"August, 2011" Archive

Taxation of Salary Income and valuation of perquisites

Article covers provisions related to taxation of Salary Under Income Tax , Available deductions from Salary Income , Valuation of Perquisites available to Salaried Employees and How to calculate Tax on the same and TDS provisions...

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Posted Under: Income Tax |

Salary Income – Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income from House Property

The essential conditions for availing higher deduction of interest of Rs.1,50,000/- in respect of a self-occupied residential house are that the amount of capital must have been borrowed on or after 01.4.1999 and the acquisition or construction of residential house must have been completed within three years from the end of the financial ...

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Posted Under: Income Tax |

Income Tax Rates/ Slabs FY 2011-2012 / A.Y. 2012-2013

Income Tax Rates/ Slabs for the financial year 2011-2012 (A.Y. 2012-2013) for Individual, HUF, woman, senior citizen and senior citizen of 80 Years and more-Normal Rates of tax: Applicable to Individual Male below the Age of 60 Years and HUF...

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Posted Under: Income Tax |

Format of reply to Penalty notice under section 272B for wrong quoting or non-quoting of PAN

Nowadays Income tax department is issuing notice to the under section 272B of Income Tax Act 1961, to the Assessee’s who filed their Income tax Return, but filled wrong PAN or not filled PAN in their Income tax Returns . Under section 272B Assessing office can impose a penalty of Rs. 10,000/- on Assessee for wrong quoting or non-quotin...

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Posted Under: Income Tax | ,

ICAI to soon release book covering direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review etc

ICAI would soon bring out a Quick Insight on CA profession to be circulated to all CA firms/ practitioners for ready reference, which has been designed to include matters relating to direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review, information regarding forms relevant to s...

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Posted Under: Income Tax |

Declared goods except wheat and paddy still taxable @ 4.4% in Punjab after ordinance dt 17-08-2011- Section 8(1) and 62(5) of PVAT amended

Punjab Government has promulgated an Ordinance dated 17-08-2011 vide Notification No. 33-Leg/2011 whereby proviso to section 8(1) and section 62(5) of Punjab VAT Act, 2005 have been amended. Proviso to Section 8(1) deals with rate of tax on declared goods whereas section 62(5) deals with pre-deposit of 25% before entertaining of any appea...

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Posted Under: Income Tax |

Regarding Export of Pan Masala-Gutkha packed in plastic sachet by 100% EOU -Application of provisions of Plastic Waste Management and Handling Rules, 2011

F.No. 528/69/2011-STO (TU) (30/08/2011)

Some Chief Commissioners are of the view that whereas the manufactures of pan masala /gutkha shall be required to give an undertaking to comply with the provisions of the Plastic Waste (Management and Handling) Rules, 2011 under no circumstance should export of the goods in question be stopped or disallowed. Other Chief Commissioners had ...

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RBI – Authorisation Guidelines for Primary Dealers (PDs)

NOTIFICATION NO S.O. 1976(E) (30/08/2011)

RBI is of the view that the PD has attempted to manipulate the market, involved in market abuse, made an incorrect representation or certification, failed to provide information required under the extant guidelines, or provided information that was incorrect, inaccurate, or incomplete....

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Penalty for failure to export cotton yarn in terms of Policy Circular No. 27 dated 01.04.2011 and Policy Circular No. 38 dated 10.08.2011

Trade Notice No. 19/2011 (30/08/2011)

Attention is invited to Policy Circular No. 27 dated 01.04.2011 which stipulates conditions and modalities for registration of contracts of cotton yarn with DGFT. Para 4 of this Policy Circular deals with the consequences of failure to export the allowed quantity within stipulated time....

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CBI arrests ADIT Andasu Ravindra & 2 others in a bribery case

CBI traps additional commissioner of Income Tax Andasu Ravindra for receipt of Rs 50 lakh bribe and also arrested P Kishore, managing director of Chennai-based tech-based education provider Everonn Education, on charges of bribing an Income Tax official with Rs 50 lakh. A third person, said to have abetted the crime, is also under the CBI...

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Posted Under: Income Tax |