"February, 2014" Archive

HC not happy with reopening of case of IRS officer to settle personal vendetta

Shri Pradyot K. Misra Vs Assistant Commissioner of Income-Tax (Delhi High Court)

The petitioner is a retired officer of the Indian Revenue Service and served in various capacities including, inter alia, the position of Chief Commissioner of Income Tax, Director General of Vigilance, Chief Vigilance Officer of the Central Board of Direct Taxes...

Read More

DGFT – Corrigendum in Public Notice number 53 dated 27.02.2014 and amendment in Public Notice number 52 dated 25.02.2014

Public Notice No. 54 (RE 2013)/2009-14 (28/02/2013)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following correction in the Public Notice number 53 dated 27.02.2014 and amendment in Public Notice number 52 dated 25.02.2014....

Read More

Karnataka HC stayed enforcement of notices U/s. 234E by TRACES

Adithya Bizorp Solutions India Pvt. Ltd Vs Union of India (Karnataka High Court at Bangalore)

After Kerala HC Karnataka HC too stay the enforcement of notices U/s. 234E by TRACES. In this case Petitioners have questioned the constitutional validity of the provision of Section 234E of the income Tax Act and a notice to the petitioner levying fee vide annexure A1 to A21 and Annexure - B....

Read More

Return of income processed u/s 143(1) cannot be reassessed u/s 147 on mere change of opinion of AO

Mohan Gupta (Huf) Vs Commissioner of Income Tax (Delhi High Court)

The Hon’ble High Court allowed the appeal placing reliance on the decision in case of CIT v. Kelvinator, (2010) 320 ITR 561 (SC) emphasizing that AO has power to re-open, provided there is tangible material to come to the conclusion that there is escapement of income from assessment. Reasons must have a live link with the formation of t...

Read More

Statement recorded during survey u/s 133A and retracted thereafter have no evidentiary value

Commissioner of Income Tax-III Vs Sunrise Tooling System Pvt. Ltd. (Delhi High Court)

The ITAT in its impugned judgment took note of the statement of D.K. Jain and the retraction of the assessee on 21.02.2008. It was also noticed that the said statement was recorded in the course of survey under Section 133A and consequently did not have any evidentiary value....

Read More

Notification No. 14/2014-Customs (N.T.) Dated 28th February, 2014

Notification No. 14/2014-Customs (N.T.) (28/02/2014)

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 and expedient so to do, hereby makes the following amendment in the ...

Read More

Deductor Grievance-Due to inordinate delay in filing Form 24G

CA Sandeep Kanoi As you are aware, it is mandatory for Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) (herein after called as AOs) to file Form No. 24G on monthly basis with in the prescribed time as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. AOs to ...

Read More
Posted Under: Income Tax |

TDS Certificates downloaded only from TRACES are valid

Downloading of TDS Certificates from TRACES is mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, CBDT Circular No. 03/2011 dated 13-5-2011 and CBDT Circular No. 01/2012 dated 9-4-2012 on the Issuance of certificate for Tax Deducted at Source in Form 16 and Form 16A. It is now mandatory [&...

Read More
Posted Under: Income Tax |

Delha VAT – Dealers to keep records at principal place of business for 7 years

As per the section 48 and Rules 42 & 19 of Delhi VAT Act & Rules, you are also required to maintain and retain prescribed records at the declared principal place of business in Delhi for 7 years....

Read More
Posted Under: Income Tax |

New Return Form for furnishing Quarterly Return by first stage/ second stage dealer or registered importer

Notification No. 11/2014–Central Excise (N.T.) (28/02/2014)

G.S.R. (E). - In exercise of the powers conferred by sub-rule (8) of rule 9 of the CENVAT Credit Rules, 2004, and in supersession of the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 73/2003-Central Excise ...

Read More

Amendment in Central Excise Registration Form to include the importers under the list of Applicants

Notification No. 10/2014–Central Excise (N.T.) (28/02/2014)

in Part I, under the heading, “Identification of business requiring Registration”, after the words “Unit in Export Processing Zone”, the word “importer” shall be inserted;...

Read More

Importers registered with Excise to file Quarterly Return

Notification No. 09/2014-Central Excise (N.T.) (28/02/2014)

These rules may be called the CENVAT Credit (Fourth Amendment) Rules, 2014. (2) They shall come into force from the 1st day of April, 2014....

Read More

Importers issuing Cenvatable Invoice to register under Excise Act wef 01.04.2014

Notification No. 08/2014–Central Excise (N.T.) (28/02/2014)

In the Central Excise Rules, 2002, in rule 9, in sub-rule (1), after the words uses excisable goods", the words "or an importer who issues an invoice on which CENVAT Credit can be taken shall be inserted....

