"29 June 2015" Archive

TDS on Salary/Income tax Calculator for F.Y. 2015-16 A.Y. 2016-17

This tax calculator has been made with the information available to me. I don't claim this to be 100% accurate. This tax calculator can be used for tax planning to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the Government. The author is not responsible f...

Posted Under: Income Tax | ,

‘Sale in Transit’ an Apparatus of Harassment

‘Sale in transit’ (subsequent sale) under Section 6(2) of Central Sales Tax (CST) Act 1956 has become ‘an apparatus of harassment’ for the suppliers of the goods (manufactures or dealers). The State Revenue Assessing Officers are enjoying this tool by imposing taxes and penalties by treating it as ‘pre-determined’ sale under S...

Posted Under: Income Tax |

Interest on refund allowed even if law is silent

State of Gujarat Vs. Indian Petro Chemicals Ltd. (Gujarat High Court)

HC held that the principles of compensatory measure may apply where the legislature is silent about entitlement of interest on refund of the tax amount, which is already paid by the Assessee. Thus, by considering interest by way of a compensatory measure...

Posted Under: Income Tax |

Interview: – A Big Hurdle to Your Job

Success of an interview is totally dependent on you. In most of the part of your professional lives you will face many interviews. Facing and to succeed the interview requires both the knowledge and skills. With proper preparation and by following some basic guidelines you can crack most of the interviews....

Posted Under: Income Tax |

Service Tax on Construction Service

Services provided by the Builders/ Developers is not taxable prior 01st July 2010. It is taxable from 1st July 2010 onwards as per CBEC circular No. 108/02/2009-ST. Service tax is applicable on under construction property at the time of bookings/agreements made before the construction completes. Is the Flats/Apartments / Villas is given t...

Posted Under: Income Tax |

Signing of Annual return under Companies Act, 2013

Earlier the provisions of Annual Return were governed under Section 159,160,161, 162 & Schedule V of the Act, 1956 where as now the all the sections are merged into one hut under Section 92 of the Act, 2013 excluding format for the same which is provided in Form No. MGT-7 prescribed in Rule 11 of the Companies (Management & Administration...

Posted Under: Income Tax | ,

All About Deposits under Companies Act, 2013

As per Section 2(31) of Companies Act, 2013,deposit includes any receipt of money by way of depositor loan or in any other form by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India....

Posted Under: Income Tax |

Assessee must prove genuineness of gift, circumstance and reason which necessitated making a gift

Sarita Aggarwal Vs The Income Tax Officer (Delhi High Court)

In AY 1994-15, the assessee (Sarita Aggarwal) had shown credit of Rs.2,60,000/- in the capital account under the narration Gift. The Assessing Officer disbelieved the claim and made an addition of the aforesaid amount to the income as declared, holding that the assessee was unable to establish genuineness of the gift. ...

Provisions of Section 245D (2C) can be invoked only if the assessee does not deposit income tax payable on income disclosed

CIT Vs Vishan Das (Delhi High Court)

Whether assessee has defaulted in payment in payment of additional amount of income-tax payable on the income disclosed in the original application and provision of section 245D (2C) can be invoked in such circumstances....

Section 2(15) Hostel accommodation provided to various invitees could be considered as commercial activity? 

India International Centre Vs ADIT (ITAT Delhi)

The predominant activities of the centre was not to earn income but to provide facilities for disseminating or exchanging knowledge as per the object of the society The dominant object of the assessee is definitely for the well being of public at large by organizing various seminars for...

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