Aug 12, 2009

Finance Minister Pranab Mukherjee on August 10 released the New Draft Direct Tax Code. The draft, which is expected to radically change the tax structure, will now be open for discussion after which it will take the form of law. The finance minister...

Sentences of former UCO Bank Chairman and close associates of Harshad Mehta confirmed by Apex Court

THE key accused of 1992 Stock market scam, Harshad Shantilal Mehta, is no more, but many other accused closely associated with his firms and co-conspirators from PSU banks are very much alive and their sentences given by the Special Court have been...

SC issued notice to Moser Baer on income tax liability to the tune of Rs 2,978 crore

The Supreme Court has issued a notice to Moser Baer India Ltd on why it should not be asked to pay income tax to the tune of Rs 2,978 crore.A Bench headed by Justice S H Kapadia sought the reply from the manufacturer of computer-related products,...

Great Utility to Print ITR Form & Acknowledgement from XML File (XML to ITR)

I recently come to know about one great utility. This utility helps us in printing ITR from XML file of ITR. We can generate ITR form with this tool in PDF format and all form will be in one file so you print the ITR in one print command. Here I...

Cash reward scheme for Income Tax officers is bad in law and unconstitutional

The cash reward scheme for officers of the Investigating Wing of the Income Tax Department is bad in law and ultra vires the Constitution, the Kolkata Bench of the Central Administrative Tribunal has held. A Bench consisting of K.V. Sachidanandan,...

CESTAT cannot dismiss an appeal when a writ application thereto is pending before a high court

A Calcutta High Court judgment today held that Customs, Excise, Service Tax Appellate Tribunal (CESTAT) cannot dismiss an appeal when a writ application thereto is pending before a high court. The order gave much awaited relief to many appellants...

Foreign companies can also claim benefit of lower Rate of Tax on Capital Gain from securities transaction

Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to UK-based...