"03 June 2013" Archive

TDS/TCS Rates Chart for AY 2014-15

In the Chart given below Author has compiled the TDS / TCS rates as applicable for Assessment year (AY) 2014-15 or Financial Year (FY) 2013-14. In this Year Government has made TDS applicable on Compensation / Consideration on transfer of certain immovable property other than agricultural land (w.e.f. 01 .06.2013). ...

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Posted Under: Income Tax | ,

Public Notice No. 15 (RE-2013)/2009-2014, Dated: 03.06.2013

Public Notice No. 15 (RE-2013)/2009-2014 (03/06/2013)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in Appendix 5 of the Handbook of Procedures (Vol. I) with immediate effect....

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Guidelines for Licensing of New Banks in Private Sector- FAQs

Clarifications to Queries on Guidelines for Licensing of New Banks in the Private Sector In providing the clarifications, an attempt has been made to assist potential applicants in understanding the terms of the guidelines. The clarifications are specific to the queries and must be read in the overall context of the guidelines. Q.1. Is it...

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Posted Under: Income Tax |

Additional FAQs on Inflation Indexed Bonds (Accounting Norms)

Q 1. How will the daily changes in the inflation adjusted principal be accounted for, regarding a. MTM b. Interest c. Book Value Ans: The valuation criteria as specified for HTM, AFS and HFT would apply. Valuation (para nos. given are from our MC on investments) 3.1 Held to Maturity i) Investments classified under HTM […]...

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Posted Under: Income Tax |

Mere information regarding income escapement can be considered valid for the purpose of sec. 147

Commissioner of Income Tax -IV Vs M/s Insecticides (India) Ltd. (Delhi High Court)

Whether failure on part of AO for examining truly and fully all the material facts by the assessee could lead to reassessment and also mere information regarding income escapement can be considered valid for the purpose of sec. 147?...

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No penalty for disallowance U/s. 40(a)(i) if TDS deducted next year

Dynatron Private Limited. Vs Dy. CIT (ITAT Mumbai)

Merely because a claim (per the return of income) is a legal claim, or has a legal aspect to it – which would be in each case – the same by itself cannot be a cause for non levy of penalty in every case, as where there is no valid basis for the same (i.e., the legal claim)....

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Several Posts of Under-Secretary/ Technical Officer vacant in CBEC

F.No.- A. 35017/26/2013 - Ad.II (03/06/2013)

I am directed to say that the eleven posts at the level of Under Secretary/ ten posts at the level of Senior Technical Officer/ fourteen posts at the level of Technical Officer/ two posts of Senior Analysts in CBEC under the Revenue Headquarters which are lying vacant are proposed to be filled up from amongst the suitable officers of IRS ...

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Brief Note on Service Tax on Work Contract Service

fter the Finance Act 2012 enacted, Clause 54 of the newly introduced section 65B provides definition to works contract, which means, “a contract wherein transfer of property in goods involved in the execution of such contract is leviable to tax as sale of goods and such contract is for the purpose of carrying out construction, erection,...

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Posted Under: Income Tax |

Brief on Calculation of revenue in case of real estate developers

Mandatory application of the Percentage of Completion Method (POC, as per AS 7): Once the above mentioned criteria fulfilled revenue shall be recognised by using POC method. The revised GN stipulates certain general conditions to be satisfied for application of POC method, such as:...

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Posted Under: Income Tax |

Mandatory E filling of Tax Audit Report u/s 44AB

Shrawani Trivedi An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, Person carrying on business and his total sales/ turnover exceeds Rs.1 crore. Person carrying on profession and his Gross Receipts exceed Rs.25 lakhs. Person covered under the provision of Section 44AD, 44AF, 44...

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Posted Under: Income Tax |

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