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Service Tax Exemption to National Skill Development Corporation & others related to it

September 10, 2013 13443 Views 0 comment Print

9A. Any services provided by, _ (i) the National Skill Development Corporation set up by the Government of India; (ii) a Sector Skill Council approved by the National Skill Development Corporation; (iii) an assessment agency approved by the Sector Skill Council or the National Skill Development Corporation;

Overseas Foreign Currency Borrowings by Authorised Dealer Banks – Enhancement of limit

September 10, 2013 1276 Views 0 comment Print

In view of the prevailing market conditions, it has further been decided that AD Category I banks, at their option, can enter into a swap transaction with RBI in respect of the borrowings raised after the date of this circular.

Delhi VAT – Dealers to submit Form DP-1 online by 16-10-2013

September 9, 2013 430 Views 0 comment Print

Notify that the Form DP-1 shall be submitted online by all the dealers latest by 16-10-2013.

MCA invite suggestions on First tranche of draft Rules under Companies Act, 2013

September 9, 2013 1559 Views 0 comment Print

Suggestions on Draft Rules under Companies Act 2013 The Companies Act, 2013 has been notified on 30th August, 2013. First tranche of draft Rules, except Forms, covering 16 Chapters under the new Act, have been posted on the website of the Ministry of Corporate Affairs. The second tranche of the draft Rules will be posted […]

HC presumes culpable mental state on the part of accused & Confirms Prosecution for non filing of Return

September 9, 2013 3711 Views 0 comment Print

It would be for the respondent to establish during the trial that her failure to file her return was not wilful. The Courts below went wrong in going into the question as to whether the explanation offered by the respondent in response to the show cause notice given to her before the filing

Whether a gas cylinder attached to truck shall be considered as a part of truck or considered as gas cylinder only

September 9, 2013 1514 Views 0 comment Print

The Hon’ble High Court placed reliance on the decision pronounced in the case of CIT vs. Goyal MG Gases Ltd., (2008) 296 ITR 72 (Delhi) wherein it was held that a tanker or a gas cylinder attached to the body of a truck continues to be a gas cylinder

conversion from lease hold to free hold period to be considered for short term/long term period computation

September 9, 2013 9702 Views 0 comment Print

The difference between the ‘short-term capital’ asset and ‘long-term capital asset’ is the period over which the property has been held by the assessee and not the nature of tittle over the property. The lessee of the property has rights as owner of the property subject to covenants of the lease

Cash Agricultural income genuineness cannot be doubted on suspicion

September 9, 2013 4707 Views 0 comment Print

The CIT (A) considered the question of addition of Rs.41,08,724/- by AO under Section 68 of the Act and have recorded findings that if in the previous years the agricultural income from the same land on which agricultural crops were produced by the appellant was accepted

Addition could be made only if some incriminating document was found during search

September 9, 2013 1436 Views 0 comment Print

In the present case it is apparent that on the date of search be on 12/09/2007, the assessments for assessment year 2004-05 & 2005-06 were already completed. There was no incriminating material found during search for these years as is apparent from arguments of Ld.

Tax Audit issues Raised by ICAI & Reply by IT Department

September 7, 2013 29867 Views 0 comment Print

This document deals with those FAQ’s which are not covered in the e-filing portal. The members may visit the www.incometaxindiaefiling.gov.in for other FAQ’s.

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