The scheme of levy of excise duty on precious metal jewellery was introduced in the Budget 2011 vide notification No. 1/2011. Under the this scheme excise duty of 1% ad valorem was applicable to precious metal jewellery manufactured or sold under a brand name. The levy would now apply to both branded and unbranded goods (except silver jewellery) at the same rate of duty of 1%. ad valorem.
On Appeal ITAT held that that the letting out of terrace has to be assessed under the head Income From House Property as against Income From Other Sources assessed by the Assessing Officer and also allow deduction provided under section 24 of the Act.
We have uploaded Calculator to calculate relief Under section 89(1) of the Income Tax Act, 1961 in respect of Arrears of salary received during the financial year 2011-12. The Calculator will calculate relief if any which Assessee can claim U/s. 89(1) in respect of salary received in Financial Year 2011-12 pertaining to years prior to that. Calculator will calculate the Relief for Arrears received pertaining to the period from from 01.04.2005 to 31.03.2010 The Calculator also automatically Fills Form 10E with its annexure and Table A Automatically.
In view of various decision of Supreme Court it cannot be accepted that Union of India has no authority or power to levy service tax on renting of immovable property. The imposition of service tax on renting of immovable property was within the legislative competence of the Parliament and it does not fall within the legislative competence of the State under entry 49 of List II of the Seventh Schedule to the Constitution.
The case of the assessee is that the assessee could not comply with the provisions of section 54 within the time prescribed for reasons beyond her control, inasmuch as the money, which was blocked by her by paying advances to procure the property, was not realized within the time and, therefore, she could not make any alternative investment within the prescribed time. It is the case of the assessee that the acquisition of the property has been completed in 2001-02 and, therefore, deduction under section 54 may be granted, condoning the period of delay caused in complying with the time-limit prescribed under section 54.
The assessee cannot be heard to say that the Tribunal was obliged to inform the petitioner about the dismissal of the order. Assuming that the Tribunal is required to send a copy of the order to the assessee/appellant, the assessee is also obliged to be vigilant about the proceedings initiated by him.
The short question for consideration in this case is which is the place of removal in respect of exports? Is it the factory premises or is it the port of shipment? In the case under consideration, the appellant has availed service tax credit on GTA service, which was utilised for transportation of goods from the factory to the port of shipment.
Section 193 of the Act- Tax deduction at source from payment of interest on debentures, Section 194E of the Act – Tax deduction at source from payment to non-resident entertainer, sports person etc., Section 194J of the Act – Tax deduction at source from payment to director, Section 194J of the Act – Tax deduction at source from payment to director, Section 194LAA- Tax deduction at source from payment for immovable property in certain cases, Section 194LC- Tax deduction at source from payment of interest to a non-resident by an Indian company- New provision, Applicability of Section 195 of the Act on non- resident -Amendment in Section 197A of the Act – Reduction of the eligible age for senior citizens for certain tax reliefs, Section 201- Assessee in Default- Amendment – S. 201 Deemed date of payment of tax by resident payee is date of furnishing of return of income, Section 154 of the Act – Rectification of mistake in intimation with respect to TDS statement – Intimation after processing of TDS statement
It is, proposed to amend section 115JB to provide that the book profit for the purpose of section 115JB shall be increased by the amount standing in the revaluation reserve relating to the revalued asset which has been retired or disposed, if the same is not credited to the profit and loss account.
As per the existing provisions of the Income-tax Act, the report of audit under section 44AB is required to be furnished by 30th September of the assessment year. Section 139 was amended vide Finance Act 2011 to extend the due date of furnishing of return by the corporate assessees, who have undertaken international transactions, from 30th September to 30th November of the assessment year.
