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NEW SCRUTINY NORMS FOR FINANCIAL YEAR 2007-08 – Board hereby lays down the following procedure for selection of returns / cases of *Non-Corporate Assessees* for scrutiny during the current financial year i.e. 2007-08.2. The following categories of cases shall be compulsorily scrutinized; –
Notification No. 210 – Income Tax In exercise of the powers conferred by sub-section (1B) of sections 139 and 139D of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (3) of rule 12 of the Income-tax Rules, 1962 and in supercession of the Electronic Furnishing of Return of Income Scheme, 2004 published in the Gazette of India, Extraordinary, Part II, Section 3 – sub-section (ii) under the notification of the
The interesting question raised in this petition is, where a company deducts tax at source (TDS) from the salary payable to an employee, but fails to deposit the said amount into the Government treasury, whether, the revenue can recover the TDS amount with interest from the employee concerned in spite of the express bar contained in section 205 of the Income Tax Act, 1961.
In the instant case, there was no evidence to show that money was loaned or kept deposited for a fixed period or repayable on demand. Further, the sister concerns and the assessee were owned by the same family group of people with a common managing partner with centralised accounts under the same roof
CIRCULAR NO. 5 / 2007-Income Tax . The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14th May, 2007 have notified following new return forms for assessment year 2007-08 under a new series:- (i) ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest chargeable to income-tax under the head Income from other sources;
Form No. 16A (received from all the payers who have deducted tax): You will first have to get this form collected from the parties who have deducted tax while making payment to you during the year. This includes banks and companies (with whom you have kept fixed deposits), parties to whom you have given loan, tenant to whom you have rented your property
1.Whether deduction for tax, duty etc. is allowable u/s. 43B of the Income Tax Act, 1961, on payment basis before incurring the liability to pay such amounts? The deduction for tax, duty etc. is allowable u/s. 43B of the Income Tax Act, 1961 on payment basis before incurring the liability to pay such amount. 2.Whether Modvat Credit available to the assessee as on the last day of the previous year amounts to payment of Central Excise duty u/s. 43B?
In the present day scenario, looking at the high rate of attrition, it has become very necessary for the employers to provide various incentives to their employees in order to retain their services. One of such incentives is provision of pension to the employee after his retirement from service. In this context, it must be clearly understood that a grant of pension on retirement to employees,
Q.1. What is the definition of MSME? A.1. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:(a) Enterprises engaged in the manufacture or production, processing or preservation of goods as specified below: (i) A micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakh;
The tribunal took this view in case of Bajaj Auto Finance. It distinguished a hire purchase arrangement from a hire purchase finance arrangement for taxation purpose. The tribunal held that fundamentally, in case of hire purchase arrangement, the title to the goods remains with the hire purchase company whereas in case of hire purchase financing arrangement, the title to the goods remains with the hirer.