Read More

Form A-1 available for for registration of ‘Importers’ under Central Excise to enable them to pass on Cenvat credit

Notification No. 10/2014–Central Excise (N.T.) (28/02/2014)

Necessary modifications have been made in Form A-1 to enable registration of 'Importers' as a separate category of Registrants in Central Excise to enable them to pass on Cenvat credit vide Notification No 10/2014 dated 28-2-2014....

Read More

Analysis of Rebate under section 87A of Income Tax Act, 1961

Kaushal Agrawal Full analysis of Rebate under section 87A introduced by Finance Act 2013. Here we have explained why section 87A was introduced. This video also contains different practical questions on section 87A. To quote section 87A it says that resident individual can claim rebate of upto Rs. 2,000 if his total income do not [&hellip...

Read More
Posted Under: Income Tax |

ICAI to provide only Certified Copies of Evaluated Answer Books in Soft Form

With a view to ensure faster delivery of certified copies to the applicants, it has now been decided to make available scanned copies of evaluated answer books to examinees who apply for the same, through a website, in soft form, as against the current practice of dispatching physical photocopies. Physical copies of the answer books shall...

Read More
Posted Under: Income Tax |

ICAI President's Message – March 2014

Dear Professionals, As the saying goes, coming together is a beginning; keeping together is progress; working together is success. And that is exactly the spirit which sways me as I humbly take over the baton of Indian accountancy leadership with folded hands and address you for the first time as 64th President of the illustrious [&hellip...

Read More
Posted Under: Income Tax |

DVAT – Online details of Invoice & GR (T-2 Form) of goods procured from outside Delhi

Notification No. F.7(433)/Policy-I I/VAT/2012/1332-1342 (28/02/2014)

Details of Invoice and Goods Receipt (GR) Note in respect of all goods purchased or received as stock transfer or received on consignment agreement from outside Delhi shall be submitted online by dealers, using their login id and password, before the goods physically enter the boundary of Delhi. ...

Read More

Companies (Corporate Social Responsibility Policy) Rules, 2014

Notification No. G.S.R. 129(E) (27/02/2014)

Govt. notifies CSR Rules wef 01.04.2014 - Companies to Spend 2% of Profit . (1) These rules may be called the Companies (Corporate Social Responsibility Policy) Rules, 2014. (2) They shall come into force on the 1st day of April, 2014....

Read More

Ministry notifies activities for spending money earmarked for CSR

Notification No. G.S.R. 130(E) (27/02/2014)

contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government....

Read More

CSR Provisions of section 135 & Schedule VII of Companies Act, 2013 Applicable wef 01.04.2014

Notification No. S.O. 582(E) (27/02/2014)

In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st day of April , 2014 as the date on which the provisions of section 135 and schedule VII of the said Act shall come into force....

Read More

CSR Rules Finalised After Extensive Consultations – Sachin Pilot

The following important new activities have been included in Schedule VII: (a) Promoting preventive health care and sanitation and making available safe drinking water;(b) Setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing...

Read More
Posted Under: Income Tax |

Customs Baggage Declaration Regulations 2013 – implementation thereof-reg

Circular No. 05/2014-Customs (27/02/2014)

Under the Customs Baggage Declaration Regulations 2013 all incoming international passengers will be required to declare the content of their baggage in the Indian Customs Declarations Form prescribed in the regulation....

Read More

Additional export incentive for prodcuts listed in Table 3 of Appendix 37D

Notification No. 71 (RE-2013)/2009-2014 (27/02/2013)

Market Linked Focus Products Scrip (MLFPS): Export of Products/Sectors of high export intensity/employment potential (which are not covered under present FPS List) would be incentivized @ 2 % of FOB value of exports (in free foreign exchange) under FPS when exported to the Linked Markets (countries), which are not covered in the present F...

Read More

Amendments in the Export Reward/Incentive Schemes – MLFPS, FPS,

Public Notice No. 53 (RE 2013)/2009-14 (27/02/2013)

8. In respect of items at Sl No. 260 to 263 of Appendix 37 D Table-1, in the column ‘Bonus Benefit’ the phrase Bonus only to Bicycles stands deleted w.e.f. 25.02.2014 when the original Public Notice was issued....

Read More

LAW vs Case Law On ‘Flats’

V. Swaminathan B.Sc., B.L., FCA PROLOGUE As is, by and large, known, the Constitution of India, the nation’s basic charter, is the supreme law of the land. And all other laws are subordinate to the Constitution; and as such, must be read and interpreted in the light of the constitutional provisions. The authority to legislate […]...

