HIGH COURT OF KARNATAKANorth West Karnataka Road Transport Corporationv.Deputy Labour CommissionerWrit Petition No. 5759 of 2006February 25, 2008 RELEVANT EXTRACTS : ** ** ** ** ..
The government has made the first move to home in on individuals and entities who have stashed away black money in one of the offshore banks. The Central Board of Direct Taxes (CBDT) has sent notices to at least 50 individuals figuring among a list o ..
The Federation of Indian Chambers of Commerce and Industry (FICCI) has sought reduction in corporate tax rate to 25 per cent and reintroduction of investment allowance, besides continuation of tax holiday benefits for housing, telecom and power secto ..
SUPREME COURT OF INDIARotork Controls India (P) Ltd.v.CITCIVIL APPEAL NOS. 3506-3510 OF 2009MAY 12, 2009 RELEVANT EXTRACTS : 10. What is a provision? This is the question which needs to be answered. A provision is a liability which can be measured on ..
As the world economy seeks firm footing amid the first global recession since World War II, more and more countries are turning to discretionary fiscal stimulus to boost overall demand and restart the flow of credit to companies. And, while spending ..
The Central Board of Direct Taxes have decided to defer the implementation of Notification No. 31/2009 dated 25-3-2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962. The amended / substituted Rules will now come in ..
In a first-of-its-kind judgement, the Income-Tax Appellate Tribunal (ITAT) recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax. The judgement will come as a major relief for people who borrow money f ..
Merely because other clubs follow the very same accounting policy, it cannot be said to be beyond scrutiny or verification as to the correctness and completeness of the accounting practice followed, and there is any deficiency in such accounting prac ..
Central Bank of India has introduced on-line system of tax receipts to facilitate payment of West Bengal Government’s commercial taxes through the Internet, according to a press release issued by the bank. Nearest CBS branch of the bank may be ..
Individual and small corporate taxpayers will get income or corporate tax refunds in four months, with the refund banker scheme spreading across the country soon. The refunds, arising out of tax payments and TDS collections, usually take more than a ..
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