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Archive: 01 July 2015

Posts in 01 July 2015

Tax Calculator and New Income Tax Return

July 1, 2015 7577 Views 0 comment Print

The Government has been always tried to create something new in the forms of Income tax return and it’s System because of avoidance of tax Evasion and Complexity. In India, There are various forms for filing Income Tax Return according to the status of assesse and it’s Income. So that makes us a topic for discussion regarding the Changes made in the Income Tax Return

Master Circular on Customer Service in Banks

July 1, 2015 3573 Views 0 comment Print

Reserve Bank of India RBI/2015-16/59 DBR No.Leg.BC. 21/09.07.006/2015-16 July 1, 2015 Ashadha 10, 1937 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir, Master Circular on Customer Service in Banks Please refer to the Master Circular DBOD No.Leg.BC.21/09.07.006/2014-15 dated July 01, 2014 consolidating the important instructions issued by us in the area of customer service up to June […]

Gist Of Cenvat Credit On Construction Service

July 1, 2015 32234 Views 0 comment Print

The Cenvat Credit Rules 2004 provides for availment of credit of excise duty paid on inputs and capital goods and service tax paid on input services. But a real estate developer/builder opts benefit of Notification No. 26/2012-ST dated 20.06.2012 then builder/developer can avail credit of excise duty paid on capital goods and service tax paid on input services i.e. can not avail credit of excise duty paid on inputs.

All you want to know about ITR 2A

July 1, 2015 13266 Views 27 comments Print

For the financial year 2014-15 i.e. assessment year 2015-16, income tax department has issued a new Form ITR 2A. The reason for this form is that ITR 1 is very basic form in which very limited details are required to be furnished and only a limited salaried taxpayer are allowed to furnish this form. Due to its limitation Taxpayers has to File ITR 2 which is very complicated. To remove this complexity department introduced a new form ITR2A i.e. in between ITR 1 and ITR 2.

Undisclosed income beyond block period cannot be taxed

July 1, 2015 1930 Views 0 comment Print

CIT (A) appeal as well as ITAT examined the document relied upon the revenue for making addition. It was found that the document was not addressed to anyone and without any signature and date. In such situation it can be said that it belong to assessee.

For application of section 2(22)(e) a person should be both registered as well as beneficial shareholder

July 1, 2015 1033 Views 0 comment Print

In the language of Section 2 (22) (e) the term beneficial owner of shares includes both registered as well as beneficial share holder. So provisions of this section could be applied where assessee can be treated as both mentioned above.

Section 54- Even provisional letter of flat allotment is capital asset

July 1, 2015 3600 Views 1 comment Print

The facts in that case were that the assessee had booked a flat, and was recipient of a provisional allotment letter. The Court held importantly that even booking rights or rights to purchase the apartment or to obtain its letter was also capital asset

Mere Entries found in third party books are not binding on Assessee

July 1, 2015 3797 Views 0 comment Print

Entries found in third party books are not binding on the assessee solely on the basis of information received from the investigation unless the statement of the third party was supported by any documentary evidence.

Deemed dividend can be made applicable only in the hands of registered shareholders

July 1, 2015 441 Views 0 comment Print

From the bare reading of provision of section 2 (22) (e) it can be easily understood that section can be invoked only if assessee to whom any payment was made by way of loan or advance must be beneficial owner of the shares.

Once identity & creditworthiness of parties and genuineness of transaction proved, section 68 cannot be invoked

July 1, 2015 2971 Views 0 comment Print

There are various case laws which conclude the facts that once the assesse discharged its primary onus by placing material and document on record before AO then it is assumed that the unexplained amount reflected in books of assessee stands explained.

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July 2015