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Archive: 07 April 2012

Posts in 07 April 2012

Note on Amendments, vide Finance Bill, 2012, which will come into force with immediate effect

April 7, 2012 411 Views 0 comment Print

I am preparing this Note in order to clarify the position that none of the amendments relating to Direct Taxes, particularly those relating to TDS and TCS, will come into force with immediate effect. In other words, all the amendments relating to the Direct Taxes will become effective, only after the Finance Bill, 2012, is enacted as part of the Income-Tax Act, 1961.

Petitioner cannot approach Court just a week before the dated fixed for the examination – HC

April 7, 2012 940 Views 0 comment Print

It is also relevant to note that in the present proceedings, the petitioner has not assailed the terms and conditions of the Counselling Brochure. Having failed to do so, he cannot be permitted to question the same, by trying to give it an interpretation which runs contrary to the clear terminology used in the relevant clauses. The Court is also not oblivious to the fact that the IIT JEE 2012 is to be held on 8.4.2012 for which the Application Forms of the candidates were required to reach the Zonal IIT as long back as on 15.12.2011. It is therefore not acceptable for the petitioner to approach the Court just about a week before the dated fixed for the examination, when even as per his own case, he had submitted his application form on 12.11.2011 after reading the eligibility conditions laid down in the Brochure. Moreover, no explanation, much less a plausible explanation has been offered by the petitioner for failing to report to IIT (Madras) on 26.7.2011, in terms of the seat allotment letter issued to him on 10.07.2011.

Auto Cancellation of Excise, Service tax Registration for non filing of Returns

April 7, 2012 9724 Views 0 comment Print

Registration of a manufacturer will be cancelled automatically if excise duty returns are not filed for six months, as per the latest government proposal. In case of a service provider, the registration will be cancelled automatically if return is not filed for 12 months, said the draft of the common excise duty and service tax form on which the Revenue Department has sought comments from stakeholders by April 30.

EPFO introduces Electronic Challan cum Return (ECR) Service

April 7, 2012 13695 Views 1 comment Print

The ECR facility is available from April, 2012. All Employers who are covered under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 are required to register their establishments on EPFO website for filing the Electronic Challan cum Return (ECR) for wage month of March 2012 (payable in April 2012) onward. The registration process has already started from 20 March, 2012.

Budget 2012 – Direct Tax Proposals Highlight

April 7, 2012 5331 Views 0 comment Print

Alternate Minimum Tax (AMT) on all persons other than companies – * Under the existing provisions, AMT is levied on LLP. Now AMT is also proposed to be levied on partnership firms, sole proprietorship, AOP

Excel Tips – How to Find duplicates items in combine columns in Microsoft Excel

April 7, 2012 4221 Views 0 comment Print

Find duplicates items in combine columns in Microsoft Excel – Enter the formula : =A1&B1 to cell C1 and copy / paste the formula to cells C2:C12 – Enter the formula : =IF(COUNTIF($C$1:C1,C1)>1,”Duplicate”,”Unique”) – to cell E1 and copy / paste the formula to cells E2:E12

Refusal To Give 30 Days For Tax Payment Is High-handed & Unlawful – HC

April 7, 2012 579 Views 0 comment Print

In the present case, as noted earlier, a provisional attachment has already been levied on 7 October 2011 under Section 281B by which the amount which was invested by the Assessee in mutual funds of SBI Mutual Funds was attached. The attachment was to the extent of Rs.36.54 Crores. That being the position evidently there would have been no basis for forming a reason to believe that if the period of 30 days was to be observed under Section 220(1), that would be detrimental to the Revenue.

S.14A does not apply to shares held as stock-in-trade

April 7, 2012 2643 Views 0 comment Print

HC held that When no expenditure is incurred by the assessee in earning dividend income, notional expenditure cannot be disallowed u/s 14A. The assessee had not retained shares with the intention of earning dividend. The dividend income was incidental to the business of sale of shares, which remained unsold by the assessee. It cannot be said that the expenditure incurred in acquiring the shares had to be apportioned to the extent of dividend income and that should be a disallowance u/s 14A.

s.148 notice beyond 4 years without compliance of s.147 & s.151(2) not valid

April 7, 2012 3994 Views 0 comment Print

Section 147 – Sanction Of Superior Officer Renders Reopening Void: Bombay High Court. The notice under section 148 can be issued beyond four year with prior approval of joint commissioner and at the same time joint-commissioner should be satisfied that this is fit case for issue of a notice in view of section 151(2). In the present case no new evidence or fresh evidence produce by assessing officer and the joint-commissioner granted approval without see the record for issuance of notice under section 148. The court held that there was no compliance of the mandatory requirements of Section 147 and 151(2), the notice reopening the assessment cannot be sustained in law.

Holding of classes not mandatory to qualify as educational institution

April 7, 2012 876 Views 0 comment Print

Assessee has filed writ petition against order passed by the Director General of Income Tax (Exemptions), for denying them exemption under Section 10(23C)(vi) of the Income Tax Act, 196, on the ground that the aforesaid institute was not directly imparting education and had not employed teachers who were teaching or giving lectures to the students.

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