ESIC – No Need to Submit Hard Copy of Returns from March 2012

ESIC – No Need to Submit Hard Copy of Returns from March 2012 Posted: 20 May 2012 07:56 PM PDT it has been decided by Hqrs Office that for the Contribution Period Ending March 2012 also employers are not required to submit the hard or soft copies of Return of Contributions. The copy of the letter no 67/Dir/Misc/SPOC-REV dated 8/11/2011 is also being attached for necessary action. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] How to surrender/Cancel extra /Additional PAN Online / Manually? Posted: 20 May 2012 07:23 PM PDT An assessee may have been allotted multiple PAN Card. The multiple PAN card may have been allotted to the Assessee for many reasons i.e. He may have applied multiple times for allotment of PAN and every time he has been allotted a PAN card or may have inadvertently allowed multiple PAN card by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Procedure for Conversion of partnership firm into company & Tax Effects Posted: 20 May 2012 07:22 PM PDT There are various ways of converting a firm to a company, viz; slump sale, itemized sale, admitting the company as a partner, dissolution thereof and on dissolution, business being taken over by the company etc.,. Being a topic with a very vast ambit an attempt has been made hereinabove to briefly... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS Return – How to make make Correction in Deductee Details? Posted: 20 May 2012 07:16 PM PDT How can I update a deductee record? You can update deductee details viz; PAN of deductee, name, amount etc. Steps to update a deductee record are as under: Identify the challan corresponding the deductee record to be updated by its sequence no as per regular statement , CIN, deposit amount... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Persons carrying on agency business or earning commission income should revise their return for A.Y 2011-12, if original return filed u/s 44AD Posted: 20 May 2012 07:07 PM PDT In the Finance Bill 2012 section 44AD has been amended retrospectively w.e.f A.Y. 2011-12 to the effect that presumptive scheme under the said section is not applicable to persons carrying on profession as referred to in section 44AA(1) or persons earning income in the nature of commission or... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxation of Co-operative Housing Societies (CHS) & Income Tax Return Posted: 20 May 2012 06:55 PM PDT In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] GST, Dual GST – Meaning, Provisions & Applicabilty in brief Posted: 20 May 2012 06:25 PM PDT Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – How to Apply for TPIN & Password Posted: 20 May 2012 05:48 PM PDT Service tax format of declaration and covering letter for issue of User ID and TPIN at aces.gov.in site for existing Assessee's. EXISTING USER: Directly contact your service tax range office. Kindly submit a requisition letter to your range officer along with your company name, Reg. No & your... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If assessee surrenders an amount with a condition that no penal action shall be taken, to avoid further litigation and to buy peace, no penalty u/s. 271(1)(c) can be imposed Posted: 20 May 2012 05:30 PM PDT It is found that surrender was made subject to no penalty vide letter of the assessee filed before the Assessing Officer during assessment proceedings, which clearly indicate that surrender was being made with a condition that no penal action will be made and to avoid further litigation and to buy... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Disclosure in respect of Micro, Small & Medium Enterprises in Annual Financial Statements Posted: 20 May 2012 12:19 PM PDT Micro, Small and Medium Enterprises Development Act, 2006-"Implications for Annual Financial Statements" The Micro, Small and Medium Enterprises Development Act, 2006 ("the Act") has been notified and has received the assent of the President on 16th June 2006. Subsequently,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Compensation for under utilisation of production capacity not eligible for deduction u/s. 80IC Posted: 20 May 2012 09:39 AM PDT Pine Packaging Private Ltd V/s. CIT (Delhi HC) Compensation received from customer for under utilisation of taxpayer's capacity was not profit derived from manufacture/production and was therefore not eligible for deduction under Section 80IC of the Income-tax Act,1961 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DTAA cannot create any fresh tax liability which is not provided under Income Tax Act Posted: 20 May 2012 09:25 AM PDT In this case, M/s Prudential Assurance Co. Ltd , a tax resident of UK, was denied the benefit of setting off of the business loss from sale of shares against the income from other sources by the Assessing Officer ('AO') on the ground that the assessee had no Permanent Establishment in India as per... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No capital gains tax on share transfer under family arrangement Posted: 20 May 2012 09:07 AM PDT word 'transfer' does not include partition or family set­tlement. HC observed that "it is well settled that a partition is not a transfer. What is recorded in a family settlement is nothing but a partition. Every mem­ber has an anterior title to the property which is the subject matter of a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regularization fees for violation in construction form part of Construction & Depreciation allowable Posted: 20 May 2012 08:20 AM PDT Fees paid to regularise violation in construction of a building pursuant to state government ordinance forms part of construction cost and depreciation is allowable on such cost under Section 32 of the income-tax Act, 1961 (the Act). Further the Tribunal held that the restriction provided under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Software License Charges – Payment for right to use of copyrighted article do not constitute 'royalty' Posted: 20 May 2012 08:01 AM PDT There is no disagreement between the taxpayer and the AO that (a) in terms of the license agreement, the taxpayer has granted only right to use of a copyrighted article and not for the use of a copyright and (b) the copyright continue to remain with the CGI. The Special Bench of the Delhi Tribunal... