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Latest Articles


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 3010 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 23767 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 12899 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 585 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 591 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 471 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 594 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 1422 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 822 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 1032 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 585 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 2379 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 1449 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 1487 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 26986 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 480 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 48348 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 1586 Views 0 comment Print


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

February 28, 2008 1586 Views 0 comment Print

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 Sales Tax Act. As per that circular, the dealers were required to show proof of filing of returns and payments from 1.4.2005 onwards till the last return/payment due from them on the date of application. The dealers were also required to furnish information in the format provided for in the said circular.

IT Department has sought clarity from the CBDT on non-compete fee

February 27, 2008 375 Views 0 comment Print

According to income tax officials, Section 55(2) of the I-T Act estimates the cost of right to carry on any business as nil. However, non-compete compensation received by a person carrying on a reputed business is not explicitly covered in the clause right to carry on any business and is claimed as capital receipt. The department has favoured an amendment to Section 28 of the I-T Act to exclude such compensation from the list of capital transactions. The non-compete fee is shown as capital receipt and thus gets exemption.

SC rules in favour of Income Tax Commissioner

January 8, 2008 409 Views 0 comment Print

The income tax department has won its appeals against tea exporting companies when the Supreme Court resolved the prevailing conflict of views among the High Courts on the question as to at what stage Section 80HHC, deduction in income tax, should be allowed i.e. before the 60 : 40 apportionment under the 1962 IT Rule 8(1) or from 40 per cent profits on sales taxable as business income.

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