"July, 2013" Archive

I-T Returns Filing Date Extended to 5th August, 2013

Order No. F.No. 225/117/2013/IT/Ulf-Income Tax (31/07/2013)

F.No. 225/117/2013/IT/Ulf Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 31St of July, 2013 Order under Section 119 of the Income-tax Act. 1961 The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act,...

Read More

Rate of Interest Subvention for exporters Increased from 2% to 3%

Presently the rate of Interest Subvention for credit obtained by exporters is 2%. There has been persistent demand to both increase the rate of subvention and also to widen the coverage. At present, all exporters who are micro and small enterprises, irrespective of the export sector, are beneficiaries of this scheme. In addition, the expo...

Read More
Posted Under: Income Tax |

Income Tax Return Due Date Extended to till August 5, 2013

As a Measure of Taxpayers Convenience, Last Date of Filing of Returns Extended to 5th August, 2013 There is an unprecedented surge in number of returns being e-filed during this year. 92.03 lakh returns have been e-filed up to 30th July, 2013 which is 46.8 % higher than the returns e-filed during the corresponding period […]...

Read More
Posted Under: Income Tax |

Download Service Tax return (ST-3) for Oct,12 to March,13

Service Tax return (ST-3) for the period October'12 to March'13 is now available for e-filing. Please download the offline utility from http://acesdownload.nic.in/ or from 'DOWNLOADS' Section of ACES website. The online version of the return will be made available shortly and the exact date will be intimated on ACES website. ...

Read More
Posted Under: Income Tax |

Audit Report No. 15/2011-2012, Section 2, Duty Drawback Scheme

F. No. 603/01/2011-DBK (31/07/2013)

2. Upon receipt of further reports from field formations certain issues have been considered further:- (a) Audit had observed processing of time barred drawback claims under Section 74 of the Customs Act, 1962. It is directed to ensure due diligence is exercised in the application of provisions of Rule 5 of Re-Export of Impor...

Read More

Should CBDT extend the Due Date of Return Filing?

Today is the last date for Return Filing for the Assessee Including Individual, HUF, partnership Firm Etc whose Accounts are not required to be audited under the Income Tax Act or any other law and also for a working partner of a firm whose accounts are not required to be audited under the Income Tax […]...

Read More
Posted Under: Income Tax |

Delhi VAT – Regarding offline payment of tax, interest and penalty or any other amount due

Notification No. F.7(400)/Policy/VAT/2011/543-556 (31/07/2013)

In partial modification of Notification No No.F.7(400)/Policy/VAT/201 1/383-396 (dated 05.07.2013, regarding procedure of offline payment of tax, interest and penalty or any other amount due under the Delhi Value Added Tax Act, 2004, and in exercise of the powers conferred under sub rule (2) of Rule 31 of Delhi Value Added Tax Rules, 2005...

Read More

e-filing of Income Tax Returns got Overwhelming Response

Overwhelming Response for e-filing from Every Corner of the Country; More than 82 Lakh Returns E-Filed till 29th July, 2013 which is More than 40% of the Returns e-filed during the Same Period Last Year; Record Peak of more than 85,000 Returns Per Hour Achieved . The due date for filing of Income Tax Return […]...

Read More
Posted Under: Income Tax |

Notification No. 39/2013 – Customs – Related to Rice bran and Rice bran oil cake

Notification No. 39/2013-Customs (31/07/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in ...

Read More

Non-Applicability of SA 700 on Tax- Audit Reports

As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700 (Revised) - Forming an Opinion and Reporting on Financial Statements. We were receiving messages seeking clarification regarding applica...

Read More
Posted Under: Income Tax |

Government increases Tariff Value of Gold, Silver & Brass Scrap wef 31.07.2013

Notification No. 80/2013-Customs (N.T.) (31/07/2013)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary...

Read More

ICAI expected to declare today result of (IPC) Examinations held in May, 2013

Result of the Chartered Accountants Intermediate (IPC) Examinations held in May, 2013 are likely to be declared on today, the 31st July, 2013. Results will be available on the following website: http://www.caresults.nic.in Read More on – Result of CA Intermediate (IPC) Examinations held in May, 2013 likely to be declared on 31st Jul...

Read More
Posted Under: Income Tax |

Notification No. 23/2013-Central Excise Dated 31st July, 2013

Notification No. 23/2013-Central Excise (31/07/2013)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue)...

Read More

SEBI Circular regarding Utilisation period for FII investments in Government Debt Limits

CIrcular No. CIR/IMD/FIIC/11/2013 (31/07/2013)

SEBI has issued a circular CIR/IMD/FIIC/11/2013 dated July 31, 2013 regarding the utilisation period for Government Debt limits. In accordance with the said circular, FIIs/QFIs shall be permitted to utilise the debt limits allocated to them in each monthly auction till the 17th day of the succeeding month. Any unutilised limit as on the 1...

