"03 June 2014" Archive

NRI – Non Resident Indian –FAQs on Income Tax for AY 2014-15

Residential status of an individual or HUF or a company is of great importance in Indian Income Tax Act as the liability to pay tax in India does not depend on the nationality or domicile of the Tax payer but on his residential status. Residential Status is determined on the basis of physical presence i.e. the number of days of stay in In...

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Acceptance Of Deposit – Section 73 to 76 Simplified

The companies Act 2013 by way of Section 73 to 76 has bought many changes in respect of Acceptance of deposits by company and the changes are applicable are on Private Limited Companies also. To understand the ambit of Section 73 to 76 we first need to know the definition of Deposits under old Companies Act wiz a wiz to new Companies Act,...

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Posted Under: Income Tax | ,

Public Notice No. 61 (RE-2013)/2009-2014, Dated: 03.06.2014

Public Notice No. 61 (RE-2013)/2009-2014 (03/06/2014)

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 amendment in the Public Notice No. 59/2009-14(RE-2013)/ dated 15.05.2014....

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Exemption U/s. 10(23-C) (iiiad) even when the assessee had not claimed any exemption under the Section in assessment proceedings

Commissioner Of Income Tax Vs Om Sarla Babu Educational Trust (Allahabad High Court)

Held - The assessee trust has taken various steps, including the construction of building and getting the necessary permission and sanction for running the school; so as to bring the school into "existence" during the year, although the school have separate running classes from next ...

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Form AY 2014-15 Audit Report U/s. 10AA, 44DA, 50B or section 15VW to be furnished online

Income Tax department has amended Rule 12 of Income Tax Rules vide Notification No. 28/2014, Dated- 30th day of May, 2014. Vide this amendment it is provided that An assessee required to furnish a report of audit specified under section 10AA , section 44DA, section 50B or section 115VW of the Act, shall furnish the said report of audit ...

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Posted Under: Income Tax |

Rule 12 of Income Tax Rules wef 01.04.2014 – Filing of Audit Reports & ITR

CA Sandeep Kanoi CBDT has amended Rule 12 of Income Tax Rules 1962 vide its Notification No. 24/2014, Dated: April 1, 2014 and made amendments in respect of filing of ITR by Trusts, Partnership firms and furnishing of Audit Report under section 11(2)(a) by trusts for accumulation of Income. The Notification has also Notified SAHAJ [&helli...

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Retrospective change if needed must invariably favour taxpayer – FICCI

The Government could ideally declare as policy that retrospective action shall not be resorted to, save in rarest of cases, but never for creating a fresh onus or liability for a previous period. In fairness, retrospective change if needed must invariably favour the taxpayer....

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Gold Installment Schemes May Come Under MCA Scanner

The new Companies Act 2013 has changed the regulatory face of the corporate India. The new regulatory changes including greater transparency, increased disclosure norms and sea-changes in various provisions like Loans and Deposits have been the larger issues of discussion with the elite section of the corporate sector. However smaller ref...

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Income Tax Return – Which form to use for IT Filing AY 2014-15

Income Tax Department has released FORM ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for A.Y. 2014-15 vide its Income-tax Notification No. 28/2014, Dated- 30th day of May, 2014 and SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR A.Y. 2014-15 vide its Income-tax Notification No. 24/2014, Dated: April 1, 2014....

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TDS Credit cannot be denied on the ground of Form 26AS mismatch

Rakesh Kumar Gupta Vs Union of India and another (Allahabad High Court)

Respondents have denied refunding the TDS on the ground that the refund would only be granted when the TDS matches with the details mentioned in Form 26AS. Since the mismatching is not attributable to the assessee and the fault solely lay with the deductor, we find that a case has been made out for grant of a mandamus for refund of the TD...

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