Alarmed by the initial findings of its departmental inquiry, the income-tax (I-T ) department has moved the Central Bureau of Investigations (CBI) to probe the ‘tax return scam.’ The hand of several I-T officials working in tandem with some rogue tax agents is suspected in the scam to siphon off refunds.
The assessee, an Indian company, entered into an agreement with a Chinese company for bauxite testing services in its laboratories (outside India) and for preparation of test reports. The assessee filed an application u/s 195(1) in which it argued that as the services were rendered outside India and the recipient did not have a permanent establishment in India,
The Mumbai Bench of the Income-tax Appellate Tribunal (‘Tribunal’) in the case of T Two International Pvt. Ltd., Tara Jewels Exports Pvt. Ltd. and Tara Ultimo Pvt. Ltd. (See Note-1) (‘the ‘Company’ or ‘taxpayer’), held that in order to determine the arm’s length price of the international transaction, the arm’s length margin should be applied only on the international transaction and not on the entire costs / sales of the taxpayer, as the case may be.
The Income Tax department has set up the Centralized Processing Centre (CPC) at Bengaluru for bulk processing of income tax returns. The CPC will process all electronic tax returns of the entire country, and physical returns of Karnataka and Goa regions. It is equipped with a dedicated call centre, where taxpayers can enquire about the status of their returns and refunds, and also has a remote record storage unit, which would reduce congestion in the IT offices.
The Council of the Institute of Chartered Accountants of India had in August 2009, pursuant to the provisions of Rule 12 of the Chartered Accountants (Procedures of Investigations of Professional and Other Misconduct and Cases) Rules, 2007 had amended the audit documentation retention period appearing as ten years in paragraph 83 of Standard on Quality Control 1 to seven years.
Manufacturers who have paid Central Excise duty of Rs. 10 Lakh or more (including payment by utilisation of Cenvat credit) in the previous financial year shall file their Annual Financial Information Statement (ER4) as prescribed under the proviso to clause (a) of sub rule (2) of Rule 12 of the Central Excise Rules, 2002,electronically.
Nomination is the process of appointing a person to take care of your assets in the event of your death. You can appoint a nominee for your bank account, fixed deposit, demat account, or even your house. A nominee could be a family member or a friend or any other person whom you trust.Procedure to appoint Nominee, Appoint of Minor as Nominee, Nomination by Joint Account Holder, Role of the nominee
Notification No. G.S.R. 455(E)-Income Tax In exercise of the powers conferred by Explanation to sub-section (2) of section 18A of the Central Sales Tax Act, 1956 (74 of 1956), the Central Government hereby appoints the 1st June, 2010 as the appointed day for the purposes of the said sub-section (2) of section 18 of the said Act.
Where assessee was not engaged in collecting and receiving goods of the foreign principal but it was engaged in procuring the customers for the foreign principal, the nature of activities of the assessee cannot be brought within the scope of definition of `C and F Agent’ under section 65(25)
Income Tax Appeal – Share Application Money Dispute | Abhisek Saraf’s Cash Contribution | ITAT Kolkata Decision | Penalty under s. 271D