Read More

DGFT invites Suggestions to prevent unintended benefit under Incremental Export Incentivisation Scheme

Trade Notice No. 6/2013 (31/07/2013)

In order to prevent unintended benefit under the scheme in cases where growth in exports is more than 25 % or the total incremental growth is Rs. 10 crore or more, RAs would have to be more careful. Their scrutiny of the claim may require, inter alia,...

Read More

EPFO must give Priority to timely Settlement of Claims for Provident Fund

Union Labour & Employment Minister Shri Sis Ram Ola has emphasized that the Employee Provident Fund Organization (EPFO) must give priority to timely settlement of claims for provident fund. In a meeting with the senior officers of EPFO the minister has also emphasized that due to improvement and availability of technology, the citizen...

Read More
Posted Under: Income Tax |

ICAI extends time to complete GMCS-I Course

The Council at its 326th Meeting being held from 27th-29th July, 2013 at ICAI Bhawan, New Delhi has decided to grant one time extension to students, who were registered for practical training between 1st May, 2012 and 31st December, 2012 to complete GMCS-I Course latest by 31st December, 2013....

Read More
Posted Under: Income Tax |

Recommendations of Damodaran Committee on Customer Service in Banks- Uniformity in Intersol Charges

RBI/2013-14/166 RPCD.RRB.BC.No.17/03.05.33/2013-14 (31/07/2013)

With the introduction of Core Banking Solution (CBS), it is expected that customers of RRBs would be treated uniformly at any sales or service delivery point. It is, however, observed that some RRBs are discriminating against their own customers on the basis of one branch being designated as the ‘home’ or ‘base’ branch where charg...

Read More

SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

CIR/MRD/DP/23/2013 (30/07/2013)

Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement...

Read More

RBI – First Quarter Review of Monetary Policy 2013-14

Press Release : 2013-2014/205 (30/07/2013)

On the domestic front, the foreign exchange market came under severe stress starting late May, prompting the Reserve Bank to initiate liquidity tightening measures to contain the volatility. As regards economic activity, risks to growth have increased notwithstanding the robust onset and spread of the monsoon....

Read More

Income Tax Department cautioned on use of Mobile applications for Filing

There are Mobile applications which are not approved by the Income Tax Department. Users are advised that they may not be according to Department data structure. Filers using them are doing at their own risk. Source- Incometaxindiaefiling.gov.in...

Read More
Posted Under: Income Tax |

No s. 271(1)(c) penalty if explanation given by the assessee is unproved but not disproved

Mr. Saket Agarwal Vs Income Tax Officer (ITAT Delhi)

Addition u/s 68 of the Act was made by the Assessing Officer when the assessee himself offered to include this amount in his total income and consented to pay the tax. Another addition of Rs. 1 lakh was also made when the assessee voluntarily preferred to include Rs. 1 lakh to his total income....

Read More

Initiation of proceedings u/s 153C based on document seized from third party which neither mentions the name of the assessee or bears his signature is not justified

M/s Shouri Constructions Vs ACIT (ITAT Hyderabad)

This document was seized from the business premises of D. Nagarjuna Rao in course of action u/s 132 of the Act against him. In the impugned assessment order the AO has also observed that the said D. Nagarjuna Rao had admitted that entries in the seized documents were made by him in his own handwriting....

Read More

S. 68 Addition cannot be made in the absence of books on the basis of mere bank statement

Income Tax Officer Vs Shri. Kamal Kumar Mishra (ITAT Lucknow)

In the instant case, it is an undisputed fact that the assessee has not maintained any books of account and whatever credit entries are found by the Assessing Officer, it was from the bank accounts of the assessee in which deposits were made at different point of time....

Read More

The Department can’t force assessee to avail a particular exemption Notification when benefit of other exemption Notification is available

M/s Winsome Yarns Ltd. is manufactures of Yarn. During the period from September, 2009 to May, 2010, the Appellant were availing the exemption Notification No. 29/2004-CE dated July 9, 2004 in respect of the yarn manufactured and cleared for export as well Notification No. 30/2004-CE dated July 9, 2004 in respect of clearances intended fo...

Read More
Posted Under: Income Tax |

Clarifications on Services Provided by Restaurants

Issue No 1 : Is the VAT imposed by States required to be included for the Purpose of Service Tax? Answer: For the Purpose of Service Tax State VAT has to be excluded from the Taxable Value. issue No 2: Is the Serving of Food And/or Beverages by way of Room Service liable for Service Tax?...

Read More
Posted Under: Income Tax |

Right to receive retention money accrues only after the obligations under the contract are fulfilled

Commissioner of Income Tax Vs M/s SAB Industries Limited (Punjab and Haryana High Court at Chandigarh)

It has been held that the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income of the assessee in the year in which amount is retained....

