Income 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 - IS THE LEVY OF PENALTY AUTOMATIC? No penalty under the Income-tax Act is imposed unless the person concerned has been given reasonable opportunity of being heard. WHAT IS THE MINIMUM AND MAXIMUM PENALTY LEVIABLE? The quantum of penalty leviable depends upon the nature of default. The relevant sections of income-tax Act prescribe the minim...
Read MoreIncome Tax - Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962 Central Board of Indirect Tax & Customs has made certain changes with regard to Prosecution of Foreign Nationals for the offences covered under the Customs Act, 1962 involving Foreign Currency vide Circular N...
Read MoreIncome Tax - Section 276CC of Income tax Act provides for period of rigorous imprisonment and fine in case of willful failure to file return of income under section 139/148/153A or in response to Notice u/s 142(1). The Prosecution is as follows – 1. If amount of tax sought to be evaded is Rs 25 Lakh or less […]...
Read MoreIncome Tax - IMC, BCAS, CAAA, CAAS, KSCAA and LCAS has made a Joint Representation on mechanical issue of prosecution notices by the Income-tax department to Ministry of Finance, Government of India. Text of the same is as follows:- To Ajay Bhushan Pandey, Secretary (Revenue), Ministry of Finance, Government of India, 128-A North Block, New Delhi. Res...
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 MoreIncome Tax Department Vs Sri D K Shivakumar (Karnataka High Court) - Income Tax Department Vs Sri D K Shivakumar (Karnataka High Court) The gist of the offence under section 276C(1) is the wilfull attempt to evade any tax, penalty or interest chargeable or imposable or under reports of the income. What is made punishable is “attempt to evade tax, penalty or interes...
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 MoreIncome Tax Department Vs Sri D K Shivakumar (Karnataka High Court) -
F.No. 285/23/2013-IT(Inv.V)/595 - 07/03/2017
Pradip Burman Vs Income Tax Office (Delhi High Court) -