2 Year imprisonment to Income Tax Officer for Causing Loss to Govt.
TWO YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS.30,000/- TO THEN INCOME TAX OFFICER AND A PRIVATE PERSON FOR CAUSING LOSS OF RS.22.16 LAKH (APPROX)
CBI Press Release
New Delhi , 17.02.2014
New Delhi , 17.02.2014
The Special Judge for CBI Cases, Madurai (Tamil Nadu) has convicted Shri D. Soundarapandian, then Income Tax Officer of Dindigul District and Shri Karuppusamy, a private person for causing loss of Rs.22.16 lakh (approx) to the government and sentenced them to undergo two years Rigorous Imprisonment with total fine of Rs.30,000/-.
CBI had registered a case against Shri D. Soundarapandian, the then Income Tax Officer, Dindigul and Shri P. Karuppusamy of Ottanchathiram, Dindigul District on the allegation that during the year 2006, the said accused persons entered into criminal conspiracy to cheat Income Tax Department. In pursuance of the conspiracy, Shri D. Soundarapandian abused his official position and fraudulently concealed in his survey report the actual expenditure incurred by Shri P. Kauruppusamy in constructing a residential complex at Dindigul , which was an undisclosed income of Shri P. Karuppusamy in his IT returns. Thus, the Income Tax Officer facilitated Shri Karuppusamy to evade payment of tax to the tune of Rs.22,16,951/-(approx) including interest which amounted to loss to Income Tax Department. After investigation of the case, CBI filed charge sheet against the accused persons under sections 120-B r/w 420,201 IPC and section 13(2) r/w 13(1)(d) of Prevention of Corruption Act, 1988.
After completion of trial, the Court found both the accused guilty and convicted themCBDT bans AAI from issuing tax-free bonds, raises cap for 3 entities
CBDT has vide Notification No. 11/2014 dated 13.02.2011 removed Airport Authority of India Limited(AAI) from the list of Companies/ Financial Institutions eligible to issue Tax Free Bonds. In addition it has changed the issue cap of Rural Electrification Corporation Limited(REC), National Housing Bank (NHB) and NTPC Limited (formerly known as National Thermal Power Corporation).
NOTIFICATION NO. 11/2014
DATED 13-2-2014
In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following amendment to the notification of the Government of India, Ministry of Finance, (Department of Revenue), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 2424(E), dated the 8th of August, 2013, namely:—
In the said notification, in the Table,—
(i) serial number 3 and the entries relating thereto shall be omitted;
(ii) for the serial numbers 7, 8 and 13 and entries relating thereto, the following serial numbers and entries shall be substituted, namely:—
| (1) | (2) | (3) |
| "7. | Rural Electrification Corporation Limited (REC) | 6000 |
| 8. | National Housing Bank (NHB) | 4000 |
| 13. | NTPC Limited (formerly known as National Thermal Power Corporation) | 2250″ |
[F.NO.178/9/2014-(ITA-I)]
TRU Notification on Changes in Service Tax and Excise Duty – Interim Budget 2014
Government of India, Ministry of Finance, Department of Revenue, Tax Research Unit
D.O.F.No.334/3/2014-TRU, Dated :- 17th February, 2014.
The Finance Minister has presented the Interim Budget 2014-15 in Lok Sabha today, i.e., 17.02.2014. Certain changes have been made in the effective rates of Customs and Central Excise. To give effect to these changes, the following notifications have been issued:
| | NOTIFICATION NOS. | DATE |
| CUSTOMS | Tariff No.5/2014-Customs and No.6/2014-Customs | 17th February, 2014 |
| | ||
| CENTRAL EXCISE | Tariff No.4/2014-Central Excise | 17th February, 2014 |
All changes in rates of duty take effect from the date of publication of the notifications in the Official Gazette i.e. 17.02.2014.
2. The changes made are contained in the Annex appended to this letter, which provides a summary of the changes made. However, the details are contained in the notifications which alone have legal force.