Read More

Notifies rate of interest in respect of rupee denominated bond of an Indian company – section 194LD(2)

Notification No. 56/2013 - Income Tax (29/07/2013)

Notification No. 56/2013 - Income Tax S.O. 2311(E) - In exercise of the powers conferred by the proviso to sub-section (2) of section 194LD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following rates of interest in respect of rupee denominated bond of an Indian company, namely...

Read More

HUF or its karta can not be designated partner in LLP

General Circular No. 13/2013 (29/07/2013)

It has come to the notice of the Ministry that some Hindu Undivided Families (HUFs) / Kartas of such families are applying to become partner/ Designated partner (DP) in LLPs and a question has arisen whether a 'HUF' or a karta can be allowed to do so. The matter has been examined in consultation with Ministry of Law....

Read More

Delhi VAT – Filing of information in Form T-2 by all VAT dealers kept in abeyance

Notification No. F.7(433)/Policy-IIIVAT/2012/530-541 (29/07/2013)

Form T-2 was prescribed for dealers (except the dealers exclusively dealing in tax free goods) whose gross turnover exceeded Rs. 10 crore during the year 2011-12 or any future date on which the dealer attains the lower limit of GTO of RS.10 Cr., vide notification No. F.7(433)/Policy-II/VAT/2012/180-190 dated 17.05.2013. to file online inf...

Read More

Seeks to exempt central excise duty on scheduled formulations as defined under Drugs Price Control Order (DPCO), 2013

Notification No. 22/2013-Central Excise (29/07/2013)

Seeks to exempt central excise duty on the scheduled formulations as defined under the Drugs Price Control Order (DPCO), 2013 and which are subjected to re-printing, re-labeling, re-packing or stickering, in pursuance of the provisions contained in the said Order, in a premises which is not registered under the Central Excise Act, 1944 or...

Read More

Extension of time period to complete ITT and Orientation Course by students registered under Direct Entry Scheme

It has been brought to the notice of the Council that some students of the Direct Entry Scheme, who were registered between 01.08.2012 and 31.01.2013 for the Intermediate (Integrated Professional Competence) Course and were required to complete ITT and Orientation Course by 31.05.2013, could not complete the same for some reason or the ot...

Read More
Posted Under: Income Tax |

SEBI Circular for Operational, Prudential and Reporting Norms for Alternative Investment Funds (AIFs)

Circular No. CIR/IMD/DF/10/2013 (29/07/2013)

In accordance with the said circular, all AIFs shall be required to comply reporting norms to SEBI on a quarterly basis (for Category I, II AIFs and for those Category III AIFs which do not employ leverage) or on a monthly basis (for Category III AIFs which employ leverage). The reporting formats and the method of reporting is specified i...

Read More

Inclusion of Kattupalli Sea Port as a Port of Registration under Para 4.19 of HBP (Vol. I)

Public Notice No. 20 (RE-2013)/2009-2014 (09/07/2013)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby amends para 4.19 of Handbook of Procedures (v1):, 2009-14(RE 2012) to include Kattupalli Sea Port, Tamil Nadu as Port of Registration. ...

Read More

PPT on Service Tax Voluntary Compliance Encouragement Scheme, 2013

CA Bimal Jain Eligible Person: – • Non Filers/ Stop Filers • No Notice or an Order U/S 72 (Best Judgment) or U/S 73 (Taxes not levied/ not paid or short levied/ short paid or erroneously refunded) or U/S 73A (ST collected to be deposited with CG) has been issued or made before the 1-3-2013 […]...

Read More
Posted Under: Income Tax |

Check list for filling of applications of managerial personnel under Companies Act, 1956

CHECK LISTS While examining the statutory applications received from companies u/s 259, 269, 269, 309, 310 and 314(1B) and other applicable provisions of the Companies Act, 1956, it has been observed that requisite information / documents are not furnished by the companies at the time of making application which prolongs the time period r...

Read More
Posted Under: Income Tax |

FAQs on Practical Issues in Section 44AA, 44AB, 44AD, 44AE

CA. Rajesh Condoor S. 44 AA 1. Who are the persons that are required to compulsorily maintain books of account ?Every person carrying on legal, medical, engineering or architectural profession, or profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the CBDT are mandatorily r...

Read More
Posted Under: Income Tax | ,

PPT Presentation on TDS

The provisions of the Income Tax Act relating to Tax Deduction at source (TDS) are of very important in the present scenario when TDS collections contribute almost 39% of total collection of Direct Taxes. The Income Tax Act also provides for penalty & prosecution for any default in respect of deduction of tax at source or deposit of the d...

Read More
Posted Under: Income Tax |

Highlights of Reporting in Form 3CB & 3CD based upon New Guidance Note

CA Rajesh Condoor Please find a brief presentation on important reporting requirements in Form 3CB and Form 3CD based upon New Guidance Note on Tax Audit u/s 44AB of Income Tax Act, 1961 issued by ICAI. ...

