Insofar as Appeal No. 64/2009 is concerned relating to the correctness or otherwise of the order of the Tribunal rejecting the rectification application on the ground of limitation, even assuming, that it is a question of law, there is no error in the finding on the question of law also and therefore there is no way of keeping this appeal pending on the board of this Court for further examination, the order of the Tribunal is fully in consonance of the law declared by the Supreme Court in Hongo India (P) Ltd’s case (supra) the appeal inevitably has to be dismissed and it is accordingly dismissed.
Notification No. 82/2009 – Income Tax In exercise of the powers conferred by the fourth proviso to sub-section (1) of section 132 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby empowers all the Additional Directors of Income-tax and Joint Directors of Income-tax working under the Director General of Income-tax (Investigation)
India today said it will renegotiate with all the 77 countries with which it has double tax avoidance treaties to track tax evasion following allegations of black money being stashed by many Indians in Swiss banks.
If the Value Added Tax (VAT) is considered to be a major improvement over the pre-existing Central excise duty at the national level and the sales tax system at the State level, then the Goods and Services Tax (GST) will be a further significant breakthrough – the next logical step – towards a comprehensive indirect tax reform in the country.
Kind attention is invited to the recent judgement of the Honourable High Court of Delhi in the matter of Home Solutions Retail India Ltd and Others Vs Union of India [2009] 20 STT 129 (Delhi) , wherein it is held (Para 36 of the order) that, “Section 65(105)(zzzz) does not in terms entail that the renting out of immovable property for use in the course of furtherance of business of commerce would by itself constitute a taxable service and be exigible to service tax….”
Our elections are held on the single ‘transferable vote’ system under which the voter has to indicate his preferences about the candidates by inserting the figures 1, 2, 3 etc against the names of the candidates according to his preference. Some members are under the impression that only the ‘ first’ preference vote has value. This impression is not correct.
Further, it may be noted that since technical scrutiny of balance sheet does not involve attestation function, accordingly any Chartered Accountant not holding certificate of practice is also eligible to apply for the subject panel.
Certain provisions in the Direct Tax Code applicable to religious and charitable institutions and trusts will pose “serious difficulties” for these organizations, the Catholic Church has said. “The Direct Tax Code as conceived creates serious difficulties for societies, trusts and institutions functioning under Catholic christians community and other religions,” said the Catholic Bishops Conference of India (CBCI) in a memorandum to Finance Minister Pranab Mukherjee.
The GST shall have two components: one levied by the Centre (hereinafter referred to as Central GST), and the other levied by the States (hereinafter referred to as State GST). Rates for Central GST and State GST would be prescribed appropriately, reflecting revenue considerations and acceptability. This dual GST model would be implemented through multiple statutes (one for CGST and SGST statute for every State).
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point upto the retailer’s level. It is essentially a tax only on value addition at each stage, and a supplier at each stage is permitted to set-off, through a tax credit mechanism, the GST paid on the purchase of goods and services as available for set-off on the GST to be paid on the supply of goods and services.
