The notice is issued proposing to levy penalty under Section 271(1) (b) of the Act whereas the order is passed by the Assessing Officer under Section 271(1) (c) of the Act which clearly indicates that there was no application of mind by the Assessing Officer while issuing the notice under Section 274 of the Act.
A large part of a tax-payer’s income goes away by way of Income-tax. For this reason tax- payer is always on the look-out of ways and means for minimising his tax liability. The best way to achieve this objective is to utilise the services of a tax-expert and get one’s tax-affairs so arranged within the four corners of taxation-laws, that his incidence of taxation is minimised.
(S.192 Of The Income Tax Act) The present day employers, particularly large corporate employers, are a harried lot. The Government has found a new tool in the form of enlargement of the scope of Tax Deduction at Source (T.D.S.) for augmenting tax revenues. Vide Finance Act 1995 , the scope of T.D.S. has been vastly […]
With effect from 14.05.2015 Government means the Departments of the Central Government, a State Government and its Departments and a union territory and its departments but shall not be include any entity, whether created by a statute or otherwise, the accounts of which are not required to be kept in accordance with article 150 of the Constitution or the rules made theirunder
Below is a simple ten step process by which you can have access to most of the financial and secretarial information of any active corporate, which follows good corporate governance norms. The key is that the corporate should file the compliance documents within the stipulated time as per provisions of the Companies Act and hence the e form becomes a Public document which can be accessed.
Rashtriya Ispat Nigam Ltd. v. Addl CIT (TDS), ITAT Visakhapatnam) Even if there is no PAN, if the deductor has deducted TDS as per provisions of sec 192, Section 206AA does not over-ride section 192 in terms of the requirement of “at the rates specified in the relevant provisions of the Act.
In an important judgement in the case of Sri Anjaneya Agro Tech Private Limited Vs. The Dy. Commissioner of Commercial Taxes (Audit) [2016-VIL-63-KAR], Hon ‘ble High Court of Karnataka has ruled that assessee-dealer is entitled to claim benefit of a subsequent judgement of the court, even after completion of assessments, by filing rectification application.
Input services not only cover services of falling in the substantial part of Rule 2(l) of the Cenvat Credit Rules, 2004 but also cover services which are covered under the inclusive part as the same having some sort of nexus with the business activity of the assesses.
It is held that merely because assessee has not reverse credit attributable to provision of exempted services would not disentitle it to claim credit which is otherwise available in respect of input services used in provision of taxable services.
It was held that the supplies to SEZ should be treated as exports and no reversal of CENVAT is required to be done under Rule 6 as amended with effect from 10.09.2004.
