| Posted: 07 Jul 2013 08:51 PM PDT We have been given some of the very important rights by our law makers in recent years such as Right to information, Right to education and the newly introduced right to food (Recent Food security Bill). These all are recently introduced fundamental right of the citizens of the country. In a... |
| Posted: 07 Jul 2013 07:59 PM PDT Bhoruka Steel Limited (BSL) was incorporated in the year 1969. The company became a sick industrial company within the meaning of SICA.It was proposed that 30 acres of land along with building and structure to be disposed of. The valuers vide their valuation report dated 15.3.2002 valued the said... |
| Posted: 07 Jul 2013 07:23 PM PDT Assessee has sold/transferred a lease hold landed property at 36, SSGT road, Industrial area, Ghaziabad at a consideration of Rs.3,25,00,000/- to Sara exports Ltd. The said lease hold property was acquired by the assessee way back in 1971 as per the original elase deed dt. 26.8.71 for a... |
| Posted: 07 Jul 2013 07:08 PM PDT The assessee is a Company and is engaged in the business of manufacturing and trading of facilities of sponge iron from iron ore, steel melting section for manufacturing of MS ingots from sponge iron and MS scrap, a rerolling mill for manufacturing of constructional and structural steels from MS... |
| Posted: 07 Jul 2013 07:00 PM PDT A search and seizure operation was carried out at the premises of the assessee on 22.11.2006. Assessee is an individual filed the return of income at Rs.5,88,06,735/- on 02.09.2008. This amount included undisclosed investment in jewellery of Rs. 12,85,777/- and undisclosed cash found during search... |
| Posted: 07 Jul 2013 12:28 PM PDT The error in the order of the Commission in the present case lies in permitting the application to proceed without that satisfaction being recorded by the Commission, which is a fundamental aspect which goes to the root of its jurisdiction to entertain an application under Section 245C. The... |
| Posted: 07 Jul 2013 07:15 AM PDT After going through the provisions of the ICAI Act and the Regulations framed therein as well as various activities carried on by the petitioner, we are of the view that the petitioner institute does not carry on any business, trade or commerce. The activity of imparting education in the field of... |
| Posted: 03 Jul 2013 07:44 PM PDT 1. Can a person file form VCES 1 by declaring NIL tax dues? ‐ No, a person cannot file form VCES 1 by declaring NIL tax dues. As per the provisions of the scheme, if a person has not paid the tax dues till 01st March, 2013 then he can apply for the scheme. However, [...] |
| Posted: 03 Jul 2013 07:31 PM PDT Initially when section 3-F was introduced transactions covered under section 3,4 and 5 of the Central Sales Tax Act have not been excluded. Thus the provisions has been declared Ultra virus by the Division bench decision of this court in the case of V K Singhal vs. State of UP reported in 1995 NTN... |
| Posted: 03 Jul 2013 07:15 PM PDT Whether the Cenvat credit reversal is required, where no service tax is paid on output services owing to non-recovery of consideration in case the assessee pays service tax on receipt/ collection basis under Rule 6(1) of the Service Tax Rules, 1994 |
| Posted: 03 Jul 2013 11:56 AM PDT The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India had, vide Press Notes 2 and 3 (2009 series) dated February 13, 2009, issued guidelines for calculation of total foreign investment, i.e., direct and indirect foreign investment in... |
| Posted: 02 Jul 2013 09:24 PM PDT Income Tax Department has released Income Tax Return (ITR ) 7 as Applicable for persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can... |
| Posted: 02 Jul 2013 09:15 PM PDT Services Provided to Special Economic Zone (SEZ) Authorised Operations Exempted From Service Tax The Central Government has decided to exempt the services on which service tax is leviable under section 66B of the said Act, received by a unit located in a Special Economic Zone (hereinafter referred... |
| Posted: 02 Jul 2013 08:07 PM PDT Bonus shares are new shares issued to existing shareholders of a company. These are issued to shareholders in proportion to their current holdings. For example, the company may announce one bonus share for every share held by an investor. As the investor now holds two shares, EPS gets halved. Hence... |
| Posted: 02 Jul 2013 08:04 PM PDT Understanding Section 80G - Section 80G offers a tax deduction for donations to certain prescribed funds and charitable institutions. Here are the details of the section. Eligible Assesses - This section is applicable to all assessees, who make an eligible donation, whether an individual, HUF, NRI... |
| Posted: 02 Jul 2013 08:00 PM PDT What is Dividend Distribution Tax? Section 10(34) of the Income Tax Act, 1961 declares that in addition to the income tax paid by a domestic company against the total income for any assessment year, any amount declared, distributed or paid by such company in form of dividends, is subject to... |
