Nil E-TDS Return, Nil Challan, When to file nil return

Nil E-TDS Return, Nil Challan, When to file nil return Posted: 12 Feb 2012 08:01 PM PST What is a Nil Return? What is the position for an assessee who has not made any payment at all in a quarter? What to do If for a quarter TDS return / statement are not filed and then the assessee receives a letter / notice from NSDL/ Income Tax... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Jaydeep Shah elected as CA Institute President and Subodh Kumar Agrawal as Vice-President Posted: 12 Feb 2012 06:33 PM PST Mr Jaydeep Narendra Shah was elected as CA Institute President at a meeting of the central council of the institute in the capital today in place of Mr G. Ramaswamy, who demitted office today. CA Jaydeep Narendra Shah was Vice-President of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Central Excise – Manner of payment of duty and Account Current Posted: 12 Feb 2012 07:36 AM PST Rule 8 of the said Rules provides that duty relating to removals during a month can be discharged within five days of the following month. In case of a manufacturer availing an exemption based on value of clearances during a financial year, the duty... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Classification and Valuation under Central Excise Act and Rules Posted: 12 Feb 2012 07:18 AM PST Powers of the C.B.E.C. to issue orders of classification of goods, Value under the Central Excise Act, 1944, Transaction Value, Salient features of the new valuation rules, aluation of goods manufactured on lob-work basis, Clarification issued on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Assessment , Provisional assessment, Scrutiny of Assessment Under Central Excise Act and Rules Posted: 12 Feb 2012 06:16 AM PST The expressions 'assessment' and 'assessee' have been defined in the Central Excise Rules, 2002 (hereinafter referred to as the said Rules). 'Assessment' includes self-assessment of duty made by the assessee and provisional assessment under rule 7... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Overseas subsidiary with single shareholder is a separate legal entity for tax purposes Posted: 12 Feb 2012 04:22 AM PST AIA Engineering Ltd v. Add CIT (ITAT Ahmedabad) - It was held that investment made by AIA Engineering Limited (AIA India or the assessee) in Vega Industries (Middle East) FZE (Vega UAE) shall not be treated as investment in a proprietary concern... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No penalty for inadvertent reporting of income if assessee establish bonafide and innocence Posted: 12 Feb 2012 04:21 AM PST Thomas Garbarek Vs. DCIT (ITAT Pune) - ITAT held that penalty under section 271(1)(c) of the Act should not be leviable where the assessees have been able to establish their bonafide and innocence. A mere omission or negligence would not constitute... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Procedure for Central Excise Registration and grant of Registration Certificate Posted: 12 Feb 2012 04:18 AM PST Legal Provisions, Persons Requiring Registration, Exemption from Registration, Important changes in the Registration procedure, changes in Format of Application for Registration, Components of 15 digit based Registration Number, Procedure for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Registration under Section 10(23C)(iv) cannot be denied on the ground of variation in administration expenses Posted: 12 Feb 2012 03:26 AM PST The Synodical Board of Health Services Vs DGIT (Delhi HC) - It was held that the principle of res judicata does not apply and for each period the question of grant of exemption has to be examined separately. The competent authority in the said case... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Sharing of net revenues consistently in controlled and uncontrolled transactions held as a valid comparable uncontrolled price – ITAT Mumbai Posted: 11 Feb 2012 11:21 PM PST ACIT Vs. Agility Logistics Pvt. Ltd.(ITAT Mumbai) - ITAT held that the sharing of net revenues (i.e., amounts billed to customers less third party costs) in a 5o:5o ratio between the origin and destination companies in a consistent manner in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Time barred assessment is void ab-initio,no need to deposit 25% u/s 62(5) under PVAT Act, 2005 Posted: 11 Feb 2012 11:01 PM PST Punjab VAT Tribunal is a very important case namely Baba Ji Rice Mills, vs. State of Punjab (2012) 41 PHT 197 (PVT) has held that once the case is hit by point of limitation,payment of 25% of the additional demand not essentially to be adjudicated.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] US based company engaged in the business of money transfer does not have a Permanent Establishment in India under the India-USA tax treaty Posted: 11 Feb 2012 10:37 PM PST DDIT v. Western Union Financial Services Inc (ITAT Delhi)- ITAT held that the taxpayer's agents in India were independent agents under Article 5(5) of the India-USA tax treaty (tax treaty). Accordingly, there was no Dependent Agent Permanent... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Interest on borrowings made for acquiring shares in Malaysian company alongwith controlling interest is allowable Posted: 11 Feb 2012 10:04 PM PST Ultramarine & Pigments Ltd. v/s ACIT (ITAT Mumbai) - The undisputed fact is that there are no fresh loans or investments during the year. The Hon'ble Jurisdictional High Court in K. Raheja Corporation Pvt. Ltd. (supra) laid down that when the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] I-T department obtains instances of unreported transactions of over Rs 2,000 crore Posted: 11 Feb 2012 07:33 PM PST In a major crackdown, the Income Tax department has under its scanner more than 22 crore instances of High Value transactions in the country and abroad which include unreported credit card operations and deals in real estate. The department has... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Constitution of Regional Advisory Committee of Central Excise Mumbai Zone-I for Calendar Years 2012 & 2013 Posted: 10 Feb 2012 08:34 PM PST OFFICE OF THE CHIEF COMMISSIONER OF CENTRAL EXCISE:MUMBAI ZONE – I CENTRAL EXCISE BUILDING, 115, M.K. ROAD, CHURCHGATE, MUMBAI-400 020. Email:dcccunit@rediffmail.com                                                          Fax No.022-22014170... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Power Delegation Under Section 64 of MVAT Act 2002 – DC (A and R)/VAT/PWR(INV)/2006/3/Adm-6 Dated 04/02/2012 Posted: 10 Feb 2012 08:03 PM PST In exercise of the powers conferred by sub-section (6) of section 10 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005) and in supersession of the order No. DC (A & R)/ VAT/PWR(INV)/2006/3/Adm-6 dated 9th August 2011, the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income Tax department slaps Rs 1,137 cr additional tax notices on DLF Posted: 10 Feb 2012 07:51 PM PST DLF today said the Income Tax (I-T) department has slapped additional tax notices of Rs 1,137.23 crore on the company and its subsidiaries for the 2009-10 assessment year. The company said it has challenged these orders before the appellate... [[ This is a content summary only. Visit www.taxguru.in for full article.]]