India is one of the mega diversity countries in the world with different types of forests. Officially 20 per cent of geographical area in the country is under forest cover. The National Forest Policy (1988) aims to increase the forest cover to one third.
The Internal Revenue Service said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its 2017 list of tax scams known as the Dirty Dozen.
Since enrolment application went live,of many issues,one particular issue that has been reported in significant numbers was pertaining to PAN validation of taxpayers,required to be done after the application is submitted with either e-signature or DSC.GSTN has investigated many such issues and have taken certain steps to help tax payers migrate successfully.
It is well settled law that PAYMENT UNDER MISTAKE OF LAW — MISTAKE DISCOVERED ON NOTICING HIGH COURT DECISION — REFUND IS ALLOWED
The Central Board of Direct Taxes (CBDT) has clarified that under the revised India-Korea Double Taxation Avoidance Agreement (DTAA), applications for bilateral Advance Pricing Agreement (APA) involving international transactions with Associated Enterprises in Korea for the APA period beginning Fiscal Year 2017-18 can be filed along with request for rollback provision in prescribed form.
On review of the position of collection out of arrear and current demand as on 28.02.2017, it is noted that the performance of the Department as a whole and of almost all Pr. CCIT Regions individually is much below the targets given in the Central Action Plan 2016-17.
It is a second article in the series dealing with the issues of input tax credit. GST is expected to allow seamless flow of input tax credit to the registered taxable person, but taking into consideration the provisions of Revised Model Goods and Service Tax Law (hereinafter referred to as RMGL), it still looks like a distant dream for assessees.
Department is looking forward for GST and field formations have been instructed to adjudicate pending cases as early as possible, a new bunch of litigations started propelling in the form of rejecting the S B Cess refunds. May the CBEC issue instructions in this regard to in the form of clarification to settle things right.
In this case on the applicability of VAT Rate under Bombay Sales Tax Act, 1959 it was held by Bombay High Court that Tribunal was justified in holding that the bearings sold by the Applicant were covered by Entry C-II-146 of the Bombay Sales Tax Act, 1959 and not by Entry C-II102(2) as auto parts and C-II135 as tractor parts read with Entry A-35 of the Notification issued under Section 41 of the Bombay Sales Tax Act, 1959.
ITAT held that amount surrendered by way of investment in the unrecorded stock of rice has to be brought to tax under the head business income. It Further held that Only real income can be taxed, hypothetical income cannot be taxed nor income can be taxed in vacuum.
