The subscribers of the post office savings scheme, which attracts tax-free interest accrued on deposits of Rs one lakh and Rs three lakh on single and joint accounts respectively, may have a reason to cheer soon. The finance ministry is closely looking at a proposal for upward revision of the tax-free interest deposit limit.
The Madras High Court has stayed National Tax Tribunals Act 2005, that provides for formation of National Tax Tribunals (NTTs) to hear appeals against orders of Income Tax Appellate Tribunals.The First Bench, comprising Chief Justice A.P. Shah and Justice Prabha Sridevan, granted the interim stay after admitting a writ petition filed by the Madras Bar Association represented by its president K.R. Tamizhmani on Friday.
The government may amend an accounting norm that gives certain exemptions to companies from consolidating the balance sheets of subsidiaries with that of the parent under certain circumstances. The idea is to ensure that companies do not take undue advantage of the exemption and give an unrealistic picture of their financial health. Making it compulsory to consolidate the financial statements of all subsidiaries with that of the parent will give the cumulative effect of all the subsidiaries’ financial performance.
Tax payers will now be able to lodge their grievances with the taxman at the click of a mouse, with the launch of an online complaint redressal mechanism on the lines of the existing e-filing facility of tax returns.
As per the new definition of charitable purpose in Finance Act 2008, advancement of any object of public utility, which was earlier considered to be “charitable purpose,” is now not so if it involves the “carrying on of any activity in the nature of trade, commerce or business or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration
In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendment in the Handbook of Procedures.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following additions in the Handbook of Procedures, Vol.2, 2004-2009, as amended.
What is to be assessed is the income which the Assessing Officer has believed to have escaped assessment and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the reassessment proceedings. One has to see that the issue of notice under section 148 should be on the basis of belief of the Assessing Officer that income chargeable to tax has escaped assessment.
In exercise of the powers conferred by sub-section (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.69/2008-Customs, dated the 15th May, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 379(E), dated the 15th May, 2008, except as respects things done or omitted to be done before such rescission.
The principal notification No.15/2007-CUSTOMS, dated the 20th February, 2007, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 94(E), dated the 20th February, 2007 and was last amended by the notification No.68/2008-CUSTOMS, dated the 15th May, 2008, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 378(E), dated the 15th May, 2008.