3. Every possible effort has been made to avoid the errors or mistakes in the notifications. I shall be grateful, if the provisions of the notifications are studied carefully and feedback on issues that may need clarification including inadvertent errors, if any, that may have crept in, is provided urgently.4. In case of any doubt or difficulty, I would request you to kindly bring it to my notice immediately or to the notice of Shri Amitabh Kumar, Director (TRU) (Tel No.011-2309 2236; email: amitabh.kumar@nic.in, Shri G.G. Pai, Director (TRU) (Tel No.011-2309 2753; e-mail: giridhar.pai@nic.in or Shri Akshay Joshi, Budget Officer (TRU) (Tel No.011-2309 5547; e-mail: joshi.akshay @nic.in).
5. Copies of relevant notifications can be downloaded directly from www.cbec.gov.in.
With warm regards,
Yours sincerely,
(P. K. Mohanty)
Tel: (011) 2309 2687
Fax: (011) 2309 2031
Email: p.mohanty@nic.in
Tel: (011) 2309 2687
Fax: (011) 2309 2031
Email: p.mohanty@nic.in
To:
Chief Commissioners/ Directors General (All)
Commissioners of Customs (All)
Commissioners of Central Excise (All)
Commissioners of Customs and Central Excise (All)
Commissioners of Service Tax (All)
Director General, DPPR/Logistics/Legal Affairs/ Data Management
Annex
CUSTOMS
1) Full exemption from customs duty on pulses valid till 31.03.2014 has been extended by another 6 months i.e. up to 30.09.2014 [Clause (a) of the proviso to the notification No.12/2012-Customs, dated 17.03.2012 as amended by notification No.5/2014-Customs, dated 17.02.2014 refers].
2) CVD exemption hitherto available on specified road construction machinery has been withdrawn. These specified machinery will henceforth attract CVD and SAD. Exemption from the basic customs duty will however continue [Sl.No.368A of the Table read with List 16A of notification No.12/2012-Customs, dated 17.03.2012 as amended by notification No.5/2014-Customs, dated 17.02.2014 refers].
3) The basic customs duty structure on non-edible grade industrial oils and its fractions, palm stearin, fatty acids and fatty alcohols has been rationalised at 7.5% [Sl.No.51, 187A and 230 of the Table of notification No.12/2012-Customs, dated 17.03.2012 as amended by notification No.5/2014-Customs, dated 17.02.20 14 refers].
4) LNG consumed in the authorized operations in the ONGC SEZ unit at Dahej and the remnant LNG cleared into the domestic tariff area (DTA) has been exempted from basic customs duty and CVD [Sl.Nos.138A and 138B of the Table of notification No.12/2012-Customs, dated 17.03.2012 as amended by notification No.5/2014-Customs, dated 17.02.2014 refers].
5) A concessional basic customs duty of 5% [CVD (Nil) + SAD (Nil)] has been provided to capital goods imported by Bank Note Paper Mill India Private Limited. The exemption is valid up to 3 1.12.2014 [Sl.No.394A of the Table read with clause (j) of the proviso to the notification No.12/2012-Customs, dated 17.03.2012 as amended by notification No.5/2014-Customs, dated 17.02.2014 and Sl.No.83A of the Table of notification No.21/2012-Customs, dated 17.03.2012 as amended by notification No.6/2014-Customs, dated 17.02.2014 refers].
6) Human embryo has been fully exempted from customs duty [Sl.No.16A of the Table of notification No.12/2012-Customs, dated 17.03.2012 as amended by notification No.5/2014-Customs, dated 17.02.2014 refers].
CENTRAL EXCISE
1) The excise duty structure on mobile handsets has been restructured so as to provide that all mobile handsets will attract 1% excise duty if CENVAT benefit is not availed of. The duty will be 6% if CENVAT benefit is availed of. Consequently, all imported mobile handsets shall attract 6% CVD [Sl.No.263A of the Table of notification No.12/2012-Cental Excise, dated 17.03.2012 as amended by notification No.4/2014- Central Excise, dated 17.02.2014 refers].
2) The general excise duty on all machinery & equipment, appliances etc and parts thereof falling under Chapters 84 and 85 of the Central Excise Tariff has been reduced from 12% to 10%. The existing duty concessions, whether by way of tariff entry or notifications, will continue to be available as before [Sl.No.345 and 346 of the Table of notification No.12/2012-Cental Excise, dated 17.03.2012 as amended by notification No.4/2014- Central Excise, dated 17.02.2014 refers].
