tax authorities

If Advocates only allowed to Practice in Taxation, all IT Officials must be Graduates in Law

Corporate Law - Hitherto, the Lawyers/Advocates are attached to civil courts and are practicing Law before the Judges in Courts of Law by presenting, representing or pleading on behalf of their clients/cases. Henceforth, if Lawyers & Advocates (Graduates in Laws) are alone entitled to practice even in Taxation Field (Income Tax, Service Tax, Custom & C...

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Transfer Pricing Management fees : Are you following the best practices? Part I

Corporate Law - One of the most widely contested issues by Indian tax authorities during a transfer pricing audit is the amount paid for intra-group services to group companies often referred to as management or intra-group fees/charges. In fact, compensation for intra-group services has been one of the important transfer pricing challenges globally for ...

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CESTAT decision – Service Tax on Management Consultant’s Services (MCS)

Corporate Law - M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered into an agreement with M/s. Sagar to permit them to run restaurants in the name of “Nirulas” as per the specified plans with regard to the location of the restaurant, area, interiors and other details. As per ...

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Assessee’s rights against delay

Corporate Law - A tax assessee has to deal with the problem of delay almost every time it interacts with the tax authorities. This delay is sometimes due to the system of tax administration, which imposes unnecessary and unreasonable restrictions in the name of checking evasion of taxes. Sometime it is arbitrary whim of the tax administrator, employed to...

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Set-off of short-term capital losses, subject to STT, allowable against short-term capital gains not subject to STT

Corporate Law - The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against...

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Rollout of Point of Taxation rules likely to be pushed to next financial year

Corporate Law - The Point of Taxation rules, which will allow tax authorities to link the payment of service tax to provision of service, raising of invoice or payment for service — whichever is the earliest — may not be introduced in this financial year. The financ...

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Fraudsters siphoned off About Rs 4 crore from Income Tax Department as I-T refunds

Corporate Law - About Rs 4 crore has been siphoned off the I-T system by some unidentified fraudsters with the help of bogus PAN cards, e-returns and e-refund orders. The I-T refunds claimed on the basis of these bogus documents have been deposited in some bank accounts opened in the name of persons who have never paid any income tax....

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Income tax department, Mumbai unearthed recorded concealment of Rs. 1,315 crore

Corporate Law - The investigation wing of the income tax (I-T) department in Mumbai has unearthed a record Rs1,315 crore in undisclosed income in the first nine months of the fiscal year, I-T officials said. The cases involve 16 companies, including 10 that are publicly traded. “Our searches have significantly improved collection of corporate taxes in ...

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Budget 2010-11 may tax undistributed dividend of foreign corporations

Corporate Law - The forthcoming budget may contain provisions for taxing the undistributed dividend of foreign corporations that are controlled or owned by Indian companies. Controlled Foreign Corporations (CFCs) laws enable the authorities to tax the income of a resident derived from a foreign corporation. This is irrespective of whether the profit/divi...

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Budget 2010 may have anti-avoidance provisions to check evasion of tax

Corporate Law - The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exclusively for the purpose of evading paying taxes in India. The finance ministry, said revenue department officials, is contemplating the idea of vesting powers with the commissioners of Income-tax (I-T) to decl...

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In the case of remittances by banking channel the onus on the assessee U/s. 69 stands discharged, and therefore, section 5(2)(b) does not apply

Sushila Ramasamy Vs. ACIT (ITAT Chennai) - The assessee, who is a non-resident, brought money into India through banking channel and the manner in which this money was utilized in India is described in the Annexure. We have observed in the above paragraphs that because of the mode of banking channel, admittedly, used for the remittance in th...

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CESTAT decision – Service Tax on Management Consultant’s Services (MCS)

M/s. Nirulas Corner House Pvt. Ltd. Vs. Commissioner of Service Tax (CESTAT Delhi) - M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered into an agreement with M/s. Sagar to permit them to run restaurants in the name of “Nirulas” as per the specified plans with regard to the location of the restaurant, ar...

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Merely because an addition is made to the income declared by the assessee, penalty u/s. 271(1)(c) cannot be imposed

Kanbay Sotware India Pvt. Ltd. Vs DCIT (ITAT Pune) - In Dharmendra Textile Processors' case (supra), Their Lordships have held that that penalty under section 271(1)(c) provides remedy for loss of revenue. A penalty under section 271 (1)(c) involves payment of an additional amount, which is a civil liability to provide for remedy for loss of revenue,...