Read More

FAST TRACK Income Tax – With amendments as per FA 2012 for A. Y. 2013-14

Kaushal Agrawal We are attaching herewith Notes on Income tax compiled by CS K. K. Agrawal as applicable for Assessment year 2013-14 which may be useful for students who are appearing for for CA IPCC (IPC)  Nov 2013 exam | CMA (inter) Dec 2013 exam and for others too. The notes are good for last […]...

Read More

Power To Amalgamate – ‘An inherent right of the Company’

Mergers and acquisitions has become an indispensible part of the external corporate restructuring in the wake of modern economic scenario. They have been playing an important role in the growth of a number of leading companies the world over. They have become popular because of the enhanced competition, breaking of trade barriers, free fl...

Read More
Posted Under: Income Tax |

AO To Decide If Deloitte Haskins Is a Valid Partnership Firm

M/s Deloitte Haskins & Sells Vs Deputy Commissioner of Income Tax (ITAT Delhi)

Facts apropos are that assessee, a firm of Chartered Accountants, filed its return for impugned assessment year on 30th September, 2008, declaring a total income of ~ 17,70,69,972/-. The assessment was completed on 31st December, 2010 under Section 143(3) of the Act...

Read More

Pen drive is admissible evidence in Income Tax Proceedings

Shri Chetan Gupta Vs ACIT  (ITAT Delhi)

Contention of the Assessee :- The alleged Pen drive is not an admissible evidence, therefore the recording of reasons and consequent 148 proceedings based on the reasons of such unreliable evidence are bad in law....

Read More

Two Officials of Mumbai Customs Department Sentenced In a Bribery Case

  The Special Judge for CBI cases, Mumbai has convicted Smt. Kirti Rajesh Singh, then Senior Tax Assistant and Shri Rajesh Harbans Singh, then Tax Assistant of Customs(Preventive), Mumbai and sentenced them to undergo one year Rigorous Imprisonment with total fine of Rs.20,500/- in a bribery case....

Read More
Posted Under: Income Tax |

No waiver of arrears of penalties on individuals who are no more

F.No.296/110/2012-CX-9 (18/06/2013)

As you may be aware, during the Conference of Chief Commissioners and Directors General on 28th August, 2012, a point was raised that the arrears of penalties imposed on individuals, who are no more, may be waived off. ...

Read More

Validity of IEC for EOU or units in SEZ/(EHTP/STP/BTP after de-bonding

Policy Circular No. 2 (RE-2013)/2009-2014 (26/07/2013)

Validity of IEC for Export Oriented Unit (EOU) or units in Special Economic Zone/Electronics Hardware Technology Park(EHTP)/Software Technology Park(STP)/Bio-Technology Park(BTP) after de-bonding: Review of Policy Circular 26/ dated 11.8.2008. ...

Read More

Result of CA Intermediate (IPC) Examinations held in May, 2013 likely to be declared on 31st July, 2013

The result of the Chartered Accountants Intermediate (IPC) Examinations held in May,2013 are likely to be declared on Wednesday, the 31st July, 2013 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank on all India basis will be available on the fol...

Read More
Posted Under: Income Tax |

Income Tax Deptt. Sends Letters to Another Batch of 35,000 Non-Filers Tax Payers

As part of its ongoing initiative, the Income Tax Department has, on 22nd July, 2013 sent letters to another batch of 35,000 non filers. These persons were part of the around 12 lakh non-filers identified as a result of data matching exercise. With this latest batch, the Department has now issued letters in 2,10,000 high priority cases. ...

Read More
Posted Under: Income Tax |

No Penalty despite unsustainable/ non-debatable claim by Assessee if duly disclosed

Commissioner of Income Tax-14, Mumbai Vs Nalin P. Shah (HUF) (Bomby High Court)

Issue - Whether in the facts and in the circumstances of the case and in law, the ITAT was right in holding that the wrong claim made by the assessee is not filing of inaccurate particulars, ignoring the fact that the assessee has knowingly claimed the setting off of loss against other source...

Read More

Regarding inclusion of Foreign Post Office, New Delhi, as port of export for the purpose of Export Promotion benefits

Notification No. 38/2013-Customs (26/07/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in ...

Read More

CENVAT credit can be utilized for payment of Service Tax under Reverse Charge

M/s GE India Industrial Pvt. Ltd. Vs The Commissioner of Service Tax, Bangalore (CESTAT Bangalore)

On a perusal of the Hon’ble High Court’s judgement, I have found that the period of dispute involved in that case was prior to April 2006. The Hon’ble High Court, on a set of facts similar to the facts of the instant case, framed the following question of law...