It may be noted that the duty rates notified against Sl.Nos.345 and 346 for the above goods are valid up to 30-06-2014 only. After this date, the rates applicable would be the rates as mentioned elsewhere in the Table of the notification or in the Tariff against the respective items.
3) The excise duty on small cars, motor cycles, scooters, commercial vehicles and trailers has been reduced from 12% to 8% and on SUVs from 30% to 24%. The excise duties on large and mid segment cars have been reduced from 27% and 24% to 24% and 20% respectively. In line with the duty reduction on commercial vehicles, the excise duty on chassis has been reduced appropriately. Duty has also been reduced on hybrid motor vehicles, hydrogen vehicles, etc. The existing duty concessions (e.g. on tractors) by way of notification will continue to be available as before [Sl.No.347 to 369 of the Table of notification No.12/2012-Cental Excise, dated 17.03.2012 as amended by notification No.4/2014- Central Excise, dated 17.02.2014 refers].
It may be noted that the duty rates notified against Sl.Nos.347 to 369 for the automobile items are valid up to 30-06-2014 only. After this date, the rates applicable would be the rates as mentioned elsewhere in the Table of the notification or in the Tariff against the respective items.
Changes in Service Tax, Excise Duty and Custom Duty – Interim Union Budget 2014-15
Highlights of Interim Union Budget 2014-15
The Hon'ble Finance Minister P. Chidambaram presented the Interim Budget for the fiscal year 2014-15 on Monday, February 17, 2014 to cover expenditure until the Government's term ends in May, 2014. While presenting the Interim Budget 2014 in Parliament, the Hon'ble Minister proposed no major changes in tax laws. He even expressed disappointment over delay in introduction of two of India's biggest tax reform initiatives – the Direct Taxes Code (DTC) and the Goods and Services Tax (GST). The Government appealed to all political parties to resolve to pass the GST Laws and DTC in 2014-15. However, the Hon'ble Minister announced some changes in Indirect Tax Rates.
We are sharing with you important changes in Indirect Taxes, Interim Union Budget 2014:-
CHANGES IN SERVICE TAX:
- Exemption on handling, storage or warehousing of rice: The definition of 'agricultural produce' in section 65B(5) of the Finance Act, 1994, leads to a differential treatment between paddy and rice. Paddy is covered by the definition of agricultural produce which loses its essential characteristic after milling into rice. Notification 25/2012 dated June 20, 2012 ("the Mega Exemption Notification") has been amended to insert an entry at Sl. No. 40 which reads as "services by way of loading, unloading, packing, storage or warehousing of rice" to exempt levy of service tax on handling, storage and warehousing of rice.
[Amended vide Notification No.4/2014-ST dated 17th February 2014].
- Exemption on transportation of rice: A clarification has been issued vide Circular No. 177/3/2014 dated 17th February 2014 ("the Circular") that "food stuff" includes rice and hence service tax on transportation of rice by rail or a vessel or by a Goods Transport Agency by way of transport in a goods carriage, is exempt vide Sl. Nos. 20(i) and 21(d) of the Mega Exemption Notification.
- Exemption on milling of rice: Para 1.2 of the Circular clarifies that milling of paddy into rice carried out as job work is covered by the exemption at Sl. No.30 of the Mega Exemption Notification since such milling of paddy into rice is an intermediate production process.
- Services provided by cord blood banks: Entry no. 2A has been inserted in the Mega Exemption Notification, which reads as "Services provided by cord blood banks by way of preservation of stem cells or any other service in relation to such preservation". Therefore, services provided by cord blood banks, such as collection of umbilical cord blood, processing the same for segregation of stem cells, testing and cryo-preservation of stem cells will be exempt from levy of service tax.
[Amended vide Notification No.4/2014-ST dated 17th February 2014]
CHANGES IN CENTRAL EXCISE:
- Excise duty on mobiles reduced: The excise duty structure on mobile handsets has been restructured so as to provide that all mobile handsets will attract 1% excise duty, if CENVAT benefit is not availed of and 6% if CENVAT benefit is availed of. Consequently, all imported mobile handsets shall attract 6% CVD.
