Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: VAT Audit :: empanelment :: cpt :: ACCOUNTING STANDARD :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« Sales Tax »
 Modification of Circular No.1 of 2014 in view of substitution of Service Tax by Goods and Services Tax (GST).
 Assam government to dismantle all sales tax check-gates post Goods and Services Tax
 Income tax: How to calculate capital gains tax on sale of old jewellery
 Six arrested for posing as Sales Tax officers, extorting money
 Insurance Agency Mergers and Acquisitions in Q1 "Explode," OPTIS Partners' Report Reveals
 Sales tax sleuths raid spare parts shops in Meerut's infamous Sotiganj market
 Income Tax: How offshore income could be taxed twice
 India finalises bills to launch new sales tax in July
 NMC to implement new tax system from Apr 1a
 13 per cent sales tax boost post demonetisationa
 Arun Jaitley May Lower Corporate And Income Tax Rates But Hike The Service Tax Rate

Breather for Maharashtra sugar mills on income tax evasion
November, 23rd 2011

Maharashtras 125-odd cooperative sugar mills got a much-needed respite, as the state government has assured them of avoiding coercive measures like attachment of properties in the income tax departments bid to recover dues totalling Rs 2,500 crore pending since 1990-91. For now, the Central Board for Direct Taxes (CBDT) has rejected a blanket stay on the income tax demand made on these mills; it would instead consider the matter on case-to-case basis.

The sugar mills have contested the I-T departments argument that the sugarcane price they paid in excess of the respective statutory minimum price (SMP) was profit distributed to farmers and that such excess should not be allowed as their purchase cost.

The states Federation of Cooperative Sugar Factories said the representative body of 200-plus mills wanted the payment made to sugarcane growers be treated as business expenditure on the lines of expenses the mills incurred on harvesting and transportation.
Pointed out an official of the federation: We spend on harvesting and transportation only to ensure adequate and consistent supply of the freshly-cut sugarcane (which is an essential input for the non-stop running of mills).

Since these expenses are incurred for commercial expediency, they are prima facie wholly and exclusively for the purpose of business, he added. The logic also applies to the payment of cane price, he told Business Standard. The functionary informed that the non-remunerative nature of the SMP forces the state government to intervene and ensure that sugar factories pay farmers a price that ensures continuous and adequate supply from small and marginal farmers who are obliged to supply the cane to the local sugar factory. The issue may come up for a discussion tomorrow during a joint meeting between the ruling Congress and the NCP.

The official said it would not be possible for the mills to pay income tax arrears when they are struggling to cope up with the situation in the wake of a recent settlement over payment in excess of fair and remunerative price as the first advance to the sugarcane growers.

Therefore, we, on behalf of those 125 mills, had appealed to the CBDT to grant a stay on recovery of tax. The Board, on its part, has asked individual mills to file separate applications requesting for stay of demand with the assessing officers, he said.

Further, it has agreed to set up a special bench to consider various appeals in this regard.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions