TDS – New File Validation Utility (FVU) version 3.7 – Key features / Download

TDS – New File Validation Utility (FVU) version 3.7 – Key features / Download

Posted: 29 Apr 2013 08:31 PM PDT

Section 80CCG: Section 80CCG has been incorporated for Form no. 24Q Q4. Section code 80CCG is applicable for FY 2012-13 onwards. Section 80CCF: Quoting deduction under section 80CCF has been restricted to FY 2010-11 and 2011-12.

Form 24G – Procedure to obtain duplicate copy of Provisional Receipt Number

Posted: 29 Apr 2013 08:30 PM PDT

Services / Form 24G / Procedure to obtain duplicate copy of Provisional Receipt Number In case if Account Office needs duplicate copy of Provisional Receipt Number, AO is required to send request letter to NSDL. The format in which request should be sent to NSDL by the Account Office is as under :-...

Revised Guidelines for filling Form 15CA Online

Posted: 29 Apr 2013 08:30 PM PDT

Procedure for furnishing information under sub-section (6) of section 195 of the Income-tax Act, 1961 read with rule 37BB of the Income-tax Rules, 1962. General Form 15CA should be used for furnishing information of remittances in e-mode in accordance with the provisions of section 195 (6) of...

New FVU for Form 15CA Bulk upload (version 1.3)

Posted: 29 Apr 2013 08:30 PM PDT

File Validation Utility (FVU) for Form 15CA Bulk upload (version 1.3) released on 07/03/2013 The Form 15CA FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or 1.4.2_04 or IBM JRE:] should be installed on the computer where the Form 15CA...

CA Final & IPCC Examination Dates, Timing, Changes for May 2013

Posted: 29 Apr 2013 08:30 PM PDT

 CA final exams will be started from 2nd May 2013 and ended on 16th May 2013 CA IPCC will be started from 3rd May and ended on 15th May 2013 CA IPCC Exam Date Sheet for May 2013 Date May 2013 Day Exam Group 3nd Friday Accounting Group I 5th Sunday Business, Law, Ethics & [...]

HC have no jurisdiction on consumer forum orders – SC

Posted: 29 Apr 2013 08:10 PM PDT

Issue- The basic issue has been raised in the petitions that the Kerala High Court did not have jurisdiction to entertain the writ petition against the judgment and order passed by the National Consumer Disputes Redressal Commission (hereinafter called 'the Commission'). The said order...

No service tax can be levied on chit fund business – HC

Posted: 29 Apr 2013 07:52 PM PDT

Issue- The short question which arises in this writ petition is whether the provision of services in relation to conducting a chit business is a taxable service for the purposes of section 65B(44) of the Finance Act, 1994 inserted w. e. f. 1 st July, 2012. The petitioner prays that the notification...

Vacancy Circular for selection for post of Members Judicial/Accountant of ITAT

Posted: 29 Apr 2013 07:30 PM PDT

In exercise of the powers conferred by section 252 of the Income-tax Act, 1961, the Central Government has constituted the Income Tax Appellate Tribunal to hear appeals against the orders passed by various authorities stated in section 253 of the Act.

Anti-Dumping Duty on Import of Solar PV Modules

Posted: 29 Apr 2013 07:17 PM PDT

The Ministry examines the effects of dumped goods on the domestic industry, and not cheap goods. Dumping takes place if the export price of a product is less than the normal value prevailing in the exporter's country. In order to offset the adverse effects of dumped imports, Domestic Industry can...

Steps to strengthen the process and creations of Intellectual Property Rights

Posted: 29 Apr 2013 07:16 PM PDT

The Office of Controller General of Patents, Designs and Trade Marks has taken the following steps to strengthen the process and creations of Intellectual Property Rights. (i) The filing of Patents and Trademarks applications has been made online.

Five Years jail to Then Income Tax officer In Disproportionate Assets Case

Posted: 29 Apr 2013 07:00 PM PDT

  The Special Judge for CBI cases, Visakhapatnam has convicted Sri Akella Venkata Subramanya Sastry, the then Income Tax Officer, Eluru, West Godavari District (Andhra Pradesh) U/s 13(2) r/w 13(1) (e) of P.C Act 1988 in Disproportionate Assets case and sentenced him to undergo Five Years Rigorous...

Listed Companies to submit audited financial results for the entire financial year within sixty days of the end of financial year

Posted: 29 Apr 2013 06:22 PM PDT

CS Kiran Kumar Guptha B As per SEBI Circular dated October 05, 2011, the following is an important amendment to Clause 41 of Listing Agreement: 'The issuer shall submit audited financial results for the entire financial year, within sixty days of the end of the financial year. The issuer...

Anti-dumping duty on Carbon black imported from China, Thailand, Russia, Australia

Posted: 28 Apr 2013 07:07 PM PDT

Seeks to modify anti-dumping duty on Carbon black used in rubber applications, originating in, or exported from the People's Republic of China, Thailand, Russia and Australia Notification No. 9/2013-Customs (ADD) New Delhi, the 26th April, 2013 G.S.R. 275 (E). – WHEREAS in the matter of import of...

Change in Tariff of Gold wef 26.04.2013

Posted: 28 Apr 2013 07:05 PM PDT

NOTIFICATION NO. 50/2013-CUSTOMS (N.T.) – Dated : 26/04/2013 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 do, hereby makes the...

No reversal under Cenvat rule 6 is required in case of clearances to SEZ unit/developers

No reversal under Cenvat rule 6 is required in case of clearances to SEZ unit/developers

Posted: 28 Apr 2013 12:46 AM PDT

In this appeal filed by the assessee, the challenge is against a demand raised on the appellant in terms of Rule 6(3) of the CENVAT Credit Rules 2004 for the period from July to December 2008. During the said period, the appellant (a unit in the domestic tariff area) had cleared their products to...

Intent to evade payment duty is a sina qua non for invoking penal provision u/s. 11AC

Posted: 27 Apr 2013 10:39 PM PDT

Undisputedly the appellant had received input services viz. GTA and Business Auxiliary Service and used the same in or in relation to the manufacture and trading of Electric Meters. It is also not in dispute that credit of Rs. 3,41,397/- availed by the appellant on the said input services were not...

Customs – After 1-6-2007 Settlement Commission cannot grant immunity from payment of interest

Posted: 27 Apr 2013 10:08 PM PDT

Section 127 H of the Customs Act, 1962, prior to its amendment by Act No.22 of 2007, empowered the Settlement Commission to grant immunity, inter alia, either wholly or in part of any part of the interest. With effect from 1 June 2007 an amended provision was brought into force by which the...

AICTE approval not required for University-approved MBA – SC

AICTE approval not required for University-approved MBA – SC

Posted: 27 Apr 2013 08:02 PM PDT

SC has recently held in the case of  Association Of Management Of Private Colleges Vs. All India Council For Technical Education & Ors. -CIVIL APPEAL NO. 1145 OF 2004 – Order Dated 25.04.2013 that  MBA programmes can't be defined as technical programmes and the AICTE is not authorized to...

List of 141 ITOs Selected For Appointment As ACIT

Posted: 27 Apr 2013 07:47 PM PDT

Vide letter dated 27.04.2013 the CBDT has informed the names of 141 Income Tax Officers who are to be appointed in the grade of Assistant Commissioner of Income-tax (ACIT) in the pay scale of Rs. 15,600 – 39,100 (plus grade pay of Rs. 5,400 in Pay Band -3). Download  CBDT letter dated. 27.04.2013

Loss due to Confiscation of stock by Customs is allowable

Posted: 27 Apr 2013 08:12 AM PDT

the facts of the case are that the assessee is a jeweller and it is in this business for the last number of years. There was a search at the assessee's premises by the DRI on 13th Feb., 1993 in which they found that the assessee had purchased silver weighing 1,913.295 kgs. and the same [...]

Six Month Time limit for disposal of trust registration application is directory

Posted: 27 Apr 2013 07:40 AM PDT

Period of six months as provided in Sub-section (2) of Section 12AA is not mandatory. Though the word 'shall' has been used but it is well known that to ascertain whether a provision is mandatory or not, the expression 'shall' is not always decisive. It is also well known...

