taxation

 The provisions of section 22 of the Income-tax Act cannot be invoked on a lease of land; the provisions of section 27(iiib) of the Act will apply only when a building thereof is involved and assessee has any right in the said buildi..

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 The Supreme Court on Tuesday ruled that no service tax can be levied on the sale, promotion and marketing of lottery tickets. A bench comprising Justice SB Sinha and Justice Cyriac Joseph upheld the Sikkim High Court’s orde..

 The Directorate-General of Central Excise Intelligence (DGCEI) has slapped a show-cause notice on Vodafone Essar Ltd for allegedly not paying service tax on commissions paid to distributors of its pre-paid cellular card. The show-..

 The Finance Ministry will shortly meet representatives from the packaged software industry to settle the issue of double taxation on the sector. "We will meet representatives from the industry soon. They will put forth their suggestions, then we will work on the issue," said a Finance Minist..

The Supreme Court issued notice to Bollywood megastar Amitabh Bachchan on a petition filed by the Income Tax department, challenging the Bombay High Court order allowing 30 per cent exemption..

 A public interest litigation (PIL) has been filed before Allahabad High Court against the government, income-tax department and    Delhi-based Shiv Nadar group company Slocu..

CHARITABLE HOSPITALS MAY FACE I-T SCAN ..

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NEW TDS FORM DRAWS FLAK A new form introduced by the Central Board for Direct Taxes (CBDT) to improve tax deductions at source (TDS) has allegedly made the process more cumbersome, and may even prompt the government to put the transition to the new regime in abeyance. The new form for tax deductors — those responsible for deducting tax while making a payment — came into force from April 1, 200..

HC & SC judgement prevail over excise department circulars & Instructions: SC The Supreme Court last week emphasised that circulars and instructions issued by the customs and excise boards are no doubt binding on the authorities but when the Supreme Court or a high court declares the law on a disputed question, the courts’ view shall prevail. The court reiterated the view last week in th..

EC BLOCKS SERVICE TAX SOPS FOR SEZ UNITS Developers of special economic zones (SEZ) and units operating in them will have to wait until a new government is formed to get a keenly-awaited exemption on service tax payments for services availed inside the zones. The Election Commission (EC) has refused to allow the finance ministry to pass a notification allowing the exemption while elections are..

The Income-Tax department routinely imposes cost on assesses for late filing of returns or delayed tax payment. For a change, it was at the receiving end when the high court imposed a cost of Rs 25,000 for retaining books of accounts impounded from a city builder for almost five years. Justice D V Shylendra Kumar, while disposing of the petition filed by Shubha & Prabha Builders Private Ltd, obser..

The board of approval (BoA) for special economic zones (SEZs) has entrusted its chairman, commerce secretary GK Pillai, to give more time to cash-strapped developers of SEZ projects beyond the three-year deadline to start work so that their projects do not lapse. The nodal body that clears SEZ proposals, which has stopped meeting because of the election model code of conduct, has received applicat..