"November, 2012" Archive - Page 10

India Do not have the Concept of Tax Free Zones

There is no concept called Tax Free Zones as such in operation. However, there are schemes like Special Economic Zones (SEZs) and Export Oriented Units (EOUs) which provide tax exemptions. Both above schemes are administered by the Department of Commerce. ...

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Posted Under: Finance |

CItywise detail of Income tax Search in last 3 and half years

The Income tax Department conducts search and seizure operations based on the credible companies, association of ‘persons’ which includes individuals, hindu undivided families (HUFs), firms, companies, association of persons (AoPs), body of individuals (BoIs), local authorities and any artificial juridical person who are in possession...

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Posted Under: Finance |

Today is last date to E-File Non-XBRL 23AC and 23ACA without additional fees

General Circular No.38/2012 (23/11/2012)

General Circular No.38 /2012 , Dated 23.11.2012 In continuation of General Circular No. 30/2012 dated 28.09.20 12 on the subject cited above, I am directed to say that Due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI (applicable for the accounting year commencing on or after 1.4.2011 ) has been exte...

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Whether interest on housing loan is eligible for a double deduction?

In a recent judgment by the Chennai Tribunal in the case of ACIT v C. Ramabrahmam (2012) 27 taxmann.com 104 (Chennai - Trib.), interest on housing loan which was claimed as a deduction under section 24(b) [while computing income from house property] was also deducted by the assessee under section 48 [as cost of acquisition while computing...

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Functioning of Review Committee of Commissioners

F.No.390/Review/2/2012-JC (23/11/2012)

Your attention is invited to the statutory provisions by which committee of two Commissioners/Chief Commissioners have been constituted to review the orders passed by the appellate Commissioners/Commissioners as original adjudicating authority....

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Rajiv Gandhi Equity Savings Scheme, 2012 -Section 80CCG – Notification

Notification No. 51/2012-Income Tax (23/11/2012)

Notification No. 51/2012-Income Tax Rajiv Gandhi Equity Savings Scheme, 2012 shall apply for claiming deduction in the computation of total income of the assessment year relevant to a previous year on account of investment in eligible securities under sub-section (1) of section 80CCG of the Income-tax Act, 1961. Notification No. 51/2012 ...

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How to View Form 26AS of Famous Personalities?

We all know that the Govt. has launched a new website of Income Tax E-filing. Have you seen Form 26AS of well-known persons like Ambanis, Tatas, Deols etc? Earlier it was not possible for all to see this, but now on new I T E-filing website it is possible for all CAs. ...

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MVAT Audit Due (Form 704) date extended to 15th January, 2013

Commissioner of Sales Tax in Maharashtra has informed to defer the submission of VAT Audit Report in Form 704 under the MVAT Act, 2002 to 15th of January, 2013 from the scheduled due date of 30th November, 2012. A Notification to this effect is expected on coming Monday, the 12th November, 2012....

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Posted Under: Finance |

Penalty After Surrender Via Revised ROI u/s. 271(1)(c) – High Court Explains Law

Commissioner of Income Tax Delhi-VI Vs Usha International Ltd. (Delhi High court)

The question of concealment of income and whether the revised return was filed voluntarily or not is a question of fact to be examined and decided upon the facts and circumstances of the each case and, therefore, it was not permissible to the Tribunal to merely rely on earlier orders where this issue was considered and penalties were canc...

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Difference in applicability of Cost Compliance Report & Cost Audit Report

With issue of various circulars, cost audit orders and notifications with regard to Cost Accounting, the MCA has set the stage for collection of the authentic information (duly approved by Bard of Directors and verified by a Cost Accountant) with regard to various industries for use by various Ministries....

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