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Income Tax - To prevent litigation and encourage early settlement of disputes, the Government introduced a scheme in year 2005 providing for compounding of offences against payment of compounding amount. Initially, it was extended to offences under Customs Act, 1962 and Central Excise Act, 1944. In the year 2012, it has been extended to offences under...
Read MoreIncome Tax - Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because...
Read MoreIncome Tax - IN this Article we have discussed 37 defaults which invites levy of Penalty and 17 offences which are punishable under under the Income Tax Act,1961. Articles further discusses in brief about Penalty & Prosecution Provision in Brief. ...
Read MoreIncome Tax - FORMER Central Excise Commissioner Ms LR Mithran was sentenced to a four year Rigorous Imprisonment with a fine of Rs. 20,000 for accepting a bribe of Rs. 8 lakhs from an assessee for reducing his duty liability from Rs. 36 Crores to Rs. 9 Crores. ...
Read MoreIncome Tax - The sources said the alleged duty evasion in import of raw materials for production of copper products was detected during a raid in the factory premises here for the past two days. They said Varadharajan has been remanded to 15 days judicial custody....
Read MorePradip Burman Vs Income Tax Office (Delhi High Court) - While hearing an appeal filed by Dabur India Ltd Promoter Pradip Burman in Black Money case related to undisclosed Bank Account maintained Outside India, Delhi High Court held that prosecution can be launched against him as at the time of commission of alleged offence...
Read MoreF.No. 285/23/2013-IT(Inv.V)/595 - (07/03/2017) - From the figure of prosecution complaints filed and pendency of compounding applications reported in respect of your region till Jan,2017, I find that performance in this area is not upto the mark....
Read MoreF.No. 285/23/2013-IT(Inv.V)/595 - (07/03/2017) -
Pradip Burman Vs Income Tax Office (Delhi High Court) -