Read More
Posted Under: Income Tax |

IRFC Tax Free Bonds Tranche II – Key Features & Tax Benefits

IRFC is issuing Tranche II of Tax Free Bonds from 28 Feb 2014 to 07 Mar 2014. Key Features of the issue are as follows :- Indian Railway Finance Corporation Ltd is fully owned by the Government of India and is a dedicated financing arm of the Ministry of Railways....

Read More
Posted Under: Income Tax |

First point tax levied on additional items under Punjab VAT wef 01.03.2014

First point tax levied under the Punjab VAT, 2005 on additional commodities with effect from 01.03.2014 Excise and Taxation department has issued notification no. S.O 17/P.A.8/2005/ S.8/2014 dated 21.02.2014 which is effective from 01.03.2014. This is another notification beside the notification issued on 13.12.2013 effective from 01.01.2...

Read More
Posted Under: Income Tax |

Representation to Punjab Govt. on restriction of ITC on iron and steel

Representation to Punjab Govt. on restriction of ITC on iron and steel under Punjab VAT I had prepared representation on behalf of Iron and steel industry in Punjab, which has been filed with the Punjab Government for withdrawal of latest notification dated 01.02.2014 regarding restriction of input tax credit on iron and steel goods to [&...

Read More
Posted Under: Income Tax |

Calcutta HC Ruling on Section 93 of I-T Act,1961–Rising of Phoenix

The decision of the Calcutta High Court in the case of Maersk Line UK Ltd, which reiterates the fact that business transactions having commercial substance and bona fide business purpose are permissible as long as there is no misuse of the provisions, assumes importance since the same is the first (and probably the last) judicial pronounc...

Read More
Posted Under: Income Tax |

Extension of time-limit for filing of ITR-V Forms for refund case of AY 2009-10, 2010-11, 2011-12

Press Release (26/02/2014)

The Central Board of Direct Taxes has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Act....

Read More
Posted Under: Income Tax |

Part of Residential Premises can be used by Doctors, Lawyers etc. – SC

R.K. Mittal & Ors. Vs State of U.P. & Ors. (Supreme Court of India)

That the Doctors, Lawyers and Architects can use 30 per cent of the area on the ground floor in their premises in residential sector for running their clinics/offices. ...

Read More

S. 195 AOs to tax taxable part of sum paid to NR for TDS default

Instruction No. 02/2014 (26/02/2014)

Sub: Deduction of tax at source under Section 195 read with Sections 201 of the Income-tax Act, 1961 relating to payment made to a non-resident-reg. Section 195 of the Income-tax Act (hereafter referred to as 'the Act') provides that any person, responsible for paying to a non-resident not being a company or to a foreign company, any s...

Read More

Whether a member can utilize residential place for commercial purpose?

For utilizing entire residential place for commercial purposes means to change in utilization.  And it can be done by prior permission of the committee.  In the development rule there is a provision that members are allow to utilize some percent of his residential place for the profession based on their professional education (C.A., Adv...

Read More
Posted Under: Income Tax |

Exposure Draft on Defined Benefit Plans: Employee Contributions (Amendments to Ind AS 19)

The ICAI has issued this exposure draft on Defined Benefit Plans: Employee Contributions which includes amendments to Ind AS 19 Employee Benefits. The exposure draft is open for public comments till March 25, 2014. To Read more Download the Attchment...

Read More
Posted Under: Income Tax |

ITAT has no power to grant stay beyond 365 Days

Commissioner of Income Tax- II Vs M/s Maruti Suzuki (India) Limited (Delhi High Court)

Recently Delhi High Court has held in the case of CIT Vs. s Maruti Suzuki (India) Limited (WP (Civil) no. 5003/2013 dated : 21.02.2014 that ITAT has no power to grant stay beyond 365 days in light of third proviso to Sec. 254(2A) inserted by Finance Act, 2008. High Court further held that Courts must respect legislative mandate....

Read More

Safeguard duty on imports of Sodium Nitrite into India

Notification No. 01/2014-Customs (SG) (26/02/2014)

Central Government after considering the said findings of the Director General (Safeguards), hereby imposes on Sodium Nitrite falling under tariff item 2834 10 10 of the First Schedule to the Customs Tariff Act, when imported into India, a safeguard duty at the following rate,-...

Read More

CBEC rescinds notification No. 18/2013 – Central Excise (NT), dated 31.12.2013

Notification No. 07/2014–Central Excise (N.T.) (26/02/2014)

Notification No. 07/2014–Central Excise (N.T.) G.S.R. (E). - In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby rescinds the notification of the Government of India, Ministry of Finance ...

