Sales Tax - Page 3

Fake income tax commissioner held for extortion

The crime branch of Delhi Police has arrested a 24-year-old man who allegedly posed as an income tax commissioner and demanded Rs 30 lakh from a businessman in return of closing a fictitious complaint against the victim. The accused, Dinesh Kumar, was arrested last Friday from the Millennium Park area in southeast Delhi....

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Posted Under: Income Tax |

Even if it is assumed that the assessee was authorized to collect sales tax and retain with it, the same will be chargeable to tax as trading receipt

LG Electronics India Pvt. Ltd. Vs. Addl. (ITAT Delhi)

Even if it is assumed that the assessee was authorized to collect sales tax and retain with it, the same will be chargeable to tax as trading receipt in view of decision of Supreme Court in the case of Sahney Steel and Press Works Ltd. v. CIT [228 ITR 253 (SC)]....

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Maharashtra imposes 1% Sales Tax on property sale agreements

Property buyers in Mumbai and the rest of Maharashtra will now have to spend more, as the state government has issued a notification on the imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of sale registered on or after April 1. This would be in addition to a 5 per cent stamp duty, 2...

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Posted Under: Income Tax |

Three deputy sales tax commissioners suspended for involvement in sales Tax refund fraud

Mumbai:-Three senior sales tax officers have been suspended for their alleged involvement in a Rs 50-crore scam. The three officers are deputy commissioners Lalitkumar Chavardol and Sadashiv Kulkarni and assistant commissioner Chandrakant Guthe. The suspension orders were signed by finance minister Sunil Tatkare on Monday. Incidentally,...

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Posted Under: Income Tax |

Date for MVAT audit in form 704 in Maharashtra extended?

On 22/01/10 the Hon. Finance Minister Mr. Sunil Tatkare has announced at the time of bhoomipujan ceremony of proposed building of sales tax office of Ratnagiri that MVAT Audit date is extended by 2 months. This announcement was made in the presence of Hon. Sales Tax Commissioner Mr. Sanjay Bhatia, but there is no official communication ye...

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Posted Under: Income Tax |

Trade circular No. 4T of 2010 on Filing of Audit Report in Form-704 for the periods 2005-06, 2006-07 and 2007-08

Trade Circular No. 4 T of 2010 (18/01/2010)

As per Section 61 of MVAT Act, 2002 it is mandatory for all eligible dealers to get their books of accounts audited. As per trade circular No. 27 T of 2009 Dated 01.10.2009, any dealer who files Audit Report in Form 704 on or after 1" Oct.2009 for any period shall file the same electronically in the new Form-704....

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Indian Inc requested early implementation of Goods and service Tax

India Inc on Tuesday asked Finance Minister Pranab Mukherjee to introduce Goods and Services Tax "as early as possible", amid speculations that the indirect tax reform may not be implemented from the scheduled date of April 1. "We want that the GST deadline should not be missed," Ficci president Harsh Pati Singhania told reporters after ...

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Posted Under: Income Tax |

MVAT circular on Issuing of Tax Clearance Certificates

Trade Circular No. 1 T of 2010 (05/01/2010)

In view of this situation, it is necessary that the procedure for the issuing of such certificates should be standardized. Such certificates are very often required to be produced before various government authorities, local bodies or other bodies etc. for the purpose of tender renewal of licenses etc....

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Validity of agreement for assignment of liabilities and assets by an assessee

MIRC Electronics Ltd. Vs DCIT (ITAT Mumbai)

However, in view of the fact that the agreement has been accepted as genuine in the hands of one of the parties and economic consequences have also occurred because the assignee has made the payment to the Government, the transaction is necessarily be treated as genuine one, and for this reason, ...

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MVAT Notification on Delegation of Powers

Notification No. DC (A&R) PWRJJC/2009/6(2)/ADM-6 (02/01/2010)

In exercise of the powers conferred by sub-section (5) of section 10 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Commissioner of Sales Tax, Maharashtra State, Mumbai, hereby amends the notification No. Sr. D. C. (A & R)/PWR/1006/2/Adm-3, dated 6th October 2007 as follows, namely:—...

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