The government has exempted a number of goods like food grains, fertilisers and farm inputs from paying service tax for transportation through railways and waterways. According to the notification issued by the Central Board of Excise and Customs (CB ..
The Income-Tax Appellate Tribunal (ITAT) has held that any expenditure, which is viewed as an offence or is prohibited by law, but is of a commercial nature incurred in the normal course of business, can be treated as an outgo at the time of calculat ..
The Supreme Court has said profits derived from the Duty Entitlement Passbook Scheme and the Duty Drawback Scheme are incentives and cannot be termed as profits from business to claim income tax deductions. A bench headed by Justice S H Kapadia dismi ..
Modifications in the e-TDS/TCS data structure and new File Validation Utility applicable from October 1, 2009 The data structure of quarterly e-TDS / TCS statements has been modified by the Income Tax Department to inco ..
The government will make necessary changes in tax laws to align them with provisions in social security pacts, as India gets ready to implement its first such agreement with Belgium from September 1. This would allow companies and employees to enjoy ..
The Union Finance Minister, Mr Pranab Mukherjee, on Thursday said that the State-level differences regarding Goods and Services Tax continue to exist even after the meeting of the Empowered Group of State Finance Ministers. Speaking at an event, orga ..
In a judgment that stands to help contract manufacturers like fast moving consumer goods, pharmaceutical and cosmetic majors, the Bombay High Court ruled that beverage major Coca-Cola could avail of tax credit on the service tax it pays for advertisi ..
Guidance on clause 17A in the Form No.3CD38A. Clause 17A- Amount inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006This is a new clause inserted by the Central Board of Direct Taxes through its Notification ..
Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011. The proposed tax regime may discourage people from undertaking altruistic activitie ..
Even as the indirect tax kitty during the first four months of this fiscal shrunk by 28 per cent when compared to last year, the government expects to meet the budgetary target of about Rs 2.7 lakh-crore reading the signs of revival in economy. " ..
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