FINANCE

Sugar industry seeks excise duty deferral to stay afloat

June 4, 2007

The beleaguered sugar industry, struggling to come to terms with low realisation and surplus production, has sought deferral of excise duty for a period of two years in a bid to extricate itself from the financial mess it finds itself in. A memorandum seeking such a relief has been submitted by the Indian Sugar Mills [...]

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Drawing the boundary between cross-border tax planning & evasion

June 4, 2007

IN MID-September last year, senior revenue department officials spent two days in Seoul with their counterparts from 34 countries brainstorming on how to counter cross-border tax evasion, including outright tax frauds. As a taxman will admit, when it comes to curbing the rising trend among individuals and businesses to use off-shore accounts to launder money, [...]

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Scope of section 9(1)(ii)

June 4, 2007

C.I.T & Another Vs. Reading & Bates Exploration Co.07/07/2004(2005) 278 ITR 47(Uttaranchal)Decision:Held by hon’ble court that since the off period followed the on period and that since assessee had to undergo training during the off period, it was clear that all that had a nexus with the services he rendered in India. Hence,salary paid during [...]

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Prudential norms on Income recognition, Asset Classification and Provisioning pertaining to Advances

June 4, 2007

RBI Circular DBOD No. BP.BC.76-21.04.048-2006-07 dated 12 April 2007Prudential norms on Income recognition, Asset Classification and Provisioning pertaining to AdvancesThe RBI has directed all scheduled commercial banks that in case of infrastructure projects to be financed by them, the date of completion of the project is to be clearly spelt out at the time of [...]

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I-T department probing tax evasion through duplicate PANs

June 4, 2007

Delhi : The income tax department is probing tax evasion cases done through duplicate permanent account numbers (PANs), including over 100 cases detected by the Delhi Police. The sources said the I-T department has obtained information from Delhi Police authorities about detection of over 100 PAN cards of different people of multiple identities and further [...]

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New Income Tax Forms for returns for the assessment year 2007-2008

June 4, 2007

New `forms` of worry Delhi : The new income-tax forms notified by the Central Board of Direct Taxes (CBDT) recently are meant for the current assessment year — 2007-08. The draft forms were published in the last week of April and the basic thrust of the new tax forms are (i) annexure-less filing of tax [...]

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