal, the Income-tax Officer, Ward-II New Delhi, while preferring an appeal against the order of the Commissioner of Income-tax (Appeals) dated December 1, 1999, relating to the assessing year 1996-97, raised the following issue
Whether, on the facts and in the circumstances of the case, the dividend received by the assessee on the shares held by him as stock-in-trade of his share business was earned income ?
We all aware of the object behind SARFAESI Act, 2002 and it is to enable the banks to recover the debts speedily and to enable the banks to reduce NPAs. Despite lot of criticism that SARFAESI Act, 2002 is draconian law and it enables the Banks to harass the borrowers, Banks suffer to recover their dues in the absence of a special legislation like SARFAESI Act, 2002.
Section 66A of the Finance Act, 1994, inserted with effect from 18.4.2006, provides that where any taxable service is provided or to be provided by a person who has established a business or has a fixed establishment from which the service is provide
What is Export of Services? Whether export of services is exempted from Service Tax? What constitute export of service is defined in the Export of Service Rules, 2005. The export of taxable services is exempted from Service Tax.
the assessee-company had made various payments to its holding company M/s. Alstom Holdings, France but no deductions of tax at source were made. – there is justification for the assessee’s conviction at the time of payment that no tax was deductible at source. It was neither a composite payment.
