Salaried with total income upto Rs. 5 lakh also to File IT return for A.Y. 2013-14

Salaried with total income upto Rs. 5 lakh also to File IT return for A.Y. 2013-14 Posted: 23 Jul 2013 07:07 PM PDT CBDt has vide its press release dated 22.07.2013 clarified that exemption from filing return of income for salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- was only for assessment year 2011-12 and 2012-13 respectively.  The exemption was...

No change in Passing criteria at all level of CA examination Posted: 23 Jul 2013 06:43 PM PDT It is clarified for wider information of the students and other stakeholders as also the public at large that there is no change in the passing requirements nor is the Institute contemplating to effect any changes in the passing requirements.

No Service tax on notional interest on security deposit for rented premises Posted: 23 Jul 2013 06:06 PM PDT In this context the Appellant contended that security deposit has no nexus with the area of the property rented out. It is charged as six months' rent and therefore, it cannot be said that the notional interest has influenced the consideration received for the services rendered.

Provident Fund Act – a clarification on Occupier needed Posted: 23 Jul 2013 06:01 PM PDT The present provident fund act needs an urgent clarification definitive meaning of the concept of "occupier". In practice, it is misunderstood and is a subject of litigation in a number of cases across India. [A]   The Clause 2(k) of the PF Act 1952, defines an Occupier means the person, who has...

Reassessment not warranted on same existing set of facts, when a return and those facts already scrutinized Posted: 23 Jul 2013 12:07 PM PDT Brief facts of the case are that the respondent is a joint venture with Government of Madhya Pradesh, declared its total income nil in its return filed for the assessment year 2001-2002 and 2002-2003. The book profit was calculated under section 115JB of the Act. The case was selected for scrutiny,...

Work allocation of Departmental Representatives before ITAT Posted: 23 Jul 2013 11:56 AM PDT INSTRUCTION NO. 09/2013, Dated: July 22, 2013 Subject: Work allocation of Departmental Representatives before ITAT Reference is invited to Board's earlier Instruction No. 13/2008 dated 18-09-2008 on the subject of work allocation of CIT(DRs)/Sr. DRs. In supersession of earlier instructions on...

Finally CBDT Releases ITR 6 for e-filing for AY 2013-14 / FY 2012-13 Posted: 22 Jul 2013 08:30 PM PDT CBDT has released ITR 6 for e-filing or Online filing of Income tax Return to be used by a company, other than a company claiming exemption under section 11 for Assessment year 2013-14 or Financial Year 2012-13. The ITR-6 can be downloaded from the following website :-...

Eligibility for deduction u/s 80IA(4)(iv)(b) in respect of profits derived from distribution of power through a new network Posted: 22 Jul 2013 11:59 AM PDT Issue – The facts relating to the two issues are stated in brief. The assessee is a Kerala State owned public limited company, engaged in the business of providing infrastructural facilities to industries. It runs an industrial park at Kakkanad, Kochi. The assessee was granted licence by the...

Custom includes Hilsa Fish (HS 03038910) imported from Myanmar under India-ASEAN Free Trade Agreement Posted: 22 Jul 2013 11:50 AM PDT Notification No. 37/2013 – Customs New Delhi, dated the 22nd July, 2013 G.S.R. 500 (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do,...

Any importer can import LNG and natural gas for supply to a electricity generating company at Nil rate of Customs duty Posted: 22 Jul 2013 11:46 AM PDT Notification No..  36/ 2013-Customs., Dated: July 22, 2013 G.S.R. 499 (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the...

RBI prescribes Periodicity of KYC document updation Posted: 22 Jul 2013 11:34 AM PDT The issue has been reviewed in the light of practical difficulties/constraints expressed by bankers/customers in obtaining/submitting fresh KYC documents at frequent intervals as the relative documents submitted earlier specially by low-risk customers have remained unchanged in most of the...

Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh

Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh Posted: 22 Jul 2013 07:51 PM PDT The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees.             The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5...

RBI Revises Scheme for Import of Gold Posted: 22 Jul 2013 07:32 PM PDT Certain restrictions were imposed on the import of various forms of gold by nominated banks/nominated agencies/ premier or star trading houses/SEZ units/EoUs which have been permitted to import gold for use in the domestic sector. On a review of the above instructions and in consultation with...

Abrupt Withdrawal Of MAT And DDT Benefits To SEZ Valid – HC Posted: 22 Jul 2013 06:48 PM PDT Issue- Petitioners have prayed to declare the newly inserted proviso to Section 115JB(6) and 115-O(6) of the Income Tax Act in the second schedule to the Special Economic Zones Act 2005  as ultra vires, arbitrary, unfair and violative of Article 14 of Constitution of India. Held- Legislature can...

Tax on Goods and Services: Setback Once Again Posted: 22 Jul 2013 07:05 AM PDT Dr.  Sanjiv Agarwal The new and progressive tax of future, Goods and Service Tax (GST) is once again into troubled waters and may now not sale through smoothly. While Indian Government and India has been dreaming of GST for over a decade now, it doesn't seem to happen as it faces challenges...

GRATUITY- direct cheque issued to LICI, allowed by CIT(A), ITAT, HC and confirmed by SC as contribution to Gratuity Fund Posted: 22 Jul 2013 06:52 AM PDT We find lot of complications and procedural delays in setting up and approval of gratuity funds. This can be simplified and any payment made for funding gratuity liability made to insurers like the Life Insurance Corporation of Indian can be allowed.

PPT on managerial remuneration under Companies Act Posted: 22 Jul 2013 06:36 AM PDT Managing Director means a director, who, by virtue of an agreement with the company, or of a resolution passed by the company in general meeting or by its Board of Directors or, by virtue of its memorandum or articles of association, is entrusted with substantial powers of management which would...

Interest on borrowed funds used for setting up a new unit before the asset was put to use is allowable Posted: 21 Jul 2013 10:31 PM PDT Whether the interest on borrowed funds used for setting up a new unit before the asset was put to use should be capitalized u/s 36(1)(iii) or allowed as revenue expenditure ???? The assessee has treated the interest paid on borrowed capital for the establishment of new unit at baddi as revenue...

Commercial expediency cannot be mere availing of interest free loan from one assessee and giving interest free loan to another Posted: 21 Jul 2013 10:12 PM PDT Facts :- learned Assessing Officer found that the assessee paid interest to the Banks amounting to Rs.13,64,522/- and has availed loans to the extent of Rs.60,22,364/- including secured loans of Rs.47,63,761/- from Punjab & Sind Bank and Rs.8,59,298/- from Andhra Bank. It was found that the...

Rent received from renting of flats held as stock-in-trade shall be taxable under the head "House Property" Posted: 21 Jul 2013 08:30 PM PDT It appears that this issue is no longer debatable in view of the decision in the case of CIT v Ansal Housing Finance &  Leasing Co. Ltd. decided on 31.10.2012 in ITA No. 18/1999. That decision has, subsequently, been followed in CIT v. Discovery Estates Pvt. Ltd (in ITA Nos. 1089/11 and...

Export of Goods and Software – Time period for realization and repatriation of export proceeds from April,13 onwards till September, 2013 is 9 Months Posted: 21 Jul 2013 07:33 PM PDT In this connection, it is clarified that as the realization and repatriation period stipulation in terms of A.P. (DIR Series) Circular No. 52 dated November 20, 2012 was valid till March 31, 2013 only, the time period for realization and repatriation of export proceeds from April 01, 2013 onwards...

How to Fix ‘Compile error in hidden module’ when you open ITR

How to Fix 'Compile error in hidden module' when you open ITR Posted: 21 Jul 2013 08:01 PM PDT Some of the Solutions based on feedback from Users :- 1. Install msxml 6.0 service Pack1 for all type of compile errors In ITR excel you can download this utility from the link given below :- http://www.microsoft.com/en-in/download/details.aspx?id=6276 2. People who are using  Excel 2007  have not...

S. 54 Exemption available on Acquisition of new flat in exchange of old flat Posted: 21 Jul 2013 07:30 PM PDT The dispute is regarding allowability of exemption under section 54 of the Act and computation of long term capital gain in respect of exchange of old flat with a new flat and cash compensation under development agreement with the builder. The revenue authorities have held that since assessee had...

S. 36(1)(v): Payment To LIC Towards Group Gratuity fund Allowable : SC Posted: 21 Jul 2013 06:37 PM PDT True that a fiscal statute is to be construed strictly and nothing should be added or subtracted to the language employed in the Section, yet a   strict construction of a provision does not rule out the application of the principles of reasonable construction to give effect to the purpose and...

Lump sum amount received from ex-husband as alimony is not taxable Posted: 20 Jul 2013 11:53 PM PDT In the present case, though the assessee was to receive monthly alimony which was to be taxable in the each year from conclusion of divorce agreement but in this case monthly payments were not received and, therefore, were not offered tax. The receipt by the assessee represents accumulated monthly...

Tax Treaty Treatment of Termination Payments – OECD's draft guidance Posted: 20 Jul 2013 11:40 PM PDT This public discussion draft includes proposals for additions and changes to the Commentary on the OECD Model Tax Convention resulting from the work of that subgroup. These proposals have recently been presented to the Working Party for discussion with a view to their possible inclusion in the OECD...

TP- Making distinction between alcoholic beverages like 'whisky' and 'other than whisky', is undesirable for comparability under TNMM Posted: 20 Jul 2013 11:31 PM PDT The arm's length result under the TNMM is determined to the net profit margin of a comparable transactions under a comparable circumstances and the profitability derived from uncontrolled party engaged in similar business activity under similar circumstances are to be analysed. The product...

Exemption U/s. 54F not allowable on amount invested in construction before transfer of original asset Posted: 20 Jul 2013 10:10 PM PDT Brief facts of the case are that the assessee is a director in M/s. Veen Promoters Pvt. Ltd. There was a survey u/s. 133A of the Act on 14.7.2009 in the case of M/s. Veen Promoters Pvt. Ltd. The assessee filed return of income for the A.Y. 2008-09 on 31.7.2009 declaring total income at Rs. [...]

S. 14A Interest expenditure cannot be disallowed by mechanically applying Provisions of Rule 8D Posted: 20 Jul 2013 09:55 PM PDT Here in the present case, there is no linkage or nexus between the funds borrowed by assessee and the impugned investments, hence, no interest expenditure can be disallowed by mechanically applying the Provisions of Rule 8D of the Rules. The assessee has explained that the share capital and...

Filling Recall Application without consent of client is a Professional Misconduct, ITAT recommends ICAI to take action against erring CA Posted: 20 Jul 2013 09:44 PM PDT No professional has any right to invoke the judicial machinery for his own interest without any reasons. If he does so it would amount to professional misconduct on the part of the professional. Moreover, to dispute the proceedings of the court, without any cogent material, is also an attempt to...

TDS not to be deducted on income not accrued to assessee Posted: 20 Jul 2013 09:23 PM PDT Whether the interest accrued on fixed deposits in a bank would be entitled for TDS in the hands of the assessee, even if entitlement in respect of the principal amount of fixed deposit as well as the interest earned is subject matter of appeal? it would be wholly unreasonable to deduct tax at...