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SC says no restrictions on voluntary name banners along Kanwar route eateriesNew Capital gains regime: CBDT issues FAQsFM favours debt reduction but sans affecting economic growthMisc - Royalty not a tax; royalty is contractual consideration paid by mining lessee to lessor for enjoyment of mineral rights & liability to pay royalty arises out of contractual conditions of mining lease: SC CBDGFT simplifies EPCG Scheme procedures to enhance Ease of Doing BusinessKargil Victory Day: PM warns Pak against practising terrorismMisc - Payments made to Government cannot be deemed to be a tax merely because statute provides for their recovery as arrears: SC CBPM GatiShakti Group evaluates five key infrastructure projectsMisc - Since power to tax mineral rights is provided for in Entry 50 of List II, Parliament cannot use its residuary powers in this subject matter: SC CBLadakh's Budget has increased from Rs 1100 Cr to Rs 6000 Cr in last 5 yrsChina pumps in subsidies worth USD 41 bn into car sectorCus - Owner of goods has a liability to pay customs duty even after confiscated goods are redeemed on payment of fine - Interest follows: SCIndian Coast Guard rescues 14 Indian crew from stranded vessel near AlibaugObama endorses Kamala Harris for PresidentI-T- Demand notice issued mechanically merits being quashed, where passed in ignorance of assessment order giving clean chit to assessee: HCIndia discovers Lithium Resources in Mandya and Yadgiri districts of KarnatakaIndia's installed Nuclear Power Capacity to triple by 2031-32: MoSGoyal sets USD 50 bn target for footwear industry to achieve by 2030Indian-origin German citizen nabbed with 6 kg of cocaine at IGI AirportAI-based SearchGPT to compete with Google: OpenAIBiden to attend QUAD meeting to be held in New Delhi this year

MESSAGE BOARD

   

Normal period of limitation under Section 11A of CE Act and Section 73 of Finance Act, 1994 enhanced


extension of time to issue tax demands

The aggressive extension of time to issue tax demands to three years effectively in Service tax and two years in Central Excise in ordinary cases is indeed a step back in time and is a backstab(as a writer put it in TIOL) to the ideal of not making taxation retrospective.The Govt cries hoarse against it but continues to flirt with retrospective taxation. With this taxpayer-unfriendly move, tax litigation would not be quelled but would climb steeply. Taxpayers would have to keep their fingers crossed for much longer now. Tax uncertainty is put at a premium.
The state vat systems are awash with the consequences of such longer ropes to the tax babus.Taxation has become just more intractable in India.

Dr. Ravindran Pranatharthy
Advocate

Ravindran Pranatharthy 29/02/2016

 

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