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...
Income Tax : Hitherto, the Lawyers/Advocates are attached to civil courts and are practicing Law before the Judges in Courts of Law by presenti...
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...
Service Tax : M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered int...
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...
Service Tax : The Point of Taxation rules, which will allow tax authorities to link the payment of service tax to provision of service, raising ...
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 ...
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 ...
Income Tax : The forthcoming budget may contain provisions for taxing the undistributed dividend of foreign corporations that are controlled or...
Income Tax : The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exc...
Service Tax : M/s. Nirulas Corner House Pvt. Ltd. („the Appellants?) were engaged in the food and confectionary business. They had entered int...
Income Tax : In Dharmendra Textile Processors' case (supra), Their Lordships have held that that penalty under section 271(1)(c) provides reme...
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...
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...
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...
Fema / RBI : In partial modification of paragraph 3 (ii) thereof, it is advised that apart from the documents mentioned therein, any certificat...
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 ...
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 ...
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.
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.
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.
