New Email id to request Income Tax Account Password reset

New Email id to request Income Tax Account Password reset Posted: 01 Mar 2012 07:54 PM PST For password reset, please send login credentials to validate@incometaxindia.gov.in. Password reset mails will not be entertained at any other mail id. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Clarification – Establishment of Branch Offices (BO) / Liaison Offices (LO) in India by Foreign Entities – Delegation of Powers Posted: 01 Mar 2012 07:52 PM PST A.P. (DIR Series) Circular No.88 Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to A.P. (DIR Series) Circular No.24 dated December 30, 2009 in terms of which powers have been delegated to the AD Category-I bank... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Withdrawal from Provident Fund (PF) Account before Completion of Five years taxable? Posted: 01 Mar 2012 07:30 PM PST Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the withdrawal happened before completing five years of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Form 26AS – How to Change email ID/mobile number Posted: 01 Mar 2012 07:17 PM PST a) Log in with your user ID, password and PAN b) Click on the option 'Provide email ID / mobile number to receive updates as per the policy of ITD c) Go to 'Update Existing Details' and provide your desired email ID in the mail d) ID' Field and/or... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Mismatch/missing credits in Parts C of Form 26AS & solution (Other than TDS/TCS) Posted: 01 Mar 2012 07:16 PM PST Tax paid by me is reflecting in wrong assessment year (A.Y.). I have paid Securities Transaction Tax, Banking Cash Transaction Tax, but it is not reflecting in my Form 26AS.What if the Challan Identification Number (CIN) of the advance/self... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to view TDS Certificate from Form 26AS? Posted: 01 Mar 2012 07:15 PM PST Deductee can view TDS certificate (only non-salary TDS certificate i.e. Form 16A) online by logging into Form 26AS. From financial year 2011-12, it is mandatory for companies and banks to issue Form 16A downloaded from TIN Website and issue only... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Reasons for mismatch/missing credits in Parts A/B of Form 26AS and remedy (TDS/TCS) Posted: 01 Mar 2012 07:14 PM PST Date of payment displayed in Form 26AS is different than date mentioned in TDS certificate issued by my deductor/collector. How can I correct it? I have given incorrect PAN to my deductor. What will be the effect in Form 26AS? How can any deductor... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Whom should Assessee contact for Income Tax refund related queries Posted: 01 Mar 2012 07:13 PM PST Whom do I contact for queries related to payment of refund which has been processed by ITD? My refund details are showing wrong in Form 26AS. How can I correct it? I have received refund in my bank A/C through ECS, but Form 26AS reflects mode of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] S. 54EC– Reckoning period of six months from the date of transfer Posted: 01 Mar 2012 07:12 PM PST Revenue contending that sale took place on 24.02.05 and thereby the investment made u/s. 54EC on 30.08.2005 is beyond the prescribed period of six month. Once the board of directors approve the transfer, then only the process of transfer of shares... [[ This is a content summary only. Visit www.taxguru.in for full article.]] I-T department filing appeals 'mechanically' Posted: 01 Mar 2012 07:11 PM PST CIT vs. DSL DSoftware Ltd (Karnataka High Court) (i) Income Tax department made liable to pay Cost of Rs.1 lac for making the assessee to contest the appeals in three forums and wasting court's time and tax payers' money. (ii) Deduction u/s 10B... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 50C does not apply to transfer of tenancy/ leasehold rights Posted: 01 Mar 2012 07:10 PM PST It is sine qua non for application of Section 50 C that the transfer must be of a capital asset, being land or building or both, but then a leasehold right in such a capital asset cannot be equated with the capital asset per se. We are, therefore,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Postal ballot papers received after voting date but before counting will be counted Posted: 01 Mar 2012 07:00 PM PST As per the provisions of rules 51 & 54A of Conduct of Elections Rules, 1961 read with sub-rules (1) & (2) of rule 27 of Conduct of Election Rules, 1961, covers containing postal ballot papers received by the Returning Officers upto the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Investors should not deal with unauthorized Portfolio Management Services providers Posted: 01 Mar 2012 10:58 AM PST It has come to the notice of SEBI that some entities are soliciting the general public to entrust their funds and securities to them and offering portfolio management and advisory services without obtaining certificate of registration from SEBI to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Registration of Companies or LLPs which have one of their objects is to carry on the profession of Chartered Accountant, Cost Accountant, Architect, Company Secretary etc. Posted: 01 Mar 2012 10:55 AM PST General Circular No. 2/2012 I am directed to say that at the time of incorporation of companies where one of the objects is to carry on the business of Banking, Insurance or to practice the profession of Chartered Accountancy, Cost Accountancy... [[ This is a content summary only. Visit www.taxguru.in for full article.]] While rejecting registration u/s. 12A If CIT founds objects in MOA as non charitable he has to mention which objects he found non charitable Posted: 01 Mar 2012 07:01 AM PST In the instant case, indisputably the society is running a school since 2003 and has been continuously allowed exemption u/s 10(23C)(iiiad) of the Act. Ignoring these aspects, the ld. CIT in the impugned order rejected the request for registration... