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Archive: 05 February 2013

Posts in 05 February 2013

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 6807 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Cut Down The Meals To Save Taxes?? Cascading Effect Really Out Of the Picture??

February 5, 2013 2784 Views 0 comment Print

The posh restaurants these days have a highly priced menu for the varieties of cuisines offered by them. These high prices are a symbol of their quality and taste standards, and this is what they try to project. But how far is that true??? Let’s assess it.

Instructions for fixing reserve price for auction of properties acquired under Chapter XX-C of Income-tax Act

February 5, 2013 13275 Views 0 comment Print

In supersession to CBDT Instruction No. 1857 issued on 19-9-1990 vide F. No. 316/22/1989-OT for auction of properties purchased under Chapter XX-C of the Income-tax Act, 1961, comprehensive instructions on the modalities of fixing the reserve price for auction of properties acquired under Chapter XX-C are as under :

Assessee-trusts, being representative assessee of Self Help Group, not liable to deduct TDS

February 5, 2013 9143 Views 0 comment Print

The assessees are availing loans from SNBFCL and passing over the loans to various Self Help Groups (SHGs) working under them. In fact, the loan amounts are not utilized by the assessee trusts. They are utilized by the SHGs working under the trusts. The ultimate payer of the interest is not the assessee trusts, but the SHGs.

S. 80G – HC grant Opportunity to Trust Negligent in Filing Requisite details due to employees’ laxity

February 5, 2013 438 Views 0 comment Print

For furnishing information required, the petitioner had sought 5 adjournments, as finds place in the impugned order but such information was not furnished. On 8.3.2001, again an adjournment was sought by the petitioner on the ground that the staff was busy in the examination work so time be allowed for furnishing the information. From the perusal of the aforesaid, it appears that such information was required to be furnished by the petitioner, as the staff of the petitioner was busy in the examination work, petitioner institution had sought such time, but it was denied.

Excel GAR-7 Service Tax Payment Challan (Revised) with database facility

February 5, 2013 13785 Views 0 comment Print

This excel base GAR-7 Challan for payment of service tax is latest Based on circular no 165/16/2012 ( restoring Specific Accounting Codes). It has facility of building and saving assessee database to avoid repetitive work. It has built in check for Wrong Assessee Code Structure. Totally menu driven and help section.

If company had admitted that it owed a sum to petitioner, winding up petition against it was to be admitted

February 5, 2013 432 Views 0 comment Print

It appears from the company’s admission of January 5, 2011 that it asserted that it owed the petitioner a sum of Rs. 26,08,858/- and it had a claim against the petitioner’s associate concern in the sum of Rs. 22,80,646.05. Even if the letter is taken on face value and the veracity of the assertions therein are not questioned, it appears that there is an unequivocal admission by the company of it being indebted to the petitioner in the sum of Rs. 3,28,211.95 if the two figures of Rs. 26,08,858/- and Rs. 22,80,646.05 are reconciled. It is the same sentiment which is reflected in the company’s affidavit, at paragraph 11 whereof the figures are repeated and the company has questioned the petitioner’s claim only to the extent of the same exceeding Rs. 26,08,858/-.

Bangladesh Cabinet nod for amendment in DTA Convention with India; to aid IT info exchange

February 5, 2013 651 Views 0 comment Print

The Bangladesh cabinet has approved an amendment proposal on the existing Double Taxation Avoidance Convention with India for the exchange of income tax related information.

SC directs govt. to provide DRTs and DRATs manpower & adequate infrastructure

February 5, 2013 1135 Views 0 comment Print

i. Provide adequate infrastructure to DRTs/DRATs on the following basis: a. If sufficient space as per requirement is available in the Government building, then space from the concerned department will be allotted on a permanent basis.

Other forms filled by foreign bank with ROC cannot be treated as Null & void if filing of Form 49 is substantiated

February 5, 2013 573 Views 0 comment Print

Last aspect of the matter i.e., the argument as to why yet another Form was filed on 05.04.2004. The conduct of respondent no. 3 in this regard is explained by reference to ROC’s letter dated 26.03.2004, whereby they were advised to file a revised duplicate Form by an authorised person to rectify the objections. It is quite possible that having received the said communication, respondent no.3 filed yet another Form on 05.04.2004.

S. 69 ITAT to give clear finding as to whether the explanation offered by the assessee is satisfactory or not

February 5, 2013 432 Views 0 comment Print

In the present case, we find that the assessing officer was clearly wrong in holding against the assessee by concluding that the assessee had not offered any explanation. This fact has been realized both by the Commissioner of Income Tax (Appeals) as also by the Income Tax Appellate Tribunal. It is clear that the assessee had offered an explanation.

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