DCIT Vs Narayani Ispat (P) Ltd. (ITAT Kolkata) Interest was paid for delayed payment of service tax & TDS. The interest for the delay in making the payment of service tax & TDS is compensatory in nature. As such the interest on delayed payment is not in the nature of penalty in the instant case […]
Whether the CESTAT has erred in holding that Service tax is not required to be paid on goods used in the repairing process on which Excise duty and VAT has been paid on the value of the said goods, ignoring the fact that as per the contract the respondents were under an obligation to replace the damaged parts and to maintain the transformers in a proper working condition.
ITAT Mumbai has in the case of Shri Rajeev G. Kalathil Vs. DCIT held that Purchases can not be termed as bogus by the AO merely because the supplier was listed as a hawala dealer by the Vat authorities.
In the instant case, the amounts were paid in respect of an obligation in respect of purchase of flat through agreement, therefore, no fault can be found on the part of the AO for treating these charges as interest and liable for TDS u/s 194A of the Act.
Accepting/ repaying loans/ advances via journal entries contravenes Section 269SS & 269T but Penalty cannot be levied under section 271D and Section 271E of the Income Tax Act,1961 if transactions are bona fide & genuine.
CA Sandeep Kanoi As reported by us in our post dated 18.06.2014 titled ‘Union Budget on 10th July 2014, Rail Budget on 8th July 2014’ government has announced yesterday (23.06.2014) dates of Rail Budget, Union Budget, Release of Economic Survey and Budget Session. The whole schedule of the budget process is the same as reported […]
Notification No. 32/2014-Income Tax Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall— (a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall be verified in the manner specified therein.
Considering the very low availability of Internet Facility in India especially in villages and smaller cities the move is the one which is not appreciated by tax professionals. Some of the professionals has also demanded that Limit of 4 registrations against a mobile number/email registration must be removed immediately.
As per Section 74(1) of Companies Act, 2013 every Company is required to file Return of Deposits in Form DPT -4 along with Auditor’s Certificate thereon within three months from the commencement of Companies Act, 2013 i.e. on or before 30th June 2014.
The taxpayers should be given due respect and be treated as a client. In fact there should be a system where the taxpayer paying tax, beyond a certain limit, is provided priority services. Like the taxpayer contributing tax more than 25 Lakhs may be issued a Gold card, like wise taxpayers contributing more than 1 crore may be issued a Platinum card.
