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 Act, India, Insurance, Puducherry, Tamil Nadu, Taxation, Taxation in India, Working 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: Accounting, Advance corporation tax, Income tax, Internal Revenue Service, Payment, Tax, Taxation
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: Accounting, Departments of France, Income tax, Politics, Tax, Tax return (United States), Taxation, United 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 force, Commissioner, Delhi, Invoice, New Delhi, Prashant Goyal, Taxation, Value 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: Appeal, Income tax, Income Tax Act 1961, India, Mumbai, Politics, Taxation, United 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 year, Income tax, Permanent account number, Rupee, Tax, Tax deduction, Taxation, TDS
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: Accounting, Charitable organization, Charitable trust, Finance Act, Politics, Tax, Taxation, United 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: Government, Organization, Politics, Research, Research and development, Scientific method, Taxation
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 Taxes, Clause, India, ITR-3, Rupee, Taxation, Taxation in India, United 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 officer, Finance Minister, Government, Service Provider, Tax, Taxation, Taxation in India
Department Clarification on Arms Length Price Variations
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PARTII, SECTION 3, SUBSECTION(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 subsection (2) of section 92 C of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies that… Read More
Tags: Income tax, Income Tax Act, Income Tax Act 1961, India, New Delhi, Tax, Taxation
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