Section 139(5) – Revised Income Tax return

Section 139(5) – Revised Income Tax return Posted: 24 Apr 2012 08:15 PM PDT An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Must components in your Salary to minimise tax burden Posted: 24 Apr 2012 08:09 PM PDT What does, however, 'salary' include? Salary includes basic salary, bonus, wages, pension, fees, commission, gratuity, encashment of leave salary, advances and arrears, profits in lieu of salary, allowances and perquisites. An 'allowance' is a fixed sum of money given regularly for meeting... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Meaning of Turnover or sales for Tax Audit Posted: 24 Apr 2012 08:02 PM PDT A person is required to get his accounts audited u/s 44AB if 1) The turnover of business exceeds Rs 60 Lakhs, or 2)The Gross Receipts of Profession exceed Rs 15 Lakhs. In case of business what should be the meaning of turnover/sales? Should it be Gross sales or net sales? Should it include VAT,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax Planning- Save tax through your family Posted: 24 Apr 2012 08:00 PM PDT Its a fact that Your own parents as well as your own in-laws can become legal tools of tax planning for you and your family. If you want to achieve this dictum then all you are need to do is just to give away a portion of your funds, either as a gift or a loan, to your parents as well as your... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income Tax – Provisions of Section 269SS & 269T Posted: 24 Apr 2012 08:00 PM PDT while taking loans and accepting deposits one also has to keep in mind the restrictions imposed under the Income Tax Act on the mode of taking such loans and deposits. Such provisions regulating the mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Procedure for Conversion of Partnership firm into company Posted: 24 Apr 2012 07:55 PM PDT Conversion of Firm under Part IX of the Companies Act, 1956 :- The firm may be converted into a company by following the provisions of Part IX of the Companies Act, 1956. Sections 565 to 581 deal with conversion of firms into a company under the Companies Act, 1956. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] All about High Seas Sales Posted: 24 Apr 2012 07:50 PM PDT Please explain sale in course of import by transfer of documents of title to goods before the goods crosses Custom Frontiers of India ((High Seas Sale) with special reference to when the goods crosses Custom Frontiers of India. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Download FUV file from NSDL Website to revise e-TDS return Posted: 24 Apr 2012 07:37 PM PDT How To download FUV file from NSDL Website 1. To revise the return , now you have to download the FVU file from website 2. Open the website. www.tin.nsdl.com 3. Choose the Option TAN Registration 4. Type your login details. 5. Select TDS/TCS and then / View Consolidated file [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Excel Tips – Number of Days, Weeks, Months & Years between Dates Posted: 24 Apr 2012 07:20 PM PDT To calculate the difference in days, use the DATEDIF function as shown in the following formula: =DATEDIF(A2,B2,"d") To calculate the difference in weeks, use the INT function as shown in the following formula: =INT((B2-A2)/7) To calculate the difference in months, use the DATEDIF function as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessment or Reassessment Notice U/s 148 Posted: 24 Apr 2012 07:03 PM PDT The power of assessment or reassessment of any income chargeable to tax that have escaped assessment has been provided under section 147 r w s 148 of Income Tax Act of 1961. If the assessing officer has the reason to believe that any income chargeable to tax has escaped assessment then the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] All about Annual eFiling with ROC Posted: 24 Apr 2012 06:39 PM PDT As a part of Annual eFiling, Companies incorporated under the Companies Act, 1956 are required to efile the following documents with the Registrar of Companies (RoC): 1 Balance-Sheet - Form 23AC to be filed by all Companies* 2 Profit & Loss Account- Form 23ACA to be filed by all Companies 3... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.54EC NHAI Capital Gains Bonds for 2012-13 – Taxation & Details Posted: 24 Apr 2012 08:15 AM PDT TAX BENEFITS UNDER SECTION 54 EC OF THE INCOME TAX ACT 1961 Section 54 EC relating to exemption on long term capital gains if invested in Bonds was inserted by the Finance Act 2000 effective for the assessment year 2001-2002 and subsequent years from 1st April, 2001. The section as effective for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax on Service relating to transportation of goods Posted: 24 Apr 2012 06:07 AM PDT The following services provided in relation to transportation of goods are specified in the negative list. Services:- • by road except the services of (i) a goods transportation agency; or (ii) a courier agency • by aircraft or vessel from a place outside India to the first customs station of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax on Service relating to transportation of passengers Posted: 24 Apr 2012 06:05 AM PDT The following services relating to transportation of passengers, with or without accompanied belongings, have been specified in the Negative List. Services by: • a stage carriage; • railways in a class other than (i) first class; or (ii) an AC coach; • metro, monorail or tramway; • ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax on Financial sector Posted: 24 Apr 2012 06:03 AM PDT Financial sector Services Covered in Negative List –Services by way of – (i) extending deposits, loans or advances insofar as the consideration is represented by way of interest or discount; (ii) inter se sale or purchase of foreign currency amongst banks or authorized dealers of foreign... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax on Services by way of renting of residential dwelling for use as residence Posted: 24 Apr 2012 06:02 AM PDT 'Renting' has been defined in section 65B as 'allowing, permitting or granting access, entry, occupation, usage or any such facility, wholly or partly, in an immovable property, with or without the transfer of possession or control of the said immovable property and includes letting, leasing,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Make Auspicious Investing Today – It's Akshaya Tritiya Posted: 24 Apr 2012 02:38 AM PDT Investments and sale to consumers does pick up around Akshaya Tritiya, one of the most auspicious days in the hindi calendar to buy gold, silver , jewellery and to make investment. 