"17 April 2016" Archive

Why not to file Income Tax Return before 15th May!!!!!

At the very first instance, it has been a great step by the government that they have made available the ITR forms on 1st Day of April itself. Although the last date of filing ITR is 31st July for individuals, people have already started filing returns from the first week of April itself....

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Posted Under: Income Tax | ,

Business Transactions Vs. Investment Transactions

The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the basis, whether they are Capital Asset or Business Asset. It is important to determine, whether the income is generated from Capital Assets or from Business Assets and be determined as Capital Gain or Income fr...

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Posted Under: Income Tax |

Valuation of Equity Share

Equity Valuation becomes easy when the script is listed, Company is active in business & shares are regularly trading. Since market price is ready available in stock exchange website. Further we can average out the daily closing market price of last one year to make it full proof, however it becomes challenge to value unlisted companies e...

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Posted Under: Income Tax |

New Composition scheme under Delhi VAT for food stalls and restaurants

In order to minimize the compliance burden on small dealers a single tax rate is fixed at a low level which is directly linked with the turnover amount. The input credit is not allowed to these classes of dealers against purchases made and restriction is put on issuance of tax invoice....

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Posted Under: Income Tax |

Simultaneous penalty on firm & partners restricted to abetment

M/s. Amritlakshmi Machine Works Vs The Commissioner of Customs (Import) (Bombay High Court)

Bombay High Court held that Simultaneous penalty can be imposed both on the partners and partnership-firm under Section 112 (a) where the charge on the firm is of acting or omitting to act rendering the goods liable for confiscation and the notice issued to the partner makes out a separate case of abetment on his part. ...

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S. 172 No TDS on payment to non-resident shipping companies

CIT Vs V.S. Dempo & Co. Pvt. Ltd. (Bombay High Court)

Bombay High Court held that there was no obligation to deduct tax at source in respect of payment made towards demurrage charges in cases where section 172 of the IT Act applies. The Revenue did not dispute in the present case that section 172 applied....

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Export of duty free goods procured alongwith export goods not mandatory under N/N. 43/2001-CE

M/s Ambika Sovex Vs CCE (CESTAT Delhi)

The CESTAT New Delhi in the above cited case held that procurement of duty free goods under notification no 43/2001 is subject to condition of the use of such goods in the manufacture or processing of goods to be exported....

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Consolidation of TDS Entries in Scrutiny Cases with more than 1000 Entries

Letter F.No.DGIT(S)/DIT(S)-3/AST/Scrutiny/Consolidation of TDS/99/2015-16 (17/03/2016)

It has been noticed in previous years that in several cases having large number of TDS claims in ITR and TDS entries in Form NO. 26AS, AOs face technical difficulty while passing the assessment order under section 143(3) on AST system towards the end of March. ...

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FAQs on EPFO Grievance Redressal

What is the nature and source of grievances received in EPFO? Grievances generally arise out of: i)   Settlement of PF/Pension/Insurance Claims. ii)   Transfer of PF accounts. iii)    Non enrolment of employees. iv)  difficulty arising out of old PF accounts on the CPGRAMS portal. v) difficulties relating to Universal Accounts Num...

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Posted Under: Income Tax | ,

12 Common Silly Behaviours of Humans

The behavior of human beings tends to vary depending on the age, situation, education, and status in the society. An individual display different conduct when alone as compared to his demeanor in a group. Some people are timid at home and act fearless in other places. ...

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Posted Under: Income Tax |