Read More

CBEC rescinds notification No. 17/2013 – Central Excise (NT), dated 31.12.2013

Notification No. 06/2014–Central Excise (N.T.) (26/02/2014)

Notification No. 06/2014–Central Excise (N.T.) G.S.R. (E). - In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue)...

Read More

Amendment in distribution of Cenvat Credit by ISD from 1st April, 2014

CA Bimal Jain Amendment in distribution of Cenvat Credit by ISD from 1st April, 2014 The CBEC vide Notification No. 05/2014-Central Excise (N.T.) dated February 24, 2014 (“the Notification”) has amended Rule 7 of the Cenvat Credit Rules, 2004 (“the Credit Rules”), which would come in to force w.e.f. April 1, 2014 and summarized as...

Read More
Posted Under: Income Tax |

Sec. 54EC on Depreciable Assets & One Crore Exemption

Assessee can claim exemption under section 54EC on transfer of depreciable assets held for more than thirty-six months by investing in bonds notified for the purpose of Section 54EC. Further the assessee can claim exemption upto Rs. 1,00,00,000/- by investing the gain in the bonds notified under section 54EC if he invests Rs. 50,00,000/- ...

Read More
Posted Under: Income Tax |

WIRC of ICAI elects Office Bearers

The following Regional Council Members have been unanimously elected as Office Bearers of Western India Regional Council of ICAI, for the year 2014-2015. CA. Anil Bhandari, Mumbai – Chairman CA. Julfesh Shah, Nagpur – Vice-Chairman CA. Shruti Shah, Mumbai – Secretary...

Read More
Posted Under: Income Tax |

ICAI to Release 2014 Guidance Note on Audit of Banks

COMING SOON NEW PUBLICATION FROM THE AUDITING & ASSURANCE STANDARDS BOARD 2014 GUIDANCE NOTE ON AUDIT OF BANKS The Auditing and Assurance Standards Board of ICAI will soon bring out the 2014 edition of the Guidance Note on Audit of Banks. The 2014 edition has been thoroughly revised and revamped to reflect inter alia the […]...

Read More
Posted Under: Income Tax |

Revised List of Products eligible for VKGUY, MLFS & FPS Scheme wef 25.02.2014

Public Notice No. 52/2009-2014 (RE- 2013) (25/02/2014)

DGFT has issued revised lists of Products wef 25th February 2014 under Focus Product Scheme (FPS), Market Linked Focus Products (MLFP) and List Of Export Items Allowed Under Vishesh Krishi And Gram Udyog Yojana (VKGUY). ...

Read More

Reg. Plan to monitor cases where export obligation period and time prescribed for furnishing evidence of fulfilling of EO are over

F.No.609/156/2013-DBK (25/02/2014)

Board has decided to strengthen the monitoring and make it uniform so that timely initiation of action to safeguard revenue can be invariably ensured as well as progress effectively tracked. Accordingly...

Read More

Illegal Lifts in Building – An Analysis

LIFTS  INSTALLATIONS  IN  SOCIETIES: 01.   Self-Sensitising, towards requirement of Lift-Elevator. a) Till about 20 years ago, most residential buildings in Mumbai, were upto Ground plus 3 or 4 storied buildings, wherein LIFT (Elevator) was not installed, since at that time it was not considered necessary and people preferred to clim...

Read More
Posted Under: Income Tax |

Cenvat Credit on CHA Service Used For Export of Goods

Manas Joshi One fine morning, my mobile rang and my client asked me “Sir, can I take CENVAT credit on CHA services used for export of goods?” Officers are disallowing our credit”. Since law is very clear, I immediately gave positive reply to my client and discontinued our conversation. Then I thought do we really […]...

Read More
Posted Under: Income Tax |

Independent Director – (Listing Agreement and the Companies Act, 2013)

The concept of Independent director was introduced in the Report of Kumar Mangalma Birla Committee. The main purpose for establishment of this committee was to promote good cooperate Governance and make transparency among Companies and its stakeholders....

Read More
Posted Under: Income Tax |

CBDT not maintains details of wrong claims maintained in Tax Audit Report in Form 3CD

Recently Advocate B. S. K. Rao has file an RTI Application with Office of the Commissioner of Income-Tax (CPC), Bangalore and Requests to provide details of Wrong Claims reported in Form No.3CD uploaded to e-filing website of Income-Tax Department for the Assessment Year 2013-14, in respect of return filed in ITR-4 & ITR-5....

