"January, 2014" Archive - Page 4

Section 179 – Clarification of the phrase “tax due” for the purposes of recovery

Section 179 of the Income-tax Act provides that where the tax due from a private company cannot be recovered from such company, then the director (who was the director of such company during the previous year to which non-recovery relates) shall be jointly and severally liable for payment of such tax unless he proves that the non-recovery...

Posted Under: Income Tax |

Share application money cannot be construed as loan or deposit for section 269SS

M/s Eqbal Inn & Hotels Ltd. Vs The JCIT (ITAT Chandigarh)

The Assessing Authority having noticed that the assessee-company had accepted share application money in cash from its directors in violation of provisions of section 269SS, imposed penalty under section 271D and Commissioner (Appeals) upheld penalty order....

Vote for 'TaxGuru' for the BlogAdda awards

Dear All, Our blog/Website www.taxguru.in is one of the shortlisted blog for the BlogAdda Blog Awards! We want the TAXGURU community to like, tweet, comment in favour of  your favourite blog www.taxguru.in Please ‘Like & Tweet’ to encourage and increase our blog’s chance of winning! The public voting line for the Aw...

Posted Under: Income Tax |

What are Circuit Filter/Circuit Breaker?

Circuit Filter/Circuit Breaker is the band that set upper and lower limit within which stock / Sensex can fluctuate on any particular day. These filters restrict extreme price movement and curb price manipulation to some extent by stock operators. Circuit Filter also protects investors from extreme price fluctuation....

Posted Under: Income Tax |

RBI releases Framework for Revitalising Distressed Assets in the Economy

The Reserve Bank of India today released on its website the Framework for Revitalising Distressed Assets in the Economy. The Framework outlines a corrective action plan that will incentivise early identification of problem cases, timely restructuring of accounts which are considered to be viable, and taking prompt steps by banks for recov...

Posted Under: Income Tax |

FAQ for dealers requesting for CST Forms

FAQ for dealers requesting for CST Forms in Maharashtra 1. Where do I get the New Template of SOR? Answer- To download the new SOR template, please visit http://www.mahavat.gov.in/Select: ‘Downloads’ And Click on ‘Forms’. On the ‘Electronic Forms’ page, click on the New SOR Template. 2. May I require separate log in ID for ava...

Posted Under: Income Tax |

Draft ICAI Code of Professional Ethics- 2014

As you are kindly aware, Ethical Standards Board of ICAI is constantly engaged in formulation of ethical standards for the members. But equally so, it has always endeared to reach out to members with new methods and strategies to ensure not only that members are well aware about the latest updates on ethics, but also […]...

Posted Under: Income Tax |

Time to be excluded in computing period of limitation for completion of assessments and reassessments

Discover the impact of recent amendments to Section 153 of the Income-tax Act, excluding specific periods for assessment and reassessment. Stay informed on the computation of limitation periods, especially in cases involving audits or exchange of information. Effective from 1st June 2013. Consult tax experts for personalized guidance....

Posted Under: Income Tax |

Time limit for completion of assessment or reassessment where reference is made to Transfer Pricing Officer

1 Sections 153 and 153B of the Income-tax Act, inter alia, provide the time limit for completion of assessment and reassessment of income by the Assessing Officer. Time limits have been provided for completion of assessment or reassessment under sections 143(3), 147, 153A, 153C etc. of the Income-tax Act. These time limits get extended if...

Posted Under: Income Tax |

VAT Notification on Amendment to Rule 58 related to Builders & Developers

Notification No. VAT 1513/CR-147/Taxation-1. 29/01/2014

The Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 20...