"19 February 2014" Archive

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. ...

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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. ...

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Income Tax on Gifts: Exemptions and computation

Receiving Gift indeed brings a cheerful smile on the face of the receiver, but if receiver gets to know that he has to pay tax thereon, the smiling face may turn sad. Although Gift Tax Act has been abolished, however there are certain provisions in the Income Tax Act, which make the gift taxable in […]...

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Posted Under: Income Tax |

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...

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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...

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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 […]...

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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....

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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....

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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....

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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....

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Posted Under: Income Tax |