Surrender after detection of incriminating material with regard to income so surrendered is not voluntary

Posted: 27 Apr 2013 07:25 AM PDT

Voluntarily means out of free will without any compulsion. When the assessee concealed incriminating material in the form of transactions in the aforesaid account of the two parties, surrender cannot held to be voluntarily. Surrender of income after the department has collected incriminating...

Revision of Return on cancellation of Incentive Shceme by Government is valid

Posted: 26 Apr 2013 09:52 PM PDT

Assessee is a limited company. The Government of Gujarat floated Sale Tax Deferment Scheme. For facilitating the industrial units to avail such benefit of the Sale Tax Incentive Scheme in the State, pari passu charge was to be created in favour of the Sales Tax Department, as decided by the...

HC recommends US-like 'restatement of law' to consign a large body of useless case law to dustbin of legal history

Posted: 26 Apr 2013 11:46 AM PDT

We would just like to point out some observations by a prominent lawyer Shri Fali S Nariman in his book 'India's legal system: Can it be saved?' At page 144, he observes: 'We are overburdened with excessive case law and this is positively on the deficit side in our quest for...

Procedure for Incorporation Of A Private Limited Company

Procedure for Incorporation Of A Private Limited Company

Posted: 26 Apr 2013 07:19 PM PDT

1. For incorporating a private limited company, there must be: At Least 2 Promoters: Promoters who will promote/ incorporate the company. Promoters may be individual or body corporate. AND

Dearness Allowance payable to CG Employees increased to 80% wef 01.01.2013

Posted: 26 Apr 2013 08:28 AM PDT

Government issued order enhancing the Dearness Allowance payable to Central Government Employees with effect from 1.1.2013 from the existing 72% to 80%.

DRP entitled to enhance by questioning very existence of transaction

Posted: 26 Apr 2013 07:34 AM PDT

With this amplification of the scope of the power of the DRP, now even the matters not agitated by the assessee before the DRP can also be considered for the purposes of enhancement.

Consistent losses show mistake/ absence of intention to evade taxes

Posted: 26 Apr 2013 06:58 AM PDT

Mere mistake in making of a claim in the return of income would not ipso facto reflect concealment or furnishing of inaccurate particulars of income in terms of section 271(1)(c) of the Act. The wrong claim of depreciation in the present case cannot be said to be made with an intention to evade...

Coaching institute cannot be treated &registered as a charitable institution

Posted: 26 Apr 2013 12:22 AM PDT

From the above judgment of the Apex Court it would be abundantly clear that there should be a systematic instruction to the students by way of normal schooling. Mere coaching classes may provide some kind of knowledge to the students. But that kind of acquisition of knowledge through coaching...

S. 80G Registration cannot be denied for mere non utilization of Government Grant

Posted: 25 Apr 2013 10:12 PM PDT

Section 80G(5)(i)(b) provides the condition for exemption or rejection of the application for renewal, if the donation made to the institution or funds are not used by it directly or indirectly for the purpose of such business. In the present case the Commissioner did not record any such finding...

No Criminal Prosecution if demand itself been set aside

Posted: 25 Apr 2013 08:34 PM PDT

It is the case of the accused that he has preferred an appeal before the Collector of Central Excise, Madras and by order dated 27.03.1987, the appeal was allowed, whereunder, the order passed by the Collector of Central Excise, Hubli Division on 16.12.1986 was challenged and the same was set...

Delhi VAT – Due Date extended for Return for the period ending on 31st March 2013

Posted: 25 Apr 2013 08:30 PM PDT

GOVERNMENT OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN, NEW DELHI No.F.7(420)/VAT/Policy/20 11 /117-123  , Dated:25/04/2013 CIRCULAR NO. 3 OF 2013-14 Sub: Filing of online returns for March, 2013 and Fourth Quarter 2012-13. In order to facilitate the filing of online DVAT/CST...

Interest expenses not allowable if used for acquisition of capital asset & not put to use

Posted: 25 Apr 2013 08:14 PM PDT

This is undisputed fact that the interest has been paid by the assessee, as is evident from perusal of the profit and loss account, as mentioned by the AO. It is also undisputed fact that the assessee had purchase assets. Therefore, the provisions of section 36(1)(iii) and proviso thereunder, which...

