taxation

The Appellate Commissioner of Income-Tax can no longer levy additional tax if it discovers a source of income that was not taken into account by the income-tax department at the time of assessment. A recent decision of the Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) in the case of Amrit Petroleums has restricted the powers of the Commissioner (Appeals) for enhancement of income. T..

thought the cst rate has been decreased from 3% to 2%, inputs used in the manufacture of goods that are despatched outside the state not as a dired result of sale and input tax credit on use of petroleum products as mentioned in section 14 of the kvat act, read with section 11(a)(5)&(6) has not been amended. this provision has to be amended inrelation to cst rate as per the empowered committe for..

The Finance Minister Shri P. Chidambaram will inaugurate the 24th Annual Conference of Chief Commissioners & Directors General of Income Tax here on coming Monday. The valedictory address will be given by Minister of State for Finance Shri S.S. Palanimanickam. The Conference will discuss, among other things, speeding up processing of tax returns, augmenting revenue collection, improving selectio..

With effect from 1st April, 2008 the Central Government amended the area based excise duty exemptions applicable to units located in Jammu & Kashmir, North-East, Sikkim and Kutch District of Gujarat so as to allow refund of excise duty based upon the value addition made by the unit. Based on representations received from the industry, Ministry of Finance has made some further modifications in th..

A large number of non-resident Indians (NRIs), who make earnings in foreign exchange, keep money in India in non-resident ordinary (NRO) account. The RBI regulations provide that the balance in the NRO account is not eligible for remittance outside India without the approval of RBI. Therefore, it is commonly believed that NRO deposit cannot be regarded as a foreign exchange asset, and that the int..

The finance ministry has relaxed the area-based excise duty exemption norms, entitling companies to seek higher refunds based on their value addition. Manufacturing units with 15 per cent value addition are now eligible to seek special rate of refunds. Prior to the amendment, the limit was set at 25 per cent. The amendments are applicable to units located in Jammu and Kashmir, North-East and Ku..

The government will soon introduce biometric permanent account numbers (PAN) for income tax payers, though initially only new applicants would be brought under its net, Finance Minister P. Chidambaram said on Monday. "There is progress on biometric PAN cards. Features have been finalised - what biometric measure will be used in the PAN card is being identified," he said when asked about the pro..

Yielding to demand from the IT industry to create modern integrated townships that would be bereft of infrastructure snags, the Union government has given a green signal for establishment of Information Technology Investment Regions (ITIRs) across the country as part of the strategy to provide an investor-friendly environment. ITIRs, which are supposed to be bigger than special economic zones (..

Public sector explorer ONGC is finding it hard to forego its claim of over Rs 3,000 crore as tax exemption. Citing legal precedents and reasoning, the oil major has again sought Cabinet secretariat’s approval to take a legal recourse before the income-tax appellate tribunal (ITAT). Earlier, the Cabinet secretariat had turned down the company’s request to permit it to challenge the I-T department f..

BHOPAL: The Income Tax authorities have issued notices to four ministers of Madhya Pradesh cabinet for not filing proper returns for years and imposed a penalty of Rs 5,000 each on them. The notices were issued against four ministers - Kusum Mehdele, Kamal Patel, Ramakant Tiwari and Karan Singh Verma - for not filing returns afresh within a stipulated timeframe of one month, IT sources said her..

On the basis of the discussions between the Empowered Committee (EC) of State Finance Ministers and the Union Finance Minister regarding the compensation package, the Government of India, Ministry of Finance, Department of Revenue has issued a notification on 30th May, 2008 to bring into effect from 1st June, 2008 the new reduced rate of CST of 2 per cent on inter-State sales of goods. The notific..

The CBI has arrested Shri. Jugal Kishore, an Accountant Member of the Income Tax Appellate Tribunal posted in the Kolkata Bench for allegedly receiving a bribe of Rs 30 lakh. Four others i.e. Shri. S K Tulsyan and Ravi Tulsyan, Chartered Accountants, their employee Nishant Jain and the proprietor of Mayank Securities S C Barjatiya were also arrested by the CBI sleuths in Kolkata after the ..

NOW YOU HAVE TO FILE YOUR APIRL -08 MONTHLY RETURN ON 09/06/2008. DATE OF FILING RETURN IS EXTENED...

The Hon'ble Supreme Court held that white petrolem jelly was a drug and not a cosmetic even if it had no curative value. It was used for cure and treatment of various skin disorders and not for beautification or care of the skin in the normal circumstances. Vaseline does not contain any perfume. A consmetic ordinarily would contain some perfume...

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