Read More
Posted Under: Income Tax |

In Real Estate Broking Business passing of Commission is normal Practice

ACIT Vs Shri Damodar Dass Batra (ITAT Delhi)

ACIT vs. Shri Damodar Dass Batra (ITAT Delhi) - The Ld. CIT (A) has erred in deleting the addition of Rs. 11,23,263/- made by the A.O. without considering the fact that these commission expenses are bogus and fictitious and could not be fully substantiated by the assessee....

Read More

Constitution of India and Income tax

1. Do you know from which document Govt. derives power to levy income taxes? 2. Do you know which Govt. has the power to levy tax on income? 3. Everyone knows Govt. can levy taxes only by making law. But which article of the constitution gives power to do so?...

Read More
Posted Under: Income Tax |

Tax officials should act as a facilitator rather than tax administrators

MOS for Finance (Revenue) Asks Tax Administrators to be Tax Payer Friendly, Transparent and Play the Role of Facilitator; Confers Presidential Award of Appreciation on 37 Officers of the Customs and Central Excise Department Shri J.D. Seelam, Minister of State for Finance (Revenue) said that the tax officials should act as a facilitator r...

Read More
Posted Under: Income Tax |

Notification No. 07/2014-Customs, Dated- 24th February, 2014.

Notification No. 07/2014-Customs (24/02/2014)

G.S.R. 105 (E). – 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 the notification of the Government of India in the Ministry of Fin...

Read More

Notification No. 05/2014-Central Excise, Dated- the 24th February, 2014

Notification No. 05/2014-Central Excise (24/02/2014)

In the said notification, in paragraph 2, in condition (a), in the second proviso, serial number (xix) and the entries relating thereto shall be deleted.....

Read More

CENVAT Credit (Third Amendment) Rules, 2014

Notification No. 05/2014-Central Excise (N.T.) (24/02/2014)

If the assessee does not have turnover for some or all the units in the preceding financial year, the last quarter for which details of turnover of all the units are available, previous to the month or quarter for which credit is to be distributed...

Read More

TDS – C3 and C9 Corrections – Points to consider

Following are some useful information to adhere before submitting Corrections, with special reference to C3 & C9:   What are C3 & C9 Corrections?     C3 Correction involves Updation  or Addition of Deductee details in the TDS statement.  The facility to delete Deductee records has now been discontinued for the purpose of corr...

Read More
Posted Under: Income Tax | ,

Reg. withdrawal of exemption for services for Export which are subject to Minimum Export Price or Export Duty

Notification No. 05/2014-Service Tax (24/02/2014)

G.S.R. 107 (E).– In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Fin...

Read More

DGFT – Applicability of “Actual User Condition” for import of Maize (Corn) under TRQ

Policy Circular No.13 (RE-2013)/2009-2014 (24/02/2013)

The Public Notice No.47 dated 18.5.2011, inter alia, had deleted ‘Actual User’ condition for imports under Tariff Rate Quota (TRQ) Scheme. This was challenged before the Hon’ble High Court of Andhra Pradesh in WAMP No. 447 of 2012 in WA No. 228 of 2012. The Hon’ble High Court of Andhra Pradesh had passed an interim order on 04.04....

Read More

S. 54F Investment can be made from amount other than the sale consideration

DCIT Vs Shri Radhakant M. Tripathy (ITAT Ahmedabad)

ITAT Ahemdabad has held in the case DCIT Vs. Shri Radhakant M. Tripathy that The very fact that the legislature has allowed investment in new property one year prior to the date of transfer establishes in no uncertain terms that it need not be the sale...

Read More

Litigation & electricity charges allowable in Capital Gain Calculation if for improvement of the property

Smiti Golyan, Vs ITO (ITAT Delhi)

ITAT Delhi has held in the case of Smiti Golyan Vs. ITO that As per provisions of sec. 48 of the I.T. Act in case of acquisition of the property by way of gift or inheritance the cost of acquisition of the property will be the same as in the hands of the original owner/ transferor/donor. ...

Read More

Financial hardship not necessary for grant of stay – HC

Deloittee Consulting India Pvt.Ltd. Vs The Assistant Commissioner of Income Tax (Bombay High Court)

Impugned order of the Tribunal has been passed in total disregard of the principles laid down in KEC International Ltd. Vs. B.R.Balakrishnan and others {(2001)251-ITR-158 (Bom)} wherein a Division Bench of this Court laid down the following parameters to be observed by the Authorities while considering the stay application :...

Read More

Power of CIT to assume jurisdiction u/s 263 in respect of assessments made u/s 153A?

