Exemption to Salaried Employees from Filing of I-T Returns for A.Y. 2012-13

Exemption to Salaried Employees from Filing of I-T Returns for A.Y. 2012-13 Posted: 20 Jul 2012 08:47 PM PDT Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:- • Employee has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Depreciation allowable on non-compete fee paid for acquisition of non-compete rights Posted: 20 Jul 2012 08:46 PM PDT In the Tribunal decision rendered in the case of Srivatsan Surveyors (P.) Ltd. v. ITO [2009] 32 SOT 268 (Chennai) the issue was decided against the assessee on the basis that the depreciation on restrictive covenant is 'a right in persona' and not a 'right in rem' and, hence, depreciation on it is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FAQs on Income Tax Returns Filing for A.Y. 2012-13 Posted: 20 Jul 2012 08:46 PM PDT Q.1. If there is mismatch between the actual tax deducted and the amount shown in form 26AS, how to get it rectified and claim the balance? It is advised to claim the actual tax deducted in the return. Such mismatch will be handled in accordance with Instruction No. 4/2012, in the following manner:... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CA Final /CPT Topper List & Pass percentage for Exam Held in May/June 2012 Posted: 20 Jul 2012 08:45 PM PDT The top three rank holders on all India basis of Chartered Accountants Final Examinations held in May, 2012 are from Kolkata, Chennai and Bangalore respectively and their details along with the marks secured by them are mentioned at Annexure-A. The result details of the Final examination in terms... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest U/s. 244A payble on entire amount of I-T refund Posted: 20 Jul 2012 08:45 PM PDT In the assessee is entitled to receive interest on refund which is out of any tax. As a matter of fact, the refund arises only on tax portion. There is misconception in the interpretation of the Assessing Officer that interest can be paid only on the tax portion in the refund and not on the entire... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] I-T Dept. to Set up Return receipt counters / Tax Kiosks at Delhi & Mumbai Posted: 20 Jul 2012 08:44 PM PDT This year no return receipt counters are set up at Pragati Maidan, instead Returns will be received at Civic Centre, opposite Ramlila Ground, New Delhi, on 26th, 27th, 30th July, 2012 (10:00 A.M. to 5:00 P.M.) & on 31st July, 2012 (10:00 A.M. to 8:00 P.M.). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest payable on late TDS payment for delay due to Cheque clearing / Govt holiday Posted: 20 Jul 2012 08:43 PM PDT The undisputed fact is that the assessee is liable to deduct the tax at source on the payments made to the contractors. The assessee has also deducted tax at source as per Chapter XVII and the liability of assessee to deduct tax at source has also not been disputed. It is also not in dispute that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Payment for lease creating ownership rights is capital expenditure Posted: 20 Jul 2012 08:42 PM PDT In the present case, what is apparent is that the lessee (assessee) paid a substantial amount (Rs. 2.53 crores) in 1989 at the time of entering into the transaction. It was a precondition for securing possession; the amount was one-time consideration in terms of the lease condition. In addition,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax on Renting- Retrospective amendment are within power of Parliament Posted: 20 Jul 2012 08:40 PM PDT In view of various decision of Supreme Court it cannot be accepted that Union of India has no authority or power to levy service tax on renting of immovable property. The imposition of service tax on renting of immovable property was within the legislative competence of the Parliament and it does... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax on Revenue sharing arrangements prior & post 1st July, 2012? Posted: 20 Jul 2012 08:39 PM PDT The appellant was a franchisee of BCCI-IPL and received payment from BCCI-IPL as its share in receipts towards media rights and other income collected centrally by BCCI-IPL. The key issue in the appeal was whether the amount received by the appellant from BCCI-IPL liable to service tax as business... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment of CAs to Act as Exam Observer for November / December Examination Posted: 20 Jul 2012 07:52 PM PDT The Institute intends to draw a Panel from amongst its Members for acting as Observer at the examination centres in various cities during the Chartered Accountants Examinations to be held from 1st – 18th November, 2012 and the Common Proficiency Test to be held on 16th December, 2012 (Sunday). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI Members to pay Annual Membership & COP Fees by 30.09.2012 Posted: 20 Jul 2012 07:47 PM PDT Members are requested to remit the current year's fee for continuance of membership - Associate/Fellow/Certificate of Practice as the case may be by 30th September 2012 as per following applicable schedule of fees. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax payable on residential flats constructed under joint development agreement Posted: 20 Jul 2012 12:25 PM PDT The assessee contested that the impugned activity was a joint business involving no service from one party to other. Therefore in view of CBEC circular 108/2/009 dated 29-1-2009 no service tax arises in such context. The main contention was there that was a joint venture between the landowners and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Provided by Yoga teacher, Poojari, Cook, Compounder, Nurse have no direct nexus with manufacture Posted: 20 Jul 2012 12:21 PM PDT Applicants have availed the taxable services and the persons which were supplied like Yoga teacher, Poojari, Cook, Compounder, Nurse, helper etc. have no direct nexus with manufacture of final product. Therefore, prima facie, we find that the applicant has not made out a case for total waiver of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax Exemption to SEZ not available if services not consumed within the SEZ Posted: 20 Jul 2012 12:12 PM PDT If the intention of the legislature was to align the exemption with section 26 of the SEZ Act or Rule 31 of the SEZ Rules, then notification No. 4/2004-ST would have been amended to reflect the same. No such amendment has been carried out in the said notification. In these circumstances, we are of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No penalty for late payment of service tax on assessee for period during which it had not provided any service Posted: 20 Jul 2012 11:59 AM PDT As regards the penalty set aside by first appellate authority under section 76 of Finance Act, 1994, for the quarter ending 30.09.2006, I find from the Form ST-3 return produced by ld. Counsel for the assessee, that the said form specifically indicate the taxable service rendered from April 2006 to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax – If Department fails to clarify taxability on assessee's request , Penalty cannot be levied Posted: 20 Jul 2012 11:39 AM PDT Any order for imposing penalty specially the heavy once qas provided under Section 76 and 77, of the Act should show the reason justifying the imposition of penalty and thus following the principles of justice done. It is a fact on record that the Appellants had asked for clarification regarding... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If dept change its view on taxability then Extended period of limitation not invocable Posted: 20 Jul 2012 11:33 AM PDT It is undisputed that the appellant is a State Government entity and has been providing services of testing and certifying the quality of the seeds in the State. We find that the appellant was informed on 01.08.2006 by the office of the Commissioner of Service Tax that their activities would not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Simultaneous proceedings under section 397/398? Posted: 19 Jul 2012 09:06 PM PDT It is known that section 399 of the Companies Act, 1956 entitles minority shareholders, subject to the qualification prescribed, to approach the Company Law Board (CLB) under section 397/398 of the Companies Act, 1956 seeking relief against the 'oppression and mis-management' from the majority... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Order passed by Commissioner under earstwhile provision of S. 84 not appealable to Tribunal u/s. 86 as this provision stands from 19-8-2009 Posted: 19 Jul 2012 09:01 PM PDT The impugned order was passed by the Commissioner under section 84 as this section stood prior to 19-8-2009. It was passed on 24-3-2011. With effect from 19-8-2009, the date on which a new appellate remedy was granted in the place of the erstwhile revisionary remedy against orders passed by Central... [[ 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 Jul 2012 07:30 PM PDT The Ministry of Corporate Affairs has notified that 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment to definition of QFI & QFI investment in debt mutual fund schemes which invest in infrastructure Posted: 19 Jul 2012 07:04 PM PDT Circular NO. IMD/FII&C/18/2012, dated 20-7-2012 1. Vide SEBI circulars IMD/DF/14/2011 and IMD/FII&C/3/2012 dated August 09, 2011 and January 13, 2012, respectively, QFIs were allowed to invest in schemes of Indian mutual funds and Indian equity shares subject to terms and conditions... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICSI – Payment of Annual Membership & COP Fee Posted: 19 Jul 2012 06:37 PM PDT The Annual Membership fee and Certificate of Practice fee for the year 2012-13 became due for payment w.e.f. 1st April, 2012. The last date for payment of annual membership fee was 30th June, 2012 which has now been extended upto 31st August, 2012. Members who are yet to pay the fees are requested... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] IRDA launches Online application to compare Non Life Insurance products Posted: 19 Jul 2012 06:26 PM PDT The Insurance Regulatory and Development Authority has introduced an online application that enables the user to compare coverages, exclusions etc. under non life insurance products currently being sold by different insurers in the market. The application currently lets users to browse through the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Personal guarantee must before loan restructuring Posted: 19 Jul 2012 06:25 PM PDT The RBI may do away with the regulatory forbearance regarding asset classification, provisioning and capital adequacy on restructuring of loan and advances in line with the international prudential measures. However, in view of the current domestic macroeconomic situation as also global situation,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised RBI Guidelines on Priority Sector Lending-Targets & Classification Posted: 19 Jul 2012 06:22 PM PDT The priority sectors are broadly taken as those sectors of the economy which, if not designated as priority sectors, may not get timely and adequate credit. Typically these are small value loans to farmers for agriculture and allied activities, micro and small enterprises, poor people for housing,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rate of exchange of conversion of each of the foreign currency WEF 20.07.2012 Posted: 19 Jul 2012 06:19 PM PDT NOTIFICATION NO 61/2012 - Customs, (N T) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Anti-dumping duty on imports of 'Acetone' extended upto 18.06.2013 Posted: 19 Jul 2012 06:16 PM PDT Notification No. 37/2012-Customs (ADD) ,In the matter of continuation of anti-dumping duty on imports of 'Acetone', originating in, or exported from, European Union, South Africa, Singapore and USA imposed vide notification of the Government of India in the Ministry of Finance (Department of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]