Which Challan to use for Paying Income Tax Appeal Fees

FM justifies decision to neutralise impact of SC decision in Vodafone case Posted: 17 May 2012 08:40 PM PDT Government on Wednesday justified its decision to neutralise the impact of Supreme Court decision in the Vodafone case by amending the Income Tax Act with retrospective effect suggesting it was to prevent outflow of Rs 40,000-Rs 50,000 crore from the exchequer. Winding up a debate on Finance Bill... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment with Chennai Metro Rail Limited for Internal Audit Posted: 17 May 2012 08:25 PM PDT Chennai Metro Rail Limited (CMRL), hereinafter referred to as the Client, is the Special Purpose Vehicle of the Government of Tamil Nadu and the Government of lndia for implementation of Phase 1 of the Chennai Metro Rail Project. The GoI and GoTn have approved a Metro Rail project for Chennai in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Which Challan to use for Paying Income Tax Appeal Fees Posted: 17 May 2012 07:49 PM PDT Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box '400 Regular Tax' under 'Type of Payment' and fill up the amount to be paid in 'Others' column under 'Details of Payment'. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Use Separate TDS Challan for Separate sections & category of deductee Posted: 17 May 2012 07:40 PM PDT If I have to deposit fees for filing appeal, what should I do? Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box '400 Regular Tax' under 'Type of Payment' and fill up the amount to be paid in 'Others'... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 54 Exemption Available on Exchange of old Flat by New Posted: 17 May 2012 07:12 PM PDT In this case, the assessee had exchanged old flat with new flat to be constructed by the builder under development agreement which amounts to transfer under section 2(47) of the Act. Thus, the only other condition which is required to be satisfied is that assessee either purchases a new residential... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rajya Sabha passes Finance Bill 2012 Posted: 17 May 2012 06:52 PM PDT Rajya Sabha on 16.05.2012 returned the 'Finance Bill 2012', as passed by the Lok Sabha without making any amendment to the bill. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Excel Tip – Formatting Cells Containing Formulas Posted: 17 May 2012 06:20 PM PDT To format cells containing Formulas using the Conditional Formatting dialog box, add a VBA Function: Step 1: Add the following VBA Function to a regular Module: Function IsFormulaInCell (Cell) As Boolean IsFormulaInCell= Cell.HasFormula [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reassessment on the basis of precise information received from Enforcement Directorate valid Posted: 17 May 2012 03:36 PM PDT Respondent has filed the affidavit in which he has affirmed that he had initiated proceedings for reassessment on the basis of precise information received from the Enforcement Directorate vide its letter dated 19th December, 2007 received by him on 20th December, 2007 and that in the said letter... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars, is no ground for levying penalty Posted: 17 May 2012 01:38 PM PDT Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars, is no ground for levying penalty, especially when there is nothing on record to show that the explanation offered by the assessee was not bona fide or any material particulars were concealed or furnished... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Same view should continue to prevail for subsequent year also unless there is material change in the facts Posted: 17 May 2012 01:00 PM PDT The judgment of Hon'ble Delhi High Court rendered in the case of Neo Poly Pack Ltd. (supra) is squarely applicable in the present case because in that case it was held that , for the sake of consistency, the same view should continue to prevail for subsequent year also unless there is material... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] A person who preferred his evidence on affidavit, need not make oral deposition in court, before the accused is summoned or required to cross-examine Posted: 17 May 2012 12:50 PM PDT Having gone through the judgment relied upon by the learned counsel for the petitioner, we find that the same is wholly inapplicable to this case. In Mandvi Coop. Bank's case (supra) the accused on being summoned under Section 145(2) of the Negotiable Instruments Act, raised the plea, that inspite... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Deduction u/s 80HHC under provisions of S.115JB will be limited to relief certified by CA Posted: 17 May 2012 10:56 AM PDT If the dichotomy between eligibility of profit and deductibility of profit is not kept in mind then section 115JB will cease to be a self-contained code. In Section 115JB, as in section 115JA, it has been clearly stated that relief will be computed u/s 80HHC (3)/(3A), subject to the conditions... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rule 8D prospective and applicable on and from the A.Y. 2008-09 Posted: 17 May 2012 09:20 AM PDT A.O. has applied Rule 8D holding that Rule 8D is retrospective in nature. It is now settled that Rule 8D is prospective and is applicable on and from the A.Y. 2008-09. We direct the A.O. to recalculate the disallowance, if any, without applying Rule 8D on the dividend income shown at... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Due Date for payment of Employee Provident Fund (EPF) Posted: 17 May 2012 02:55 AM PDT Due date for payment of Provident Fund contributions is 15 days from the end of month in which wages are paid (plus grace period of 5 days). Thus, if wages pertaining to April' 2012 is paid on, say, 7th May' 2012, due date for payment of Provident Fund contribution is 20th June' 2012 [i.e. 15th... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Baba Ramdev's trust to Pay Tax on manufacture and sale of medicines Posted: 16 May 2012 09:33 PM PDT Yoga guru Baba Ramdev's trusts have been told they owe the government Rs. 58 crore in taxes against their income, largely from the sale of ayurvedic medicines. The Income Tax Department has calculated the taxes against an income of Rs. 120 crore from commercial activities. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] HC have no jurisdiction to entertain Award petition which is also Pending in Malaysian Court Posted: 16 May 2012 09:13 PM PDT In view of the judgment of the Supreme Court in Videocon Industries Ltd. v. Union of India this Court would not have jurisdiction to entertain the present challenge to the impugned Award by way of a petition under Section 34 of the Act. In this view of the matter, the preliminary objection of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CS Students Can Download Admit Card For June 2012 Examination after 19th May 2012 Posted: 16 May 2012 09:10 PM PDT Attention Students: Please Download Your Admit Card For June 2012 Session Of Examination after 19th May 2012 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mere Disallowance of Expense not a ground to proceed u/s 271(1)(c) Posted: 16 May 2012 09:08 PM PDT The law stands very well settled by the Hon'ble Apex Court in the case of CIT vs. Reliance Petroproducts (P.) Ltd., (supra) that merely disallowing a claim of deduction raised by the assessee is not a ground to proceed u/s 271(1)(c). For penalty, it has to be either a case of furnishing of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reporting by the Statutory Auditors on Accounting for Liabilities Arising on Dismantling of Indian Motor Third Party Insurance Pool Posted: 16 May 2012 09:05 PM PDT As the members are aware, the Insurance Regulatory and Development Authority (IRDA) had vide its Order No. IRDA/NL/ORD/MPL/277/12/2011 dated 23rd December 2011 had directed the dismantling of the Indian Motor Third Party Insurance Pool (IMTPIP) with effect from 31st March 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest Rates on FCNR(B) Deposits wef close of business in India on May 4, 2012 Posted: 16 May 2012 09:01 PM PDT Please refer to our circular No. UBD.BPD.AD.CIR.No. 4/13.01.000/2011-12 dated November 24, 2011 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI – Financial Inclusion – Use of Business Correspondents Posted: 16 May 2012 09:00 PM PDT As you are aware, with a view to promote financial inclusion, a roadmap to provide banking services in every village with population above 2000 by March 31, 2012, was drawn up. Banks have covered 74, 199 (99.7 percent) out of 74,414 such villages. [[ This is a content summary only. 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