Taxation - Corporate Law Reporter

IT Dept Notification on Premature encashment of 8% Savings (Taxable) Bonds, 2003

The captioned bonds, issued with effect from April 21, 2003, vide Government of India Notification No. F 4(10)-W&M/2003 dated March 21, 2003 and subsequent Notification F. No. 4(10)-W&M/2003 dated April 2, 2003, are repayable on the expiry of six years from the date of issue. Premature encashment was not permissible under this scheme. 2. The… Read More

Case Laws :: Sham transaction :: Finance lease designed as a sale and leaseback to avoid taxation

CLR Editorial Notes: The assessee, an investment company, had bought some electric meters from the Gujarat State Electricity Board (GSEB) which were then leased back to GSEB in a simultaneous transaction. The assessee then claimed 100% depreciation on the purchase cost of the meters. This was ruled by the Assessing Officer and CIT(A) as "sham"… Read More

Case Laws :: Sec 192 explains TDS obligation on Medical Reimbursement & LTC components of a CTC of an employee

CLR Editorial Notes: In this case related to TDS and LTC of an employee, it was noticed that the assessee (in this case - Infosys BPO, Bangalore) had recruited employees under a contract of employment which provided the salary as a ˜cost to company™ or ˜CTC™. Once the employee had determined the CTC, he/she was permitted… Read More

Case Laws :: Transfer Pricing :: Consequences of an assignment and novation of contract are different

CLR Editorial Notes: In this case, the assessee™s (Tellabs India) associate enterprise, Tellabs Denmark, was awarded a contract by the Power Grid Corporation for the supply, installation and commissioning of telecommunication equipments. The work was to be performed both within India (customs clearance in India and installation termed as "onshore") as well as outside India (where… Read More

Customs Baggage Declaration Regulations, 2013

[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. 90/2013-Customs (N.T.) New Delhi Dated the 29th August, 2013 G.S.R. - In exercise of the powers conferred by clause (a) of section 81 of the Customs Act, 1962, the Central Board of Excise… Read More

CBDT Notification w.r.t. Specified income arising to Karnataka State AIDS Prevention Society

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NOTIFICATION NO. 66/2013 DATED 29-8-2013 S.O. 2642(E) - In exercise of the powers conferred by clause (46) of section 10 of theIncome-tax Act, 1961 (43 of 1961), the Central Government… Read More

CBDT Action on Unmatched Challans reflected in Form 26AS – direction of the Hon’ble Delhi HC

INSTRUCTION NO 11/2013 Dated: 27 August, 2013 Subject: - Action on Unmatched Challans reflected in Form 26AS - direction of the Hon'ble Delhi HC in the case 'Court on Its Own Motion vs. UOI & Ors in WP(C) 2659/2012 & WP(C) 5443/2012'- regarding 1. The. Hon'ble Delhi High Court vide its judgement in the case 'Court… Read More

CBDT Amendment in Order No. 1/FT&TR/2013 dated 13th Aug 2013

ORDER In exercise of powers conferred by clause (a) of sub-section (15) of Section 144C of theIncome-tax Act, 1961 (43 of 1961) r/w Income-tax (Dispute Resolution Panel) Rules. 2009, as amended by Notification No. 33/2012 (F.No. 133/13/2012-SO(TPL)/SO 1967 (E), dated 24-08-2012, and in partial modification to Order No.l/FT&TR/2013 dated 13.08.2013, the Central Board of Direct Taxes hereby constitutes the Dispute Resolution Panel… Read More

DCI Search and Seizure Operations Reveal Undisclosed Income of Rs. 438 Crore

The Directorate of Criminal Investigation (DCI) was created vide Notification dated 30th May, 2011 and 19th August 2011 to perform functions in respect of criminal matters having any financial implications punishable as an offence under any direct tax law including inter-alia: ¢ Chapter XXII of the Income Tax Act, 1961 (Act 43 of 1961); and… Read More

Voluntary Compliance Encouragement Scheme for Service Tax Defaulters

The Service Tax Voluntary Compliance Encouragement Scheme (VCES) has been brought into effect from 10.05.2013 to encourage voluntary compliance and broaden the service tax base by waiver of interest, penalty and any other consequences to a stop filer, non-filer or non-registrant or any other service provider who is eligible to make declaration under the Scheme… Read More

CLR Important | Service Tax – Date of submission of Form ST-3 Extended

F.No.137/99/2011-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs *** New Delhi, dated the 30th August, 2013 Order No: 4/2013-Service Tax In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the… Read More

Central Excise Corrigendum Notification w.r.t. No. 09/2013- Central Excise (N.T.), dated 23rd May, 2013

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) New Delhi, the 13th August, 2013 Corrigendum G.S.R. (E).-In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 09/2013- Central Excise (N.T.), dated 23rd May, 2013,… Read More

Central Excise Corrigendum Notification w.r.t. 08/2013-Central Excise (N.T.), dated the 23rd May, 2013

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) New Delhi, the 13th August, 2013 Corrigendum G.S.R. (E).-In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 08/2013-Central Excise (N.T.), dated the 23rd May, 2013,… Read More