"14 June 2013" Archive

CBDT Amends Format of Form 3CEB – More reporting compliance by the Auditors

In pursuance of the changes made by the Finance Bill 2012 bringing specified domestic transactions under the ambit of Transfer Pricing Regulations, CBDT has amended the format of Form 3CEB vide notification number 41 dated 10 June 2013. The said notification also amends Rule 10A, 10AB, 10B, 10C, 10D and 10E. ...

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Posted Under: Income Tax |

All India Transfers And Postings Of Commissioners of Income-tax

Order No. 106 of 2013 14/06/2013

Vide Order No. 106 of 2013 dated 14.06.2013, the CBDT has ordered the transfer & posting of several officers in the grade of Commissioner of Income-tax with immediate effect. Download the Order No. 106 of 2013 dated 14.06.2013...

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Section 194C TDS does not apply to contract manufacturing agreements -SC

C.I.T-XVII, Delhi Vs Silver OAK Laboratories P.Ltd (Supreme Court of India)

In fact, it is clarified that the definition of the word work will not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person other than such customer. However, this amendment came into force only with effect from 1st October, 2009, which will not...

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Reverse Charge Mechanism with Relevant POPS Rules

CA Nitin Gupta 1. INTRODUCTION OF REVERSE CHARGE MECHANISM Reverse charge mechanism is not a new concept in service tax. Under the reverse charge mechanism, instead of service provider, the service receiver is liable to pay service tax. But with effect from 1.7.2012 a new scheme of taxation is being brought into effect whereby the [&helli...

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Posted Under: Income Tax | ,

ICAI clarification regarding news on Bank Branch Audit Limit

June 12, 2013 ICAI PRESS RELEASE The Institute of Chartered Accountants of India (ICAI) would like to clarify that the present limit for Statutory Bank Branch Audit is still Rs. 20 crore (of advances) and not Rs. 50 crore as being erroneously reported in some sections of the media. This is to inform that concerted […]...

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Posted Under: Income Tax | ,

How to Pay TDS on sale of Immovable property – PPT

• As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). • Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ […]...

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DVAT – ‘Spectacles’ & ‘sunglasses’ are different from each other

After careful examination of the provisions of DVAT Act, 2004 and definitions of terms like spectacles and sunglasses, it is clear that ‘spectacles’ and ‘sunglasses’ are different from each other. Further, the entry no. 115 of schedule III of the DVAT Act, 2004 specifically covers only spectacles. ...

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Posted Under: Income Tax |

On Covnersion of Company into LLP, Auditor of the company deemed to be auditor of LLP

 Ministry of Corporate Affairs’ latest Circular which provides important clarifications on the provisions of the Limited Liability Partnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP. It has been clarified that the LLP Act, 2008 does not provide for conversion of two or more firms into a single LLP....

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Posted Under: Income Tax |

Four year jail Term to then ITO from Pune for accepting bribe

The Special Judge, CBI Cases, Pune (Maharashtra) has convicted Sh. Manish Nadkar, the then Income Tax Officer, Ward D-3, Pune for demanding & accepting a bribe of Rs. one lakh and sentenced him to undergo four years Rigorous Imprisonment with a fine of Rs.20,000/-....

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Posted Under: Income Tax |

Download ITR-5 , ITR 6, ITR 7 for A.Y. 2013-14 / FY 2012-13 with Instructions

Income Tax Department has notified vide Notification No. 42/2013 Dated- 11th day of June, 2013 ITR for Assessment Year 2013-14 or Financial Year 2012-13.  E-Filing Utility of these also be expected to be released soon. Department has already released E-filing Utility for ITR-1, ITR-2, ITR-3, ITR-4 and ITR 4S. Download ITR-5 , ITR 6, ITR ...

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Posted Under: Income Tax |

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