A very common question in mind of flat buyers rises at the time of sale of flat is -Which date–allotment date or Possession or Registration of Flat – should be taken for capital gains purpose because if the flat is Short Term Capital asset much higher tax is payable and no scope for availing exemption...
Maitreyee Narayansing Rajaput, Arti Jain and Charmy Suresh Sheth, the three young women have made history by sweeping the top three all-India positions in this year’s chartered accountancy exam. The top rank has been bagged by 21-year-old Maitreyee Narayansing Rajaput of Pune. The second rank went to Arti Jain of Bikaner, while Charmy Suresh Sheth […]
The issue before Delhi High Court in CIT vs Tata SSL Ltd. dt 8 June 2011 was “Whether one time payment made to Mahanagar Gas Ltd. by the assessee company towards CNG connection charges even though such payment was made as capital contribution towards cost of service meter, twin steam engine regulator, meter regulating station...
The Union Cabinet approved the creation of seven posts of ‘Indirect Tax Ombudsmen’ to redress of grievances over customs, excise and service taxes.The ombudsman offices are initially to be set up in Delhi, Mumbai, Kolkata, Chennai, Bangalore, Ahmedabad and Lucknow.The creation of posts of Ombudsman was long overdue for indirect taxes because for income tax […]
The Mumbai Income tax department is looking at raising an additional Rs 1000 crores revenue this quarter, courtesy real estate companies. The department has written to MMRDA and CIDCO stating that all land lease sales or transfers attract a 10% tax and tax on land lease transfers is an obligation on the payee and will […]
Any law cannot be implemented without the provision of penalty for contravention of such law. In case of Service tax also , broadly 10 kinds of penalties are provided as listed below Section Default/Offence Consequences 73B Delay in payment of amount collected in excess. Simple interest at 10% to 24% p.a. to be prescribed. 73C […]
The I T department carried out a search and seizure operation at the office premises of leading event management company- Wizcraft International, today in Mumbai. The raid was done in context of the investigation being carried out with regard to the alleged corruption, in the recently concluded Commonwealth Games in Delhi. Wizcraft International was involved […]
Government withdraws incentives to exporters of IT and ITeS, telecommunication and airlines services
The Directorate General of Foreign Trade (DGFT) has come out with a new exhaustive list of services eligible for ‘Served from India Scheme’ (SFIS). Exporters of services that fall under the SFIS scheme are entitled to duty credit equivalent to 10 per cent of foreign exchange earned by them during the current financial year. The […]
Central Board of Direct Taxes (CBDT) Chairman, Sudhir Chandra informed the media that the I-T department was open to working on a proposal to do away filing of returns for salaried taxpayers with no other source of income. Chandra stated that for a majority of “salaried employees, savings bank interest is the only additional income […]