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Unless a non-resident earns income from business operations carried out in India, such income cannot be deemed as accruing or arising in India Posted: 01 Mar 2012 06:29 AM PST Explanation below section 9(2), as relied on by the ld DR, requiring inclusion of income in the total income of the non-resident whether or not the non-resident has a residence or place of business or business-connection in India or the non-resident... [[ This is a content summary only. Visit www.taxguru.in for full article.]] S. 80HHC -Sale value less face value of the DEPB will represent profit on transfer of DEPB Posted: 01 Mar 2012 06:08 AM PST Issue involved in the present case is no more res integra and is covered by the decision of the Hon'ble Apex Court in the case of Topman Exports V/s CIT (supra) wherein it has been held that not the entire amount received by the assessee on sale of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Share Application money cannot be regarded as undisclosed income under S.68 Posted: 01 Mar 2012 06:01 AM PST Hon'ble Supreme Court's decision in the case of CIT Vs. Lovely Exports [216 CTR 195] wherein their Lordships observed Can the amount of share money be regarded as undisclosed income under Sec. 68 of I.T. Act, 1961? We find no merit in this Special... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CIT(A) should admit and examine additional evidence submitted by the Assessee Posted: 01 Mar 2012 05:37 AM PST The contention that the provisions of section 56(1)(v) regarding the amount received from the relative was not there before Revenue authorities. Moreover it is to be established that the person who gifted money is assessee's sister as claimed. It... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CIT(A) has no power to set aside any matter to the file of A.O. Posted: 01 Mar 2012 05:28 AM PST There is no dispute to the fact that as per sec. 251(1) of the Act, the ld. C.I.T.(A) has no power to set aside any matter to the file of ld. A.O. for fresh verification and adjudication. Therefore, considering the fact that some additional evidence... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Revenue Intelligence Dept. unearthed duty evasion of Rs 50 crore Posted: 01 Mar 2012 02:15 AM PST The revenue Intelligence department has detected duty evasion of 50 crore rupees in the imports of iron ore pellets at Kandla port. Officials said, seven leading Kutch-based steel manufacturing units are involved in the tax evasion. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Port services rendered even without authorization of port, Service Tax credit will be available Posted: 29 Feb 2012 09:20 PM PST In view of the decision taken by this Tribunal in the case of Ramdev Food Products Pvt. Ltd vide Order Nos. A/745-746/WZB/AHD/2011, dated 22-3-2011 [2011 (23) S.T.R. 475 (Tri. - Ahmd.)], that port services rendered even without authorization of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] s.254(2)- Rectification application can be moved within the period of four years from the date of Tribunal Order Posted: 29 Feb 2012 09:09 PM PST The contention of the learned Sr.AR to the effect that the Revenue moved rectification application in the year 2011 i.e. after around 3 years from the date of passing of the Tribunal order u/s 254(1), belies the Revenue's stand of such ground having... [[ This is a content summary only. Visit www.taxguru.in for full article.]] MVAT Notification – Submission of Annexures by dealers not required to file audit report in form 704 Posted: 29 Feb 2012 08:29 PM PST These annexure are to be submitted electronically by all the dealers who are not required to submit the Audit Report in Form-704 as per provisions of section 61 of the MVAT Act, 2002. 2. These annexures are to be submitted alongwith the return... [[ This is a content summary only. Visit www.taxguru.in for full article.]] If quantum appeal is restored for fresh Consideration to CIT(A), then penalty order should also be restored back to the CIT(A) Posted: 29 Feb 2012 08:29 PM PST It is observed that the ld. CIT(A) was of the view that since in the quantum appeal, the matter was set aside and sent back to the file of the ld. CIT(A) by the Hon'ble Tribunal vide its order dated 29.12.2010, the penalty order of the ld. AO dated... [[ This is a content summary only. Visit www.taxguru.in for full article.]] MVAT – Submission of certain annexures by the dealers who are not required to file Audit Report in Form 704 Posted: 29 Feb 2012 08:25 PM PST As per the provisions of section 61 of MVAT Act, 2002 the dealers covered under this section are liable to submit Audit Report in Form 704. Alongwith Form 704, details of the customer-wise sales and customer-wise purchases are also submitted in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 10(46) of the Income-tax Act, 1961 – Exemptions – Statutory Body/Authority/Board/Commission – Notified body or authority – Competition Commission of India Posted: 29 Feb 2012 08:22 PM PST Notification no. 12/2012 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Competition Commission of India, a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 10(46) of the Income-tax Act, 1961 – Exemptions – Statutory Body/Authority/Board/Commission – Notified body or authority – National Skill Development Corporation Posted: 29 Feb 2012 08:21 PM PST Notification no. 11/2012 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Skill Development... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Notification for Amendment to Rule 52, 53 and 54 of MVAT Rules Posted: 29 Feb 2012 08:07 PM PST Whereas the Government of Maharashtra is satisfied that ircumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICWAI 9th National Award for Excellence in Cost Management – 2011 Posted: 29 Feb 2012 08:00 PM PST ICWAI invites entries for participation in  ICWAI 9th National Award for Excellence in Cost Management – 2011 The Questionnaire is designed to obtain information on cost management practices for evaluation. Companies are free to participate in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CAT Passes Strictures At 'Mutual Acrimony' Between ITAT Members Posted: 29 Feb 2012 07:50 PM PST The applicant is an Accountant Member of the ITAT, Chandigarh who, having joined the employment aforementioned on 25.8.2003, came to be transferred to the ITAT, Chandigarh Bench on 25.10.2010. He has been, vide order Annexure A-I dated 23.1.2012,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Supervisory Action Framework for Urban Cooperative Banks (UCBs) Posted: 29 Feb 2012 07:47 PM PST You are aware, that the Reserve Bank of India (the Bank) conducts inspection of UCBs under the provisions of the Banking Regulation Act, 1949 (AACS) (the Act), to assess the financial position of a bank and its adherence to the various provisions of... [[ This is a content summary only. Visit www.taxguru.in for full article.]]