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New Rules and Procedure for Appointment of AAR Chairman and Vice-Chairman

G.S.R. 100(E) - (21/01/2016) - G.S.R. 100(E) (1) These rules may be called the Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016...

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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 e...

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Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concern

RBI/2009-10/271, UBD.BPD.CO.NSBI/ 38 /12.03.000/2009- 10 - (23/12/2009) - In partial modification of paragraph 3 (ii) thereof, it is advised that apart from the documents mentioned therein, any certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities may also be considered for verification of the proof of name, address and activ...

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Circular on Validity of Form ‘I’ under Central Sales Tax Act

Trade Circular No. 19 T of 2009 - (20/06/2009) - Considering the genuine difficulty faced by the Trade in this respect, the instructions contained in Trade Circular No.8T of 2005 are being modified. Sales Tax authorities are instructed to also allow declarations in Form 'I' issued by Sales Tax authorities of other States. This will be applicable f...

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Furnishing of copies of challans/returns to the Sales Tax Authorities.

Trade Circular No. 5 T of 2008 - (28/02/2008) - Trade Cir. No. 5 T of 2008 A Trade Circular No. 1T of 2008 dt. 25.1.2008 had been issued explaining the procedure for issuance of statutory forms under the Central Sales Tax Act, 1956. In that circular, a procedure had been set down for the use of applicants of declaration forms under the Central Sa...

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Recent Posts in "tax authorities"

New Rules and Procedure for Appointment of AAR Chairman and Vice-Chairman

G.S.R. 100(E) (21/01/2016)

G.S.R. 100(E) (1) These rules may be called the Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016...

Read More

If Advocates only allowed to Practice in Taxation, all IT Officials must be Graduates in Law

Hitherto, the Lawyers/Advocates are attached to civil courts and are practicing Law before the Judges in Courts of Law by presenting, representing or pleading on behalf of their clients/cases. Henceforth, if Lawyers & Advocates (Graduates in Laws) are alone entitled to practice even in Taxation Field (Income Tax, Service Tax, Custom & C...

Read More

Rollout of Point of Taxation rules likely to be pushed to next financial year

The Point of Taxation rules, which will allow tax authorities to link the payment of service tax to provision of service, raising of invoice or payment for service — whichever is the earliest — may not be introduced in this financial year. The financ...

Read More

Fraudsters siphoned off About Rs 4 crore from Income Tax Department as I-T refunds

About Rs 4 crore has been siphoned off the I-T system by some unidentified fraudsters with the help of bogus PAN cards, e-returns and e-refund orders. The I-T refunds claimed on the basis of these bogus documents have been deposited in some bank accounts opened in the name of persons who have never paid any income tax....

Read More

Income tax department, Mumbai unearthed recorded concealment of Rs. 1,315 crore

The investigation wing of the income tax (I-T) department in Mumbai has unearthed a record Rs1,315 crore in undisclosed income in the first nine months of the fiscal year, I-T officials said. The cases involve 16 companies, including 10 that are publicly traded. “Our searches have significantly improved collection of corporate taxes in ...

Read More

Budget 2010-11 may tax undistributed dividend of foreign corporations

The forthcoming budget may contain provisions for taxing the undistributed dividend of foreign corporations that are controlled or owned by Indian companies. Controlled Foreign Corporations (CFCs) laws enable the authorities to tax the income of a resident derived from a foreign corporation. This is irrespective of whether the profit/divi...

Read More

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....

Read More

Budget 2010 may have anti-avoidance provisions to check evasion of tax

The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exclusively for the purpose of evading paying taxes in India. The finance ministry, said revenue department officials, is contemplating the idea of vesting powers with the commissioners of Income-tax (I-T) to decl...

Read More

Concessional rate of tax for foreign oil exploration and production companies

Income of foreign companies providing technical services and data to oil exploration and production companies in India will be taxed at a concessional rate, the Authority for Advance Rulings (AAR) on income tax has said in a recent decision. The ruling will be a big help to oil prospecting companies in India as they step up exploration ac...

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Cash seizures by tax authorities during searches almost doubled in financial year 2008-09

Cash seizures by tax authorities during searches on evaders nearly doubled to Rs 400 crore in 2008-09 fiscal, while the size of total assets impounded grew by half to Rs 625 crore, says an official report. The department conducted searches on 429 groups, mostly real estate companies, across the country during 2008-09....

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