Posting Of Probationer Assistant Commissioners Of Income-tax – Order No. 71/2013

Posted: 25 Apr 2013 12:02 PM PDT

Vide Order No. 71 of 2013 dated 25.04.2013, the CBDT has posted several Assistant Commissioners of Income-tax (probationers) in the Pay Scale of Rs. 15,600-39,100 (Plus Grade pay of Rs. 5,400 in PB-3), on completion of training at National Academy of Direct Taxes, Nagpur in the Region of...

Excise paid on Inputs and ST on Input services used in construction sector can be utilized for discharging ST liability on renting of immovable property

Posted: 25 Apr 2013 11:51 AM PDT

The Hon'ble Tribunal has held that Excise duty paid on Inputs and Service Tax paid on Input services used in the construction of immovable property can be taken and utilized for discharging ST liability on the renting of such immovable property and granted unconditional waiver from the pre-deposit...

Software developed as per customer’s specifications are liable to service tax

Software developed as per customer's specifications are liable to service tax

Posted: 25 Apr 2013 06:49 PM PDT

From the impugned order, it does not come out clearly how the service tax liability has been computed. If the appellant has purchased from third parties and sold the same on payment of VAT and also supplied hardware on payment of VAT, the same would not be liable to service tax. The liability to...

Mistake in show-cause notice can be rectified before adjudication

Posted: 25 Apr 2013 06:47 PM PDT

One important question survives for consideration and the same is whether the legal mistake committed by the Department can be corrected to ensure that the offender does not escape punishment under the Central Excise law. There is a clear distinction between a mistake of fact and a mistake of law....

Reimbursement of expenses cannot be treated as fees for technical services

Posted: 25 Apr 2013 06:37 PM PDT

In this case Payment was made for reimbursement of the permission granted to the assessee for using trade mark 'Wool, New Zealand'. Such payment cannot be said to be fee for technical services. Even otherwise also, in the light of the detailed discussions made in paragraph nos. 13, 14 and 15 of...

No charity in providing assistance to entrepreneurs for fees in setting up industries

Posted: 25 Apr 2013 06:36 PM PDT

In the instant case, the assessee although an extended arm of State Government formed as a society to carry out charitable activities in the nature of 'general public utility' is in fact providing assistance to industrial houses and entrepreneurs for setting up of industry in the State...

Proceeding u/s 153C based on the basis of books of firm seized from place of partner is valid

Posted: 25 Apr 2013 06:33 PM PDT

The search operation was carried out at the residence as well as business premises of Shri Yakub A. Colddrink where from the books of account of the firm as per Annexure A/11 & A/12 and loose paper as per Annexure-3 were found and seized. As per Section 153C, the books of account belonging to...

Exemption U/s. 11 cannot be denied on mere Non-compliance with provisions of Trust Act in earlier years

Posted: 25 Apr 2013 06:22 PM PDT

Once the registration has been granted under section 12AA of the Act, the exemption under Section 11 cannot be withdrawn unless there is violation of provisions of Section 13 of the Act or the registration under Section 12AA(3) of the Act is cancelled. The Tribunal held that the decision of this...

What Gold Means Now

Posted: 25 Apr 2013 06:14 PM PDT

According to one estimate, Indian households alone holds gold wroth over Rs. 70 lakh crores. The fundamental reason for buying gold and jewellery is deep rooted in Indian culture itself, besides being considered auspicious for weddings etc. Besides, Indian peasants are also gold obsessed to a large...

List of Income Tax Forms (Other than ITRs) available for e-Filing

Posted: 25 Apr 2013 12:28 PM PDT

We are providing below the list of 45 Income tax Forms other than ITRs which can filed online on the Income tax E-Filing website namely . These Forms includes Tax Audit Reports, transfer Pricing Audit Reports, MAT Computation Report, Special Audit...

Be Cautious While E-Filing Income-Tax Returns

Posted: 25 Apr 2013 11:57 AM PDT

CA Members may note that ICAI has received a letter from Directorate of Income-tax (Systems) requesting it to impart information regarding correct procedure of e-filing of returns. The following are the major concerns of the Department:- a) ITR-V is not received or is belated for the assessment...

