Related Party Transactions & Legal Provisions

Related Party Transactions & Legal Provisions Posted: 25 Apr 2012 08:55 PM PDT In this article an attempt has been made to make a analysis of provisions under different laws relating to Related Party Transactions. An awareness of various provisions is very much required so as to take adequate care while entering into related party transaction and disclosing the same in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 10 Consequences of Non compliance with TDS provisions Posted: 25 Apr 2012 08:29 PM PDT Non compliance with TDS provisions can result in : 1. Disallowance u/s. 40(a) (ia) of Income Tax Act, 1961 (Act). 2. Raising of demand u/s. 201(1) of the Act. 3. Charging of Interest u/s. 201(1A) of the Act. 4. Levying penalty u/s. 271C of the Act upto the amount of tax in default - [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Common return for ER-1, ER-3 & ST-3, Change in ST Return Periodicity – Govt invites suggestion Posted: 25 Apr 2012 08:28 PM PDT A draft circular containing details of proposed amendments to harmonize the ER-1, ER-3 and ST-3 returns so that a single common return can be prescribed instead of these three returns as measure of simplification of the Business Processes in respect of filing the Return by assesses. The draft is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reason for Mismatch of TDS & Correction Statement Posted: 25 Apr 2012 08:28 PM PDT Deductor related reasons : • Non filing of quarterly TDS statements • Omission to include details of challan in TDS statement • Quoting wrong CIN in challan details in the TDS statement • Entering wrong amount in challan details • Quoting of wrong TAN in the challan while remitting the TDS in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Issues which may invite TDS surveys & inspections Posted: 25 Apr 2012 08:27 PM PDT Checking avoidance of TDS/ TCS liability in respect of the following payment,/ transactions; 1. Payment for purchase of land under sale deed by project implementing authorities towards compulsory land acquisition for SEZs/public utilities implemented under Fast Track procedure where the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Direct Taxes and Indirect Taxes Updates for CS June 2012 Examination Posted: 25 Apr 2012 08:19 PM PDT APPLICABLE FOR icsi JUNE 2012 EXAMINATION FOR EXECUTIVE & PROFESSIONAL PROGRAMME . • Tax Rates • Definition of Charitable Purpose [Section 2(15)] • Exemptions under section 10 • Weighted deductions under section 35 • Deduction under section36 for Employers contribution towards Pension scheme... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Excel Tips – Square root and cube root in Microsoft Excel Posted: 25 Apr 2012 08:19 PM PDT Getting a root of a number is the same as raising that number to the power of 1/root. Example: The square root of x is x^(1/2). The square root of A1 is: =A1^(1/2). You can also use the built-in worksheet function SQRT: =SQRT(A1) [[ This is a content summary only. Visit my website for full links, other content, and more! ]] How to rectify, calculate & aviod interest on TDS defaults Posted: 25 Apr 2012 07:58 PM PDT In this article we are discussing what is the rate of interest which Assessee may have to pay for delayed payment of TDS, when this interest becomes payable, what is the due date of tds payment, when tds needs to be deducted, how to calculate interest on TDS, Example of Interest Calculation, how to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 37 Allowability of Business Expenditure & case laws Posted: 25 Apr 2012 07:50 PM PDT Condition for allowance under section 37 * Such expenditure should not be covered under the specific section i.e. sections 30 to 36. * Expenditure should not be of capital nature * The expenditure should be incurred during the previous year. * The expenditure should not be of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Meaning, Formation, Taxation, Membership & Partition of HUF Posted: 25 Apr 2012 07:50 PM PDT The Hindu Undivided Family can best be defined as a family that consists of a common ancestor and all his lineal male descendants and their wives and unmarried daughters. The Hindu Undivided Family (HUF) cannot be created by acts of any party. The only exceptions are in the case of an adoption or a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT – Submission of annexures by dealers who are not required to file Audit Report in Form 704 Posted: 25 Apr 2012 07:23 PM PDT Trade Cir. No. 7 T of 2012 This office is in receipt of various representations from the Trade and Associations. These representations with other queries also seek clarification with regards to the submission of Annexures by dealers covered under composition scheme in terms of Notification cited... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FAQ on Profession Tax (PT) in Maharashtra Posted: 25 Apr 2012 06:06 PM PDT Who is liable to pay Profession Tax?Every person engaged actively or otherwise in any profession, trade, callings or employment and falling under one or the other of the classes mentioned in the second column of Schedule I appended to Profession Tax Act, is liable to pay Profession Tax. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Can a Person be tried twice for same offence? Posted: 25 Apr 2012 11:07 AM PDT Learned counsel for the appellant has further placed reliance on the judgment in G. Sagar Suri & Anr. v. State of U.P. & Ors., (2000) 2 SCC 636, wherein during the pendency of the proceedings under Section 138 N.I. Act, prosecution under Sections 406/420 IPC had been launched. This Court... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.147 Change of opinion if AO not specifically apply his mind? Referred to Full Bench Posted: 25 Apr 2012 08:13 AM PDT What is meant by the term change of opinion? (ii) Whether assessment proceedings can be validly reopened under Section 147 of the Act, even within four year, if an assessee has furnished full and true particulars at the time of original assessment with reference to income alleged to have escaped... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment to S. 40(a)(ia) retrospective – ITAT Follows HC Posted: 25 Apr 2012 07:52 AM PDT The issue involved in the present appeal has now been decided by the Hon'ble Calcutta High Court in the case of CIT v. Virgin Creation in GA No.3200/2011 dated 23-11-2011 against the Revenue. However, it is noteworthy that the Special Bench of ITAT Mumbai in the case of Bharati Shipyard Ltd. v.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Loss due to fluctuation in foreign exchange liabilities allowable Posted: 24 Apr 2012 09:40 PM PDT The assessee debited an amount of Rs.17,34,716/- being foreign exchange loss that arose due to re-statement of current liabilities. The liability had arisen in the earlier years due to consultancy services rendered by Alfred Mcalphine, UK. The assessee contended that the loss arising due to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Cost of construction based upon actual expenditure most appropriate for computation of capital gain Posted: 24 Apr 2012 09:30 PM PDT We have considered the facts of the case and submissions made before us. According to us, the best evidence regarding cost of construction is from Devika, who constructed the building. In response to summons u/s 131, Devika filed a copy of the agreement, an unsigned valuation report prepared by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBI Clarification in Case of Alleged Clandestine Silk Imports in Collusion with Senior Customs Officials Posted: 24 Apr 2012 09:30 PM PDT Reports have been published in a section of the Media indicating that CBI is likely to Close a case against five senior officers of the Indian Customs and Central Excise, who were charge-sheeted for alleged clandestine silk imports in collusion with Senior Customs & Central Excise officials. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Priority Sector Lending-Indirect Finance to Housing Sector Posted: 24 Apr 2012 08:59 PM PDT Pursuant to the announcement made by Union Finance Minister in the Union Budget for the year 2012-13, it has been decided to increase the limit from Rs.5 lakh to Rs.10 lakh for the bank loans extended to non-governmental agencies, approved by NHB for their refinance, for on-lending for the purpose... 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