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Living allowance on deputation or for temporarily deployment Outside India not taxable Posted: 20 May 2012 07:35 AM PDT Living allowance paid in addition to the regular salaries and benefits in India to the employees of Indian Company who are temporarily deployed in US will be exempt from tax. The deputation agreement between the taxpayers and the Indian Company clearly states that the additional compensation in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ITAT directs to allow risk adjustment on the comparables margin vis-a-vis the taxpayer's Posted: 20 May 2012 07:10 AM PDT Assessee had acquired the business and also earned income out of the said transaction by cost plus basis. Thus, it can be seen that the assessee has not encountered the risk of having a single customer, whereas the same cannot be said as regards the comparables. As pointed out by the learned... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Commission paid to director was not in lieu of dividend and therefore allowed u/s.36(1)(ii) Posted: 20 May 2012 07:01 AM PDT The Tribunal observed that the commission paid was disallowed by invoking provisions under Section 36(1)(ii) and not by invoking Section 40A(2)(b)(ii) of the Act. This implies that the AO had not disputed the services rendered by Renu Munjal but he was of the opinion that dividend had been paid in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Additional Depreciation can not be denied on the ground that electricity is not an article or thing Posted: 20 May 2012 06:35 AM PDT Reference was made to the decisions of Apex Court rendered in the case of M.P. Electricity Board 35 STC 188 (sic). In this case it was held that electricity is goods within the meaning of section 2(3) of Central Province and Virar Sales-tax Act. This decision was rendered in the context of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If non-resident agent operates outside country, no part of his income arises in India Posted: 20 May 2012 06:16 AM PDT Agreement between the assessee and the Non Resident is only for rendering services which cannot be considered as technical services and as there is no PE to the said non resident in India, the amount does not accrue or arise in India and further as there is no need for deducting the amount under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Contribution towards costs of research / for the use of process or formula is Royalty Posted: 20 May 2012 05:49 AM PDT On the terms of the agreement, it appears to us, that it is only an agreement to share the product of the Research and Development allegedly without payment of royalty, but paying a consideration for the use described as the contribution towards the costs of the researchincurred by that particular... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Consideration for Grant of the use or consideration for right to use is Royalty Posted: 20 May 2012 05:33 AM PDT The applicant is in the business of gathering, collating and making available or imparting information concerning industrial and commercial knowledge, experience and skill and consequently the payment received from the subscriber would be royalty in terms of clause (iv) of Explanation 2 to Section... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Form 8,10 7 & 17 Can be filed despite Default in Filing of Annual Forms Posted: 20 May 2012 04:54 AM PDT General Circular No.09/2012 On requests received from various Corporates & Professionals and difficulties experienced by the stakeholders in filing Form No.8 and Form No.10 (for modification of charges under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Changes to name availability guidelines Posted: 20 May 2012 04:39 AM PDT In view of providing better services to its stakeholders and ensuring correctness of names approved through online mode (i.e. through STP mode without backend processing by RoC user), Ministry has decided to provide a facility for verification of such names by the RoC user on a real time basis for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FAQ On Prevention of Money Laundering Act, 2002 Posted: 20 May 2012 04:33 AM PDT Q1. What is PMLA? PMLA refers to the Prevention of Money Laundering Act, 2002. Q2. When did the Prevention of Money Laundering Act come into force? The Prevention of Money Laundering Act, 2002 has come into force with effect from 1 July, 2005. The Act was amended by Prevention of Money Laundering... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Import Duty on Power Equipments Posted: 20 May 2012 12:02 AM PDT The Committee had made the following recommendations: (i) Immediate adoption of the proposed regulations for performance standards for power generation equipment; (ii) Levy of Custom Duty @10% additional custom duty – 'Nil' and Special Additional Duty (SAD) @ 4 (adding to 14%) for Mega and Ultra... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MCA – Induction of Union Bank of India as Payment Gateway Posted: 19 May 2012 11:38 PM PDT MCA adds another payment gateway through Union Bank of India for Credit Card and Internet Banking payments w.e.f. 20th May, 2012. For credit card payments, Union Bank of India shall be charging the transaction charge of 1.6% (plus applicable Government Charges) over and above the MCA statutory... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SC dismisses petition challenging Tariff Hike Posted: 19 May 2012 11:16 PM PDT The Supreme Court dismissed the appeal of M/s DSR Steel Ltd against the order of the Appellate Tribunal for Electricity allowing revising of tariff for industries and others under an incentive scheme. The Vidyut Vitran Nigam Ltd of Jaipur, Jodhpur and Ajmer had applied for revision of tariff from... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RPM most appropriate method for computing ALP of transaction wherein the taxpayer involved in purchase & resale of finished goods Posted: 19 May 2012 10:27 PM PDT I.T.O. Vs. L'oreal India P. Ltd. - ITAT acknowledged the fact that the Resale Price Method (RPM) is one of the standard methods in case of distribution and marketing activities i.e. when goods are purchased from Associated Enterprises (AEs) and sold to unrelated parties. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012 Posted: 19 May 2012 09:10 PM PDT Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file eForm 5INV containing the information of unclaimed and unpaid amounts as referred to in sub­section (2) of section 205C of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 195 Withholding of tax not required on salary of seconded employee reimbursed to a foreign company since such payment is not for rendering technical services Posted: 19 May 2012 09:10 PM PDT Indian Company exercising control and supervision over a seconded employee and bearing the salary cost should be considered as an economic employer and not liable to withhold tax under Section 195 of the Act on the reimbursement of the salary to the foreign company on which tax has been withheld... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]