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tax authorities

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Avoid gifts in cash to stay outside taxman’s radar

Income Tax : Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu U...

October 13, 2020 2965 Views 0 comment Print

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

Income Tax : Hitherto, the Lawyers/Advocates are attached to civil courts and are practicing Law before the Judges in Courts of Law by presenti...

December 3, 2014 23440 Views 23 comments Print

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

Income Tax : One of the most widely contested issues by Indian tax authorities during a transfer pricing audit is the amount paid for intra-gro...

December 8, 2009 12704 Views 2 comments Print

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

Service Tax : M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered int...

December 6, 2009 579 Views 0 comment Print

Assessee’s rights against delay

Excise Duty : A tax assessee has to deal with the problem of delay almost every time it interacts with the tax authorities. This delay is someti...

November 17, 2009 561 Views 0 comment Print


Latest News


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

Service Tax : The Point of Taxation rules, which will allow tax authorities to link the payment of service tax to provision of service, raising ...

November 23, 2010 465 Views 0 comment Print

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

Income Tax : 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 ...

January 20, 2010 591 Views 0 comment Print

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

Income Tax : The investigation wing of the income tax (I-T) department in Mumbai has unearthed a record Rs1,315 crore in undisclosed income in ...

January 11, 2010 1281 Views 0 comment Print

Budget 2010-11 may tax undistributed dividend of foreign corporations

Income Tax : The forthcoming budget may contain provisions for taxing the undistributed dividend of foreign corporations that are controlled or...

January 6, 2010 759 Views 0 comment Print

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

Income Tax : The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exc...

December 31, 2009 987 Views 0 comment Print


Latest Judiciary


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

Service Tax : M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered int...

December 6, 2009 579 Views 0 comment Print

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

Income Tax : In Dharmendra Textile Processors' case (supra), Their Lordships have held that that penalty under section 271(1)(c) provides reme...

April 28, 2009 2346 Views 0 comment Print

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

Income Tax : The assessee, who is a non-resident, brought money into India through banking channel and the manner in which this money was utili...

April 2, 2009 1392 Views 0 comment Print


Latest Notifications


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

Corporate Law : G.S.R. 100(E) (1) These rules may be called the Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chai...

January 21, 2016 1466 Views 0 comment Print

MVAT circular on Issuing of Tax Clearance Certificates

Goods and Services Tax : In view of this situation, it is necessary that the procedure for the issuing of such certificates should be standardized. Such ce...

January 5, 2010 26725 Views 3 comments Print

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

Fema / RBI : In partial modification of paragraph 3 (ii) thereof, it is advised that apart from the documents mentioned therein, any certificat...

December 23, 2009 462 Views 0 comment Print

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

Goods and Services Tax : Considering the genuine difficulty faced by the Trade in this respect, the instructions contained in Trade Circular No.8T of 2005 ...

June 20, 2009 48333 Views 1 comment Print

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

Goods and Services Tax : 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 ...

February 28, 2008 1547 Views 0 comment Print


Latest Posts in tax authorities

Avoid gifts in cash to stay outside taxman’s radar

October 13, 2020 2965 Views 0 comment Print

Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu Undivided Family (HUF), during a financial year, are taxable in the hands of the recipient. For the purpose of computation of the threshold limit of Rs 50,000, the aggregate value of gifts received from all sources by the recipient needs to be considered.

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

January 21, 2016 1466 Views 0 comment Print

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

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

December 3, 2014 23440 Views 23 comments Print

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 & Central Excise, Sales Tax (VAT), etc.),

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

November 23, 2010 465 Views 0 comment Print

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

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

January 20, 2010 591 Views 0 comment Print

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.

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

January 11, 2010 1281 Views 0 comment Print

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 Mumbai. More and more firms are voluntarily disclosing their income and paying up tax,” an income-tax official told on Friday.

Budget 2010-11 may tax undistributed dividend of foreign corporations

January 6, 2010 759 Views 0 comment Print

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/dividend of the foreign entity is transferred to India or not.

MVAT circular on Issuing of Tax Clearance Certificates

January 5, 2010 26725 Views 3 comments Print

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.

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

December 31, 2009 987 Views 0 comment Print

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 declare a transaction a sham, if there is a reason to believe that its purpose is to avoid tax in this country.

Concessional rate of tax for foreign oil exploration and production companies

December 29, 2009 693 Views 0 comment Print

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 activities, allowing them to avail of technical services and data more easily.

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