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This utility can be used for Government and Non Government Employees. Utility Automatically Prepares for 16, Form 12BA, Calculates TDS deductible, HRA Exemption , Deduction Under Chapter VIA etc.Utility is for Assessment year 2013-14 or Financial Year 2012-13 and can be used for upto 50 Employees.
Order No. 9/FT&TR/2012 Vide Order No. 9/FT&TR/2012 dated 07.09.2012, the CBDT has directed a change in the Constitution of the Dispute Resolution Panel in Delhi, Mumbai, Ahmedabad, Pune, Kolkota, Bangalore, Hyderabad and Chennai with effect from 24.08.2012
After going through the assessment order, annexure-1, we are of the considered opinion that the assessee may have submitted his returns showing his total income as ‘NIL’ and has shown book profit of Rs. 2,05,86,930/- under Section 115JB but A.O. has not proceeded to consider the case of the petitioner under Section 115JB and clearly mentioned in first para of the order itself that “the case was duly processed u/s 143(1)(a) and thereafter on selection of the case of scrutiny, statutory notices u/s 143(2) & 142(1) were issued.” Such notices were duly responded by the assessee’s representative and the case was contested and proceeded under Section 143(1)(a) and assessment was made under Section 143(3) of the Act of 1961.
As regards reimbursement of amount in respect of service tax, as pointed out by the ld. AR, the ITAT Delhi Bench in their decision in Technip Offshore Contracting BV(supra) concluded that service tax collected by the assessee being directly in connection with services or facilities or supply specified u/s 44BB of the Act provided by the assessee to ONGC, have to be included in the total receipts for the purpose of determination of presumptive profit u/s 44BB of the Act.
No TDS was required to be made because payment of commission are made to non-resident overseas agent. As such no income is arising to the non-resident agent in India. So, no TDS is deductible u/s 194H of the Act, which is applicable for resident Indians only, even the provisions of section 195 is not applicable as payments are made to non-resident overseas agents for the services rendered outside India.
On consideration of the entire materials on record, we, therefore, find substance in the contention of the learned counsel for the petitioners that the impugned amendment is violative for its retrospective operation in order to overcome the decision of the Tribunal, and at the same time, for depriving the benefit earlier granted to a class of the assessees whose assessments were still pending although such benefit will be available to the assessees whose assessments have already been concluded.
The Central Board of Direct Taxes (CBDT) on Thursday said it has reduced the time period for tax refunds to three months and would take steps to release arrear payment as fast as possible.
In order to find out the quantum of black money parked by Indians in the country and abroad and to recommend ways to deal with the problem of black money Government had entrusted this work to three institutions in March, 2011.
The assessees must be given an opportunity to file response or reply and the reply will be considered and examined by the Assessing Officer before any direction for adjustment is made. The process of issue of prior intimation and service thereof on the assessee will be as per the law. The assessees will be entitled to file their response before the Assessing Officer mentioned in the prior intimation.
The Directorate of Income-tax has informed vide letter dated 27.08.2012 that the Finance Minister has approved utilization of 1% incremental revenue earned during F.Y. 2009-10 amounting to Rs, 80.63 crore. The amount has to be utilized for enhancing organizational efficiency, infrastructure and wherewithal. The Officers have been requested to forward their suggestions for utilization of the funds by 15th September, 2012. It has been clarified that the funds will be used for schemes that result in enhancing organizational efficiency, infrastructure and wherewithal of Income Tax Department and not for welfare schemes of employees.
