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Jan 7, 2013

Government shouldn’t reopen old tax assessment cases -Assocham

Government shouldn't reopen old tax assessment cases -Assocham

Posted: 06 Jan 2013 07:59 PM PST

ASSOCHAM wants correction as FM begins pre-budget consultations Showing a grave concern over the fact that notices for reopening of assessments by the tax authorities are being issued in thousands in recent times, ASSOCHAM today said returns should not be re-opened beyond three years. As Finance...

Breather Period for Existing Auditors of Listed Companies (Is it 3 Years or 8/13 Years?)

Posted: 06 Jan 2013 07:28 PM PST

Under the existing provisions of the Companies Act, 1956, the appointment or re-appointment of a statutory auditor of a Company is an annual exercise except in cases of the appointment of first auditor or appointments to fill up casual vacancies. Sub-section (1) of section 139 of the Companies...

Research related services are not 'Consulting Engineering Services'

Posted: 06 Jan 2013 04:42 PM PST

Levy of Service Tax on 'Consulting Engineering Services' was introduced with effect from 7-7-1997 while 'Scientific or Technical Consultancy' was brought under Service Tax net with effect from 16-7-2001 only. The assessee was not only providing 'Consulting Engineering Services' but also...

Penalty u/s. 271BA justified for Failure to furnish Form No. 3CEB, even if return is filed electronically

Posted: 06 Jan 2013 04:34 PM PST

The contention of the assessee that return of income in electronic form was not to accompany the report in Form 3 CEB is not correct. The assessee was required to file the report under section 92E, read with rule 10E, before the specified date i.e., the due date for filing of the return.

For S. 80IB deduction each residential block is a distinct 'housing project'

Posted: 06 Jan 2013 10:38 AM PST

Going by the definition of 'housing project' under section 80HHBA, to mean the construction of 'any building' and going by the deduction available under section 80-IB to be hundred per cent of the profits derived in the previous year relevant to the assessment year from such housing project...

Income tax Appeal by department not maintainable if tax effect is lower than prescribed by CBDT

Posted: 06 Jan 2013 10:36 AM PST

No appeal is required to be filed when tax effect is less than Rs. 2 lakhs. The conditions mentioned in Clause-3 of the Circular dated 27.3.2000, are not attracted in this appeal. The circular has been issued by the Central Board of Direct Taxes and is binding upon the Department.

DGCEI makes detection of Rs 300 Cr evasion; Also makes windfall gain of Rs 100 Cr

Posted: 05 Jan 2013 10:37 AM PST

During the current Financial Year (up to December, 2012), the Directorate General of Central Excise Intelligence, Ahmedabad Zonal Unit has detected Central Excise duty & Service Tax evasion to the tune of Rs.300.63 Crores and has recovered an amount of Rs.100.03 Crores on the spot voluntarily...

Delegation of Powers under sub-sections (3) and (4) of section 64 of MVAT Act , 2002-Asst. Commissioners (Issue Based Audit) and Other ACs

Posted: 04 Jan 2013 08:26 PM PST

Commissioner of Sales Tax, Maharashtra State, Mumbai is hereby pleased to delegate the powers and duties under sub-sections (3) and (4) of section 64 of the Maharashtra Value Added Tax Act, 2002 and rule 69 of the Maharashtra Value Added Tax Act, 2005, to the authorities holding any of the post...

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