taxation

 The Delhi High Court dismissed the plea of Microsoft India seeking a duty relief to the tune of Rs 260 crore for alleged violation of service tax norms.  A bench comprising Justices A K Sikri and Valmiki J Mehta dismissed the petition by Microsoft India challenging the government’s demand to pay Rs 260 crore as service tax including penalty and interest.&nb..

 The Finance Ministry has extended service tax exemption to five more export promotion councils (EPCs). With this move, the total number of EPCs that could avail themselves of service tax exemption has gone up to 27 across the country. Budget 2009-10 had provided exemption on the service tax leviable u..

Companies deferring TDS transfers, trust incomes to be under lens The interest paid on delayed compensation to land owners by companies or entities engaged in the creation of Special Economic Zones, industrial parks and infrastructure developments,and payments by electricity distribution companies to transm..

The government will arm its income tax officials with details on assets of those whose tax payments are pending, a move aimed at meeting the Rs 13,153-crore target for arrear collection this fiscal. With tax arrears of Rs 2,13,646 crore due as on April 1 this year, t..

The Finance Ministry has made it clear that interest liability will arise on companies in situations where Cenvat credit had been wrongly taken, but not utilised. A clarification circular to this effect was issued by the Central Board of..

 The Finance Ministry has now given service tax exemption on transportation of certain specified goods by rail or through inland water and coastal shipping. The exemption has been given keeping in mind the common man, a Finance Ministry official said. ..

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 (CBEC), the list of exempted goods includes — edible oil seeds and edible oils; food grains (cereals and pulses) and flour, petroleum and petro..

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 calculating tax liabilities. This issue came up before the ITAT in connection with an application filed by Western Coalfields, a subsidiary of the state-ow..

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 dismissed a batch of petitions filed by various firms and held that the duty drawback receipt/DEPB benefits are incentives that flow from government sch..

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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 B..

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, organised by the Federation of Indian Chamber of Commerce and Industry, Mr Mukherjee said, “At the national level, there is a certain amount of c..

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 advertising and promotions. The judgment also applies to PepsiCo, which had intervened during the hearing in July this year.  ..

Guidance on clause 17A in the Form No.3CD 38A. Clause 17A- Amount inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009,..

Trusts and institutions carrying out charitable activities will face more stringent taxation regime wh..