Salient features of the Tax Forgone Statement

The salient features of the Tax Forgone Statement issued by the Government are as under: ¢ This Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a part of the tax system of the Central Government. ¢ This Statement attempts to estimate some of the major tax expenditure under… Read More

Tags: Government Accountability OfficeRevenueRevenue Foregone StatementTaxTax exemptionTax expenditureUnited StatesUnited States Congress Joint Committee on Taxation

The Tribunal is empowered to rectify its own mistake in an order

Ratio of the Case: The tribunal is empowered enough to rectify its own mistake in an order passed earlier on coming to know of it. It can  also replace the order with either the correct one or with another one. CLR Editorial Notes: In the entire scenario, it was noted, that a wrong order got issued due to… Read More

Tags: AppealIncome taxIndiaRevenueSupreme CourtTribunal

“Bonafide Mistake” in filing returns does not call for penalty u/s 271(1)(c)

CLR Editorial Note: In this case, the assessee had filed a return of income in which two mistakes were committed (i) The assesssee claimed depreciation of Rs.1.70 crores instead of Rs. 1.05 crores due to a calculation mistake, (ii) the assessee had sold its garment manufacturing machine and had suffered a loss of Rs.21.68 lakhs… Read More

Tags: chartered accountantCITDelhi High CourtDepreciationHigh CourtIncome taxRevenueRupeeThe Honourable

DVAT Notification no. 3 from Finance (Revenue-1) Department

DVAT Notification no. 3 from Finance (Revenue-1) Department (TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY) GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI FINANCE (REVENUE-I) DEPARTMENT DELHI SACHIVALAYA, I. P. ESTATE: NEW DELHI-110002 No.F.3(15)/Fin.(Rev-I)/2012-13/dsVI/264 Dated the 30/03/2013 NOTIFICATION No. F.3(15)/Fin.(Rev-I)/2012-13 .- In exercise of the powers conferred by section 102 of the… Read More

Tags: BusinessCommissionerConstitutional amendmentDelhiNew DelhiRevenueValue Added Tax

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