"23 June 2011" Archive

Notification Exempting Individual having Income less then 5 lakh from furnishing Income Tax Return

Notification No. 36/2011 - Income Tax 23/06/2011

Notification No. 36/2011 - Income Tax Exemption u/s 139(1) to Specified Person from the requirement of furnishing a return of income for Assessment year 2011-12. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,...

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Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12

Individuals having total income up to Rs. 5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs. 10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the e...

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Posted Under: Income Tax | ,

Cost Inflation Index for FY 2011-12 / AY 2012-13

Notification No. 35/2011 - Income Tax 23/06/2011

Notification No. 35/2011 - Income Tax CBDT has vide Notification No. 35/2011 In exercise of the powers conferred by clause (v) of explanation to section 48 of the Act, CBDT has notified 785 as the cost inflation index, in respect of computation of gains arising on the transfer of long term capital asset. The said inflation index is appli...

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Soon you will be able to Check your balance in EPF account online

Speaking on the occasion the Minister said 4.72 crore accounts up to 2008-09 are likely to be updated online by 15.7.2011 to ensure more transparency. He said that the Provident Fund Organisation has been directed to update all accounts by December 2011 and expressed the hope that this will be done as per schedule as this will be one of t...

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Posted Under: Income Tax |

Payment of commission in lieu of dividend is Tax Avoidance

Dalal Broacha Stock Broking Pvt Ltd Vs. ACIT (ITAT Mumbai)

Dalal Broacha Stock Broking Pvt Ltd vs. ACIT (ITAT Mumbai – Special Bench)- Provisions of section 36(1)(ii) will apply in case of all employees including share holder employees irrespective of the fact whether any extra services have been rendered or not. The issue whether payment of bonus or commission to an employee will be covered by...

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Service tax Payable on billing basis from July 1 2011

The Finance Act, 2011 has introduced with effect from April 1, 2011, Point of Taxation Rules in which, these rules will determine the point in time when the services shall be deemed to be provided. The general rule will be that the time of provision of service will be the earliest of the following dates: i. Date on which service is provid...

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Posted Under: Income Tax |

Long Procedural Delay in Filing Dept Appeals cannot be condoned – SC

CIT Vs Indian Hotels Co Ltd (Supreme Court of India)

CIT vs. Indian Hotels Co Ltd (Supreme Court) - The department filed a SLP challenging the order of the Bombay High Court declining to condone delay of 656 days in filing the appeal. The delay was explained as having been caused by several facts such as non traceability of case records, procedural formalities involved in the Department an...

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Difference between agreed price for purchase of property and price registered in sale deed taxable

Bela Juneja Vs CIT (Delhi High Court)

Bela Juneja v CIT (Delhi High Court) - Additions under s 69 was justified since finding of facts has been arrived by lower authorities that assessee had made unexplained investment and there was huge difference between agreed price for purchase of property and price registered in sale deed and no perversity has been shown in such findings...

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Two chartered accountants held in fraud case

The Economics Offences Wing (EOW) of Chandigarh police Wednesday evening booked two city-based chartered accountants in a land-related fraud case, said the police. According to the police, they have booked the accused for cheating and criminal conspiracy. ...

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Posted Under: Income Tax |

No excise duty on school uniforms, towels – CBEC

In a relief to the garment industry, the government today said no excise duty will be imposed on uniforms and items like towels if they merely bear logo of the institution or company they are made for. .Such products would not merit treatment as branded products merely because the name of the school, institution or company or their logo i...

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Posted Under: Income Tax |

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