Read More

Allowability of CENVAT credit for the period of Non Registration

M/s. Reliance Ports & Terminals Limited Vs Commissioner of Central Excise, Rajkot (CESTAT Ahmedabad)

It is settled law that the dutiability of the final products or inputs, the benefit of cenvat credit in respect of inputs and input services is made available, provided the assessee has necessary documentary evidence and necessary evidence to show utilisation of such input services and in this case, there is no finding that input service...

Read More

Delhi VAT – What is the rate of DVAT on cups/glasses of paper containing printed name?

He submitted that prior to amendment in entry no. 98 of Schedule III appended to DVAT Act, 2004 ‘cups and glasses both made of paper and plastics’ were included. However, with effect from 21.06.2012 the word ‘plastics’ was deleted from entry no. 98 and due to the said amendment ‘cups and glasses of plastic’ are taxable at the...

Read More
Posted Under: Income Tax |

Delhi VAT – What is the rate of tax on ‘Steam Radiator’?

The applicant is actively involved in the manufacturing and sale of steam radiators, which are used in dye industries and laundries in hotels for drying. He further stated that his client is charging 12.5% rate of VAT on the sale of this item whereas others manufactures of the said item are charging 5% rate of VAT on the pretext that the...

Read More
Posted Under: Income Tax |

Free E-book on ‘Assessment of Income From House Property’ in Hindi

Income from house property is one of the important heads of income under the Income Tax Act. The taxpayers have been, in particular, keen to know about the exemptions and deductions available to them on repayment of interest and principal of loan obtained to purchase the house property, if that house property is let out […]...

Read More

Delhi VAT – Due Date for Filing of online DVAT-48 returns for the First Quarter of 2013-14

CIircular No. 8 of 2013-14 (25/07/2013)

In order to facilitate the filing of online return in Form DVAT-48 by the TAN holders, in exercise of the powers conferred under Rule 49A of the DVAT Rules 2005, the last date for filing of return for the quarter ending 30/06/2013, shall be as per the schedule given below:-...

Read More

Delhi VAT – Regarding Audit of Dealers by department officials

Circular No. VAT AUDIT/HQ/2013-14/ 2967-2974 (25/07/2013)

The officers of Wards (Zones I-X) have been assigned the work of conducting audit of the business affairs of dealers u/s 58 of DVAT Act, 2004 for the years 2009-10 to 2012-13 based on the risk profile of the dealers. In this regard, attention is drawn towards this office Circular No.VAT AUDIT/HQ/2013-14/2406-2413 dated 02.07.2013 & 2601-2...

Read More

DIN Approval by Professionals: A Wrong Initiative of MCA (Personal View Point)

I am writing this article on approval of DIN after two years of notification by MCA regarding approval of DIN by Professionals. I am not against the process of MCA to simplify the incorporation procedure as these simplified procedures are assisting us to cope up with the developing world and I know that we should accept simplified procedu...

Read More
Posted Under: Income Tax |

Amendment in Exemption from Service Tax/Refund of Tax Paid by SEZ –Developers/Units

Central Board of Excise and Customs, Ministry of Finance has rescinded Notification No. 40/2012-ST dated 20th June 2012 and introduced new Notification No. 12/2013-ST dated 01-07-2013. 1. As per this Notification where the specified services received by the SEZ unit or the Developer are used exclusively for the authorised operations, the ...

Read More
Posted Under: Income Tax |

How is VAT Imposed in India?

We have always seen this word VAT mentioned in our bills when we purchase a consumer durable or service. So what does this exactly mean? VAT simply means Value Added Tax. Why the word Value Added? For this answer, let us go back in time and see how taxation was earlier. ...

Read More
Posted Under: Income Tax |

Delhi VAT – Last Date to Submit DP- 1 online by all the dealers

Notification No. F.3(352)/Policy/VAT/20 13/490-501 (25/07/2013)

In exercise of the powers conferred on me by sub-section (1) read with sub-section (2) and (3) of section 70 and sub-section-2 of section 59 of Delhi Value Added Tax Act, 2004, notify that the Form DP- 1 shall be submitted online by all the dealers latest by 26.08.2013....

Read More

Delhi VAT – Due date for Filing of online returns for the First Quarter of 2013-14

Cricular No. 7 of 2013-14 (25/07/2013)

In order to facilitate the filing of online DVAT/CST returns, in exercise of the powers conferred under Rule 49A of the DVAT Rules 2005, the last date of filing of return, excluding Annexure 2C and Annexure 2D, for the quarter ending 30.06.2013 for dealers, including composition dealers, shall be as per schedule given below:-...

Read More

Tax dodgers should be punished, not pampered with pardons

ISLAMABAD – The Islamabad High Court (IHC) has issued its detailed judgement on a petition challenging government’s amnesty scheme introduced by the previous government for smuggled vehicles, calling it illegal. Justice Shaukat Aziz Siddiqui of the IHC declared the SRO issued by the government on March 5, 2013 null and void an...

