Form 49A, Form 49AA , PAN Correction / Reprint Form – Excel Utility

Form 49A, Form 49AA , PAN Correction / Reprint Form – Excel Utility Posted: 22 Apr 2012 08:27 PM PDT Download Automatic Excel Utility for Application for allotment of New PAN (Form 49A) – applicable for Citizens of India. This form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. An applicant can visit Income Tax Department (ITD) website to find... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxability of Motor Acccident Compensation & Interest Posted: 22 Apr 2012 07:51 PM PDT In brief my family was met with an major accident in 2004 and my pretty daughter (minor) got 70% permanent disabilities., literally we have lost everything in that accident even my well established business also. Now the court has given my wife ( guardian and claimant of minor) accident... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assesee only can decide whether or not to incur expenditure Posted: 22 Apr 2012 05:53 AM PDT Income Tax department cannot dictate Assessee whether or not to incur expenditure. Arm's length price of royalty expenditure not to be linked with profit/income resulting therefrom. Losses are not a valid ground to disallow royalty expenditure. CIT VS. EKL APPLIANCES LTD (Delhi HC) [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Analysis of S. 50C of Income Tax Act, 1961 Posted: 22 Apr 2012 05:06 AM PDT Section 50C provides that if the value stated in the instrument of transfer is less than the valuation adopted, assessed or assessable by the stamp duty authorities, the valuation as adopted, assessed or assessable by the stamp duty authorities will be considered for the purpose of computation of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.56 pertaining to gifts, deemed gifts / under-valuations Posted: 22 Apr 2012 04:51 AM PDT Section 56(2) of the Income Tax Act, 1961 inter alia deals with receipts without consideration. Since most of such receipts tantamount to gifts, the provisions are popularly known for gifts and deemed gifts. Till 30 09 2009 only sum of money received without consideration was gift if the recipient... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Budget 2012- Post Budget Suggestions by ICAI Posted: 22 Apr 2012 01:30 AM PDT Rates of Taxes -The basic exemption limit of resident women below the age of 60 years may be increased to Rs.2,25,000. The basic exemption limit of resident individuals of the age of 60 years or more at any time during the previous year may be increased to Rs. 3,00,000.Amendment in Section 9(1)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Study Team to suggest Common Tax Code for Service Tax & Excise Posted: 22 Apr 2012 01:12 AM PDT The Study Team will examine the feasibility and also suggest a draft Common Tax Code for service tax and central excise that can be implemented under the present Constitutional scheme, keeping in view the challenges in the context of impending Goods and Service Tax (GST). The Study Team has also... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 40(b) Interest on deposits for availing bank guarantee is business income Posted: 22 Apr 2012 01:04 AM PDT It is the purpose or the proximity to the purpose, which would determine the character of the asset and, thus, that of the income arising there-from and, consequently, its assessability under the Act, going on to hold that where the amount was deposited in the bank to obtain a letter of credit for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tippers, vibrator & vibrator soil compactor are commercial vehicle Posted: 22 Apr 2012 12:35 AM PDT Commercial vehicle is to include heavy goods vehicle, heavy passenger motor vehicle, light motor vehicle, medium goods vehicle but is not to include maxi-cab, motor-cab, tractor and road-roller. Therefore, the question which falls for consideration is whether Tippers, Vibrator and Vibrator Soil... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.54B Deduction denied for failure to prove Agricultural Activity Posted: 22 Apr 2012 12:21 AM PDT Where Land Revenue records showed no crop was cultivated and no agricultural activity was undertaken on the land owned by the assessee before sale thereof and assessee produced no evidence of user for agricultural purposes other than sketchy and vague statements of neighbours, denial of deduction... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] PIL in respect of alleged mistakes in CA Final November 2011 Exams Posted: 22 Apr 2012 12:08 AM PDT SUMMARY OF MISTAKES IN THE CA FINAL NOVEMBER 2011 EXAMS CONDUCTED BY INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (A BODY ESTABLISHED UNDER THE ACT OF PARLIAMENT) (Mistakes /Errors committed by respondent 2 while setting and evaluating the papers which would have a direct impact on the marks... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.36(1)(iii) Disallowance if assessee has significant interest in subsidiary business Posted: 21 Apr 2012 11:51 PM PDT Whether when the assessee has significant interest in the business of the subsidiary and utilizes even borrowed money for furthering its business any disallowance can be made u/s 36(1)(iii). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income of Foreign University under affiliate agreement for providing distance educational courses in India not taxable as Royalty Posted: 21 Apr 2012 11:30 PM PDT Honourable ITAT held that income received by a Foreign University under affiliate agreement for providing distance educational courses in India is not taxable as Royalty under the India-USA tax treaty . Accordingly, the taxpayer was not required to withhold taxes while making payments to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 2(47) Conversion of tenancy into ownership is 'transfer' Posted: 21 Apr 2012 11:24 PM PDT Whether conversion of tenancy rights into ownership right falls under the realm of 'transfer' as envisaged in section 2(47) of the Act. The assessee was accepted as a tenant by the co-owners and as per the well settled law on this issue the tenancy cannot be equated with the ownership. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TRAI Mandates one tariff plan on Per Second Billing basis Posted: 21 Apr 2012 11:11 PM PDT In order to ensure that ‗per second billing' remains an assured alternative option for all subscribers, it has been decided to mandate that all service providers shall offer at least one pre-paid and one post-paid tariff plan with the pulse rate of one second for local and national long distance... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No functional incomparability if TPO not reject a comparable on same ground Posted: 21 Apr 2012 10:57 PM PDT If TPO does not reject a comparable on the ground of functional incomparability then neither the AO or the revenue can take a plea of functional incomparability of the comparables chosen by the assessee in its TP Study. We are, therefore, of the view that the assessee's operative margin has to be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Principle of mutuality cannot be destroyed just because funds not parked with members Posted: 21 Apr 2012 10:38 PM PDT we are of the view that the principle of mutuality is fully applicable and the interest earned on the fixed deposits with the bank and other institutions is fully covered within the parameters of mutuality. We fully endorse the view taken by CIT(A) in the case of Hill Properties Ltd. ITA No. 6223,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Difference between premium paid by Company & surrender value not taxable in the hands of Directors Posted: 21 Apr 2012 10:19 PM PDT Delhi High Court has recently in a batch of appeals filed by the Income Tax Department against Escorts Heart Institute & Research Centre Ltd and their employee directors held, inter alia, that the assignment of the Keyman insurance policies taken by the Company in respect of the Directors, at... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Definition of 'Service' As Proposed in Finance Act 2012 Posted: 21 Apr 2012 09:46 PM PDT Service means any ACTIVITY carried out by a person for another for CONSIDERATION, and includes a DECLARED SERVICE, but shall not include; (a) An activity which constitutes MERELY, i. A transfer of title in GOODS or IMMOVABLE PROPERTY, by way of sale, gift or in any other manner; or ii. A... 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