| Posted: 02 Jul 2013 07:53 PM PDT NOTIFICATION NO.25 (RE-2013)/ 2009-2014 NEW DELHI, DATED The 3rd July, 2013 In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central... |
| Posted: 02 Jul 2013 07:51 PM PDT Notification No. 15/2013-Customs (ADD) New Delhi, the 3rd July, 2013 G.S.R. (E).- Whereas, in the matter of levy of anti-dumping duty on Poly Vinyl Chloride Paste Resin also called as PVC Emulsion Resin (hereinafter referred to as the subject goods), falling under sub-heading 3904 22 10 of the... |
| Posted: 02 Jul 2013 07:50 PM PDT Seeks to impose anti-dumping duty on imports of 'Acetone', exported from M/s Chang Chun Plastics Co Ltd, Chinese Taipei and were subjected to provisional assessment by order vide notification No. 44/2011-Customs, dated the 27th May, 2011 Notification No. 14/2013-Customs (ADD) . New Delhi, dated... |
| Posted: 02 Jul 2013 07:16 PM PDT CA Abhijit Sawarkar Income tax assessment is estimation for an amount assessed while paying Income Tax by assessee himself or by income tax officer. Following types of assessment are carried out under Income tax act. We will discuss each type of assessment in detailed in this article. Self... |
| Posted: 02 Jul 2013 07:03 PM PDT CA Anuj Mehta WHETHER SERVICE TAX IS APPLICABLE ON PRINTED BOOKS BY PRINTING PRESS? First we need to understand what is service? In the new regime, all services, other than services specified in the Negative List, provided or agreed to be provided in the 'taxable territory' by a... |
| Posted: 02 Jul 2013 06:49 PM PDT While greater importance is given to Agro industry by the Central Government, as the Fertilizer mixtures are used by the Farmers, why not a circular can be sent clarifying that either Fertilizer mixtures are to be given duty exemption as the raw materials have already suffered Excise duty or the... |
| Posted: 02 Jul 2013 06:40 PM PDT Andhra Pradesh High court in Prathista Industries Limited vs Commercial tax Officer [2013] 61 VST 58 (AP) has held that Authority for advance ruling under State VAT Act cannot act as Authority for Advance Ruling under Central sales Tax Act, 1956. The High Court held that provisions relating to the... |
| Posted: 02 Jul 2013 11:59 AM PDT NOTIFICATION No. 26 (RE-2013)/2009-2014 , New Delhi, Dated : 3rd July, 2013 S.O. (E) In exercise of powers conferred by Section 5 and Section 14 A of the Foreign Trade (Development & Regulation) Act, 1992 {FT(D&R) Act,1992} as amended in 2010, the Central Government... |
| Posted: 02 Jul 2013 12:55 AM PDT the dealers whose turnover exceeded Rs.10 Crore during 2012-13 shall have to file audit report in Form-AR-1 upto 15-11-2013. Therefore, all the officers of VAT Audit Branch, KCS Branch, Spl. Zone Branch and other Wards are advised to carry out the audit of the business affairs of the dealers having... |
| Posted: 01 Jul 2013 09:03 PM PDT At the outset on behalf of the Institute, its employees, members, students and that of my own, I convey my heartfelt condolences to the people and government of Uttarakhand for the tragic loss of life and destructions of property caused by the devastating Cloudburst that hit the holy state last... |
| Posted: 01 Jul 2013 09:01 PM PDT The Institute of Chartered Accountants of India (ICAI), India's premier and world's second largest accounting body, has entered its 65th year of existence. The Institute celebrated its 64th Foundation Day here yesterday as the 'CA Day'. Today, ICAI has over 2 lakh members and more than 11 lakh... |
| Posted: 01 Jul 2013 08:45 PM PDT Government has approved Cadre Restructuring of the Department for the creation of 20,751 additional posts and for carrying out various measures to increase the effectiveness of the Department. Briefly, the salient features of the approved restructuring are as under: a. Number of assessment units... |
| Posted: 01 Jul 2013 08:45 PM PDT Extension of Last Date for Payment of Annual Membership and Certificate of Practice Fee for the Year 2013-14 The annual membership fee and certificate of practice fee for the year 2013-14 became due for payment w.e.f. 1st April, 2013. The last date for payment of fee was 30th June, 2013 which has... |
| Posted: 01 Jul 2013 08:28 PM PDT his Sub-Committee shall, after considering the creation of 20,751 additional posts, 1080 additional assessment/other units, and consequent requirement of existing infrastructure, be responsible for Assessing the existing infrastructure, and infrastructure gaps in the Department. Working... |
RECENT INCOME TAX CASE LAWS IN INDIA
We are Posting here on Regular Basis Recent Judgements on Direct Tax delivered by Supreme Court, High Court and Tribunals.
We Should Be Given Right to Have Simplified Taxation Laws
Posted by kanoisandeep | Wednesday, July 10, 2013UPDATES FROM TAXGURU