taxation

Why a liberal tax regime for LLPs? ------------ --------- --------- --------- --------- --------- - There is no justification in exempting LLPs from income-tax when firms under the Partnership Act and companies under the Companies Act are being taxed at flat rates. ------------ --------- --------- --------- --------- --------- - T. N. Pandey The Bill concerning Limited Liability P..

The Supreme Court has said the Income-Tax Department has to accept the authenticity of the accounts maintained in accordance with the provisions of the Companies Act and certified by the auditors. The assessing officer cannot go beyond the net profit shown in the profit and loss account, except to examine whether the books of accounts were duly certified by the authorities and properly main..

September, 26th 2008 The Service Tax Department has charged the Indian arm of software giant Microsoft with evading taxes to the tune of Rs 128 crore during 2006-07 and has asked to pay Rs 256 crore, including penalty. The department found that Microsoft India's Gurgoan unit carried out marketing activities for its India operations and not for the Singapore unit as it had claimed in its ..

CAs now allowed to advertise services - While practising company secretaries would be allowed to advertise their services from January 1 itself, for the chartered accountants and cost accountants it is not likely before April as the matter has to get approval by their respective governing bodies. "It is a big step for practising professionals. The freedom to advertise services and area of pr..

Reduction in tax compliance burden, the most pressing need for corporates September, 20th 2008 today consider compliances as a top priority item, says Mr Ajay Kumar, executive director, PricewaterhouseCoopers. “Companies feel that going forward there will be an all round increase in the challenges they feel today covering direct tax, international tax and indirect tax,” he adds during a rece..

The Central Board of Direct Taxes (CBDT) have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 30th November 2008 in the state of Bihar in view of the disruption caused by floods in the state. CBDT has also extended the last date of filing of income tax returns due by 31st J..

SEPTEMBER 08, 2008 By Shivani Shah, CA THE issue of Tax deduction at source (TDS) on Service tax is indeed a burning issue today. This got even more aggravated with the issuance of a recent Circular by the CBDT bearing Circular no. 4 dated 28/04/2008. In this Circular, the board has clarified that TDS under sections 194-I of the Income Tax Act, 1961 (`Act') would be required to be made ..

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Recalcitrant Revenue finds its appeal dismissed by Tribunal as being defective MUMBAI, SEPT 02, 2008 : THIS is one order served by “dasti” that Revenue ought not to take lightly. The short matter was that an appeal was filed by the Revenue against an Order-in-appeal passed by Commissioner of Customs (Appeals), Mumbai. Registry of the Tribunal informed the Commissioner of Customs ..

Revenue's overseas posts: Let's do away with 'Under-cover' tag and put a fair selection policy in place!AUGUST 28, 2008By Shailendra Kumar,LAST week the Union Cabinet gave its nod for creation of more than 500 new posts over the years in the Ministry of External Affairs.The rationale was to expand the regiment of Indian diplomats who are projected to be much more active fro..

CCE vs. Punjab Fibres (Supreme Court)In the context of s. 35 of the Excise Act, held (1) Where the statute confers on the authority concerned a limited power of condonation of delay or does not provide any such power, the authority has no power to condone delay beyond the prescribed period;(2) unless a new statute expressly or by necessary implication says so, it will not be pr..

Even High Courts are required to pass speaking reasoned orders – The "inscrutable face of a sphinx" is ordinarily incongruous with a judicial or quasi-judicial performance. Supreme Court NEW DELHI , SEPT 01, 2008 : STATE of Himachal Pradesh is in appeal against a judgement of the High Court dismissing the application filed by the State in terms of Section 378(3) of the Code of Criminal..

Issue' versus `service' of notice ------------ --------- --------- --------- --------- --------- - ----------- The law says that the notice under Section 143(2) is required to be served within 12 months from the end of the month in which the return was filed. ------------ --------- --------- --------- --------- --------- - ----------- V. K. Subramani For assessment of incom..

CBDT expands definition of professionals The Central Board of Direct Taxes (CBDT) expanded the scope of professional services to cover sportspersons, umpires and referees, making them liable for a higher tax deduction at source (TDS) at the rate of 10% against 1-2%. Sportspersons who are amateurs and do not play for commercial gain are exempted from the ambit of this tax.According to t..

Criminal Complaint against Commercial Taxes Officers conducting Search - factual scenario goes to show proceedings were nothing but abuse of process of law – complaint quashed: Supreme Court NEW DELHI, AUG 31, 2008 : AN Assistant Commissioner of Commercial Taxes conducted a search and got himself stuck as an accused in a criminal case filed by the assessee and now after 13 years of relen..