"17 April 2012" Archive

How to verify correctness of TDS Certificate

NSDL has recently started a online facility by which deductee can verify the correctness of TDS Certificate (Form 16A) issued by the deductor. To know the correctness deductee must have the following details or should have a copy of TDS certificate issued by the deductor as information from the same need to be filled in online verificati...

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Posted Under: Income Tax |

Empanelment with DGET for Selection of Audit Firm for Special Audit of ITI Expenditure in Maharashtra

Government of India has received a Credit from the International Development Association in various currencies towards the cost of Vocational Training Improvement Project (Credit 4319-IN) and intends to apply part of the proceeds of this credit to payments under the contract for a special audit to be carried out in 87 ITIs located in dif...

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Posted Under: Income Tax |

Empanelment with Water Resources Department for Internal Audit

Hiring Services Of A Chartered Accountant Firm For Internal Audit Of Tamil Nadu Irrigated Agriculture Modernization & Water Bodies Restoration And Management (Tn Iam Warm) Project (From The Project Period Of 2007-2008 To 2012-2013)...

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Posted Under: Income Tax |

Petro Companies wants to Raise petrol prices by Rs. 9.6 rupees a litre

State-run oil companies have served an ultimatum to the government that they will raise petrol prices by 9.6 rupees a litre if excise duty is not cut or they are not provided compensation for 49-crore rupees loss per day on fuel sale....

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Posted Under: Income Tax |

s.40(a)(ia) apply only to expenditure remaining payable

Rajamahendri Shipping & Oil Field Services Ltd., Vs. Addl. CIT (ITAT Visakhapatnam)

Provisions of sec.40(a)(ia) would apply only to the expenditure which remain payable as at the end of the relevant financial year. Assessee entitled to claim deduction of expenses if the TDS deducted there on is remitted before the due date for filing the return of income. ...

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S. 50C Not Apply To Asset held as Stock-In-Trade

Commissioner Of Income Tax-II Vs M/S Kan Construction And Colonizers (P) Ltd. (Allahabad High Court)

The Commissioner of Income-tax (Appeals) and the Tribunal on analysis of the facts of the case have reached to the conclusion that section 50C has no application as it was a case of transfer of plots which was stock in trade. An income earned from such transaction is liable to be taxed as income from business activity....

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Amendment to s. 40(a)(ia) retrospective from 1.4.2005

Shri Piyush C. Mehta, Vs. The ACIT 25(3) (ITAT Mumbai)

The question now is as to whether to follow the decision of the Hon'ble Special bench in the case of Bharati Shipyard Ltd vs. DCIT (ITAT Mumbai) which has taken the view that Amendment by the Finance Act, 2010 to the provisions of Sec.40(a)(ia) of the Act is prospective and not retrospective from 1.4.2005 or the decision of the Hon'ble Ca...

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Assessment Order u/s. 153 Without JCIT Approval void

Akil Gulamali Somji Vs Income Tax Officer Ward 4(5], (ITAT Pune)

In the case of CIT Vs. SPL's Siddharth Ltd. (Supra), before the Hon'ble Delhi High Court, the facts were that notice issued by the A.O u/s. 147 r.w.s 148 of the Act for re-opening the assessment for the A.Y. 2002-03 was set aside by the Tribunal on the ground that the requisite approval of Addl. Commissioner of Income Tax, which is mandat...

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Variation in Interest Rates on Deposits to be Minimal – RBI

Banks should have a board approved transparent policy on pricing of liabilities and they should also ensure that variation in interest rates on single term deposits of Rs. 1.5 million and above and other term deposits is minimal....

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Posted Under: Income Tax |

RBI stuns with big rate cuts

Reduce the repo rate under the liquidity adjustment facility (LAF) by 50 basis points from 8.5 per cent to 8.0 per cent with immediate effect. The reverse repo rate under the LAF, determined with a spread of 100 basis points below the repo rate, stands adjusted to 7.0 per cent with immediate effect....

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Posted Under: Income Tax |

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