Read More
Posted Under: Income Tax |

Income tax Return Filing Date in Uttarakhand extended to 31st October, 2013 from 31st July, 2013

Order under section 119 of income tax act, 1961 (23/07/2013)

Considering the large-scale devastation due to recent natural calamity in the State of Uttarakhand, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the 'due-date' for filing Returns of Income required to be furnished by 31st July, 2013 to 31st October, 2013, ...

Read More

Amendment in Notification No.18 (RE–2013)/2009-2014 dated 11th June, 2013

Notification No. 29 (RE–2013)/2009-2014 (24/06/2013)

Import of all live-stock products, shall be subject to a sanitary import permit to be issued by Department of Animal Husbandry, Dairying & Fisheries, Government of India, as per Section 3A of Live-stock Importation Act, 1898, as incorporated by Live Stock Importation (Amendment) Act, 2001 (Act No. 28 of 2001, 29th August, 2001...

Read More

Amendment in Para 2.17 A of Foreign Trade Policy, 2009-2014

Notification No. 28 (RE-2013)/2009-2014 (24/07/2013)

In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby notifies the following amendment in the Foreign Trade Policy, 2009-2014....

Read More

Corporate mobile numbers can be ported to another service provider – TRAI

After implementation of Mobile Number Portability, the Authority had received complaints from the subscribers of corporate mobile numbers that their porting requests have been rejected by the donor operators under the category Contractual Obligation for want of permission/authorization from the company/ corporate for porting such numbers....

Read More
Posted Under: Income Tax |

Extension of exemption granted by one more examination for students who switched over to IPC Course under Direct Entry Scheme before 30.09.2012

Extension of the validity of exemption granted in a paper(s) (on the basis of securing a minimum of 60 per cent marks) by one more examination in respect of students who opted to switch over to the Intermediate (Integrated Professional Competence) Course, under the Direct Entry Scheme before 30th September 2012....

Read More
Posted Under: Income Tax |

Delhi VAT – Dropping from audit proceedings in r/o dealers dealing exclusively in exempted/tax free items

Circular No. VAT AUDIT/HQ/2013-14/2920 -2927 (24/07/2013)

The VAT Audit Branch, KCS Branch, Spl. Zone Branch and other Wards have been assigned the audit of the business affairs of dealers u/s 58 of DVAT Act, 2004 based on the risk profile of the dealers. Amongst such selected cases, some cases pertain to the dealers who are engaged exclusively in exempted/tax free items....

Read More

Applicable excise duty on Sedan cars like Maruti SX4, Honda Civic, Toyota Corolla Altis

Circular No. 972/06/2013-Central Excise (24/07/2013)

I am directed to invite your attention to the above mentioned subject and to say that references have been received from motor vehicle manufacturers, seeking clarification as to whether the excise duty of 30% is applicable on sedan cars like Maruti SX4, Honda Civic and Toyota Corolla Altis. ...

Read More

Salaried with total income upto Rs. 5 lakh also to File IT return for A.Y. 2013-14

CBDt has vide its press release dated 22.07.2013 clarified that exemption from filing return of income for salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- was only for assessment year 2011-12 and 2012-13 respectively.  The exemption was given considering ‘paper filing of ret...

Read More
Posted Under: Income Tax |

No change in Passing criteria at all level of CA examination

It is clarified for wider information of the students and other stakeholders as also the public at large that there is no change in the passing requirements nor is the Institute contemplating to effect any changes in the passing requirements....

Read More
Posted Under: Income Tax |

No Service tax on notional interest on security deposit for rented premises

In this context the Appellant contended that security deposit has no nexus with the area of the property rented out. It is charged as six months’ rent and therefore, it cannot be said that the notional interest has influenced the consideration received for the services rendered. ...

Read More
Posted Under: Income Tax |

Provident Fund Act – a clarification on Occupier needed

The present provident fund act needs an urgent clarification definitive meaning of the concept of “occupier”. In practice, it is misunderstood and is a subject of litigation in a number of cases across India. [A] The Clause 2(k) of the PF Act 1952, defines an Occupier means the person, who has ultimate control over the […]...

Read More
Posted Under: Income Tax |

Appoints ICD under Sec 7 (aa) of Customs Act, 1962 – Notification No. 79 /2013 – Customs (N.T.)

Notification No. 79/2013-Customs (N.T.) (24/07/2013)

In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the ...

Read More

Reassessment not warranted on same existing set of facts, when a return and those facts already scrutinized

The Commissioner of Income Tax Vs Fujistu Optel Ltd. (Madhya Pradesh High Court at Jabalpur)

Brief facts of the case are that the respondent is a joint venture with Government of Madhya Pradesh, declared its total income nil in its return filed for the assessment year 2001-2002 and 2002-2003. The book profit was calculated under section 115JB of the Act....

