"08 February 2012" Archive

Once tax has not been deducted and even if such tax has been paid by the deductee, disallowance u/s.40[a][ia] can still be made.

Asst./ Dy. Commr. of Income Tax (LTU) Vs. DICGC Ltd. (ITAT Mumbai)

ACIT vs. DICGC Ltd (ITAT Mumbai) - Sec.201 deals with the mode of recovery of taxes and once tax due has already been paid then the same demand cannot be enforced again. However, sec.40[a][ia] deals with the disallowance of expenditure itself. Therefore, merely by invoking the Heydon's principle the statutory provisions cannot be rendered...

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For section115JA/JB Deduction U/s. 80HHC to be computed with reference to the net profits in the profit and loss account – SC

Al-Kabeer Exports Ltd Vs. CIT (Supreme Court of India)

Al-Kabeer Exports Ltd Vs. CIT (Supreme Court)- Reversing the High Court Decision and restoring the Tribunal Special bench Decision. It was held that in view of  SC Court’s Order in the case of Commissioner of Income-Tax vs. Bhari Information Technology Systems (P) Ltd. [S.L.P. (C) No.33750 of 2009] Tribunal was  justified in comin...

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CIT (A) Guilty of ‘Contempt’ For Not Following ITAT Verdict

M/s. Cargo Handling Private Workers Pool Vs. DCIT (ITAT Visakhapatnam)

Cargo Handling Private Workers Pool Vs. DCIT (ITAT Vizag)- Since the Income tax Appellate Tribunal is exercising judicial functions, it is now settled that it has all powers of Court, i.e. it can issue summons and exercise all the powers vested in the Income tax authorities under section 131 of the Income tax Act. Hence any proceeding bef...

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Book Rail Tickets 120 day in advance w.e.f. March 10, 2012

The Ministry of Railways has decided to increase the advance reservation period for booking reserved train tickets from existing 90 days to 120 days on experimental basis (excluding the date of journey) w.e.f. March 10, 2012....

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Posted Under: Income Tax | ,

Form-16 FY 2011-2012 excel utility for upto 100 employees

Master Form-16 New FY 11-12 for Up to 100 Employees. Download File to Prepare Form 16 of upto 25 Employees with Indian Rupee Font....

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Can excess TDS Paid for last Financial year can be adjusted against current F.Y.

The answer is 'NO' there is no such provisions in the Income tax Act /rules to adjust the same by assesee himself. If the excess is related to perriod up to 31.03.2010 then Assesssee can claim refund of the same as per the provisions of CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 . Detailed analysis of the same can be ...

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CBEC Achieves Nearly 80.74% of Budget Estimate Up-to January, 2012 in the Current Fiscal

The Central Board of Excise and Customs (CBEC) has been able to achieve nearly 80.74% of Budget Estimate up-to the month of January, 2012 in the current fiscal year. At the present rate of growth, CBEC should be able to achieve the target of Rs.3,92,908 Crores. ...

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Posted Under: Income Tax |

Direct Tax Collection During April-January of the Current Fiscal up by 14.57 Percent

Gross direct tax collection during April-January of the current fiscal was up by 14.57 percent at Rs.4,25,274 crore as against Rs.3,71,188 crore in the same period last fiscal. While gross collection of corporate taxes was up 11.87 percent (Rs.2,85,837 crore against Rs.2,55,514 crore last year), gross collection of personal income tax was...

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Posted Under: Income Tax |

Sebi to give MCA list of over 500 cos who violated Collective Investment Scheme (CIS) rules

Market regulator Sebi has decided to share with the Ministry of Corporate Affairs the names of over 500 companies, which have garnered money from investors in violation of its Collective Investment Scheme (CIS) rules. Sebi would also give the names of the directors of such entities to the MCA, so that necessary actions can be taken to pr...

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Posted Under: Income Tax |

SC directs Speak Asia to deposit investors Money

The Supreme Court has directed the Singapore-based firm Speak Asia, accused of duping investors to the tune of Rs 1,300 crore, to deposit before it the amount payable to investors and concerned authorities. A bench of justices Dalveer Bhandari and Dipak Verma asked the mediator, appointed by it earlier, to ascertain the exact amount which...

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Posted Under: Income Tax |
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