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Finance Act 2008 enacted-Service Tax provisions to be in force

Salient features of Finance Bill, 2008 by Ved Jain

Salaried Class IT Refund information by Income Tax Deptt
 
   
 
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From the Courts
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 Part of the direct cost is attributable to the value of DEPB license. To find out the direct cost relatable to trading export, one has to reduce that part of the direct cost attributable to earnings of DEPB from the value of total direct cost
 "The interpretation of Section 254(2) regarding powers of the Tribunal" SC
 Only CAs can audit, certify sales tax returns: SC
 SC modifies Advance Ruling on FBT and rules AAR with respect was not correct in its view in reading the words 'in India' after the word residence in sub-section (3)
 Whether the amortization loss computed under Rule 9A is subject to or not subject to the provisions of section 80 and section 139 of the Income Tax Act
 Powers of CIT - Cancellation of: Registration of charitable trust, Cancellation on mere search
 Capital Gains: Enhanced compensation received - Year of taxability: Law applicable
 Validity of: Exparte order - Condition precedent: Specific notice
 Validity of: Re-assessment - Fresh facts received
 Quite frequently, allegations of ‘benami-ship’ surface for content and refutation
 Payment of non­compete fee by the Assessee was a business expenditure and not a capital expenditure
 Claim of deduction on customs duty drawback under Section 80-IB of the Act- duty drawback is profit or gain derived from the business of an industrial undertaking
 SC rules a person will become an ordinarily resident only if he has been residing in nine out of ten preceding years; and he has been in India for at least 730 days in the previous seven years
 Full Bench of SC rules special audit of the accounts of the assessee-since an order under Section 142 (2A) does entail civil consequences, the rule audi alteram partem is required to be observed
 Speculation loss - Dealing in derivatives
 No tax in India on sale outside country: AAR
 Gutkha Makers not entitled to Section 80I/80IA Deduction
 Real Estate Developer liable to Service Tax on Residential Construction
 Cash credits: Share-application money - Confirmations from applicants
 DHC on Constitutional validity of Fin Act 2007 amendment
 Twisting and texturising of POY, amounts to manufacturing- entitled for deduction under Section 80IA of the Income Tax Act
 The relief under Section 80-IA should not be deducted from profits and gains of business before computing relief under Section 80HHC
 The State cannot recover or hold back any tax except in accordance with law for otherwise it would be unjustly enriching itself, which is clearly impermissible.
 Penalty: Concealment of income - Bona fide belief, Rejection of assessee’s claim
 Computation of: undisclosed income - Income of the year below taxable limit
 Delhi Tribunal pronounced recently where the parity of treatment of employees contribution with that of the employers has been ruled
 Allocation of work - Representation of CIT(DRs) and Sr. DRs. before ITAT
 Law of precedent: Judicial discipline-Decision of non-jurisdiction High court
 Special Bench of ITAT rules on 16 Important Tax issues
 Registration of: Charitable trust - Limitation for: Passing order by CIT, Effect of: Non-passing of order within specified time
 SC: DTA will override the provisions of Income Tax Act
 Tata Hospital not liable to pay sales tax
 Punjab Govt appeal dismissed
 SC: Arbitration agreements must be adhered to by the parties
 Penalty:Concealment of income - Bona fide belief
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ITAT-Constitution of Benches
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 ITAT Delhi Benches constitution from 19th, 21st and 22nd May, 2008
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News Headlines
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 Levy of additional tax - Deduction in loss
 `Jurisdiction-free` tax returns by 2009-10
 ICAI tightens disclosure norms for derivatives
 Income Tax Department sends notice to BCCI over IPL taxes
 Guidelines on e-payments likely in two months: RBI
 BCCI slapped with I-T notices over TDS
 Rs 100 service fee for $10,000 forex deal
 Does the expression ‘tax’ include interest?
 Disallowance of cash payments
 Capital gains on slump sale
 Accounting standard convergence to go on
 15.65 lakh demat accounts stay frozen for lack of PAN details
 Notification of accounting standards by the central government under the companies act, 1956
 Industry chambers liable to pay service tax: CBEC
 Finmin in no hurry to notify CTT
 Accounting standards on derivatives await panel approval
 FIIs may have to pay tax on income from PNs
 Finance Ministry rejects NTPC follow-on public offer proposal
 Rajasthan pays I-T for acquiring land for IIT
 ‘Improve methodology for ranking ease of paying taxes’
 Service tax refund extended to 3 more export-based services
 Out of pocket expenses reimbursed on actual basis are not includable in the value of the Service Tax-
 Transaction between associated enterprises
 Service Tax Rules amended-Service Tax Notification No.19
 Finance Ministry notifies 16th May 2008 as the date on which service tax provisions
 Service taxability of construction and sale of residential units
 Maintenance of documents for transfer pricing
 Delhi to soon have its own excise legislation
 Tata Industries pays Rs 45-cr to the I-T dept for AT&T stake
 Tax on new services from May 16
 CII slapped tax notice for providing service to industry
 Taxmen rap Vodafone, Bharti for Cenvat misuse
 ICAI proposes accounting standards for local bodies
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« Finance Bills »
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 Salient features of Finance Bill, 2008 by Ved Jain
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New Forms
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 Incometax Return Forms for Assessment Year 2007-08
 Form No. 16, Form No. 16A and Form No. 27D
 Revised Form 3CD with FBT Report
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Latest Circulars
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 Mandatory E-payment of Income Tax
 Processing of e-TDS returns - Parameters
 Fringe Benefit Tax (FBT) - Specified securities or sweat equity shares
 DTAA between India and State of Kuwait - Date of enforcement
 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India ) (Amendment) Regulations, 2007
 Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2007
 Notification on Changes in Schedule VI
 Procedure for refund of tax deducted at source undersection 195
 CBDT Order of Extension
 Decision on CBDT draft instruction soon
 Tax lingo poses challenge
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 Income paid or credited to a member of co-op bank
 TDS exemption - Interest on securities
 SEWA-Rural (Society for Education, Welfare and Act)
 Notification on Deduction u/s. 80L
 Working Group to review the existing norms for the empanelment of statutory auditors, for public sector banks
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 The Chartered Accountants Act, 1949
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