CA Sarbjit Garg Debate as to whether CIT has power to assume jurisdiction u/s 263 of the Act in respect of assessments made u/s 153A after obtaining mandatory approval u/s 153D. (The author strongly feels that powers of CIT u/s 263 do not extend to assessments made u/s 153A after obtaining mandatory approval u/s 153D […]...

Read More
Posted Under: Income Tax |

Identification of Bogus PAN Card through Aadhar number

Identification of bogus/duplicate PAN Card is an integral part of the data management system. In order to ensure that bogus PAN cards are not issued, the Income-tax Department has started capturing Aadhar number, as mentioned in para above, in PAN application forms in cases where it is available so that the additional uniqueness is brough...

Read More
Posted Under: Income Tax |

CPC Automates Default identification process in respect of TDS statements

The Centralized Processing Cell (TDS) automated for the first time, the Default identification process in respect of TDS statements submitted. CPC (TDS) has  highlighted the need for correct and complete reporting of data in the TDS statements and has therefore, implemented processes to enforce compliance....

Read More
Posted Under: Income Tax |

CBDT identifies Income Tax Return non-filers

PRESS RELEASE (21/02/2014)

Government Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes; Income Tax Department Conducts the Second Round of Data Matching Identifying New 21.75 Lakh Potential Non-Filers and Information About Them Made Available on the ‘Compliance Module’ on E-Filing Portal of the Department ...

Read More

PPT on loans under Companies Act 1956/2013

P C Agrawal Transactions pertaining to loans to be given and to be taken (borrowing) are common in corporate sector.  A number  of queries are raised from time to time since various laws are involved, such as Companies Act, Income Tax Act, RBI Act (NBFC) etc.  A lot of confusion has been created after introduction […]...

Read More
Posted Under: Income Tax |

Why paragraphs are called sections in any Act?

Kaushal Agrawal This series shall help you understand how the law is written. It is written in numbered paragraph and numbered sub para. Why there is need to number each paragraphs. How law is enacted in India by Central Govt. What is written in section 1. What is written in section 2. What is written […]...

Read More
Posted Under: Income Tax |

LAW vs Case Law (A Critique) – A study of SC Judgment on Car Parking

In the instant case, the dispute relates to a part of the building complex, being stilt parking area, retained by the promoter, with intent to sell separately. No knowing at this late stage as to what really has been the intention....

Read More
Posted Under: Income Tax |

S. 2(47) Retirement of partner does not tantamount to transfer

ACIT Vs Shri N. Prasad (ITAT Hyderabad)

When a partner receives her/his share in the assets of the partnership firm or when he receives anything in excess of her/his share in the assets of the partnership firm and even in a case a partner receives a share of profit either in case of retirement or in case of dissolution, the same cannot be brought to tax ...

Read More

Comprehensive Finance Software: Keeping You on Top of Your Budget

For a long time, getting a handle on finances was a major undertaking. If you're not a natural budget planner, keeping the books straight can be a constant struggle for both people and businesses. With modern software, however, any person or business can find a program that makes them a finance pro....

Read More
Posted Under: Income Tax |

Pointers for Handling Household Budgets after Marriage

If you’re getting married, you’re affirming your relationship with a legal union. This legality secures the bond between two people beyond whatever spiritual or emotional union they’re undertaking – it’s also joining them at the wallet. If you’re planning on getting married, you should have a discussion...

Read More
Posted Under: Income Tax |

MVAT – Revised returns to be filed by developers

Trade Circular No. 7 T of 2014 (21/02/2014)

The constitutional validity of the amendment to section 2(24) of the Maharashtra Value Added Tax Act, 2002 was challenged by the Maharashtra Chamber of Housing Industry and others by way of the Writ Petition bearing number 2022 of 2007 filed before the Hon Bombay High Court....

Read More

MVAT – Extension of date for filing Audit Report in form 704 for 2012-13 by developers

Trade Circular No. 6 T of 2014 (21/02/2014)

Earlier it was administratively decided that if an Audit Report in form 704 for the period 2012-13 pertaining to developers (other than those opting for composition scheme) is filed within one month from the due date i.e. on or before 15th February 2014, then penalty under section 61(2) of the MVAT Act, 2002 shall not be imposed....

Read More

Fresh decision by AO must be in accordance with law & on merit and not only on the basis of a specific decision

Gujarat Alkalies and Chemicals Ltd. Vs ACIT (Gujrat High Court)

On remand, the Assessing Officer to take a fresh decision in accordance with law and the case law at the time he decides the matter, inclusive of the decision of the Special Bench of the tribunal rendered in the case of IndusInd Bank Ltd.....

