Taxation - Corporate Law Reporter

Applicable Income Tax Returns Forms for Assessment Year 2011-12 -Notified by CBDT

The Central Board of Direct Taxes has notified new Income Tax Return Forms for the Financial Year 2010-11 and Assessment Year 2011-12. The new return forms has been made effective vide Notification No. 18/2011 dated 5-4-2011 and the same shall be applicable from 1st April 2011. For simplicity, the summary of applicable forms applicable to a respective… Read More

Sole transaction in shares liable for Capital Gains – ITAT

Nagindas P. Sheth (HUF), Mumbai; (2) ACIT, Mumbai vs (1) ACIT, Mumbai; (2) Nagindas P. Sheth (HUF), Mumbai CLR View: ITAT has held that the Sole transaction in shares liable for Capital Gains and will not be liable to be taxed under Business and Profession. INCOME TAX APPELLATE TRIBUNAL, 05 Apr 2011 Capital Gains -Assessee (HUF) earned… Read More

Bombay High Court held that Section 43(5) has prospective effect from 1.4.2006

Commissioner of Income-tax, Mumbai vs Bharat R. Ruia (HUF), Phoenix Mills Premises, Mumbai [BOMBAY HIGH COURT, 18 Apr 2011] Assessee (HUF), engaged in the business of trading in shares and securities, entered into certain derivative transactions which resulted in loss amounting to Rs. 28,37,707/- - Assessee claimed said loss as business loss - Assessing Officer… Read More

No penalty to be paid by the Asseessee u/s 271 for additions made by AO

Nayan Builders and Developers Private Limited vs Income Tax Officer [INCOME TAX APPELLATE TRIBUNAL, 18 Apr 2011] Assessing Officer made addition in return of assessee in respect of 3 items and levied penalty u/s 271(1)(c) of the Act on assessee - On appeal, Commissioner upheld the order of the AO - Tribunal also upheld said… Read More

Instrument used in Research Laboratories are not entitled for exemption under CST

Commissioner of Trade Tax, U.P. Appellant versus M/s. Kartos International Etc. Respondent Decision Date- 6 April, 2011 UP Trade Tax Act, 1948 ” Central Sales Tax Act, 1956 ” exemption from payment of tax ” whether scientific and biological instruments/equipments manufactured and sold by the respondent/assessee would be entitled to get exemption from payment of… Read More

Finance Ministry says No for Anti-dumping duty on import of drugs

The finance ministry has rejected recommendation from Directorate General of Anti-Dumping & Allied Duties to impose anti-dumping duty on import of two key drug ingredients i.e. Penicillin-G and 6-APA from China and Mexico used to make antibiotics worth about Rs 3,000 crore. In January, the commerce ministry recommended duty of $2.5 per billion on units of Penicillin-G imported… Read More

Government cannot ban exports with retrospective effect

The Bombay High Court, in his order has held that the Union Government cannot ban exports of any product with retrospective effect, while allowing a private company to go ahead with exports of milk powder. It also said that such restriction cannot be applied to concluded contracts where letters of credit were opened prior to… Read More

Direct Tax collection grows @ 16.69% for Gujarat

The direct tax collections in Gujarat stood at Rs 17,782.50 crore for the FY 2010-11 against the Rs 15,239.70 crore of previous year, showing a yearly growth of 16.69 %. In the previous year the revised target set, was almost reached, but this year in spite of achieving the growth rate, there is seen a dip of… Read More

Register your TAN online

Registration of TAN made online. Consolidated TDS/TCS file requested online is also available for download The deductors/collectors can register their TANs online. Authenticated access (through user ID and password) is provided to registered deductors/collectors. On login, the following feature are made available to the deductors/ collectors: Request for quarterly consolidated TDS/TCS statement. View status and… Read More

Print Specifications for SAHAJ and SUGAM

Print Specifications for SAHAJ and SUGAM Printing of the forms should be according to the standards set below No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, paper size, paper quality, Bar Code Values will be accepted by the department Key aspects of the forms are… Read More

Diamond and Real Estate: Top Sources of Black Money

In a candid disclosure, a top Income Tax official has admitted that the diamond trade and reality sector have one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured". "(In) certain areas like real estate or diamond trade there is a lot of circulation of black… Read More

Revised Service Tax Audit Manual to be released

Circular No.135/4/2011 Service Tax CLR Note: New Service tax audit manual to be released soon based on experience of the department. This Manual is for the use of departmental officers only. Dy. No.116/Commr. (ST)/2009 Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) **** New Delhi, dated the 19th April… Read More

Relief to assessee from paying interest u/s 234B of IT Act

CLR Note: upon Failure on the part of the employer to deduct income tax at source from the employee's salaries, the employee only becomes liable to pay tax directly under Section 191 of the IT Act and he will not be liable to pay any interest U/s 234B. Instead, the interest liability will be on… Read More