How to know your Income Tax Jurisdiction

Provisions for Deposit of tax, Credit of TDS, TDS Certificate, TAN and Time Limit for Deposit of Tax Posted: 27 Jan 2012 07:30 PM PST Deposit of Tax -Where tax has been deducted under Sections 193,194,194A,194B,194BB, 194C, 194D, 194E,194EE, 194F, 194G, 194H, 194I, 194J, 194K, 194LA, 195, 196A, 196B, 196C and 196D, it is duty of the person deducting tax at source to deposit the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to know your Income Tax Jurisdiction Posted: 27 Jan 2012 07:19 PM PST Many time Assessee want to know his Income tax jurisdiction i.e. Income tax ward under which he is assessed. If you are filing your income tax Return manually it is must to be aware of your income tax Jurisdiction as you can file you income tax... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Claiming HRA – What to do if landlord refuse to furnish PAN? Posted: 27 Jan 2012 06:48 PM PST If you are paying rent and getting HRA allowance every month, you are eligible for tax deductions according to the prescribed limit of HRA exemption. If you want to avail of the benefits, you must submit the rent receipts to your employer every year... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deduction from Income we use to forget while computing taxable income Posted: 27 Jan 2012 06:25 PM PST Medical treatment of specified ailments under section 80DDB:-Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB. The maximum amount of deduction... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ITAT can dismiss appeal for non attendance despite issue of notice to attend Posted: 27 Jan 2012 05:47 PM PST Classic Shares & Stock Broking Services Limited Vs. ACIT (ITAT Mumbai) - This appeal was fixed for hearing on 16.01.2012. However, despite notice, none appeared on behalf of the assessee nor has it moved any application for adjournment. It is,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Allowability of bad debts under section 36(1)(vii) Posted: 27 Jan 2012 05:40 PM PST ACIT vs Ashima Dyecot Pvt. Ltd. (ITAT Ahmedabad) - After the amendment of section 36(1)(vii) of the Income-tax Act, 1961, with effect from April 1, 1989, in order to obtain a deduction in relation to bad debts, it is not necessary for the assessee... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Would expenditure incurred on feasibility study conducted for examining proposals for technological advancement relating to the existing business be classified as revenue expenditure, where the project was abandoned without creating a new asset? Posted: 27 Jan 2012 05:07 PM PST CIT v. Priya Village Roadshows Ltd. (2011) 332 ITR 594 (Delhi) -In this case, the assessee, engaged in the business of running cinemas, incurred expenditure towards architect fee for examining the technical viability of the proposal for takeover of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Would the phrase "used for purpose of business" in respect of discarded machine include use of such asset in the earlier years for claim of depreciation under section 32? Posted: 27 Jan 2012 04:58 PM PST CIT v. Yamaha Motor India Pvt. Ltd. (2010) 328 ITR 297 (Delhi) - The issue under consideration in this case is whether depreciation is allowable on the written down value of the entire block, even though the block includes some machinery which has... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Is the assessee entitled to depreciation on value of goodwill considering it as "other business or commercial rights of similar nature" within the meaning of an intangible asset? Posted: 27 Jan 2012 04:57 PM PST B. Raveendran Pillai v. CIT (2011) 332 ITR 531 (Kerala)- Under section 32(1)(ii), depreciation is allowable on intangible assets, being know-how, patents, copyrights, trade marks, license, franchise, or any other business or commercial rights of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] What can be the tests to determine "substantial part of business" of lending company for the purpose of application of exclusion provision under section 2(22)? Posted: 27 Jan 2012 04:49 PM PST CIT v. Parle Plastics Ltd. (2011) 332 ITR 63 (Bom.) Under section 2(22), dividend does not include, inter alia, any advance or loan made to a shareholder by a company in the ordinary course of its business, where the lending of money is a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Would the procurements of parts and assembling them to make windmill fall within the meaning of "manufacture" and "production" to be entitled for deduction under section 80-IB? Posted: 27 Jan 2012 04:48 PM PST CIT v. Chiranjjeevi Wind Energy Ltd. (2011) 333 ITR 192 (Madras High Court) -The Supreme Court, in India Cine Agencies v. CIT(2009) 308 ITR 98, laid down that the test to determine whether a particular activity amounts to "manufacture" or not is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Would grant of transport subsidy, interest subsidy and refund of excise duty qualify for deduction under section 80-IB? Posted: 27 Jan 2012 04:47 PM PST CIT v. Meghalaya Steels Ltd. (2011) 332 ITR 91 (Gauhati High Court) -The Supreme Court, in Liberty India v. CIT [2009] 317 ITR 218, observed that section 80-IB provides for deduction in respect of profits and gains "derived from the business" of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Can penalty under section 271(1)(c) for concealment of income be imposed in a case where the assessee has raised a debatable issue? Posted: 27 Jan 2012 04:46 PM PST CIT v. Indersons Leather P. Ltd. (P&H HC)- The assessee company, after discontinuing its manufacturing business, leased out its shed along with fittings and disclosed the income as income from business, whereas the Revenue contended that the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICWAI revised fees payable by members w.e.f. 01.04.2012 Posted: 27 Jan 2012 02:49 PM PST The fees payable by the members of the Institute have been revised by the Council with effect from 1st April, 2012 from the financial year 2012-2013 onwards as follows: [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012- FinMin considers imposition of higher excise duty on Diesel cars Posted: 27 Jan 2012 10:52 AM PST Diesel car buyers may have to shell out more with the Finance Ministry considering the imposition of higher excise duty on such vehicles in the upcoming Budget likely to be unveiled sometime in March. In order to discourage consumption of subsidised... [[ This is a content summary only. Visit www.taxguru.in for full article.]] IT official convicted in bribary case Posted: 27 Jan 2012 08:21 AM PST Chennai- An Income Tax official was today convicted for bribery charges in a case filed by the CBI. P K Chandrasekaran, Income Tax officer in the Office of Joint Commissioner of Income Tax, Tambaram range, was trapped in 2008 while demanding and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] India Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters Posted: 27 Jan 2012 08:19 AM PST India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] India must have independent regulator for auditors – PwC Posted: 27 Jan 2012 08:17 AM PST Supporting the capital market regulator Sebi's proposal for an independent auditing regulator in India, global auditing and consultancy major PwC has said there is an urgent need to have a strong and powerful watchdog for this business. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Comments invited on the XBRL filings for Financial Year 2010-11 Posted: 27 Jan 2012 07:19 AM PST Dear Professional Colleague, The mode of  filing of the Financial Statements have undergone a sea change. Earlier from the physical filing of the records to e-filing and now to a totally new language of reporting called, XBRL. In the first phase of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 42(1) of the Reserve Bank of India Act, 1934 – Maintenance of CRR Posted: 26 Jan 2012 08:00 PM PST The Reserve Bank in its Third Quarter Review of Monetary Policy 2011-12 issued on January 24, 2012, decided to reduce the Cash Reserve Ratio (CRR) of Scheduled State Co-operative Banks / Regional Rural Banks by 50 basis points from 6.00 per cent to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Additional Repo Operations under Liquidity Adjustment Facility (LAF) on Reporting Fridays Posted: 26 Jan 2012 08:00 PM PST At present, Reserve Bank of India operates Liquidity Adjustment Facility (LAF) to inject/absorb liquidity through daily Repo/Reverse Repo auctions. While the LAF Repo operations are conducted in the forenoon between 9.30 A.M. and 10.30 A.M., the LAF... [[ This is a content summary only. Visit www.taxguru.in for full article.]]