"07 April 2012" Archive

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

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...

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Posted Under: Income Tax |

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

Prateel Rohilla Vs Indian Institute of Technology, Delhi & Ors. (Delhi High Court)

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 ...

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

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 w...

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Posted Under: Income Tax | ,

EPFO introduces Electronic Challan cum Return (ECR) Service

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 registra...

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Posted Under: Income Tax | ,

Investment Limit in Capital Gains Bond u/s 54EC

Per REC and NHAI issue rules, the maximum investment allowed per retail investor per financial year in the specified bonds is Rs 50 lakh. The words used in proviso to Section 54EC is any financial year and not relevant financial year. Definition of long term capital asset in Explanation (ba) to section 54EC means any bond redeemable afte...

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Posted Under: Income Tax | ,

Budget 2012 – Direct Tax Proposals Highlight

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...

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Posted Under: Income Tax | ,

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

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 ...

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Posted Under: Income Tax |

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

Firoz Tin Factory and another. Vs Assistant Commissioner of Income Tax (Bombay High Court)

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 n...

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

CCI Ltd vs. JCIT (Karnataka High Court)

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 s...

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

Shri. Ghanshyam K. Khabrani. Vs Assistant Commissioner of Income Tax (Bombay High Court)

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 n...

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