Fall in Non-Performing Assets and Stressed Assets of the Indian Banking Sector have finally resulted in a profit for the first time in 7 years.
A defective return notice is generally sent to the assessee if he fails to furnish some necessary information.
The trick at state-run Punjab National Bank has provoked the legislature to proceed onward setting up another office to control and train reviewers, just about five years after the law accommodated it.
Whether notice for reopening of cases on the basis of finding of tribunal, after expiry of 6 years limitation from the relevant AY in which the income was first assessable, is a valid notice.
If you have been producing fake rent receipts to lessen your tax burden there is a bad news for you now.
Finance Bill 2017 introduced a new Section 269ST in the income Tax Act. The new section will impose restriction on receipt of any amount exceeding Rs. 3 lakhs through modes other than the modes prescribed in that section.
Assignment of right to use the spectrum and its transfers has been deducted as a service leviable to service tax and not sale of intangible goods.
Customs Act to provide for deferred payment of customs duties for importers and exporters with proven track record
Stamp duty and registration charges and other expenses related directly to the transfer are also allowed as a deduction under Section 80C, subject to a maximum deduction amount of Rs.1,50,000. Claim these expenses in the same year you make the payment on them.
Normally also, if you receive a cash gift or gifts by cheque or bank draft of more than Rs 50,000 from a non relative, you are required to pay tax on the excess amount exceeding Rs 50,000
Where service tax has not been levied or paid, or has been short-levied or short-paid, or erroneously refunded, for any reason, other than the reason of fraud or collusion or wilful misstatement or suppression of facts or contravention of any of the provisions of this Chapter or of the rules made there under with the intent to evade payment of service tax,
Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed in payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay.