Is it mandatory for certain classes of assessees to submit the Income tax returns electronically for AY 11-12 onwards? Answer: Yes. e-Filing of Returns/Forms is mandatory for : Individual/ HUF having total income of Rupees 10 Lakhs and above for AY 2012-13 and subsequent Assessment years. Individual/ HUF, being resident, having assets located outside India […]
What are the steps in brief to upload the Income Tax Return on this website? Visit ITD e-filing website https:\incometaxindiaefiling.gov.in. On homepage, GO TO ‘Downloads’ section and select applicable Income Tax Return Form of the relevant Assessment Year OR Login to e-Filing application and GO TO ‘Downloads’→’Income Tax Return Forms’ and select applicable Income Tax Return Form of the relevant Assessment Year. Download the excel utility of the Income Tax Return (ITR).
In respect of a taxpayer to whom the double taxation avoidance agreement applies, the provisions of the Indian Income-tax Act shall apply to the extent they are more beneficial to that taxpayer. In other words, if the provisions of DTAA are more beneficial to the taxpayer, then the provisions of DTAA would prevail over the Indian Income-tax Act. Since the DTAA is silent about the surcharge and education cess for the purpose of deduction of tax at source, this Tribunal is of the considered opinion that the taxpayer may take advantage of that provision in the DTAA for deduction of tax. The CIT(A) has only deleted the tax component to the extent of surcharge and education cess at the rate applicable under the DTAA. Therefore, this Tribunal do not find any infirmity in the orders of lower authority. Accordingly the same are confirmed.
Bhoruka Steel Limited (BSL) was incorporated in the year 1969. The company became a sick industrial company within the meaning of SICA.It was proposed that 30 acres of land along with building and structure to be disposed of.
In the present case, the AO had levied penalty under s. 271(1)(c) of the Act, for furnishing inaccurate particulars of income. It is not under dispute that the assessee had claimed wrong depreciation on account of additions made in the machinery and factory building accounts, which has been surrendered by the assessee to buy peace of mind. The explanation had been submitted during the assessment proceedings as well as in the penalty proceedings.
it is well settled that even if an issue is brought to the notice of the Assessing Officer by the audit party, it would not preclude the Assessing Officer from acting on such communication as long as the final opinion to take appropriate action is that of the Assessing Officer and not that of the audit party. Referring to the decision in case of CIT v. P.V.S Beedies (P.) Ltd. [1999] 237 ITR 13, it is equally well settled however that if the Assessing Officer has acted only under compulsion of the audit party and not independently, the action of re-opening would be vitiated.
The next Eligibility Test for ISA PQC is scheduled to be held on Saturday the 11th May, 2013 from 08.00 a.m. to 12.00 p.m. A detailed notification giving list of centers would be hosted on Committee Portal at http://cit.icai.org by 16th April, 2013.
On a review, it has been decided that the all – in – cost ceiling as specified under paragraph 4 of A.P. (DIR Series) Circular No.28 dated September 11, 2012 `will continue to be applicable till June 30, 2013 and subject to review thereafter. All other aspects of Trade Credit policy remain unchanged.
SEBI had received a complaint from an investor (hereinafter referred to as ‘ complainant’) that some unknown persons claiming to be ‘agents’ and ‘brokers’ of Mutual Funds and insurance companies have been contacting the complainant saying that the deceased son of the complainant had invested in Mutual Funds and they are maturing in a short while.
As the members undertaking bank central and/ or branch audits of nationalized banks are aware, the Institute of Chartered Accountants of India has prescribed the illustrative formats of audit reports of banks as well as bank branches, which are in line with the requirements of the Revised Standard on Auditing (SA) 700, Forming An Opinion and […]
