No Service Tax Required to be Paid on Services Provided by Authorised Person to Member of Commodity Exchange

In exercise of the powers conferred by section 11C of the Central Excise Act, 1944 (1 of 1944), read with section 83 of the Finance Act, the Central Government hereby directs that the service tax payable on the services provided by an authorised person or sub-broker to the member of a recognised association or a… Read More

Tags: Finance ActIndiaInsurancePuducherryTamil NaduTaxationTaxation in IndiaWorking time

Quarterly Advance Tax Payment :: Banks to remain open

All Designated Branches of Authorized Banks to Function on 14th and 15th September, 2013 (Saturday & Sunday) All designated branches of authorized banks have been asked to function on 14th and 15th September, 2013 (Saturday & Sunday) to accept advance tax payments. If any tax payer fails to pay the advance tax on 14th/15th September,… Read More

Tags: AccountingAdvance corporation taxIncome taxInternal Revenue ServicePaymentTaxTaxation

IT Dept sends 35K more letters to non-filers

Income Tax Deptt. Sends Letters to Another Batch of 35,000 Non-Filers Tax Payers again urged to disclose their true Income and Pay Due Taxes As part of its ongoing initiative, the Income Tax Department has, on 22nd July, 2013 sent letters to another batch of 35,000 non filers. These persons were part of the around… Read More

Tags: AccountingDepartments of FranceIncome taxPoliticsTaxTax return (United States)TaxationUnited States

DVAT – Dealers’ retail invoices to contain “Composite Dealer (Not eligible to charge VAT on Bill)” tag

(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY) GOVERNMENT OF NATIONA CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN : I.P.ESTATE: NEW DELHI -110 002 No.F.3(356)/Policy/VAT/2013/412-423 Dated:11/07/2013 NOTIFICATION In exercise of the powers conferred under sub section (7) of section 50 of Delhi Value Added Tax Act, 2004 (hereinafter called the… Read More

Tags: Coming into forceCommissionerDelhiInvoiceNew DelhiPrashant GoyalTaxationValue Added Tax

Transfers And Postings Of Joint/ Additional CITs (Mumbai)

Vide Order No. 1 dated 20.06.2013 the Chief Commissioner of Income-tax, Mumbai, has ordered the transfer and posting of 48 officers in the grade of Joint/ Additional Commissioners of Income-tax (Mumbai Region) with immediate effect. Circular Attached Read More

Tags: AppealIncome taxIncome Tax Act 1961IndiaMumbaiPoliticsTaxationUnited States

List of Penalties under IT Act 1961

The following are the various penalties under the Income Tax Act 1961 along with the corresponding nature of defaults. PENALTIES UNDER INCOME TAX ACT Section Nature of Default Quantum of penalty NON PAYMENT 221(1) Tax payments including  SelfAssessment Tax Amount of tax in arrears Failure to comply 271(1)(b) with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2) Rs. 10,000 of… Read More

Tags: Fiscal yearIncome taxRupeeTaxTax deductionTaxationTDS

Assessment of Charitable Trusts and Institutions

The Income-tax department has released a publication titled "Assessment of Charitable Trusts and Institutions". The publication explains the legal provisions and the procedural requirements for claiming exemption under the Income-tax Act, 1961 for charitable activities. Apart from explaining the concept of ˜Charitable Purposes™, the publication deals with the procedure for registration, assessment, denial of exemptions, incentives… Read More

Tags: AccountingCharitable organizationCharitable trustFinance ActPoliticsTaxTaxationUnited States

Govt approves “The Institute of Research & Development” in the category of ‘University, College or Other Institution’

NOTIFICATION NO. 33/2013 DATED: 29/04/2013 It is hereby notified for general information that "The Institute of Research & Development" under Gujarat Forensic Sciences University, Gandhi Nagar, (PAN-AAALG1981A) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules,… Read More

Tags: GovernmentOrganizationPoliticsResearchResearch and developmentScientific methodTaxation

CBDT Notification on Substitution of Forms Sahaj (ITR-1), ITR-2, ITR-3, Sugam (ITR-4S), ITR-4 and ITR-V

INCOME-TAX (THIRD AMENDMENT) RULES, 2013  AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More

Tags: Central Board of Direct TaxesClauseIndiaITR-3RupeeTaxationTaxation in IndiaUnited States

Increase in Cases of Service Tax evasion

The cases of service tax evasion have increased during the recent time. The details are as under: Year No. of cases detected Service tax evasion involved (Rs. in crores) 2010-11 8399 14291 2011-12 8710 14608 2012-13 (uptoJanuary 2013) 9637 20335 The intensified drive against service tax evaders is the reason for the increase in number of… Read More

Tags: Field officerFinance MinisterGovernmentService ProviderTaxTaxationTaxation in India

Department Clarification on Arms Length Price Variations

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PARTII, SECTION 3, SUBSECTION(ii)] GOVERNMENTOF INDIA MINISTRYOF FINANCE [DEPARTMENTOF REVENUE] NOTIFICATION New Delhi, 15April 2013 [INCOME TAX] In exercise of the powers conferred by the second proviso to subsection (2) of section 92 C of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies that… Read More

Tags: Income taxIncome Tax ActIncome Tax Act 1961IndiaNew DelhiTaxTaxation

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