Read More

No Proposal to modify Customs Rules Regarding Carrying/Wearing Gold for Passengers Flying from Abroad to India

Modification of Customs Rule Regarding Carrying/Wearing Gold for Passengers Flying from Abroad to India February 21, 2014 There is no proposal under consideration of the Government to modify the existing rules with regard to carrying/wearing gold for passengers flying from abroad to India. In the Budget 2012-13, the Baggage Rules, 1998 re...

Read More
Posted Under: Income Tax |

Schedule for Withdrawal of Currency Notes in Circulation issued prior to 2005

Withdrawal of Currency Notes in Circulation The Reserve Bank of India (RBI) has announced the decision to withdraw from circulation all currency notes printed prior to 2005. It is a standard international practice to withdraw old series of banknotes from time to time. The reason for withdrawal of banknotes printed prior to 2005 is to [&he...

Read More
Posted Under: Income Tax |

CBI registeres case of DA against ACIT

The Central Bureau of Investigation has registered a case on the allegations for possession of disproportionate assets against CS Bharti, a 1994-batch Indian Revenue Service who was Posted as Additional Commissioner of Income Tax, Gandhinagar and his wife for abetting him in the said offence....

Read More
Posted Under: Income Tax |

IT Dept. Releases updated utility of Form 15CA

CA Sandeep Kanoi Tax deductor and collector holding valid TAN can register  and use the TAN based credentials to file Form 15CA but to fill form 15CA if no tax is been deducted it is still not mandatory for remitter to have TAN. Link To Register on Income Tax E-Filing Website https://incometaxindiaefiling.gov.in/e-Filing/Registration/Reg...

Read More
Posted Under: Income Tax |

CCI Imposes Penalty on Dr. L.H.Hiranandani Hospital, Mumbai

Competition Commission of India(CCI) has imposed a penalty of Rs.3.81 crore on Dr. L.H.Hiranandani Hospital, Mumbai for violation of Section 3 & 4 of the Competition Act. The informant Mr. Ramakant Kini had approached CCI alleging that the hospital had abused...

Read More
Posted Under: Income Tax |

Amendment to Schedule B of MVAT Act, 2002

Notification No. VAT. 1514/CR.10/Taxation-1. (20/02/2014)

In the Maharashtra Value Added Tax Act, 2002, in Schedule B, (1) in entry 1, (i) in column (2), the words, figures and letters sold during the period starting on or after the 1st April, 2013 and ending on the 31st March, 2014 shall be deleted;...

Read More

Amendment to Schedule A and C of MVAT Act, 2002

Notification No. VAT. 1514/CR-8/Taxation-1. (20/02/2014)

In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby with effect from the 1st April 2014 amends the SCHEDULES A and C appended to the said Act, as follows, namely....

Read More

CLB bans audio or video recording of bench proceedings by parties

NA (26/02/2014)

Restriction on Audio or Video Recording by the parties:— There shall be no audio or video recording of the Bench proceedings by the parties....

Read More

Amendment in Chapter 5 of Foreign Trade Policy 2009-14

Notification No. 70 (RE-2013)/2009-2014 (20/02/2014)

erever the holder of any EPCG Authorization is granted relief under Corporate Debt Restructuring (CDR), then such Authorization holder may be allowed EO extension of 3 years (from the date of approval of the CDR mechanism/scheme). Such extension in EO will not attract any Composition fee and will be in addition to (and not in lieu of) the...

Read More

Rate of exchange of conversion of each of the foreign currency with effect from 21th February, 2014

Notification No. 13/2014-Customs (N.T.) (20/02/2014)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue)...

Read More

Lok Sabha passes Interim Budget 2014

Lok Sabha on Wednesday 19.02.2014  passed the Interim Budget for the financial year 2014-15 without any significant discussion. Finance Minister P Chidambaram introduced the Appropriation Bill and the Finance Bill amid din in the House by a voice vote....

Read More
Posted Under: Income Tax |

CBDT to Provide informations related to revamp of Income Tax e-filing Website

[a] Copies of all Records Received/Issued for Revamping the Website of Income-Tax Deptt. that relates to Tax Policy & Legislation Division of CBDT in particular (Because to implement the action in question amendment in statute is required to establish due compliance)....

Read More
Posted Under: Income Tax |

Transport Allowance to Deaf and Dumb Employees – Govt implements SC Order

No. 21(2)12011-E.II(B) (20/02/2014)

Grant of Transport Allowance to Central Government Employees – Extension of benefit of Transport Allowance at double the Normal Rates to Deaf and Dumb Employees – Implementation of the Order of the Apex Court – regarding....

