"06 April 2012" Archive

Surcharge Not dependent on liability to pay income tax but on assessed tax

A.C.I.T Vs. Loknath Prasad Gupta (ITAT Kolkata)

The Hon’ble Supreme Court in the case of CIT Vs. Raju Bhatra reported in (2009) 310 ITR 105 (SC) has laid down the ratio that surcharge leviable under the Finance Act was a distinct charge not dependent for its leviability on the assessee’s liability to pay incometax but on assessed tax. Therefore, even without the proviso to section ...

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Any service used by manufacturer directly or indirectly in or in relation to manufacture of final products constitutes input service

Commissioner of Central Excise, Bangalore-I Vs Bell Ceramics Ltd. (Karnata High Court)

It was held that any service used by the manufacturer whether directly or indirectly in or in relation to the manufacture of final products constitutes input service. The catering service, rent-a-cab and transportation services and the tax paid on the said services are stated as input services....

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If past decisions were in favour of Assesee till contrary decision failure on the part of the assessee acceptable as a bona fide error and cannot be attributed to be wilful intention to evade tax

Commissioner of Central Excise, My Store Vs Reid & Taylor (India) Ltd. (CESTAT Bangalore)

It was held that till the decision in the case of ITC Ltd., all the decisions were in favour of the respondents and therefore invoking suppression or mis-declaration etc. for confirmation of demand is not in order. Further, I also take note of the submission made by the ld. Counsel that even the original adjudicating authority has taken a...

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Consortium formed by non-residents for bidding for a turnkey contract taxable as AOP

Re. Linde AG, Linde Engineering Division (AAR Delhi)

AAR held that a consortium formed by the Applicant with another non-resident, to bid for a turnkey contract, is liable to be taxed as Association of Persons (AOP) according to the Income-tax Act, 1961 (the Act) and the Double Tax Avoidance Agreement (tax treaty) between India and Germany. The AAR also held that an internal division of res...

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Under Regulation 73 company required to file report on repayment to investor with SEBI

Brijeshwar Jaiswal Vs SEBI (Delhi High Court)

The case of respondent no. 1 is that all correspondence / dealing by the petitioner with the Complainant Board in this regard have been with the Northern Regional office at New Delhi, within territorial jurisdiction of Delhi Courts. The petitioner did not make application for registration with SEBI as required under statutory obligation t...

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Lead a life guided by pure wisdom

1. The biggest wonder in the world is that a human being who normally spends 80 – 100 years on the planet earth, (i) does not ever think that he / she is not the body and his real self is the Atma or Spirit within, and (ii) he never deliberates upon the purpose of the life on this planet earth....

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Posted Under: Income Tax |

TDS,Income Tax, HRA, Arrears Relief U/s 89(1) Calculator FY 2012-13

1. It calculates Tax Liability of Salaried Employees of Private and Government Sector for A.Y. 2013-14 or Financial Year 2012-13. 2. Calculator have in Built House Rent Allowance (HRA) Calculator which Calculates HRA Exemption which an Employee is Eligible. 3. In Built Arrears Relief Calculator to Calculate tax Relief Receivable by the...

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Excel Tips – How to Calculate number of minutes between dates – time in Microsoft Excel

Data in cell A1:B2               A            B 1 End Date/Time 05/11/2003 15:33 <– =NOW() 2 Start Date/Time       10/01/2002 9:33 <– =NOW()-222.25 Formula in cell E2: =(B1-B2)*1440    (  24 hours*60 minutes=1440 ) Format in cell E2: regular number format Result:             ...

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Posted Under: Income Tax |

What You Need to Know About CA-CPT Exam?

First of all, what exactly does CPT mean? The full form of this abbreviation is “Common Proficiency Test”. If one wants to pursue a course in chartered accountancy, he or she has to clear this entrance test. Before being able to give this examination, one has to register with the ‘Institute of Chartered Accountants of India’ (ICAI...

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Posted Under: Income Tax |

Getting relief from DRT under SARFAESI Act, 2002?

It would be clueless for the professionals at times in answering the queries of the borrowers facing proceedings under ‘The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002’. If the Bank initiates proceedings under the provisions of SARFAESI Act, 2002, then, in view of section 34, n...

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Posted Under: Income Tax |

View Tax Credit Statement / Form 26AS Online

View Tax credit detail is available to all user after login. This facility provides Tax credit history. After login go to menu option MyAccount->View Tax credit statement(Form 26AS). The new screen provides facility to enter Ass Year, DOB and capcha code to view the statement. Please login to view the same...

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Posted Under: Income Tax | ,

West Bengal – Entry Tax on Goods – wef 01/04/2012

1. The tax rate shall be uniform – ONE per cent on value of goods. 2. No collection of any tax at any checkpost. 3. No question of vehicles being detained anywhere within the local area including checkpost. 4. Self declaration and self assessment of tax....

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Posted Under: Income Tax |

Rajasthan – VAT Returns Due date of 2010-11 extended to 30-04-2012

Due date for submission of all returns for the year 2010-11 under Rule 19 and Rule 19A of the Rajasthan Value Added Tax Rules 2006 has been extended by CCT Rajasthan upto 30-04-2012. ...

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Posted Under: Income Tax |

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