• Oct
  • 20
  • 2014

Happy Diwali with crackers of Income Tax

Added In Income Tax
Arjuna: Krishna, Which may be biggest cracker if we correlated with the Income Tax Provision? Krishna: Arjuna, listen gladly, the salesmen in the market sells different types of crackers likewise there are various provisions in various laws. Accordingly in Income tax the biggest cracker is the cracker that explodes in 6 different ways, we call it as ‘Six Shots’ and that cracker is of ‘SEARCH OR RAID’

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  • Oct
  • 20
  • 2014

New features of e-form ADT-1 related to Auditors Appointment

Added In Company Law
 New e-Form ADT-1 New features/ Options of e-form ADT-1 introduced by Ministry today (20.10.2014) itself Provide whether company is falling under any class of Companies as per Section 139(2). Whether Joint Auditors have been appointed – Provide Whether joint auditors have been appointed. If yes is selected then provide the value for Number of auditor(s) […]

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  • Oct
  • 20
  • 2014

Gratuity – Legal Provisions and Taxation

Added In Income Tax
ratuity is a reward for long and meritorious service. In 1972 the government passed the Payment of Gratuity Act that made it mandatory for all employers with more than 10 employees to pay gratuity. Gratuity shall be payable to an “employee” on the termination of his employment

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  • Oct
  • 20
  • 2014

Tax planning and managing the House Property

Added In Income Tax
The direct tax proposals of budget 2014 have been tax friendly. It is also worth noting that budget proposals have received the assent of President and now it is law of land under Indian Income Tax Act. It provides for tax advantage in the form of increased basic exemption limit for individuals by Rs.50K.

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  • Oct
  • 20
  • 2014

Not filed your TDS Return-File NIL Declaration on Traces

Added In Income Tax
The last date for filing the TDS Statements for the Second Quarter of FY 2014-15 is already over. There will be many deductors who did not deduct any tax during the relevant quarter and therefore did not file any statement for deduction of tax at source u/s 200(3) of the Income Tax Act’1961.

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  • Oct
  • 20
  • 2014

Dealer cannot be denied benefit due to cancellation of R.C. of other dealer, unless published in official gazette

Added In GST
Punjab & Haryana High Court in an older case namely Arjan Radio House vs Assessing Authority had held that a person’s registration certificate shall be deemed to have been cancelled w.e.f date of publication of the factum of cancellation in the official Gazette as a busy seller cannot be supposed to know whether the registration certificate […]

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  • Oct
  • 20
  • 2014

Micro Nutrient Mixtures -Whether it is Plant Growth Regulator or Other Fertiliser under Central Excise classification?

Added In Excise Duty
The CESTAT, Bangalore has recently held in the case of KPR Fertilizer Ltd Vs Commissioner of Central Excise, Service Tax and Customs, Visakhapatnam II 2014-TIOL-2001-CESTAT-BANG that Micronutrient Mixtures are not Plant Growth Regulators if it contains Nitrogen or Phosphorous or Potash and would be classifiable as Other Fertiliser falling under Chapter Sub-Heading No.31059090and not 38089340 as claimed by the Department and therefore the Appellant has a prima facie case on merits.

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  • Oct
  • 19
  • 2014

Why should I pay tax?

Added In Income Tax
 The citizens of India are required to pay Income tax as well as other taxes as per law.  1.  Some people raise the question ‘Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost […]

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  • Oct
  • 19
  • 2014

No disallowance u/s 14A & Rule 8D can be made if the assessee does not have tax-free income & no claim for exemption is sought

Added In Income Tax
Section 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads as under:

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  • Oct
  • 19
  • 2014

Interest Income of Co-Operative Bank on deposits with Co-operative Bank not eligible for Deductoion U/s. 80P

In the present case, we find that the assessee has earned interest income on fixed deposits made by the assessee with sub-treasury, Meenachili, Kadappattoor and SBI Pala totaling Rs. 20,21,909/- and the interest income earned on the surplus funds of the assessee cannot be considered as business income so as to be entitled for deduction […]

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