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Apr 20, 2012

Fw: TaxGuru : “General Provisions of Tax Audit U/s. 44AB” plus 21 more

General Provisions of Tax Audit U/s. 44AB

Posted: 19 Apr 2012 06:50 PM PDT

The Tax Audit season has started and it's the time when the Assessees rush to their Chartered Accountants (CA) to get their Tax Audit done in time and CA's work overnight to get the audits of their clients done in time. In this article we have summar

Advantage of Online Income Tax Payment

Posted: 19 Apr 2012 06:16 PM PDT

1. You can pay taxes from any location at any time through your net-banking account. 2. Instant transfer of funds from your account. 3. What you write on the e-challan will be directly sent to Income Tax Department. Banks will not do any data entry.

Form 26AS – Rectification of Errors & Omissions

Posted: 19 Apr 2012 05:50 PM PDT

Taxpayers are advised to verify the tax credits available in 26AS statement before filing the Income Tax Return. It will facilitate faster processing and quick refunds. In order to avoid the TDS mismatch i.e if your claim of TDS is higher than the tax credits available in 26AS statement, please...

Automatic Due Date Reminder for F.Y. 2012-13

Posted: 19 Apr 2012 04:24 PM PDT

Automatic Due Date Reminder Calender for Financial Year 2012-13-This Calender contains due dates of all the statutory and other Reports to be presented to Management and Banks.

Operation of Rule 8D only from 2008-09 onwards

Posted: 19 Apr 2012 04:18 PM PDT

The matter came up in appeal before ITAT in the assessee's own case and other cases in ITAs No. 453,454,456/M/2010 & 458 & 455/M/2010. During the continuance of these appeals, Hon'ble Bombay High Court came up with the decision in Godrej & Boyce Manufacturing Co. Ltd. V/s DCIT,...

S. 90(2) applies to the extent beneficial to assessee

Posted: 19 Apr 2012 04:10 PM PDT

Coming to the issue as to whether the AADT with Malasia would disentitle the deduction we agree with the submissions of the assessee that the whole world income is taxable in the hands of the assessee under the provisions of the Act and when it is done so, section 90(2) mandates that the provisions...

Problems in Credit For TDS & Form No.26AS

Posted: 19 Apr 2012 03:50 PM PDT

The Annual Tax Statement under section 203AA in From No. 26AS contains 'Details of Tax Deducted At Source' in Part A, 'Details of Tax Collected At Source' in Part B and 'Details of Tax Paid (Other than TDS and TCS)' in Part C basing on the data available with the department through OLTAS (On Line...

Correction/ revision in TDS Return more than once

Posted: 19 Apr 2012 12:38 PM PDT

A correction TDS/TCS statement can be furnished multiple times to incorporate changes in the regular TDS/TCS statement whereas a regular TDS/TCS statement will be accepted at the TIN central system only once.

Corrections in TDS payment challan if TDS return already filed

Posted: 19 Apr 2012 11:48 AM PDT

Points to be kept in mind while updating challan: identify the challan to be updated by its sequence no as per regular statement CIN, deposit amount as per regular statement . Update the challan detail as required. Along with the updated values, the correction statement should contain value of...

Assessee can choose between treaty rate & 115A

Posted: 19 Apr 2012 08:49 AM PDT

Section 115A; vs DTAA rate; Assessee can choose between treaty rate and 115A for different agreements before and after 1.6.2005. Assessee has not invoked or applied the provisions of the Treaty selectively. The assessee has computed the tax on royalty income arising from two different contracts...

Section 50B Slump Sale Need Not be a Sale

Posted: 19 Apr 2012 08:25 AM PDT

The term 'slump sale' has been defined to mean a transfer of a business undertaking or a business for a lumpsum consideration with all its assets and liabilities, without values being assigned to individual assets/liabilities. The said term has no other significance and we should not read into and...

3rd Member opinion binding on Account member

Posted: 19 Apr 2012 07:53 AM PDT

On a difference of opinion among the two Members of the Tribunal, the ld.Third Member was called upon to answer two questions on which there was difference of opinion among the two members who framed the questions and the ld.Third Member in a well considered order, answered the reference by giving...

S.50C not applies to transfer of booking rights

Posted: 19 Apr 2012 07:21 AM PDT

For application of Sec.50C that the transfer must be of a capital asset, being land or building or both. If the capital asset under transfer cannot be described as land or building or both then section 50C will cease to apply. From the facts of the case narrated above, it is seen that the assessee...

ITAT may dismiss appeal for want of prosecution

Posted: 18 Apr 2012 09:30 PM PDT

These appeals were originally posted for hearing on 09.11.2011 (vide AD card) and at the request of the assessee it was adjourned from time to time and finally posted for hearing on 04.04.2012 on which date none appeared on behalf of the assessee. Though the assessee has raised several grounds no...

Conditions for Taxability of Services under Service Tax

Posted: 18 Apr 2012 09:02 PM PDT

The taxability of services or the charge of service tax has been specified in section 66B of the Act. To be a taxable a service should be - provided or agreed to be provided by a person to another in the taxable territory and should not be specified in the negative list.

Companies in Aviation Sector Allowed to Avail of ECBS for Working Capital Requirements

Posted: 18 Apr 2012 08:36 PM PDT

The rapid growth of the Aviation sector in India has generated demand for additional finance for working capital and capacity expansion. High operating costs, particularly on account of high fuel costs, have put additional stress on the Airline Industry.

Bank Rate adjusted to 9.00 per cent wef April 17, 2012

Posted: 18 Apr 2012 08:35 PM PDT

As announced in the Monetary Policy Statement 2012-13, the Bank Rate stands adjusted by 50 basis points from 9.50 per cent to 9.00 per cent with effect from April 17, 2012. 2. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand...

ECS (Debit) mandate management procedure by banks

Posted: 18 Apr 2012 08:33 PM PDT

Electronic Clearing Service (ECS), introduced by Reserve Bank of India in 1994 is now being widely used across many centres in the country for making and receiving bulk payments. The ECS (Debit) system was introduced with the objective of providing an alternative method for effecting payment...

Seeks to amend Notification 09/2012 – Customs, dated 09-03-2012

Posted: 18 Apr 2012 08:32 PM PDT

Notification No. 27 /2012-Customs Government of India in the Ministry of Finance (Department of Revenue), No. 9/2012-Customs, dated the 9th March, 2012 which was published in the Gazette of India, Extraordinary, vide G.S.R. 129 (E) dated the 9th March, 2012, namely:-

Seeks to amend Notification 12/2012 – Customs, dated 17-03-2012

Posted: 18 Apr 2012 08:32 PM PDT

Notification No. 26/2012 - Customs Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, vide G.S.R. 185(E) dated the 17th March, 2012, namely:-

Amendment to Central Excise Rules, 2002 (4th Amendment)

Posted: 18 Apr 2012 08:31 PM PDT

Notification No.23/2012 - Central Excise (N.T.) These rules may be called the Central Excise (Fourth Amendment) Rules, 2012. (2) They shall come into force on the 18th day of April, 2012. 2. In the Central Excise Rules, 2002, in rule 12 in sub-rule (1), for the fourth proviso the following...

Real not notional tax effect to be considered while computing monetary ceiling for appeals filed prior to 15.5.2008

Posted: 17 Apr 2012 09:45 PM PDT

Instruction No.1979 dated 27.3.2000, provided that no appeal would be filed before Tribunal if the tax effect was less than Rs.1.00 lacs, and thereafter Instruction dated 17.7.2003 clarified that monetary limit/tax effect mentioned in the Circular has to be read as revenue effect which would mean...

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