TDS liability U/s. 194I do not arise in absence of existence of landlord-tenant relationship

Posted: 25 Apr 2013 11:41 AM PDT

The revenue have not placed any material suggesting that the assessee had any interest either as a lessee or sub-lessee or a tenant in any of the aforesaid 13 premises. The fact that the assessee was allowed use of premises by IISPL in terms of agreement dated 1-12-2008, cannot lead to the...

Advance booking period for train tickets reduced to 60 days

Posted: 24 Apr 2013 08:17 PM PDT

Railways has reduced advance booking period from four months to two months from May 1 as part of its efforts to prevent touts from cornering bulk of tickets. The advance reservation period (ARP) for booking reserved train tickets will be reduced from existing 120 days to 60 days (excluding the date...

TIN user who have registered on TRACES but not activated their account within 24 hours will have to register as new user

Posted: 24 Apr 2013 07:43 PM PDT

TIN users who have registered on TRACES but not activated their account within 24 hours will have to register as new user. Click on  'Register as New User' and select user as 'Deductor' to proceed.

Overseas entity having equity participation shall not offer financial products linked to Indian Rupee without RBI approval

Posted: 24 Apr 2013 11:58 AM PDT

It has been observed that eligible Indian parties are using overseas direct investments (ODI) automatic route to set up certain structures facilitating trading in currencies, securities and commodities. It has come to the notice of the Reserve Bank that such structures having equity participation...

Service Tax On Educational Institutions – After Finance Act 2013

Service Tax On Educational Institutions – After Finance Act 2013

Posted: 24 Apr 2013 06:24 PM PDT

Taxation on educational institutions has always been a matter of various issues and disputes. I am summarizing below the provisions under the Service Tax Laws as applicable to Educational Institutions as amended by Finance Bill 2013.

Exemption notifications not retrospective unless legislature specifically provides so

Posted: 24 Apr 2013 09:12 AM PDT

The Airlines Industry  represented to the authorities that they were receiving payments in Indian currency and the new amendment would cause hardship to the exporters and to them. Consequently the exemption under Notification 29/2005-S.T., dated 15-7-2005 was issued restoring exemption to such...

Delay caused due to administrative mechanism of Government not condonable

Posted: 24 Apr 2013 09:06 AM PDT

The Department appears to have sent a proposal to the Finance Department which had approved it on 4th September 2012 and after the same was received back alongwith necessary papers and orders permitting the Office of the Government Pleader to file Tax Appeal, it appears that the Tax Appeal which...

Interest on refund could not be denied / delayed unless same is due to assessee's failure to submit details

Posted: 24 Apr 2013 08:55 AM PDT

In this case the assessee's contention for interest under section 244A was not accepted by the Assessing Officer. The Assessing Officer observed that according to section 244A(2), if the proceedings resulting in refund are delayed for reasons attributable to the assessee, whether wholly or in...

Advances written off not allowable unless the same were for the purpose of business

Posted: 24 Apr 2013 08:54 AM PDT

The AO has noted that during the course of assessment proceedings, the assessee-company had vide a letter dated 4/3/2002 voluntarily offered for taxation by disallowing a sum of Rs. 15,54,260/-. In view of the said voluntary offer, the impugned amount was added back to the income of the assessee....

Gain from sale of ESOP rights surrendered after 12 months chargeable as LTCG

Posted: 24 Apr 2013 08:49 AM PDT

In this case, assessee was given ESOP by Gillette Co. In his submissions and ESOP plan it has been observed that these ESOPs are cashless. Assessee has to pay nothing on exercise of ESOP. The assessee has been granted ESOP in earlier years without any cost. On the date of exercise the amount under...

Amendment in DTAA with UAE with respect to taxes on income & on Capital

Posted: 23 Apr 2013 09:53 AM PDT

Desiring to amend the Agreement between the Government of the Republic of India and the Government of the United Arab Emirates for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital signed at New Delhi on the 29th April, 1992 as...

CG notifies officials handling functions of foreign exchange laws for obtaining info u/s. 138

Posted: 23 Apr 2013 09:50 AM PDT

entral Government hereby specifies officers of the rank of Joint Director and above serving in Directorate of Enforcement, Department of Revenue, Ministry of Finance, Government of India, who are performing functions under the Foreign Exchange Management Act, 1999 and the Prevention of Money...

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