Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.
This office is in receipt of queries with regards to the admissibility of submission of returns, application for refund in Form-501, Audit Report in Form-704 or like documents and payment of amount towards VAT on the next working day immediately following due date which falls on Sunday or Public Holiday.
Accordingly, we direct the Assessing Officer to cause necessary enquiry with regard to SRO rate as on 13.6.2005 and also the fact of giving the possession of the property to the purchaser on 13.6.2005 itself, and to decide the issue in the light of the Tribunal order in the case of M. Siva Parvathi (supra) and the judgement of Kerala High Court in the case of Veepee Enterprises (supra) and the Bombay High Court judgement in the case of Chaturbhuj Dwarkadas Kapadia (supra). The Assessing Officer is also directed to consider all the documents produced by the assessee before the CIT(A) while deciding the issue as the grievance of the Assessing Officer is that assessee has submitted additional evidence which was not filed by the assessee before the Assessing Officer.
We have been receiving a number of complaints where students have been refused educational loan as the residence of the borrower does not fall under the bank’s service area. In this connection, we advise that Service area norms are to be followed only in the case of Government sponsored schemes as advised in our circular RPCD.LBS (SAA).BC.No.62/08.01.00/2004-05 dated December 8, 2004 and are not applicable to sanction of educational loans.
Circular No. F.1-AD (E-BENCH)/AT/2012 It is directed that appeals and applications fixed before the Income Tax Appellate Tribunal, Nagpur Bench will be heard through Video Conferencing by the Members of the ITAT sitting at ITAT, Mumbai.
Banking regulators control and monitor the financial state of affair of the banks through reporting mechanism. With the formation of European Union, banks operating in European region are expected to report under multi regulatory environment, where such reporting becomes complex and dynamic, requiring banks to submit reports in a timely manner with more granularities, supported by intensive information. Identifying data synergies and taking leverage of that can help such banks in effective and correct compliance.
No doubt, Chartered Accountancy course has enjoyed wide popularity but CMA and CS courses too have been gaining popularity over the last few years. Particularly, growth in numbers of students enrolled for CMA is far more than any other course in India. This is because of cost awareness amongst the business entrepreneurs due to growing competition in the market, and this has resulted in increased demand for CMA.
It can be concluded that registering INTELLECTUAL PROPERTIES will be a strong protection and a value addition to the corporate sector. It is as much an asset as any other property. Always we have to remember as said earlier, IF YOU HAVE A TRADEMARK, REGISTER IT and IF YOU HAVE REGISTERED A TRADEMARK then USE IT.
Gross direct tax collections during April-October of the Financial Year 2012-13 was up by 6.59 percent and stood at Rs. 3,02,810 crore as against Rs. 2,84,081 crore in the same period last year. Net direct tax collections was up by 14.63 percent and stood at Rs.2,50,866 crore, as compared to Rs. 2,18,850 crore in the same period in the last fiscal.
In the present case, however, we find that the second deposit of the same amount on clearance of the same goods did not amount to deposit of excise duty and was a pure mistaken deposit of an amount with the Government which the revenue cannot retain or withhold. Such claim, therefore, would not fall within section 11B of the Act.
If we consider the facts of the case under consideration, we noticed that the A.O. did not reject the books of account regularly maintained by the assessee by invoking section 145(3) of the Act. The assessee raised the ground before the CIT(A) that reference under section 142A to the D.V.O. is without jurisdiction as the A.O. did not reject the books of account.
