Taxation - Corporate Law Reporter

Transfer Pricing Principles Elucidated – Landmark Judgement by ITAT Mumbai

Symantec software Solutions Pvt Ltd vs. ACIT (ITAT Mumbai) The assessee™s appeal raised the issues whether (i) the TPO could consider financial information of comparables not available at the time of TP study, (ii) multi-year data of comparables could be considered, (iii) a turnover filter had to be applied for identification of comparable companies, (iv)… Read More

India signs DTAA with Government of Mozambique

No.402/92/2006-MC (12 of 2011) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes The Government of India notified the Double Taxation Avoidance Agreement (DTAA) with the Government of Mozambique for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on… Read More

Tax Defaulters have no escape – IT Dept to Arrest and Prosecute evaders

The Income Tax Department has gone into strict measures to curb the tax default resulting into use of its never used power , to arrest and prosecute evaders, after its say to publish the name of the defaulters in the newspaper. The step comes in the backdrop of the government initiating various steps to curb generation… Read More

Transfer Pricing – A tool mis-used for transferring illicit funds outside the country

The words like corruption , black money transactions are not new to the people of our country, we have known this for a long time now. The Government has always tried its best and still, continues to work on this aspect, but somehow there has been no good results, because no one asked questions as to why… Read More

Do not respond to mails on IT refunds asking your credit card details

Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. It is clarified that the Income Tax Department does not send e-mails regarding refunds and does not seek any information regarding credit cards of taxpayers. Taxpayers are, therefore, cautioned that… Read More

Parkash Chandra is the new CBDT Chairman

No.402/92/2006-MC (11 of 2011) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi dated the 31st May, 2011 Shri Paraksh Chandra, an IRS (IT) officer of the 1973 batch, took over as Chairman of the Central Board of Direct Taxes (CBDT) today afternoon. He will also continue to look after… Read More

Customs Tariff Notification : New rates for Brass Scrap and Poppy seeds

[TO BE PUBLISHED IN PART-II, SECTION-3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 37/2011 Customs (N. T.) New Delhi, 31st May, 2011 10 Jyaistha, 1933 (SAKA) S. O¦ (E) In exercise of the powers conferred by sub-section (2)… Read More

Revision in the powers of adjudication of the officers of Customs

Circular No.24/2011-Customs F.No.450/117/2009-Cus.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs 227-B, North Block, New Delhi-110001 31st May, 2011. To All Chief Commissioners of Customs / Customs (Prev.). All Chief Commissioners of Customs & Central Excise. All Commissioners of Customs / Customs (Prev.). All Commissioners of… Read More

Anti-dumping investigations show a downward trend

In line with other major economies, India initiated less number of anti-dumping investigations against imports between Oct, 2010 to Apr 2011, according to a joint report of multilateral agencies the World Trade Organisation, OECD and UNCTAD. India launched 15 anti-dumping investigations during this period as against 20 in the same months (October 2009 to April 2010)… Read More

Government Commissions Fresh Study for Black Money

Government Commissions Fresh Study Through Top National Level Institutions for Estimation of Unaccounted Income/Wealth both Inside and Outside the Country Ministry of Finance, Government of India has commissioned an in-depth and fresh study, engaging three top national level institutions for estimation of unaccounted income and wealth held within and outside India. This study will bring… Read More

India and Tanzania Signed Double Taxation Avoidance Agreement

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the United Republic of Tanzania for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th May, 2011 at Dar-es-Salaam. The Agreement was signed by Shri K V Bhagirath, High… Read More

New Directorate of Income Tax (Criminal Investigation) Created

New Directorate of Income Tax (Criminal Investigation) Created; to be Headed by an Officer of the Rank of Chief Commissioner of Income Tax; to Look into Criminal Matters Having any Financial Impliaction Punishable as an Offence Under any Direct Tax Law A new Directorate of Income Tax (Criminal Investigation), to be known in short as DCI,… Read More

Tax Defaulters – Beware, names to appear in Newspaper soon

The tax recovery of more than Rs one lac crore has been held up because of the non availability of information of the defaulters, the Income Tax department is working on plans to publish the names of the defaulters in the newspaper. The problem has been further compounded with several of the tax defaulters having created… Read More