Category - Taxation

Conditions and Modalities for registration of contracts of Assam Comilla Cotton with DGFT

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhavan, New Delhi. Policy Circular No. 29(RE-2010)/2009-14   Dated the  19th April, 2011 (Issued from F.No 01/91/180/1194/AM10/Export Cell) To All Customs Authorities / All Regional Authorities / Members of Trade.   Subject:-  Conditions and modalities for registration of contracts of Assam Comilla Cotton  with DGFT. As per Notification… Read More

EOUs shipments post 1.01.2011 require ‘declaration of Indent’ for claiming Chapter 3 benefits of Foreign Trade Policy

Government of India Department of Commerce Directorate General of Foreign Trade Udyog Bhavan, New Delhi-110011 Policy Circular No. 28 (RE-2010)/2009-14                                     Dated: 15   April, 2011 (Issued from F. No.01/91/180/1582/AM10/PC3)   To All Regional Authorities FIEO and All EPCs   Subject:-         Clarification about requirement of Declaration of Intent for EOU shipping bills for claiming Chapter 3 scheme benefits. 1.         Para 3.11.8 of… Read More

Applicable Income Tax Returns Forms for Assessment Year 2011-12 -Notified by CBDT

  The Central Board of Direct Taxes has notified new Income Tax Return Forms for the Financial Year 2010-11 and Assessment Year 2011-12.  The new return forms has been made effective vide Notification No. 18/2011 dated 5-4-2011 and the same shall be applicable from 1st April 2011. For simplicity, the summary of applicable forms applicable to a respective… Read More

Tags: Income tax return formsIncome Tax Return Forms for Assessment Year 2011-12Income tax return forms for financial year 2010-11ITR FormsITR forms for Assessment Year 2011-12ITR forms for financial year 2010-11ITR-1ITR-2ITR-3ITR-4ITR-5ITR-6ITR-7ITR-VNOTIFICATION NO. 18/2011sahajsugamSugam ITR-4

Sole transaction in shares liable for Capital Gains – ITAT

Nagindas P. Sheth (HUF), Mumbai; (2) ACIT, Mumbai vs (1) ACIT, Mumbai; (2) Nagindas P. Sheth (HUF), Mumbai CLR View: ITAT has held that the Sole transaction in shares liable for Capital Gains  and will not be liable to be taxed under Business and Profession. INCOME TAX APPELLATE TRIBUNAL, 05 Apr 2011 Capital Gains -Assessee (HUF) earned… Read More

Tags: Capital Gaintax on sale of shares

Bombay High Court held that Section 43(5) has prospective effect from 1.4.2006

Commissioner of Income-tax, Mumbai vs Bharat R. Ruia (HUF), Phoenix Mills Premises, Mumbai [BOMBAY HIGH COURT, 18 Apr 2011] Assessee (HUF), engaged in the business of trading in shares and securities, entered into certain derivative transactions which resulted in loss amounting to Rs. 28,37,707/- - Assessee claimed said loss as business loss - Assessing Officer… Read More

No penalty to be paid by the Asseessee u/s 271 for additions made by AO

Nayan Builders and Developers Private Limited vs Income Tax Officer [INCOME TAX APPELLATE TRIBUNAL, 18 Apr 2011] Assessing Officer made addition in return of assessee in respect of 3 items and levied penalty u/s 271(1)(c) of the Act on assessee - On appeal, Commissioner upheld the order of the AO - Tribunal also upheld said… Read More

Instrument used in Research Laboratories are not entitled for exemption under CST

Commissioner of Trade Tax, U.P. Appellant versus M/s. Kartos International Etc. Respondent Decision Date- 6 April, 2011 UP Trade Tax Act, 1948 ” Central Sales Tax Act, 1956 ” exemption from payment of tax ” whether scientific and biological instruments/equipments manufactured and sold by the respondent/assessee would be entitled to get exemption from payment of… Read More

Tag: CST

Finance Ministry says No for Anti-dumping duty on import of drugs

The finance ministry has rejected recommendation from Directorate General of Anti-Dumping & Allied Duties to impose anti-dumping duty on import of two key drug ingredients i.e. Penicillin-G and 6-APA from China and Mexico used to make antibiotics worth about Rs 3,000 crore. In January, the commerce ministry recommended duty of $2.5 per billion on units of Penicillin-G imported… Read More

Tag: anti dumping duty

Government cannot ban exports with retrospective effect

The Bombay High Court, in his order has held that the Union Government cannot ban exports of any product with retrospective effect, while allowing a private company to go ahead with exports of milk powder. It also said that such restriction cannot be applied to concluded contracts where letters of credit were opened prior to… Read More

Direct Tax collection grows @ 16.69% for Gujarat

The direct tax collections in Gujarat stood at Rs 17,782.50 crore for the FY 2010-11  against the Rs 15,239.70 crore of previous year, showing a yearly  growth of 16.69 %. In the previous year the revised target set, was almost reached, but this year  in spite of achieving the growth rate, there is seen a dip of… Read More

Register your TAN online

Registration of TAN made online. Consolidated TDS/TCS file requested online is also available for download The deductors/collectors can register their TANs online. Authenticated access (through user ID and password) is provided to registered deductors/collectors. On login, the following feature are made available to the deductors/ collectors: Request for quarterly consolidated TDS/TCS statement. View status and… Read More

Tags: TANTCSTDS

Print Specifications for SAHAJ and SUGAM

Print Specifications for SAHAJ and SUGAM Printing of the forms should be according to the standards set below No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, paper size, paper quality, Bar Code Values will be accepted by the department Key aspects of the forms are… Read More

Tags: income tax formssahajsugam

Diamond and Real Estate: Top Sources of Black Money

In a candid disclosure, a top Income Tax official has admitted that the diamond trade and reality sector have one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured". "(In) certain areas like real estate or diamond trade there is a lot of circulation of black… Read More

Tag: black money

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