Read More

Work allocation of Departmental Representatives before ITAT

INSTRUCTION NO. 09/2013 (22/07/2013)

Reference is invited to Board's earlier Instruction No. 13/2008 dated 18-09-2008 on the subject of work allocation of CIT(DRs)/Sr. DRs. In supersession of earlier instructions on this subject, the Board has decided to lay down the following parameters for allocation of work between the CIT(DRs) and the Sr. DRs for representation before...

Read More

Guidelines for Institution of prosecution & compounding of offences u/s. 78 of MVAT Act, 2002

Trade Circular No. 5 T of 2013 (24/07/2013)

Section 74 of the Maharashtra Value Added Tax Act, 2002 provides for the offences and penalties. Clause (f) of sub-section (3) of section 74 provides that if any dealer fails without sufficient cause, to furnish any return as required under section 20 by the prescribed date and manner shall, on conviction, be punished with simple imprison...

Read More

Banks not to accept fresh/additional PDV / EMI Cheques if ECS Services are available

RBI/2013-14/158 DPSS.CO.CHD.No./209/04.07.05/2013-14 (24/07/2013)

We invite a reference to our circular DPSS.CO.CHD.No.1622/04.07.05/2012-13 dated March 18, 2013 wherein all lending banks have been advised not to accept any fresh Post Dated Cheques (PDC)/Equated Monthly Installment (EMI) cheques in locations where the facility of ECS/RECS (Debit) is available and convert existing cheques in such locatio...

Read More

Finally CBDT Releases ITR 6 for e-filing for AY 2013-14 / FY 2012-13

CBDT has released ITR 6 for e-filing or Online filing of Income tax Return to be used by a company, other than a company claiming exemption under section 11 for Assessment year 2013-14 or Financial Year 2012-13. The ITR-6 can be downloaded from the following website :- https://incometaxindiaefiling.gov.in/...

Read More
Posted Under: Income Tax |

Delhi VAT-Vigilance Set up for Department of Trade & Taxes

No.F.5/std.instn./2013-14/556 (23/07/2013)

Any information related to corruption, malpractice or misconduct on the part of public servants, from whatever source, would be termed as complaint. Accordingly, the petitions/ complaints/ source reports sent by the Central Vigilance Commissions CBI/ Directorate of Vigilance, Govt. of NCT of Delhi and public complaints are to be examined...

Read More

Customs- Instructions regarding ‘Handling of Cargo in Customs Area Regulations (HCCAR) 2009’

F.No. 450/19/2005- Cus IV (23/07/2013)

Ministry of Agriculture has raised the issue of temporary ban on Import of Rice and Peanuts from India due to detection of quarantine pest in an import consignment and highlighted that CFSs conducting phytosanitary measures have no designated area for fumigation and separate storage for keeping fumigated/ treated cargo which leads to cros...

Read More

Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh

The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees.             The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5 lakhs including income from oth...

Read More
Posted Under: Income Tax |

Abrupt Withdrawal Of MAT And DDT Benefits To SEZ Valid – HC

Mindtree Limited Vs Union of India (Karnataka High Court)

Petitioners have prayed to declare the newly inserted proviso to Section 115JB(6) and 115-O(6) of the Income Tax Act in the second schedule to the Special Economic Zones Act 2005 as ultra vires, arbitrary, unfair and violative of Article 14 of Constitution of India....

Read More

CG notifies Uttarakhand State AIDS Control Society for sec. 10(46) exemption

Notification No. 55/2013 - Income Tax (23/07/2013)

Notification No. 55/2013 - Income Tax S.O. 2268(E) - In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Uttarakhand State AIDS Control Society a body established by the Government of Uttarakhand in respe...

Read More

Eligibility for deduction u/s 80IA(4)(iv)(b) in respect of profits derived from distribution of power through a new network

M/s Kinfra Exports Promotion Industrial Parks Ltd. Vs The Deputy Commissioner of Income-tax (ITAT Cochin)

Issue - The facts relating to the two issues are stated in brief. The assessee is a Kerala State owned public limited company, engaged in the business of providing infrastructural facilities to industries. It runs an industrial park at Kakkanad, Kochi....

Read More

RBI prescribes Periodicity of KYC document updation

RBI/2013-14/150 DBOD.AML.BC. No. 34/14.01.001/2013-14 (23/07/2013)

The issue has been reviewed in the light of practical difficulties/constraints expressed by bankers/customers in obtaining/submitting fresh KYC documents at frequent intervals as the relative documents submitted earlier specially by low-risk customers have remained unchanged in most of the accounts. Accordingly, based on the suggestions r...

