Taxation - Corporate Law Reporter

COSIA pitches for extension of DEPB Scheme for another 3 years

The Chamber of Small Industries Association (COSIA) has requested the Centre to extend the the Duty Entitled Pass Book (DEPB), a tax refund scheme for exporters, for another three years. In a press release issued here, President of the city-headquartered COSIA M R Khambete said the renewal of the DEPB is absolutely essential to meet… Read More

Finmin to bring Intelligence and Criminal Invetigation of IT under single umbrella

The Finance Ministry is bringing under one umbrella the intelligence and criminal investigation units of the Income Tax department to enhance prosecution powers to counter terror financing and check transactions that pose threat to national security. The department will now train and designate its officials in the rank of Inspectors as 'Special Agents' and 'Agents'… Read More

Extra efforts required to sustain Indirect Tax targets

Amid fears of moderation in growth, Indian Finance Minister Pranab Mukherjee Wednesday said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15 per cent more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of Central Board of… Read More

CBDT Sets-up a Committee to Examine And Suggest Ways to Recover Income Tax Demand Classified Under the Categories Assessees not Traceable and No Assets/Inadequate Assets for Recovery

In order to examine certain suggestions on Income tax Demand classified under the categoriesAssessees not traceable and No assets/inadequate assets for Recovery, a Committee has been constituted by the Central Board of Direct Taxes (CBDT) with following constitution: i) DGIT (Admn) - Smt. Anita Kapur - Chairperson ii) DIT (Recovery) Smt. Sheba Bhattacharya - Member iii) DIT(Systems)-III - Shri Harish Kumar - Member… Read More

FM Urges CBEC Officers to Make Sustained and Strategic Efforts to Achieve Revenue Targets

FM Urges CBEC Officers to Make Sustained and Strategic Efforts to Achieve Revenue Targets for Current Fiscal Year; Inaugurates Two Day Annual Conference of Chief Commissioners and Directors General of CBEC Union Finance Minister, Shri Pranab Mukherjee has urged the officers of Central Board of Excise & Customs (CBEC) to make sustained and strategic efforts… Read More

FM sets up another panel to control Black money transits

Facing flak from civil society for not doing enough to deal with the menace of black money, the government today announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes. The committee, set up by Central Board of Direct Taxes (CBDT) in the… Read More

Service Tax applicability for Professionals like CA, CS, CWA in Limbo

The Department of Revenue, Ministry of Finance vide notification no. 25/2006 dated 13 July 2006 had exempted the professionals ,viz., CS, CWA & CA from taxable services provided by them in their professional capacity to a client relating to representation services before any statutory authority in the course of proceedings initiated under any law for… Read More

Annual Conference of Chief Commissioners and DG of Customs, Excise & Service Tax

FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax Tomorrow; Revenue Mobilisation, GST and Managing Innovations Efficiently to Dominate the Two Days Conference The All India Annual Conference of the Chief Commissioners and Directors General of Customs , Central Excise and Service Tax will be held… Read More

Central Excise – Notification No.14/ 2011 reg. manufacture of recorded smart cards

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No.14/ 2011 - Central Excise (N.T.) New Delhi, the 3rd June, 2011 G.S.R.(E) In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules,… Read More

If AO does not assess income for which reasons were recorded u/s 147, he cannot assess other income u/s 147

Ranbaxy Laboratories Ltd vs. CIT (Delhi High Court) The AO issued a notice u/s 148 for the reason that club fees, gifts and presents and provision for leave encashment had escaped assessment. Pursuant to the assessee™s explanation, the AO accepted that these items had not escaped assessment. However, he passed an order u/s 147 on the ground… Read More

Gross Direct Tax collection rises by 37.34%

Gross direct tax collections during the first two months of the current financial year (April & May 2011) are up by 37.34 percent at Rs.50,405 crore as against Rs.36,702 crore in the same period during the last fiscal. Net direct tax collections were, however, down by 47.93 per cent at Rs.12,954 crore as against Rs.24,878… Read More

Customs Tariff Notification No. 46/2011 revising Customs rates

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 46/2011-Customs New Delhi dated the 1st June, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52… Read More

Indirect Tax Ombudsman Guidelines, 2011

The Guidelines are introduced with the objective of enabling the resolution of complaints relating to public grievances against the Customs, Central Excise and Service Tax Department and to facilitate the satisfaction or settlement of such complaints. CHAPTER I PRELIMINARY 1. Short title, commencement, extent and application I. These Guidelines shall be known as the Indirect… Read More