N K GOEL AND BROS.

Rashmikant Kundalia vs. UOI (Bombay High Court) S. 234E: High Court grants ad-interim stay against operation of notices levying fee for failure to file TDS statement S. 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day's delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). A Writ Petition to challenge the validity of s. 234E has been filed in the Bombay High Court. The Petition claims that assessees who are deducting tax at source are discharging an administrative function of the department and that they are a "honorary agent" of the department. It is stated that this obligation is onerous in nature and that there are already numerous penalties prescribed for a default. It is stated that the fee now levied by s. 234E is "exponentially harsh and burdensome" and also "deceitful, atrocious and obnoxious". It is also claimed that Parliament ...

Date for filing of DVAT returns eztended till 9th of may 2014

Mandatory to pay stamp duty on lease deeds/agreements. Registration for 1 year or more is mandatory under section  107 of Transfer of Property Act, 1882 and section 17 of Registration Act, 1908. Consequences of  Deficient Stamping/Non-registration Lease deed/agreement can be impounded and penalty upto 10 times  of the unpaid deficient stamp duty amount can be charged by the Collector of Stamps. An unregistered and/or deficient  stamped lease deed/rent agreement is not admissible as evidence in court of law. In the event of an unregistered lease deed that requires mandatory registration, the courts have termed  the tenancy (for residential as well as  commercial properties) to be a month to month tenancy, terminable on a 15 days notice, by either of the parties. This means that the lessee cannot enforce the agreed lease period on the lessor. The lessor also faces various disadvantages as the terms and conditions of the lease deed are not admiss...

The department of trade & taxes has withdrawn the filing of audit report in its current format AR-1 with immediate effect. Copy of notification available here

The department of trade and taxes has extended the last date for DVAT amnesty scheme to 28-02-2014 Copy of notification available here

The Department of Trade & Taxes vide circular no.33 of 2013-14  dated 31-01-2014 has further extended the  Last Date for filing of third quarter return of 2013-14  to 07-02-2014 Copy of Circular Available Here