Read More

Every credit institution has to become a member of at least one Credit Information Company – RBI

RBI/2013-14/157 RPCD.CO.RRB.BC.No.14/03.05.33/2013-14 (23/07/2013)

Please refer to our circular RPCD.CO.RRB.No.32/03.05.33/2009-10 dated October 20, 2009 advising RRBs, that in terms of Section 15(1) of Credit Information Companies (Regulation) Act 2005, every credit institution has to become a member of at least one Credit Information Company within a period of three months from commencement of the Act ...

Read More

Tax on Goods and Services: Setback Once Again

Dr.  Sanjiv Agarwal The new and progressive tax of future, Goods and Service Tax (GST) is once again into troubled waters and may now not sale through smoothly. While Indian Government and India has been dreaming of GST for over a decade now, it doesn’t seem to happen as it faces challenges at all fronts- […]...

Read More
Posted Under: Income Tax |

GRATUITY- direct cheque issued to LICI, allowed by CIT(A), ITAT, HC and confirmed by SC as contribution to Gratuity Fund

We find lot of complications and procedural delays in setting up and approval of gratuity funds. This can be simplified and any payment made for funding gratuity liability made to insurers like the Life Insurance Corporation of Indian can be allowed....

Read More
Posted Under: Income Tax |

PPT on managerial remuneration under Companies Act

Managing Director means a director, who, by virtue of an agreement with the company, or of a resolution passed by the company in general meeting or by its Board of Directors or, by virtue of its memorandum or articles of association, is entrusted with substantial powers of management which would not otherwise be exercisable by him, and in...

Read More
Posted Under: Income Tax |

Interest on borrowed funds used for setting up a new unit before the asset was put to use is allowable

Commissioner of Income Tax-I Vs. M/s Vardhman Polytex Ltd (Punjab & Haryana High Court)

The assessee has treated the interest paid on borrowed capital for the establishment of new unit at baddi as revenue expenditure. Where as department has the view that capital borrowed for the purpose of establishing new plant should be capitalised instead of revenue....

Read More

Commercial expediency cannot be mere availing of interest free loan from one assessee and giving interest free loan to another

Commissioner of Income Tax Vs M/s Southern Bottlers Pvt. Ltd. (Punjab and Haryana High Court at Chandigarh)

Facts :- learned Assessing Officer found that the assessee paid interest to the Banks amounting to Rs.13,64,522/- and has availed loans to the extent of Rs.60,22,364/- including secured loans of Rs.47,63,761/- from Punjab & Sind Bank and Rs.8,59,298/- from Andhra Bank....

Read More

Rent received from renting of flats held as stock-in-trade shall be taxable under the head “House Property”

New Delhi Hotels Ltd. Vs ACIT (Delhi High Court)

It appears that this issue is no longer debatable in view of the decision in the case of CIT v Ansal Housing Finance & Leasing Co. Ltd. decided on 31.10.2012 in ITA No. 18/1999. That decision has, subsequently, been followed in CIT v. Discovery Estates Pvt. Ltd...

Read More

How to Fix ‘Compile error in hidden module’ when you open ITR

Some of the Solutions based on feedback from Users :- 1. Install msxml 6.0 service Pack1 for all type of compile errors In ITR excel you can download this utility from the link given below :- http://www.microsoft.com/en-in/download/details.aspx?id=6276 2. People who are using  Excel 2007  have not found this problem so try using the E...

Read More
Posted Under: Income Tax |

Export of Goods and Software – Time period for realization and repatriation of export proceeds from April,13 onwards till September, 2013 is 9 Months

RBI/2013-14/147 A.P. (DIR Series) Circular No.14 (22/07/2013)

In this connection, it is clarified that as the realization and repatriation period stipulation in terms of A.P. (DIR Series) Circular No. 52 dated November 20, 2012 was valid till March 31, 2013 only, the time period for realization and repatriation of export proceeds from April 01, 2013 onwards till September 30, 2013, shall be reckoned...

Read More

RBI Revises Scheme for Import of Gold

RBI/2013-14/148 A.P. (DIR Series) Circular No.15 (22/07/2013)

Any further import of gold by ABC shall be permitted by the customs authorities only to the extent of actual export out of 20 kg of gold held in bonded warehouse. This can happen only after at least 15 kg of gold out of 20 kg is actually exported from the previous lot....

Read More

S. 54 Exemption available on Acquisition of new flat in exchange of old flat

Smt. Veena Gope Shroff Vs The Income Tax Officer (ITAT Mumbai)

The dispute is regarding allowability of exemption under section 54 of the Act and computation of long term capital gain in respect of exchange of old flat with a new flat and cash compensation under development agreement with the builder....

Read More

S. 36(1)(v): Payment To LIC Towards Group Gratuity fund Allowable : SC

Commner. of Income Tax Vs M/s Textool Co. Ltd. (Supreme Court of India)

True that a fiscal statute is to be construed strictly and nothing should be added or subtracted to the language employed in the Section, yet a strict construction of a provision does not rule out the application of the principles of reasonable construction to give effect to the purpose...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031