[Amended vide notification No.4/2014-Central Excise dated 17.02.2014].
- Reduction in Excise duty on capital goods falling under Chapter 84 & 85: The general excise duty on all machinery & equipment, appliances such as washing machine, air conditioner, refrigerators, computers, colour televisions, LCD, microwave oven, etc., and parts thereof falling under Chapters 84 and 85 of the Central Excise Tariff has been reduced from 12% to 10%. It may be noted that the duty rates notified for the above goods are valid up to 30-06-2014 only.
[Amended vide notification No.4/2014-Central Excise dated 17.02.2014].
- Reduction in Excise Duty on automobile items: The excise duty on following automobile items have been reduced as under:
| S. No. | Automobile Item | Existing Excise Duty | Excise Duty after amendment |
| | Small cars, cycles, scooters, commercial vehicles and trailers | 12% | 8% |
| | SUVs | 30% | 24% |
| | Large and mid-segment cars | 27% | 24% |
| 24% | 20% |
Further, in line with the duty reduction on commercial vehicles, the excise duty on chassis has been reduced appropriately. Duty has also been reduced on hybrid motor vehicles, hydrogen vehicles, etc. It may be noted that the duty rates notified against Sl.Nos.347 to 369 of Table of Notification No. 12/2012-CE dated 17.3.2012 for the automobile items are valid up to 30-06-2014 only.
[Amended vide notification No.4/2014-Central Excise dated 17.02.2014].
CHANGES IN CUSTOMS:
- Extension of full exemption from customs duty on pulses: Full exemption from Customs duty on pulses valid till 31.03.2014 has been extended by another 6 months i.e. up to 30.09.2014
[Amended vide notification No.5/2014-Customs dated 17.02.2014].
- Withdrawal of CVD exemption on specified road construction machinery: CVD exemption hitherto available on specified road construction machinery has been withdrawn. These specified machinery will henceforth attract CVD and SAD. Exemption from the basic customs duty will however continue.
[Amended vide notification No.5/2014-Customs dated 17.02.2014]
- Rationalisation of basic customs duty structure on certain items: The basic customs duty structure on non-edible grade industrial oils and its fractions, palm stearin, fatty acids and fatty alcohols has been rationalised at 7.5%.
[Amended vide notification No.5/2014-Customs dated 17.02.2014].
- Exemption from BCD and CVD on LNG consumed in ONGC SEZ and cleared into DTA: LNG consumed in the authorized operations in the ONGC SEZ unit at Dahej and the remnant LNG cleared into the domestic tariff area (DTA) has been exempted from basic customs duty and CVD.
[Amended vide notification No.5/2014-Customs, dated 17.02.2014].
- Concessional basic customs duty on capital goods imported by or on behalf of Bank Note Paper Mill India Private Limited: A concessional basic customs duty of 5% [CVD (Nil) + SAD (Nil)] has been provided to capital goods imported by or on behalf of Bank Note Paper Mill India Private Limited. The exemption is valid up to 31.12.2014.
[Amended vide notification No.5/2014-Customs, dated 17.02.2014 and notification No.6/2014-Customs dated 17.02.2014].
- Human embryo has been fully exempted from customs duty.
[Amended vide notification No.5/2014-Customs dated 17.02.2014].
————————
Bimal Jain
FCA, FCS, LLB, B.Com (Hons)
FCA, FCS, LLB, B.Com (Hons)
Mobile: +91 9810604563
E-mail: bimaljain@hotmail.com
http://taxguru.in/income-tax/memorise-chapter-names-section-numbers-income-tax-act-1961.html
How to memorise chapter names and section numbers of Income Tax Act 1961?
Kaushal Agrawal
This video shall help you to memorise chapter names and section numbers of income tax act 1961 in a very easy manner. There might be certain chapters and sections which I have left out intentionally. This lecture is meant for those students who have just started learning and studying tax. A first time learners of Income tax shall find this video very interesting. Students of CA Inter, CS Executive, CMA inter, B.Com.shall be benefited. However I have not covered entire chapters of Income Tax. Therefore please view this video kindly. Sorry for the mistake if any. Thanks for watching.__._,_.___
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