A Parliamentary panel scrutinising the Direct Taxes Code – DTC Bill has suggested raising the income tax exemption limit to 3 lakh rupees from the present 1.8 lakhs. It has also suggested hiking of deduction on savings to 2.5 lakh rupees.
The new software, which allows taxpayers to access details of his ITR on smart phone, is being developed with the help of TCS. The new service will be part of the upgraded online return filing portal which will be launched in the next couple of months. The department already hosts services like viewing of tax credits, Annual Information Return (AIR), Tax Deducted at Source (TDS) status, various tax related forms and Tax Return Preparer Scheme (TRPS).
The Institute of Cost Accountants of India and Food Corporation of India (FCI) (Government of India Undertaking) have signed an MOU on 28th February’2012. As per this MOU the intermediate passed students of the Institute will be able to undergo Practical Training with FCI.
The Technical Cell of National Task Force constituted by the Institute has approved the release of the Exposure Draft of Guidance Note on Maintenance of Cost Accounting Records. The proposed Guidance Note may be modified in light of comments/ suggestions received before being issued as Guidance Note in the final form.
Cost Audit & Energy Audit for all Co operative Sugar Factories have been made mandatory vides Government of Maharashtra Order No. SGY2011/C.R.359/14-S dated. 8th December 2011. Expression of Interest (EoI) is invited from the interested Firm /Partners/ Cost Accountant for Cost Audit and Firm/Partners/ Energy Auditors for Energy Audit for empanelment –
LIC’s Jeevan Vriddhi is a single premium plan wherein the risk cover is a multiple of premium chosen by you. On maturity this plan offers a Guaranteed Maturity Sum Assured and Loyalty Addition, if any.
1st February 2012, will be written in letters of gold in the annals of the Institute history, as it is the effective date from which the notification passed by the parliament for the change of name of the Institute to The Institute of Cost Accountants of India and to use the designated letters ACMA and FCMA came into effect. Immediately following that the Institute was also able operationalise the decisions taken by the Council to use the title CMA before the name to denote the profession
Rising litigation with taxpayers is matter of serious concern for the Government. A need for reducing the litigation has been emphasized by the Finance Minister on various occasions. As per the directions of the Finance Minister, a Standing Committee has been constituted in the Central Board of Excise and Customs to identify systemic causes for litigation and preparing a roadmap for reducing the existing litigation and avoiding litigation in future on the indirect tax side. The Committee consists of two Members of the Board, nominated officials of CBEC, and a representative of Law Ministry.
Income Tax Department filed an appeal u/s 260A in 2006 where the tax effect was less than Rs. 10 lakhs. High Court, relying on Instruction No. 3/2011 Dated 9-2-2011 dismissed the appeal as not maintainable. Income Tax Department challenged the decision on the ground that para 11 of Instruction No. 3/2011 Dated 9-2-2011 made it clear that it would apply only to appeals filed on or after 9.2.2011 and not to appeals filed earlier.
We have heard both the sides, considered the material on record and find that Assessing Officer made the impugned addition and CIT(A) confirmed the same, but inadvertently mentioned about addition of Rs. 90,000/- instead of Rs. 1,50,000. Since addition is on estimate basis and assessee has also given some basis for low withdrawals such as getting facilities from employer, free of cost etc, therefore, assessee deserves part relief. As such, we are of the view that it would meet the ends of justice, if the addition made and confirmed by the CIT(A) is restricted to Rs.90,000/- instead of Rs.1,50,000/-. So, assessee gets relief of Rs.60,000/-.
