This is undisputed fact that the interest has been paid by the assessee, as is evident from perusal of the profit and loss account, as mentioned by the AO. It is also undisputed fact that the assessee had purchase assets. Therefore, the provisions of section 36(1)(iii) and proviso thereunder, which is inserted w.e.f. 1.4.2004 vide Finance Act, 2003 are applicable. It is evident that the interest on borrowed capital cannot be allowed unless such asset was first put to use.
This appeal by the assessee is directed against the order dated 3.2.2011 of CIT(A) for the assessment year 2005-06. The only dispute raised is regarding annual value of second house property which was self occupied by the assessee.
On a perusal of the definition of ‘Business Auxiliary Service’ as it stood during the material period, we are of the prima facie view that the appellant was functioning as a commission agent for AAI by collecting PSF for AAI and remitting the collections to them. It is not in dispute that the collection charges at the rate of 2.5% on PSF
Statistics as subject of collection and use of various kinds of statistics can be traced much earlier in India. Kautilya’s Arthasastra (321-296B.C.), one of the greatest treatise of economics, indicates a system of census and data collection relating to agriculture, population and other economic activities, covering villages and towns. In addition, the concept of cross-checking and validation by independent agents was very much part of the data collection system.
Rate of Service Tax, Introduction of Negative List approach, Changes in Valuation Rules, CENVAT Credit Rules, Retrospective changes, Point of Taxation, Small Service Providers(SSI), Changes With respect to Appeals, Change in Rate of Taxable Portion , Reverse charge provisions, Change in Rate of Taxable Portion as per Notification No 13/2012
Increase in slab rate in case of Individual Tax Payers.No change in corporate tax rates. Alternate Minimum Tax (AMT) on all persons other than companies.Interest up to Rs. 10,000 from saving bank account will now be exempt from tax. Exemption from payment of advance tax to Senior Citizens not having income from business.Enhanced deduction of Rs. 5,000 u/s 80D has been allowed for health checkup.
Yes, there is. It’s called Data validation Input message. Select the cell(s) in which you want to see the message. On the ribbon, click the tab then click . Click the [Input Message] tab .Check the option ‘Show input message when cell is selected’. Type your message heading text in the Title box. This text will appear in bold print at the top of the message. Type your message in the Input message box. Click OK.
Black money does not limit itself to the geo- political boundaries. It transcends borders and has become a global problem. The countries across the world have started a concerted global effort and as a part of global effort against black money, India has played a proactive role in pointing out deficiencies in the assessment of various countries by the Peer Review Group of the Global Forum. Government is also playing an active role in ensuring that these countries remove the deficiencies to bring more transparency.
Press reports after the presentation of the budget on 16.03.2012 indicate that the full import of the provisions contained in the legislation related to the levy of excise duty of 1% on precious metal jewellery are not clear to the trade.
The Outcome Budget reflects the endeavour of the Government to convert Outlays into Outcomes by planning expenditure, fixing appropriate targets and quantifying deliverables of each scheme. The Outcome Budget is an effort of the Government to be transparent and accountable to the people.
