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Archive: 05 November 2013

Posts in 05 November 2013

Maternity is a natural process and could not be termed as illness or disease

November 5, 2013 1547 Views 0 comment Print

The AO noted in the assessment order that the assessee society is running maternity hospital and all services pertaining to maternity only. Maternity is a natural process and could not be termed as illness or disease. Giving birth and at that time hospital providing services for delivery could not be said to be providing any treatment for illness or mental defectiveness.

Immunity From Penalty U/s. 271(1)(c) Available For Belated Returns

November 5, 2013 7681 Views 0 comment Print

Once the legislature has not specified the ‘due date’ as provided in section 139(1) in Explanation 5A, then by implication, it has to be taken as the date extended under section 139(4). In view of the above, we hold that the assessee gets the benefit / immunity under clause (b) of Explanation to section 271(1)(c) because the assessee has filed its return of income within the ‘due date’ and, therefore, the penalty levied by the Assessing Officer cannot be sustained.

Judgment of jurisdictional High Court not binding if there is a later contrary judgment of non-jurisdictional HC

November 5, 2013 2642 Views 0 comment Print

One thing is apparent that divergent view have been expressed by the Hon’ble Courts what is to be charged u/s.22 of the IT Act is the annual value of the property, irrespective of the fact whether or not any income is either actually received or accrued to the assessee.

Reasons for Zero Credit in Form 16B TDS Certificate on Sale of Immovable property

November 5, 2013 6097 Views 0 comment Print

It has been observed that deductors are wrongly entering the tax amount deducted on sale of property in ‘interest’ or ‘others’ or ‘fee’ column while making the e-payment. Accordingly, zero TDS credit will appear in Form 16B.

Registration on TRACES and Downloading of TDS Certificates mandatory

November 5, 2013 6283 Views 0 comment Print

As per the records of Centralized Processing Cell (TDS), the TDS Statements have been filed by many deductors for different quarters. However, many of them have not yet registered on TRACES (https://www.tdscpc.gov.in).

Common Rejection Reasons of TDS Correction Statements

November 5, 2013 107343 Views 21 comments Print

While accepting a Correction Statement at TDS CPC, it is checked that ‘Total Tax Deposited’ is greater than or equal to the ‘Summation of Deductee Deposited Amount in Annexure I against that challan plus Interest plus Others plus Late Filing Fee’. However, a number of Correction Statements have been rejected due to above reason.

Companies Act 1956 v/s Companies Act 2013 (Accounts and Audit)

November 5, 2013 9228 Views 0 comment Print

Now, The Company may keep its BOA or other relevant papers in electronic form. The CG may direct that the BOA may be kept for a longer period in case of a company under inspection

Foreign exchange forward contract Gain/Loss to Assessee engaged in exports business : Speculative or Business?

November 5, 2013 7943 Views 0 comment Print

Foreign exchange forward contract Gain/Loss to Assessee engaged in exports business : Speculative or Business? Justification for Premature Foreign exchange forward contract if assessee takes the same as business transaction.

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