Income Tax : CBDT has notified Cost Inflation Index (CII) from 1981-82 to 2023-24. Find out the Meaning & Index of CII and its use for computin...
Income Tax : A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 6...
Income Tax : Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within s...
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 : Under the provisions of Section 56(2)(vi) certain gifts are liable to income tax as income from other sources. However, this provi...
Income Tax : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
Income Tax : National Securities Depository Limited (NSDL) processes PAN and TAN applications on behalf of Income Tax Department. With a view t...
Income Tax : As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai....
Income Tax : Tax defaulters beware! With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the wher...
Goods and Services Tax : Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Asse...
Service Tax : The making and sale of advertising materials for customers in the form of banner or hoarding or film-slide, etc. is `advertisement...
Income Tax : Search & seizure action u/s 132 was undertaken at the assessee’s premises. Thereafter an order of provisional attachment u/s 281...
Income Tax : 6. We have verified the orders and heard:the rival contentions. There is no dispute that there was a qualification in the auditors...
Income Tax : 3. We have duly considered the rival contentions and gone through the records carefully. Learned Assessing Officer as well as lear...
Income Tax : 10.1 It is the common stand of both - the applicant and the Revenue, that the nature of income arising from the transfer of the ap...
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 ...
Income Tax : Ministry of Law & Justice, Department of legal Affairs, New Delhi Notification Dated : 3rd June 2009 GSR 889 (E). In exercise of t...
Finance : Accounting for taxes on income – Accounting Standard 22 – Treatment of deferred tax assets (DTA) and deferred tax liab...
Income Tax : Notification No. 47/2009 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Incom...
Income Tax : CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment o...
On consideration of the reports of disruption caused due to floods in the State of Bihar, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of obtaining tax audit report u/s 44AB of the I.T. Act as well as for filing of returns of income required to be furnished by 30th September, 2008 to 30th November, 2008, in the cases of income-tax assessees in the State of Bihar.
CCE vs. Shruti Colorants (Bombay High Court) – As s. 35-G of the Central Excise Act (and s. 130 of the Customs Act) provides that an appeal to the High Court shall be filed within 180 days of the receipt of the order appealed against and there is no provision for condonation of delay the court has no power to condone delay.
Notification No. VAT/AMD-1007/ IB/Adm-6 dated 30.08.2008 the registered dealers whose tax liability during the previous year had exceeded Rs. one lakh, shall in respect of the period starting on or after 1st July 2008; the registered dealers whose entitlement for refund during the previous year had exceed Rs. Ten lakh, shall in respect of the period starting on or after 1st July 2008;
Writ petitions were filed challenging the constitutional validity of the provisions of Section 245HA of the Income Tax Act, 1961 under which the petitioners’ applications before the Settlement Commission are to be treated as having abated on account of failure of the Settlement Commission to pass orders under Section 245D(4) of the Act on or before 31.03.2008. In view of the fact that the Supreme Court was seized of an identical issue, the petitions were disposed of with the direction that the parties would abide by the decision of the Supreme Court and in the meanwhile the assessment proceedings would be stayed. Comed Laboratories vs. UOI (Gujarat High Court)
CIT vs. Dodsal Ltd (Bombay High Court) – It is not possible to accept the submission of the Revenue that once the AO comes to the conclusion that there is a breach of the mandate of Section 158BFA(1), then the penalty has to be mandatory imposed. The terminology of section 158BFA makes it clear that the AO has a discretion in the matter of levy of penalty.
Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the Financial Year commencing from the 1st day of April, 2007 and ending on the 31st day of March, 2008 for the urban non-manual employees, hereby specifies the Cost Inflation Index for the Financial Year commencing from the 1st day of April, 2008 and ending on the 31st day of March, 2009
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In what could be a major relief to the corporate sector, the Central Board of Direct Taxes (CBDT) has decided not to scrutinize tax returns of more than 1,000 top companies provided no serious disputes are pending against them. The annual returns of tax complying companies would not be scrutinized this year. The decision has been taken by the CBDT to encourage better tax compliance among the corporate,” a senior finance ministry official, who did not wish to be identified, said.
Service Tax – Accounting Codes for new services -The Government while imposing new taxes, is not prompt in announcing the Head of accounts under which the tax is to be paid, leaving the tax payers as well as the Department in utter confusion. We have been getting several frantic calls from concerned assessees as to what the codes are for the new taxes imposed in this year’s budget. When we expressed our ignorance, many taxpayers asked us, if you don’t know, who will know? We only report; we don’t create.
The Ahmedabad Income-Tax Tribunal has held that where charges are incurred towards MICR facilities regarding identifying, reading and clearing cheques through special kind of machines, the same would be in the nature of fees for technical services (FTS) and would accordingly be liable to deduct tax at source (TDS) under section 194J. In the relevant case, the assessee was engaged in the business of banking activities/services. During verification of the TDS return, the AO observed that the assessee had made payment towards MICR charges to MICR centre managed by State Bank of India without deducting TDS.
