FAQs Related to Income Tax Provisions of charitable trust and NGOs

FAQs Related to Income Tax Provisions of charitable trust and NGOs Posted: 21 May 2013 08:27 PM PDT FREQUENTLY ASKED QUESTIONS (FAQs) Q.1 Are NGOs and other charitable and non-profit organizations entitled to claim tax exemption under income tax law in India? Are donors who contribute to such organizations also entitled to any tax deduction? Ans. Yes, such exemption is available to, (i) public... Income already offered for taxation cannot be taxed again as undisclosed income Posted: 21 May 2013 08:06 PM PDT It is contended by the learned counsel that the sum of Rs. 16 lakhs added by the Assessing Officer as undisclosed income has already been offered as income by the assessee by way of forfeiture of booking advance. In principle, we agree with the assessee's contention that if the above sum is... Expense cannot be disallowed merely because assessee named it as short recovery and not bad debt Posted: 21 May 2013 07:57 PM PDT The undisputed facts are that the assessee was to receive the sum of 74,30,575/- from CCIL towards crane hire charges.   However, actually, the assessee could receive only 58,39,011/-. The Revenue has not disputed the correctness of the assessee's contention that it could not recover the sum... Charitable Purpose u/s. 2(15) of Income Tax Act ,1961 Posted: 21 May 2013 07:26 PM PDT Courts have held that the expression 'charitable purpose' is sufficiently wide in scope to include a variety of activities. For instance, promotion of sports and games is a charitable purpose If AO says that assessee not maintained books of account than there is no question of producing the same by the assessee Posted: 21 May 2013 12:07 PM PDT We find that a clear finding was given by the Assessing Officer in para 13.2 of the assessment order in the case of Shri Pranbhai S Fultaria that assessee has not filed any return of income though specifically required u/s. 142(1) of the Act and assessee has not maintained books of account. Ld.... Online Empanelment with Vijya Bank for Concurrent Audit Posted: 21 May 2013 10:07 AM PDT Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices - Vijya Bank calls applications from Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices for the period from 01.07.2013 to 30.06.2014. Govt urges taxpayers to Disclose True income and pay Appropriate taxes Posted: 21 May 2013 09:38 AM PDT Government urges all tax Payers to Disclose their True income and pay Appropriate taxes within the Current Financial Year; A Compliance Management Cell has been set-up to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment; 70,000 Letters are being sent in 2... Rationalisation of Withholding tax on interest payments on borrowings of Infrastructure Debt Funds Posted: 20 May 2013 09:43 PM PDT Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors, Encourage Development of the Indian Debt Market and Accelerate the Pace of Growth of the Indian Economy. Clarification on Revised requirements for Listed Companies undertaking a Scheme of Arrangement under Companies Act, 1956 Posted: 20 May 2013 09:02 PM PDT All listed companies undertaking a Scheme of Arrangement under Part IV and Chapter V of Part VI of the Companies Act, 1956, (Amalgamation/ Merger/ Reconstruction/ Reduction Of Capital, etc.) are required to submit a valuation report in terms of Para (I) (A) read with Part A, Annexure I of the SEBI... Issues related to transmission of trade data by Customs to DGCIS Posted: 20 May 2013 09:00 PM PDT A Committee under the chairmanship of DG NIC with representatives of Department of Commerce and Department of Revenue had been constituted to consider the issues of timely and accurate transmission of trade data and give its recommendations. SEBI issues Broad guidelines on Algorithmic Trading Posted: 20 May 2013 09:00 PM PDT SEBI has received various suggestions with regard to the requirement of system audit of trading algorithm / software used by stock brokers / trading members. After due examination of the suggestions in consultation with the Technical Advisory Committee, it has been decided to revise the requirement... Tariff Value of Gold, Silver, Crude / RBD Palm Oil, Brass Scrap, Poppy seeds wef 21.05.2013 Posted: 20 May 2013 09:00 PM PDT Notification No. 55/2013-CUSTOMS (N. T.), New Delhi, the 21st  of May, 2013 S. O.  (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to... DGFT constitutes 2nd Task Force on Transaction Cost Posted: 20 May 2013 08:49 PM PDT In pursuance of the announcement made by Commerce and Industry Minister on 18.4.2013, the Second Task Force on Transaction Cost has been constituted under the Chairmanship of Director General of Foreign Trade under following terms and reference: How to view ST-3 for the period July -Sept, 2012 Posted: 20 May 2013 08:32 PM PDT Service Tax Returns (ST 3) for the period July -Sept, 2012,e-filed in ACES, can now be viewed by the Assesses under 'View Original ST3′ and 'View ST3′ options under the RET module of ACES with a facility to revise it, if required. The Revised return can be filed by the...

