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It was constituted as Customs, Excise and Gold (Control) Appellate Tribunal (CEGAT) under section 129 of Customs Act, 1962, [1] as amended by section 50 and the Fifth Schedule of Finance (No. 2) Act, 1980. [2] These amendments became effective from 11 October 1982 [3] and the Tribunal was also constituted on the same date. [4]
A dual GST module for the country has been proposed by the EC. This dual GST model has been accepted by centre. Under this model GST have two components viz. the Central GST to be levied and collected by the Centre and the State GST to be levied and collected by the respective States.
The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states. The GST is meant to replace a slew of indirect taxes with a federated tax and is therefore expected to reshape the country's $3.5 trillion economy, but its implementation has received criticism.
Form 16D is a TDS Certificate issued for payment of a commission, brokerage, contractual fee, the professional fee under section 194M by the payer. Under Section 194M if the payments to resident contractors and professionals exceed INR 50,00,000 during the Financial Year, the payer has to deduct tax at the rate of 5% from the sum payable to a ...
The argument that only corporations are subject to federal income tax, and variations of this argument, have been officially identified as legally frivolous federal tax return positions for purposes of the $5,000 frivolous tax return penalty imposed under Internal Revenue Code section 6702(a). [17]
Penalties may be imposed for noncompliance. "Circular 230 is a hybrid document containing the rules, regulations, ethical/conduct provisions, and disciplinary procedures that apply to those who practice before the IRS." [1] The rules in Circular 230 are codified as Title 31 of the Code of Federal Regulations, Subtitle A, Part 10 (31 C.F.R. Part ...
The current maximum penalty for these forms is $50. [12] Many of the forms must be filed electronically, and filing on paper is considered non-filing. [13] Late filing of returns of partnership income (Form 1065) can result in penalties of $195 per month per partner, up to a maximum of 12 months. [14]
The scheme was again upheld in 1957 on the basis of section 96, in Victoria v Commonwealth (the Second Uniform Tax case). [8] In introducing the Goods and Services Tax (GST), the Commonwealth agreed to distribute GST revenues to the States according to a formula set by the Commonwealth Grants Commission.