"05 October 2012" Archive

TDS deductible if Form 15G/ 15H are collected after 31st March

Assistant Commissioner of Income-tax, Circle-1, Meerut Vs Meerut Rubber Factory (ITAT Delhi)

The assessee had not deducted tax at source on the ground that the depositors intended to file form No. 15G/15H in time but Form No. 15G/15H were not filed by the date on which the interest was credited/paid to the depositors. In section 40 the word shall not be deducted in computing the income chargeable under the heads Profits and gains...

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Download Income Tax Calculator in Excel

Income tax Calculator in excel format calculates tax payable by you on various source of income. It can calculate tax for all categories of Individuals including senior citizens and very senior citizens. It can calculate tax on all categories of income including business income, house property income, capital Gains, income from other sour...

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Income Tax Returns out of RTI ambit – SC

The Supreme Court has ruled that the details of a person's income tax returns and performance of an employee are personal information which cannot be divulged under the provisions of the Right to Information Act unless a larger public interest is involved....

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Posted Under: Income Tax | ,

Window to Goods & Service Tax (GST)

Value Added Tax made in first opening in France in 1954. At that time it was not a full VAT system, since it was restricted to manufacturers and whole-sellers. The retailers and agriculturist were kept beyond its purview....

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Posted Under: Income Tax | ,

Foreign travel expenditure on Pleasure Trip not allowable

Creamline Dairy Products Ltd. Vs DCIT (ITAT Hyderabad)

The main issue is with regard to allowability of foreign travel expenditure. The assessee claimed foreign travel expenditure at Rs. 20,35,971. As the assessee not furnished details of expenditure relating to business and pleasure trips, the Assessing Officer disallowed 80% of foreign travel expenses at Rs. 16,28,777. On appeal, the CIT(A)...

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Number of countries from which import of poppy seeds is allowed is increased to 16

Notification No.19 (RE-2012)/2009-2014 05/10/2012

NOTIFICATION NO. 19 (RE-2012)/2009-2014 The number of countries from which import of poppy seeds is allowed is increased from 11 to 16 and Slovenia has been replaced by Slovakia in 3(a). ...

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Addition for Investment in Shares / Mutual Fund based on mere AIR report not sustainable

Aarti Raman vs. DCIT (ITAT Bangalore),

Tribunal had taken the view that when the AIR shows some investment and the assessee denies it, no addition can be made on account of unexplained investments without further evidence to show that the assessee made investments. ...

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Don’t Believe Fraudsters – Mumbai Air Customs

It has been brought to notice that innocent citizens are made to believe that they have won/received some international prize/award/parcel and money is demanded to fulfill some Customs formalities. All are hereby informed that Mumbai Customs is in no way concerned with the international prize/award money....

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Posted Under: Income Tax |

Mere certain lapses & disallowances cannot be basis for denying exemption u/s.10(23C)

Hyndavi Educational Society Vs Assistant Director of Income-tax (Exemption) (ITAT Hyderabad)

Regarding allowability of exemption u/s. 10(23C)(iiiad)/(vi), we are of the opinion that there is no allegation that the assessee is not imparting education. The argument of the Department is that some benefit given to the founder member of the trust disables the trust from getting exemption u/s. 10(23C)(iiiad)/(vi). ...

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Rates of Duty Drawback 2012-13 – Reg

Circular No. 27/2012-Custom Duty 05/10/2012

As in previous years, the drawback rates have been determined on the basis of certain broad parameters including, inter alia, prevailing prices of inputs, Standard Input Output Norms, share of imports in the total consumption of inputs, FOB value of export goods, the applied rates of central excise and customs duties, the factoring of inc...

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