taxation

Tax tribunal rules in favour of foreign shipping companies August, 25th 2008 Foreign shipping companies have won the second round in their battle with India's income-tax department. In a decision that could determine how these companies are taxed, an appellate tribunal has agreed that a Belgian shipping firm doesn't have to pay taxes in India on inland haulage charges. The Mumbai income-tax..

Exemption from Sales Tax – not eligible if conditions are not fulfilled – when eligibility certificate is withdrawn, exemption or entitlement certificate is also deemed to have been withdrawn from first day: Supreme Court NEW DELHI, AUG 21, 2008 : UNDER Rule 28A of the Haryana General Sales Tax Rules, appearing in Chapter IVA, certain class of industrial units are entitled to exemption/d..

CUFFE PARADE CASE Man who fled with CA firm's money arrested in Mathura Mumbai: After being on the run for four months, a 40-yearold man was traced to Mathura for misappropriating a Cuffe Parade-based CA firm's profits of Rs 50 lakh. Santosh Kumar Pathak worked as an assistant at the CA partnership firm, Pathak HD & Associates. According to the police, he was asked to deposit th..

Income Tax technologically gearing up to step up search operations in coming months NEW DELHI, AUG 17, 2008 : INVESTIGATION in search & seizure cases is a powerful tool in the hands of Income Tax Department. With the changing profile of data storage in the economy and new devices showing up at regular interval like powerful Pen-Drive, MPs, Mobile SIM card and remotely-accessed Servers ..

Agra builder pays Rs 36.7 cr I-T after raidThursday, 14 August , 2008, 15:44 Last Updated: Thursday, 14 August , 2008, 15:53 Agra: A builder from Agra has paid Rs 36.7 crore in income tax after a raid revealed his undeclared assets worth Rs 10 crore, officials said on Thursday. More India business stories | Get the latest Sensex update The income tax officials confirmed a cheque of Rs..

August, 12th 2008 The Supreme Court on Monday sought reply from PriceWaterhouseCoopers as to why the non-resident company should not pay advance tax on fee charged by it for providing services in India. A bench headed by Justice S H Kapadia issued notice to PriceWaterhouseCoopers (PWC), being a non-resident firm, on an appeal filed by the Income Tax department seeking the apex court's int..

Missing appeal file – CIC asks Central Excise Commissioner (Appeals) to reconstruct file An assessee filed four appeals before the Commissioner (Appeals), Kolkata in the year 1992. During the last 16 years, the office of the Commissioner (Appeals) had been bifurcated and trifurcated several times and the appellant should now fall under the jurisdiction of the Commissioner (Appeals), Ranchi..

In the first of a series of expected corruption indictments against Thailand’s former prime minister Thaksin Shinawatra ousted by the military two years ago, his wife was today sentenced to three years in jail for tax evasion. Thailand's Criminal Court announced Pojaman Shinawatra guilty of evading taxes worth more than half a billion baht (about 22 million dollars) in a major transfer of famil..

The value-added tax (VAT) regime replaced sales tax with the key objective of eliminating the cascading effect of commodity taxes. It was believed that VAT would help widen the tax net, lead to revenue buoyancy and deter tax evasion. In theory, a comprehensive VAT should have covered both goods and services. VAT should therefore have replaced excise duty, sales tax, entry tax, octroi and servi..

The Supreme Court has dismissed the income tax department's appeal seeking to impose a penalty on Max India for failing to deduct TDS on perquisites given to its employees. A bench headed by Justice S H Kapadia upheld the Delhi High Court's judgement that held that the question of penalty for not deducting tax does not arise. According to the department, the failure to deduct TDS in respec..

"The Tamil Nadu Government's liquor policy des not violate any statutory or Constitutional norms," the First Bench of Madras High Court observed while granting liberty to a Pattali Makkal Katchi (PMK)Office-Bearer to make fresh representation to the government within two weeks regarding the policy. If such a representation is made, the Prohibition and Excise Secretary should consider the..

Country's largest power generation equipment maker Bharat Heavy Electricals (BHEL) got relief after a tax tribunal rejected a duty demand raised by excise officials over its agreement with global giant Siemens for manufacturing instruments. Quashing the duty demand, the Custom Excise and Service Tax Appellate Tribunal held that BHEL's manufacturing agreement with Siemens was for March 2003 to ..

Oil and Natural Gas Corp., or ONGC, on Monday said it may enter the nuclear power generation business by leveraging a plan to explore the mineral together with Uranium Corp. of India Ltd, or UCIL, in India and abroad. The company has signed a tentative uranium exploration agreement with UCIL. Chairman and managing director R.S. Sharma also said he favours slapping a so-called windfall profit ta..

It may be the beginning of the era of filing paperless returns - anytime and from any place. No longer is there a need to stand in long queues. Filing returns may become an easy and simple exercise. July 31 is the last date for filing income tax returns for individuals, Hindu Undivided Families, and other non-corporate assessees. Taxpayers have started preparing themselves for the yearly r..

Tax payers can now deposit income tax from the bank accounts of any person in addition to credit and debit cards, the Central Board of Direct Taxes (CBDT) said. The decision has been taken following representation from certain domestic and foreign taxpayers, who said they were facing difficulties in complying with the mandatory e-payment of taxes. Earlier, the CBDT had made it mandatory ..