E-Filing of Income Tax Returns Mandatory – CBDT

E-Filing of Income Tax Returns Mandatory – CBDT Posted: 02 Jul 2012 08:40 PM PDT Central Board of Direct Taxes (CBDT) has issued a notification S.O. 626(E) dated 28th March 2012 vide which e-Filing has been made compulsory for Assessment Year 2012-13 onwards for - an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax exemption to Railways till 30.09.2012 Posted: 02 Jul 2012 08:39 PM PDT Notification No. 43/2012-St Govt. exempts the taxable services of the description mentioned in the Table below, provided by the Indian Railways from the whole of service tax leviable thereon under section 66B of the said Act, with effect from the date of publication of this notification in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rajiv Gandhi equity scheme -Lock in period may be reduced to 1 year Posted: 02 Jul 2012 08:38 PM PDT Former Finance Minister Pranab Mukherjee, in the Budget for 2012-13, had announced introduction of the Rajiv Gandhi equity scheme under which 50% tax deduction would be provided to retail investors with annual income less than Rs 10 lakh. Under the proposed scheme, the investors would be allowed to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax on All Services A Reality Now Posted: 02 Jul 2012 08:37 PM PDT The consumption of services in India has become costlier w.e.f. 1.7.2012. The services which were hitherto not taxable at all are into tax net now. Those which were taxed earlier have a larger scope or are taxed with lesser exemptions. The valuation norms have been made tougher so that Service Tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax can not be claimed from both service provider & recipient Posted: 02 Jul 2012 08:36 PM PDT Bench held that When the transporter is same and recipient is respondent and there is no contradiction that tax was collected from the transporter, double taxation on the same transaction is inconceivable under the present provisions of Finance Act, 1994. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 115JB – Interest capitalised cannot be added to book profit Posted: 02 Jul 2012 08:35 PM PDT The Assessing Officer is not competent to make addition to the book profit for amount of interest, as the net profit had already been computed as per provisions of the Companies Act. The said amount does not fall under section 115JB(2) and Explanation 1 thereunder. Therefore, the appeal of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee not entitled to deduction u/s. 54EC while computing book profit u/s. 115JB Posted: 02 Jul 2012 06:15 PM PDT Assessee contended that it is entitled to the benefit of exemption under section 54EC of the Act even while computing book profit chargeable to tax under section 115JB of the Act. The Bench, while passing the order, followed the decision of the Hon'ble Kerala High Court to hold that the assessee... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Admitting additional evidence without calling for remand report violates Rule 46A Posted: 02 Jul 2012 05:00 PM PDT We find that certain fresh documents have been produced before CIT(A) and CIT(A) without calling for remand report or confronting such material to the Assessing Officer has passed the impugned order in a very precise manner to delete the impugned addition which is not justified. So, action of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] While dealing with application u/s. 80G(5) CIT cannot act as assessing authority Posted: 02 Jul 2012 03:44 PM PDT The Hon'ble Gujarat High Court in the case of N.N. Desai Charitable Trust (supra) while deliberating upon the scope of enquiry for the purpose of granting of recognition u/s.80G of the Act opined that it does not envisage the commissioner to act as an assessing authority because the actual... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Loss created from sale / Purchase of shares through sister concerns not allowable Posted: 02 Jul 2012 01:52 PM PDT Premier Mills Limited merely used the assessee firm as a special vehicle for the purpose of achieving, what it would not be possible for it to achieve in a legal way. It was found that as Premier Mills Limited could not purchase its own shares and in order to circumvent Section 77 of the Companies... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Full value of consideration cannot be replaced by FMV if it exceeds stamp duty value Posted: 02 Jul 2012 01:26 PM PDT Having regard to the nature of the asset, if the AO is of the opinion, that valuation of the capital asset is required, but such reference can be made only to ascertain the fair market value, therefore, the applicability of section 55A(b)(ii) is also limited one. We have read section 50C alongwith... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Change in shareholding with sole object of gaining control of company is oppression Posted: 02 Jul 2012 01:26 PM PDT The petitioners allegations that their group has been converted from a majority to a minority in shareholding and respondents representation in management has substantially been increased are found to be correct. In view of the continuous effects of such oppressive acts, to undo the effects and to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Sec. 11B – Time Limit to claim refund not applies to duty paid under protest Posted: 02 Jul 2012 01:23 PM PDT Apparently the Superintendent took objection for the debit of interest in the cenvat credit and thereafter the appellants made the cash payment. Under these circumstances it has to be held that the payments made by the appellant were under protest only and therefore the time limit under Section 11B... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rail Transportation of Passengers & Goods Exempt from Service Tax for 3 Months Posted: 02 Jul 2012 12:01 PM PDT The Ministry of Finance has issued Notification No. 43/2012-St, dated 2-7-2012 which states that the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the two kinds of services provided by Indian Railways namely Service of transportation of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax (Second Amendment) Rules, 2012 – Corrigendum Posted: 01 Jul 2012 09:06 PM PDT Notification [F. No. 334/01/2012- TRU], dated 2-7-2012 - In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2012-Service Tax, dated the 20th June, 2012 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Conditions for export of Carpets, Handicraft items & Silk items Posted: 01 Jul 2012 09:01 PM PDT Notification No. 5 (RE-2012)/2009-2014 Export of Handmade Woolen Carpets, Handicraft items and Silk items etc. (details given above) shall not be permitted on the basis of Documents against Acceptance (D/A) except when covered by (a) Guarantee from Bank or ECGC or (b) made to own Subsidiaries etc. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Prohibition on import of milk and milk products from China extended till 23.6.2013 Posted: 01 Jul 2012 09:00 PM PDT Notification No.04 (RE – 2012)/2009-2014 Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionary/ food preparations with milk or milk solids as an ingredient) from China is further extended till 23.6.2013 or until further orders,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI issues master Circulars updated till 30.06.2012 Posted: 01 Jul 2012 08:36 PM PDT Master Circular – Use of Hindi in Banks Master Circular – Operational Guidelines to Primary Dealers Master Circular- Disbursement of Pension by Agency Banks Master Circular – Lending to Micro, Small & Medium Enterprises (MSME) Sector Master Circular – Detection and Impounding of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977 – Amended upto June 30, 2012 Posted: 01 Jul 2012 07:27 PM PDT As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated Circulars / notifications. The instructions contained in the Notification No.DNBC.39/DG(H)-77 dated 20th June 1977 updated as on June 30, 2012 is enclosed. The updated... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Non-Banking Financial (Non – Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 updated till 30.06.2012 Posted: 01 Jul 2012 07:24 PM PDT As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars / notifications. The instructions contained in the Notification No. DNBS. 193 DG(VL)-2007 dated February 22 , 2007 updated as on June 30, 2012 are reproduced... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI – Maintenance of CRR on Foreign Currency (Non-Resident) [FCNR (B)] Scheme Posted: 01 Jul 2012 07:20 PM PDT As per extant guidelines in order to determine the rupee equivalent liability under FCNR (B) Scheme for the purpose of Cash Reserve Ratio (CRR), Regional Rural Banks (RRBs) may use the FEDAI indicative rate for all the four major currencies (viz. US dollar, GBP, Japanese Yen, and DM/Euro) on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]