Read More

S. 54EC Exemption can be up to Rs. 1 crore if investment falls in two different FYs but within 6M

Coromandel Industries Pvt. Ltd. Vs ACIT (ITAT Chennai)

If the assessee is able to keep the six months' limit from the date of transfer of capital asset, but, still able to place investment of Rs. 50 lakhs each in two different financial years, we cannot say that the restrictive proviso will limit the claim to Rs. 50 lakhs only. ...

Read More

S. 54EC Investment Limit is per Financial year not per Transaction – ITAT Panaji

ITO Vs Ms. Rania Faleiro (ITAT Panaji)

Government only intended to restrict the investment in a particular financial year and accordingly has fixed the limit of Rs. 50,00,000/- as permissible limit in a particular financial year. The Government did not intend to restrict the maximum amount of exemption permissible under Section 54EC. ...

Read More

Public Notice No. 51 (RE-2013)/2009-2014, Dated: 19.02.2014

Public Notice No. 51 (RE-2013)/2009-2014 (19/02/2014)

In pursuance of the provisions of paragraph 2.4 of FTP, the Director General of Foreign Trade (DGFT) hereby notifies the compilations known as HBP v1, HBP v2 and Schedule of DEPB rates. These compilations, as amended from time to time, shall remain in force until further orders, except DEPB scheme, which was in operation till 30th Septemb...

Read More

Notification No. 69 (RE–2013)/2009-2014, Dated: 19.02.2014

Notification No. 69 (RE–2013)/2009-2014 (19/02/2014)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 read with paragraph 1.3 of the Foreign Trade Policy (FTP) 2009-2014, as amended, the Central Government hereby makes an amendment in paragraph 1.2(a) of FTP 2009-2014(RE-2013) by substituting the phrase “shall remain in force upto 31s...

Read More

ICAI Reaction – Interim Budget, 2014-15

Press Release – Feb 17, 2014 The interim Budget 2014-15 has been presented today, 17th Feb, 2014 by Sh. P. Chidambaram, Finance Minister. As per the Interim Budget speech of the Finance Minister, the economy has been stable since past two years. There has been a decline in the fiscal deficit, the current account deficit […]...

Read More
Posted Under: Income Tax |

Levy of Income Tax Penalties and administration of Prosecution – CAG Suggestions

1. The entire process of initiation, levy and order of penal proceedings to be duly recorded so that proceedings do not suffer from procedural infirmities. 2. The Ministry may ensure that concealment of income is penalized as per the Act....

Read More
Posted Under: Income Tax |

ITD not applies penalty provisions effectively – CAG

ITD did not apply penalty as per provisions of the Act effectively. ITD has also not given adequate priority to the prosecution in tackling tax evasion and prosecution mechanism is not working effectively and efficiently....

Read More
Posted Under: Income Tax |

CAG – EPFO did not follow prescribed pattern of investments

Preface The Report of the Comptroller and Auditor General of India for the year ended March 2012 containing the results of the Performance Audit of Employees’ Provident Fund Organisation (EPFO) has been prepared for submission to the President of India under Article 151 of the Constitution....

Read More
Posted Under: Income Tax |

Know status of your PAN/ TAN on Phone

Interactive Voice Response (IVR) for knowing the status of your PAN/ TAN application is now available at TIN call centre (TCC) in Hindi/English language. You may call on 020- 27218080 to check the status of your application....

Read More
Posted Under: Income Tax |

ICSI President Welcomes the Interim Budget

CS R. Sridharan, President, ICSI welcomes the Interim Budget 2014-15, as it possesses most of the ingredients to inject vibrancy into the economy. It demonstrates strong commitment for financial inclusion and governance. ICSI President in particular expresses satisfaction over government's intention for early implementation of FSLRC recom...

Read More
Posted Under: Income Tax |

Interim Budget but No Major Interim Relief

Hard pressed by the compulsions of political ethics, the UPA -2 Government could not present the full fledged budget for the next fiscal 2014-15. However, an interim budget (Vote on Account) has been presented to seek approval for expenditure for next four months i.e., upto 30th June, 2014...

Read More
Posted Under: Income Tax |

Transfer of Non-Gazetted Staff from one charge to another under CBDT –Relaxation of conditions-reg

F. No. HRD/CM/104/7/2013-14 /5006 (18/02/2014)

F. No. HRD/CM/104/7/2013-14 /5006 Competent Authority has decided to extend the period of relaxation of Condition No 2(c) of the Board's Circular dated 14.05.1990 w.e.f the date of issue of this letter till 31.12.2014 in the following category of cases:...

Read More

Search Posts by Date

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