"26 January 2013" Archive

Compounding of offences under FEMA, 1999

CA Kamal Garg The term ‘compounding’ has not been defined either in the Foreign Exchange Management Act, 1999 or the rules issued there under. However, inference can be drawn from the definition given in the Companies Act, 1956. It defines ‘compounding’ as: ‘Any offence punishable under the Act (whether committed by the company ...

Posted Under: Fema / RBI |

Download Income Tax Interest Calculator in Excel u/s. 234A B C

ABCAUS Excel Income Tax Interest Calculator With this excel based income tax interest calculator one can calculate accurate amount of interest payable under section 234A, 234B and 234C of Income Tax Act, 1961. Inbuilt Help section and text of relevant sections have also been provided for ready reference. Download ABCAUS Excel Income Tax I...

PCE & IPCE result of Nov, 12 on 05.02.2013

Results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2012 are likely to be declared on Tuesday, the 5th February, 2013 around 5.00 P.M....

Posted Under: Fema / RBI |

CA loses Rs 85 lakh to online lottery scam

As reported by leading daily TOI – Falling prey to an online lottery scam, chartered accountant Pankaj Kumar (name changed), 25, transferred nearly Rs 85 lakh to account numbers provided by the cyber criminals, who duped him by showing frivolous dreams having won lottery money of 10 lakh pounds. Now, all his efforts to contact [&hel...

Posted Under: Fema / RBI |

S. 194H TDS applicable on payment in the nature of commission, even in the absence of relationship of a principal & agent

SKOL Breweries Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai)

Section 194H talks about the payment to a recipient which is the income by way of commission or brokerage. It does not require that the relationship between the payer and the payee should be of a principal and agent. The Explanation to section 194 elaborates on the terms 'commission or brokerage' by including any payment received or recei...

Ex- ITO from Mumbai gets 5 Year imprisonment for accepting bribe

FIVE YEARS RIGOROUS IMPRISONMENT TO THEN INCOME TAX OFFICER FOR ACCEPTING A BRIBE OF RS. 75,000/- The Special Judge for CBI Cases, Mumbai has convicted Shri Leeladhar Bangera, the then Income Tax Officer, Ward No.10, Piramal Chambers, Mumbai and sentenced him to undergo five years Rigorous Imprisonment with total fine of Rs. 35,000/- in a...

Posted Under: Fema / RBI |

TDS is applicable U/s. 194C on Warehousing charges paid to clearing and forwarding agents & Not U/s. 194I

Commissioner of Income-tax Vs Hindustan Lever Ltd. (Delhi High Court)

CIT(Appeals) and the ITAT had the benefit of examining the entire documentary evidence which consisted of the various lease deeds and the c & f agents agreements. The conclusions drawn by these authorities on the basis of such scrutiny are concurrent. Even otherwise, if the revenue was of the opinion that any consideration paid to the c &...

Extra consideration for acquiring an asset cannot be disallowed if main purpose of the same is not tax evasion

Nirma Industries (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Ahmedabad)

'Let us assume that Mr. 'A' purchases a machine which is very much required by him for his business purpose but for such acquisition of machine by him, he paid some extra price as per the A.O. This is not the case of the A.O. that using of machine for business purpose is not the main purpose of acquiring of machine and in that situation, ...

Income Tax deductions for A.Y. 2013-14 / FY 2012-13

DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] - SECTION 80C 1. Under section 80C, deduction would be available from gross total income. 2. Only an individual or a Hindu...

Posted Under: Fema / RBI | ,

Taxability of Agricultural Income in the Hands of HUF or Individual depends on ownership of property

K.P. Nachimuthu Vs Commissioner of Income-tax, Coimbatore (Madras High Court)

As far as instant assessment is concerned, it is a case of individual assessment. The extent of the property sought to be assessed at the hands of HUF was to the extent of 20.88 acres at Alamarathupatti Village. Even though the assessee claimed the property in entirety as HUF property, the partition deed allotted an extent of 4.63 acres a...

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