Category - Taxation

Revised Service Tax Audit Manual to be released

Circular No.135/4/2011 Service Tax CLR Note: New Service tax audit manual to be released soon based on experience of the department. This Manual is for the use of departmental officers only. Dy. No.116/Commr. (ST)/2009 Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) **** New Delhi, dated the 19th April… Read More

Relief to assessee from paying interest u/s 234B of IT Act

CLR Note: upon Failure on the part of the employer to deduct income tax at source from the employee's salaries, the employee only becomes liable to pay tax directly under Section 191 of the IT Act and he will not be liable to pay any interest  U/s 234B. Instead, the interest liability will be on… Read More

Tag: 234B

Tax Evasion practice will not be allowed in Tax haven nations by IT Department

An official in the finance ministry said, that the income tax department will soon send 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries. Concerns have been raised in the recent past over suspicion of round tripping or routing of Indians' illicit money back… Read More

Tag: tax evasion

Anti-dumping duty imposed on imports from Japan and Thailand

CLR Note: India  imposed Anti-dumping duty on imports from Japan and Thailand for the period of five years from 9th April 2010 India has imposed anti-dumping duty of up to USD 94.96 per tonne on imports of a chemical used in manufacture of alcohol and rubber, from Japan and Thailand to protect domestic players. The restrictive… Read More

Income Tax Department seeks to appoint Ombudsman

D.O. F.No.A-12026/3/2011-Ad.I         Dated-   4th April, 2011 CLR Note: Income Tax Department seeks to appoint Ombudsman. The Ombudsman shall have the powers to (a) receive complaints from taxpayers on any matters specified in clause 9; (b) consider such complaints and facilitate their satisfaction or settlement by agreement, throughconciliation and mediation between the Income Tax Department and the… Read More

Tag: income tax ombudsman

Service Tax Accounting codes specified for Restaurants and Hotels

Circular No.136/5/2011-TRU CLR Note: Account codes specified for depositing service tax for restaurant having   air-conditioning and license to serve alcoholic beverages and Service provided by a hotel, inn, guest house, club. F.No.335/5/2006-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tax Research Unit New Delhi,   20th April, 2011 To, Chief Commissioners of… Read More

Service Tax not leviable on Visa Facilitation service

Circular No. 137/6/ 2011 ST CLR Note:  The circular seeks to clarify that service tax will not be leviable on the service of Visa facilitation. However, if the Visa facilitators provide additional services like recruitment for foreign companies or other value added services, then service tax will be applicable to that extent. F.No.332/11/2010-TRU Government of India… Read More

Quarterly TDS/TCS Statement now made available via SMS by NSDL

Quarterly TDS/TCS Statement now made available via SMS by NSDL NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS: Accepted: This  status is… Read More

IT department to review Reality deals to check black money

The income tax department plans to review realty deals following allegations of rampant use of black money in many transactions. "We will take appropriate action wherever we find involvement of black money in such transactions," said Sudhir Chandra , chairman, Central Board of Direct Taxes . Chandra said the department would begin scrutiny of property… Read More

Book on Plugging tax avoidance or evasion techniques

Central Board of Direct Taxes (CBDT) has said that tax evasion done by corporates is becoming more sophisticated. The Income Tax (IT) Department detected tax evasion to the tune of Rs 50-60 crore. CBDT has also lauded the Mumbai IT department which released a book aimed at plugging tax avoidance or evasion techniques by India Inc.… Read More

Tags: tax evasiontax planning

Salaried Tax payers may be exempted from filing Income Tax Returns

E-filing of income tax returns was formally launched on October 13, 2006 and is mandatory for companies, firms etc. but optional for individuals. Mr. Sudhir Chandra, Chairman, Central Board of Direct Taxes  said the CBDT will, by June, notify guidelines for small salaried tax-payers having annual income of Rs 5 lakh who will not be… Read More

E-File Income Tax Returns for speedy refunds

The Central Board of Direct Taxes has promised speedy refunds to encourage electronic filing of tax returns. E-filing, which was formally launched on October 13, 2006, is mandatory for companies but still optional for individuals. Taxpayers who file their income-tax returns electronically will get their refunds within a month's time.  Usually, the wait for refunds… Read More

India Mauritius Tax Treaty to be Reviewed : Finance Ministry

Double Taxation Avoidance Agreements (DTAAs) are pacts / treaties that seek to eliminate double taxation of income or capital gains arising in one country and paid to residents or companies of another. The spirit of the DTAA was to ensure that the same income is not taxed twice. For instance, India-Mauritius tax treaty provides that… Read More

Tags: DTAAindian mauritius tax treatytax havens

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