"10 March 2012" Archive

Bureaucratic delays cant be excuse for filing appeal beyond limitation period

Office of the Chief Postmaster General & Ors. Vs. Living Media India Ltd. & ANR. (Supreme Court of India)

SC Bench warned the Union government and its departments that bureaucratic delays could not be cited as an excuse or a ground for filing appeals beyond the period of limitation of 90 days and also said that the law of limitation undoubtedly binds everybody, including the government. The claim on account of impersonal machinery and inherit...

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No sec. 195 TDS Liability On Payer If Payee Not Assessed

Crompton Creaves Ltd. Vs. The DCIT (TDS) (ITAT Mumbai)

Supreme Court in Bhatinda District Co-op. Milk Producers Union Ltd. [2007] 9 RC 637 ; 11 SCC 363 action must be initiated by the competent authority under the Income-tax Act, where no limitation is prescribed as in section 201 of the Act within that period of four years. In Van Oord ACZ India (P) Ltd. v. Commissioner of Income-tax 323 ITR...

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Maharashtra VAT – Download Revised List of 1009 Suspicious Dealers

The Department of Sales Tax, Maharashtra State declared UPDATED list of Suspicious Dealers on 7th March 2012 totalling to 1009 nos....

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Posted Under: Corporate Law | ,

How to convert Form 16/16A text file (zip file) to Form 16/16A PDF File

1) Extract Zip file containing TDS certificate data in text form by using WinZip version 9.0 and above, WinRaR version 3.90 and above and 7-Zip version 4.65 and above. 2) Extract zip file by providing the TAN registration number. 3) Open the PDF converter utility by double clicking the file PDF Converter Utility.bat ...

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I-T Exemption Limit may be raised to 3 lakh, Highlights of DTC Committee Report,Download Report

Raise I-T exemption limit to Rs 3 lakh from Rs 1.8 lakh. Levy 10 pc tax on income between Rs 3-10 lakh. 20 pc on income between Rs 10-20 lakh,30 pc above Rs 20 lakh. Senior citizen benefits from 60 years instead of 65 years. Raise tax rate on life insurance cos to 15 pc from 12.5 pc. Retain corporate tax rate at 30 pc. Remove Securi...

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Posted Under: Corporate Law | ,

S.154 – A.O. Can rectify Assessment order

The Commissioner of Income Tax- III Vs. M/s Varindra Construction Company (Punjab & Haryana High Court)

Whether assessing Officer has jurisdiction to rectify the original assessment u/s 154 of the Act, as it was change of opinion and the review of order passed by his predecessor was not permissible under law. Held - That assessing officer has a power to rectify the assessment by invoking the provisions of Section 154 of the Act. The rate o...

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How to Apply TAN, Track Status of TAN Application, fees

TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS...

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S. 54EC investment time limit begins from date of receipt of consideration

Chanchal Kumar Sircar Vs. ITO (ITAT Kolkata)

The assessee has deposited the sale consideration within one month of receipt with NABARD for availing exemption u/s. 54EC of the Act. In such circumstances whether the assessee is eligible for claim of exemption or not ? In our view, in this type of case, the period of six months for making deposit u/s. 54EC of the Act should be reckoned...

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CA issuing wrong 10CCAC certificate guilty of professional misconduct – HC

Council of the Institute of Chartered Accountants of India Vs. Ajay Kumar Gupta (Delhi High Court)

CA certifying in Form 10CCAC that export proceeds have been realised when not in fact realized amounts to false and bogus certificate and is serious misconduct for which mere reprimand is not sufficient punishment. The attempt was to dupe tax authorities and help assessee to avoid tax, to that extent, such a conduct has to be taken seri...

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RBI reduces CRR by 75 basis points to 4.75 per cent

RBI/2011-12/435 UBD.BPD. (SCB). Cir.No.3/12.03.000/ 2011-12 (09/03/2012)

t has been decided to: reduce the cash reserve ratio (CRR) of scheduled banks by 75 basis points from 5.5 per cent to 4.75 per cent of their net demand and time liabilities (NDTL) effective the fortnight beginning March 10, 2012. This reduction will inject around `480 billion of primary liquidity into the banking system. ...

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