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Jul 29, 2013

Income Tax Department cautioned on use of Mobile applications for Filing

Posted: 29 Jul 2013 08:29 PM PDT
There are Mobile applications which are not approved by the Income Tax Department. Users are advised that they may not be according to Department data structure. Filers using them are doing at their own risk. Source-
Posted: 29 Jul 2013 08:10 PM PDT
Addition u/s 68 of the Act was made by the Assessing Officer when the assessee himself offered to include this amount in his total income and consented to pay the tax. Another addition of Rs. 1 lakh was also made when the assessee voluntarily preferred to include Rs. 1 lakh to his total income. The...
Posted: 29 Jul 2013 07:49 PM PDT
This document was seized from the business premises of D. Nagarjuna Rao in course of action u/s 132 of the Act against him. In the impugned assessment order the AO has also observed that the said D. Nagarjuna Rao had admitted that entries in the seized documents were made by him in his own...
Posted: 29 Jul 2013 07:26 PM PDT
In the instant case, it is an undisputed fact that the assessee has not maintained any books of account and whatever credit entries are found by the Assessing Officer, it was from the bank accounts of the assessee in which deposits were made at different point of time. Even the passbook issued by...
Posted: 29 Jul 2013 08:36 AM PDT
M/s Winsome Yarns Ltd. is manufactures of Yarn. During the period from September, 2009 to May, 2010, the Appellant were availing the exemption Notification No. 29/2004-CE dated July 9, 2004 in respect of the yarn manufactured and cleared for export as well Notification No. 30/2004-CE dated July 9,...
Posted: 29 Jul 2013 08:29 AM PDT
Issue No 1 : Is the VAT imposed by States required to be included for the Purpose of Service Tax? Answer: For the Purpose of Service Tax State VAT has to be excluded from the Taxable Value. issue No 2: Is the Serving of Food And/or Beverages by way of Room Service liable for Service Tax?
Posted: 29 Jul 2013 07:52 AM PDT
It has been held that the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income of the assessee in the year in which amount is retained.
Posted: 28 Jul 2013 06:33 PM PDT
It has been brought to the notice of the Council that some students of the Direct Entry Scheme, who were registered between 01.08.2012 and 31.01.2013 for the Intermediate (Integrated Professional Competence) Course and were required to complete ITT and Orientation Course by 31.05.2013, could not...
Posted: 28 Jul 2013 06:26 PM PDT
i.        SEBI has issued a circular No. CIR/IMD/DF/10/2013 dated July 29, 2013 for Operational, Prudential and Reporting Norms for Alternative Investment Funds (AIFs). ii.        In accordance with the said circular, all AIFs shall be required to comply reporting norms to SEBI on a quarterly basis...
Posted: 28 Jul 2013 12:13 PM PDT
PUBLIC NOTICE No. 20 (RE-2013)/2009-2014 In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby amends para 4.19 of Handbook of Procedures (v1):, 2009-14(RE 2012) to include Kattupalli Sea Port, Tamil Nadu as Port of...
Posted: 25 Jul 2013 06:40 PM PDT
 Notification No. 38/2013 – Customs New Delhi, dated 26th July   2013        G.S.R. 509(E) In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do,...
Posted: 25 Jul 2013 06:23 PM PDT
  The Special Judge for CBI cases, Mumbai has convicted Smt. Kirti Rajesh Singh, then Senior Tax Assistant and Shri Rajesh Harbans Singh, then Tax Assistant of Customs(Preventive), Mumbai and sentenced them to undergo one year Rigorous Imprisonment with total fine of Rs.20,500/- in a bribery case....
Posted: 25 Jul 2013 06:06 PM PDT
Validity of IEC for Export Oriented Unit (EOU) or units in Special Economic Zone/Electronics Hardware Technology Park(EHTP)/Software Technology Park(STP)/Bio-Technology Park(BTP) after de-bonding: Review of Policy Circular 26/ dated 11.8.2008.

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