Gist of Service Tax Voluntary Compliance Encouragement Scheme, 2013

Gist of Service Tax Voluntary Compliance Encouragement Scheme, 2013 Posted: 20 May 2013 08:30 PM PDT Hon'ble Union Minister of Finance has proposed a Service Tax Voluntary Compliance Encouragement Scheme, 2013 in Finance Budget 2013. The Scheme is applicable for the tax dues not paid for the period 1st October 2007 to 31st December 2012. Value adopted by assessee cannot be substituted by A.O. merely on the basis of general inquiries Posted: 20 May 2013 08:29 PM PDT When the value declared by the assessee as on 01.04. 1981 is supported by valuation report of a registered valuer and the A.O. has taken different valuation without obtaining valuation report from the DVO, such value taken by the registered valuer cannot be substituted by the A.O. merely on the... In case of gifted assets index to be taken of the year in which acquired by previous owner Posted: 20 May 2013 07:46 PM PDT Indexed cost of gifted assets has to be determined with reference to previous owner s. 55(1)(b)(2)(ii) provides that where the capital asset became the property of the assessee by any of the modes specified under s. 49(1), not only the cost of improvement incurred by the assessee but also the cost... Rape is morally and physically most reprehensible crime in society – SC Posted: 20 May 2013 06:58 PM PDT A bench of justices B S Chauhan and Dipak Misra  has observed as follows in  CRIMINAL APPEAL NO. 2322 of 2010 dated 20.05.2013 :-  Rape is the most morally and physically reprehensible crime in a  society, as it is an assault on the body,  mind  and  privacy  of  the victim. While a murderer... G.P. rate to be accepted if it is higher than average G.P. rate of last three years Posted: 20 May 2013 12:17 PM PDT Having perused the documents on record with the assistance of the learned counsel for the revenue, we notice that the Tribunal had though confirmed the view of the revenue authorities with respect to the rejection of the books of account of the assessee, did not accept the  re-computation of higher... No Sec.14A disallowance if assessee is dealer of shares and securities Posted: 20 May 2013 12:01 PM PDT In the judgment of Hon'ble Karnataka High Court rendered in the case of CCI Ltd. (supra) it was held that if the assessee is a dealer of shares and securities then it cannot be said that such purchases of shares and holding of shares were for the purpose of earning of dividend income and hence,... Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation Posted: 19 May 2013 09:47 PM PDT Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 20, 2012 extending the enhanced period for realization and repatriation to India, of the amount representing the full value of goods or software exported, from six months...

Some thoughts on LBT Agitation in Maharashtra

Some thoughts on LBT Agitation in Maharashtra Posted: 19 May 2013 07:22 PM PDT Traders in cities from Maharashtra are rightfully agitating over proposed introduction of LBT because of their concerns about multiplicity of indirect taxes and related compliances. S. 80IB Ginning and pressing of cotton amounts to manufacturing activity Posted: 19 May 2013 12:23 PM PDT The nature of processing of loose cotton into cotton bales after   sprinkling   water and mechanically pressing the same is similar to processing camphor powder into camphor cubes. Loose cotton in bulk quantity with lighter density is as a result of pressing converted intocotton bales and to that... Commission paid to related parties for services rendered by them is allowable expenditure Posted: 19 May 2013 12:13 PM PDT Question No.(i) pertains to addition of Rs.33.33 lakhs (rounded off) made by the Assessing Officer towards the commission paid to related parties. The Assessing Officer made such addition despite the assessee pointing out that the parties to whom such commissions were paid were associated with the... Stridhan of a lady seized from her ex-husband's premises during search must be handed over to her Posted: 19 May 2013 12:05 PM PDT We further notice that the Family Court, Mumbai, has also passed an order on 22nd February 2007 in which while granting decree of dissolution of marriage, it is provided that the petitioner would be entitled to all those ornaments lying with the Income Tax Authority, at Ahmedabad. The issue is