"05 February 2014" Archive

FAQ on Rajiv Gandhi Equity Savings Scheme (RGESS) -Section 80CCG

F. No. 1/8/SM/2012 (05/02/2014)

Frequently Asked Questions on Rajiv Gandhi Equity Savings Scheme (RGESS) 5 February 2014 Contents I. Objectives and legal aspects of RGESS 1. What is RGESS 2. What is the objective of the Scheme?...

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If employers deposits employee’s PF before due date specified in section 43B, employer is eligible for deduction- HC

If employers deposits employee’s Provident fund contribution before due date as referred to in section 43B, employer is eligible for benefit under said section-High Court-Karnataka in case of COMMISSIONER OF INCOME TAX Versus M/s SPECTRUM CONSULTANTS INDIA PVT LTD....

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Posted Under: Income Tax |

CPC not processing I-T Refund if IFSC code not filled in Upper Case in ITR

We had filed the return of one of our client which had small amount of refund (below ₹.25000/-). However after processing of the return we have received a failure of the credit of refund proceeds. As per communication received from CPC- Bangalore the said failure was on account of erroneous IFSC code....

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Posted Under: Income Tax |

No Penalty U/s. 271B for by mistake filing of unsigned report of auditor

The Commissioner Of Income Tax Vs M/S Shivalik Medicare (P) Ltd. (Allahabad High Court)

The only defect which could be pointed out by the department is that the auditor's report was unsigned and unverified. The said defect indisputably has been removed by filing the certificate of auditor and also the signed report. In our view, it was a matter of slip of pen for filing unsigned auditor's report. ...

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Deduction in respect of medical insurance premium- section 80D

Medical insurance plan or a health insurance plan of general insurance company works on the principle of reimbursement of your hospitalization expenses. If you invested in any of such policy then you can claim income tax deduction under section 80D of income tax act, 1961....

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Posted Under: Income Tax |

SC stays sec. 62(5) of Punjab VAT Act -No need to pre-deposit 25% for filing appeal

In a very important case namely Dishnet Wireless Ltd vs The Commercial Tax Officer SLP No. 37727/2013 and in WP(c) No. 69 of 2014 namely Amrit Banaspati Limited vs State of Punjab Supreme Court has granted stay on the operation and implementation of section 62(5) of Punjab VAT Act, 2005. ...

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Posted Under: Income Tax |

Which finance act is applicable for my CA, CS, CMA exam

Kaushal Agrawal It is a 5 min video explaining which finance act is applicable for your upcoming exam either in CA, CS or CMA. Many students who are appearing in exam in 2014 are confused about applicability of assessment year, previous year and the finance act. The aim of this video is to clear the […]...

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Posted Under: Income Tax |

Deductions from Salary Income For FY 2013-14 / AY 2014-15

Deductions Permissible under Chapter VI-A - Certain deductions are available from the gross taxable income, under sections 80C to 80U (Maximum upto Rs 1,00,000). Important deductions are:...

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Posted Under: Income Tax |

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