Service Tax Return ST 3 July 12 to Sept 12 due date extended Posted: 06 Mar 2013 07:20 PM PST CBEC extends the date of e-filing of the new Service Tax Return (ST-3) for the period from 1st July 2012 to 30th September 2012, from 25th March, 2013 to 15th April, 2013.  |
| E-filing may be must for people with annual income above Rs 5 lakh Posted: 06 Mar 2013 06:04 PM PST Taxpayers having an annual income of over Rs 5 lakh will be required to file their returns in electronic form, a senior Finance Ministry official said on Tuesday. Besides, the Finance Ministry is also making provisions for e-filing of Wealth Tax returns. "Income tax returns for the group...  |
| Sale of all Immovable property now subject to TDS – an insight and practical challenges Posted: 06 Mar 2013 07:52 AM PST The Finance Minister in Finance Bill 2013 has proposed withholding tax at 1% to be deducted by every buyer from any sum payable to the resident seller if the sale consideration for transfer of immovable property, other than agricultural land,is Rs.50 lacs or more. The reason mentioned for...  |
| Increase in the income-tax rate on royalty and fees for technical services – plugging the rat hole with a big rock Posted: 06 Mar 2013 07:41 AM PST Royalty and fees for technical services have always been surrounded with lot of controversies for some or other reasons. Though most of the controversies revolve around the taxability, the finance minister felt the need to correct the anomaly in the tax rate.  |
| Penalty shall not be imposed if income not offered to tax due to unintentional mistake Posted: 05 Mar 2013 09:54 PM PST The assessing officer considered the said premium received on redemption of debentures to be taxable under the head income from other sources while the respondent-assessee considered the same to be taxable under the head capital gains. In view of the fact that there is only a change of head of...  |
| All Bank branches to provide Facility for Exchange of cut/mutilated Notes & Coins Posted: 05 Mar 2013 09:21 PM PST The facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, should be made available at all bank branches (including those of co-operative banks and RRBs). In case a branch, for any reason, is not able to immediately adjudicate...  |
| Penalty not imposable for bonafide claims which gets disallowed Posted: 05 Mar 2013 09:14 PM PST Penalty u/s 271(1)(c ) shall not be imposed if assessee has set off loss against the amount of profit after claiming deduction under Section 80HHC of the said Act. In view of Supreme Court judgment in the case of IPCA Laboratory Ltd. v. DCIT : [2004] 266 ITR 521 (SC), wherein the Supreme Court...  |
| Scrap is bi-product of manufacturing activity & no expense could be attributed to its generation Posted: 05 Mar 2013 09:10 PM PST The expenditure is incurred by the assessee not for generation of the scrap but for generation of the finished product. There is and cannot be any expenses which are incurred for generation of scrap. Scrap is bi-product of the manufacturing activity. Therefore, there are no expenses which could be...  |
| Electricity charges payable to govt are not covered u/s. 43B Posted: 05 Mar 2013 09:04 PM PST Tribunal while allowing the appeal held that the electricity charges partake of the nature of statutory liability and accordingly will have to be allowed as deduction irrespective of whether or not the same has been paid and notwithstanding that the assessee has disputed any liability to pay any...  |
| Post Export EPCG duty credit scrip(s) Scheme and certain other changes related to Foreign Trade Policy 2009-14 – Reg. Posted: 05 Mar 2013 07:11 PM PST Circular No. 10/2013-Customs New Delhi, dated the 6th March, 2013 Sub: Post Export EPCG duty credit scrip(s) Scheme and certain other changes related to Foreign Trade Policy 2009-14 – Reg. Reference is made to Para 4 of Circular No.20/2012 – Customs dated 27.7.2012 wherein it was indicated that...  |
| Procedure for Setting up of Public/Private Bonded Warehouses for Gems & Jewellery Sector Posted: 05 Mar 2013 07:07 PM PST Director General of Foreign Trade vide notification no. 30 (RE-2012)/2009-2014 dated 31.01.2013 amended FTP 2009-2014 and introduced a new para 4A.16A for setting up of Public/Private Bonded Warehouses for Gems & Jewellery Sector.  |
| Income Tax Notification No. 17/2013 – Jurisdiction of CIT Delhi, CPC Cell Posted: 05 Mar 2013 06:49 PM PST NOTIFICATION No. 17/2013 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby- (a) directs that the Commissioner of Income-tax specified in column (2) of the Schedule hereto annexed, having...  |
| DTA -Agreement for Avoidance of Double Taxation with Ethiopia Posted: 05 Mar 2013 06:45 PM PST Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Federal Democratic Republic of Ethiopia for the Avoidance of Double Taxation and the Prevention of fiscal evasion with respect to taxes on income signed in Addis Ababa on the 25th May, 2011 shall...  |
| Income Tax Notification No. 16/2013 – Jurisdiction of DGIT Systems at Delhi Posted: 05 Mar 2013 06:45 PM PST NOTIFICATION No. 16/2013 Director General of Income-tax (Systems) specified in column (2) of the Schedule below, having his headquarters at the place specified in the corresponding entries in column (3) of the said Schedule, shall exercise the powers and perform the functions in respect of such...  |
| CIT, CPC (TDS) will be subordinate to DGIT (System) Posted: 05 Mar 2013 06:40 PM PST NOTIFICATION No. 15/2013 Central Board of Direct Taxes hereby directs that the income-tax authority specified in column (3) of the Schedule below shall be subordinate to the income-tax authority specified in column (2) of the said Schedule.  |
| ADIT has power to take action in cases of search & seizure u/s.132 Posted: 05 Mar 2013 06:12 PM PST Here, the only question, which false for our determination, is as to whether the Additional Director had the authority under section 132 (1) of the Act to issue warrant of search and seizure. In view of the amendment brought by Finance (No. 2) Act, 2009, this point need not detain us much. Finance...  |
| DVAT – 'European Commission' shall be substituted by the new word 'European Union' Posted: 04 Mar 2013 06:31 PM PST AMENDMENTS in the Sixth Schedule of the Delhi Value Added Tax Act, 2004- (Delhi Act 03 of 2005), in the entry at Sl. No. 13 in part-B 'European Commission' shall be substituted by the new word 'European Union' TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY)...  |