'Akshaya' means some thing which never diminishes. It is believed that all investments on this day appreciates.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest leviable u/s 234B on income computed u/s 115JB Posted: 24 Apr 2012 12:47 AM PDT Issue is covered by decision of Hon'ble Supreme Court in the case of JCIT vs. Rolta India Ltd. 330 ITR 470 (SC) wherein it has been held that interest u/s 234B and 234C shall be payable for failure to pay advance tax in respect of tax payable u/s 115JA/115JB. Therefore, we hold that learned CIT... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Principles for interpretation of specified descriptions of services Posted: 23 Apr 2012 11:47 PM PDT Although the negative list approach largely obviates the need for descriptions of services, such descriptions continue to exist in the following areas - • In the negative list of services. • In the declared list of services. • In exemption notifications. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tribunal Member's Corruption Charges Info Can Be Disclosed Under RTI Posted: 23 Apr 2012 11:32 PM PDT As is clear from the arguments of Mr. Bhushan, whole attempt was to say that divulgence of ACR is in public interest. That is precisely the CIC is asked to find out. The matter is still at large and the appellant can always argue this before the CIC. What is important is that the procedure under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Order not dealing with finding of sham transaction is erroneous, cryptic, perverse & laconic Posted: 23 Apr 2012 11:19 PM PDT It is not in public interest to accept such a claim when there is no evidence of rendering any service by Blue Chip & Co to the assessee. The sole object of diverting funds to Blue Chip & Co was to facilitate passing of funds as interest free loan to Vijay Mallya and Samira Mallya. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Punjab VAT Dept, launches drive to survey unregistered dealers liable to be registered Posted: 23 Apr 2012 10:44 PM PDT Excise and Taxation Department, Punjab has launched a special drive for finding out the unregistered dealers by way of survey u/s 48 of Punjab VAT Act, 2005, who are eligible for registration under Punjab VAT Act but may not have registered as yet. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption from Profession Tax in West Bengal for salary upto Rs.5000 pm Posted: 23 Apr 2012 09:53 PM PDT In term of notification No- 458L dt. 31/03/2012, am amendment has been brought in in the Schedule amended to the West Bengal State Tax on Professions, Trade, Callings and Employments Act,1979 allowing further exemption from payment of profession tax to the category of salary & wages earners... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Depreciation on computer accessories & peripherals allowable at 60% Posted: 23 Apr 2012 09:52 PM PDT The Assessing Officer allowed the depreciation on computer accessories and peripherals at the rate of 15% as against 60% claimed by the assessee. The learned CIT(A) directed the Assessing Officer to allow depreciation at the rate of 60% following the decision of Special Bench of ITAT in the case of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Diesel prices linked with market rates , Prices my go up Posted: 23 Apr 2012 09:15 PM PDT The government today said that it has taken an in-principle decision to link diesel prices with market rates, however, there is no proposal at present to fully deregulate cooking gas price. Minister of State for Finance, Namo Narain Meena said this in a written reply to the Rajya Sabha today. While... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Trinity to make financial stability possible Posted: 23 Apr 2012 09:10 PM PDT Globally, the triad of Financial Inclusion, Financial Literacy and Consumer Protection has been recognized as intertwining threads in pursuit of Financial Stability. For any kind of stability, whether financial, economic, political or social, inclusive growth is an essential prerequisite. Inclusive... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] External Commercial Borrowings (ECB) for Civil Aviation Sector Posted: 23 Apr 2012 09:05 PM PDT A. P. (DIR Series) Circular No. 113 As per the extant guidelines, availing of ECB for working capital is not a permissible end-use. On a review of the policy related to ECB and keeping in view the announcement made in the Union Budget for the Year 2012-13, it has been decided to allow ECB for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Appointment of Common Adjudicating Authority -Notification No.36 / 2012 – Customs (N.T.) Posted: 23 Apr 2012 09:00 PM PDT Notification No.36 / 2012 - Customs (N.T.) for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Jupiter Tools Corporation, 1, Minerva Motor Marhet, Kashmere Gate, Delhi-6 and M/s Suri & Co., 2712A, Lothian Road, Kashmere Gate, Delhi-6, issued vide, DRI... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification No. 35 /2012 – Customs (N.T.) to amend Notification No.12/97-Customs (N.T.) Posted: 23 Apr 2012 08:55 PM PDT Notification No. 35 /2012 - Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] NIL Service Tax Return late filling penalty – BAAP RE BAAP Posted: 23 Apr 2012 08:28 PM PDT Budget 2011-12 has made many significant changes in Service Tax and also gave emphasize to penal provisions including prosecution. Section 70 of Finance Act, 1994 reading with Rule 7 of Service Tax Rules, 1994 mandates every service tax payer to file half yearly return within 25 days. If the return... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Partial and Full Partition of Hindu Undivided Family (HUF) Posted: 23 Apr 2012 08:00 PM PDT Partition is the severance of the status of Joint Hindu Family, known as Hindu Undivided Family under tax laws.Under Hindu Law once the status of Hindu Family is put to an end, there is notional division of properties among the members and the joint ownership of property comes to an end. However,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]