Find status of assessee based on PAN – We have attached a excel file which will help you determine the status of any one on the basis of his PAN. In this file you just have to enter the PAN and sheet will show the status of the PAN.
The assessee-trust registered under section 12A and also approved under section 80G(5) was found to have more then 3/4th of of its total receipt for organizing ‘Bhagwat Katha’; section 80G(5B) limits expenditure on activities of religious nature to 5% of income for year; since expenditure in instant case exceeded 5% and violated section 80G(5B), approval under section 80G was withdrawn with observation that Bhagawat Katha is religious notwithstanding its public character and being open to all castes and religions.
CIT vs. Raychem RPG Ltd (Bombay High Court) – When we apply this functional test suggested by the Special Bench of the Tribunal, we find that impugned software does not form part of the profit making apparatus of the assessee and hence the same is to be disallowed a revenue expenditure. We hold so because we find that the business of the assessee company is that of manufacturing of telecommunication and power cable accessories and trading in oil retracing system and other products and impugned software is an Enterprises Resources Planning (ERP) package and hence it facilitate the assessee’s trading operations or enabling the management to conduct the assessee’s business more efficiently or more profitably but it is not in the nature of profit making apparatus. We, therefore, decide this issue also in favour of the assessee and we hold that this expenditure of Rs.20.60 lakhs is of revenue expenditure. We hold so by following the judgment of the Special Bench of the Tribunal relied upon by the LD AR of the assessee.
Recently, Income Tax Department searched a large number of private lockers and vaults in the city which resulted in unearthing of unaccounted or unexplained jewellery, gold, diamonds and cash in the lockers belonging to people whose whereabouts are not known ie, benami holdings. While this was going on, separately, Income tax department has made it mandatory for all high value buyers of jewellery to declare or mention their Income tax Permanent Account Number (PAN) to the dealer from whom such purchases are made.
While presenting his budget proposals for 2011-12 on 28th February 2011 the Finance Minister Shri Pranab Mukherjee proposed certain changes in the Central Excise rate structure to prepare the ground for the transition to GST, beginning with a reduction in the number of exemptions. He accordingly withdrew the exemption on 130 of these items and levied a nominal Central Excise duty of 1 per cent on these 130 items that entered the tax net. The manufacturers of these items were granted the benefit of the SSI exemption. The scheme of SSI exemption is governed by notification 8/2003 the salient features of which are discussed hereunder.
As on 1st May, 2011, 119 services are taxable services in India. These taxable services are specified in Section 65(105) of the Finance Act,1994. Section 64 of the Finance Act, 1994, extends the levy of service tax to the whole of India, except the State of Jammu & Kashmir. Generally, the liability to pay service tax has been placed on the ‘service provider’. However, in respect of the taxable services notified under Sec.68(2) of the Finance Act,1994, the service tax shall be paid by such person and in such manner as may be prescribed at the rate specified in Sec.66 of the Act and all the provisions of Chapter-V shall apply to such person as if he is the person liable for paying the service tax.
registered under the societies registration act 1973 (No. 44 of 1973), is responsible for planning, execution & maintenance of Rural Road in Chhattisgarh. Presently execution of rural roads under Pradhan Mantri Gram Sadak Yojna in all the 18 Districts of the state is being carried out through 50 Project Implementation Unit. Expression of interest are invited from suitable Chartered Accountants registered with Comptroller & Auditor General of India for Yearly/Half Yearly internal & external audit of accounting, preparation/compilation of balance sheet of District Project Implementation Units, 8 Project Circle including Chhattisgarh Rural Road Development Agency and decision in disputes in contract matters arising incase of companies and partnership firms.
Maharashtra Sales Tax department claimed to have unearthed a major hawala racket having a turnover of Rs 6,500 crore after raiding 37 firms in the city. “During our investigations, we found that transactions worth around Rs 6,500 crore were carried out by 37 companies since 2007. Almost all the firms had bank accounts with a […]
The Official Liquidators have reported that they are facing problems in e-filing of Income Tax Returns in compliance as they are required to mention PAN No. of the person who files the return, representing the company in liquidation. In the Regional Directors Conference held on 16-6-2011 also, the Official Liquidators brought to the notice of the Ministry that they are not able to file Income Tax Returns since the verification part of the report require them to mention their personal PAN Card No. even when they file the Return as a representative assesee of the company (in liquidation). It was suggested that a PAN Card should be issued in the name of the office i.e. OL
Taxable Restaurant Service, means any service provided or to be provided to any person by a restaurant, by whatever name called, having the facility of air-conditioning in any part of the establishment, at any time during the financial year, which has licence to serve alcoholic beverages, in relation to serving of food or beverage, including alcoholic beverages or both, in it premises.
