How to e-file Income Tax Return – 10 Step Guide

How to e-file Income Tax Return – 10 Step Guide Posted: 15 Jul 2012 08:30 PM PDT 31st July is approaching fast which is the last date for filing of Income Tax Return for the Assessees who are not required to get there books of account audited under the provisions of Income Tax Act, 1961. CBDT has recently vide notification NO. 14/2012 dated 28.03.2012 made it mandatory to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Services Provided 'by' and 'to' the Government Posted: 15 Jul 2012 08:28 PM PDT Let the reader not be under an impression that this article deals with English Grammar as a subject. This article makes an attempt to demonstrate importance of prepositions viz.to, by etc. in understanding the provisions of Service Tax (ST). It is normal human behavior to take certain things... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Set-off not claimed in return can be claimed during assessment Posted: 15 Jul 2012 08:28 PM PDT In instant case, the Assessing Officer had proposed to tax the amount as capital gains, as against the assessee's claim that the same is not taxable. Accordingly, having recorded the fact that the assessee otherwise qualified for such set off, the set off should not have been disallowed on the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amitabh wins – Review under garb of reassessment not permissible Posted: 15 Jul 2012 08:26 PM PDT There was no fresh tangible material before the Assessing Officer to reach a reasonable belief that the income liable to tax has escaped assessment. The order passed originally on 29th March 2005 under Section 143(3) of the said Act was passed after the respondent had made adhoc claim for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Deduction u/s. 80IB cannot be denied by virtue of surrender of claim before A.O. Posted: 15 Jul 2012 08:26 PM PDT Claim for deduction under Section 80IB cannot be denied in this year based on the findings given by the Assessing Officer or by the virtue of surrender of claim before the Assessing Officer. It is a duty casts upon the Assessing Officer or to the appellate court to see that if a deduction or a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Wealth Tax – To claim exemption of SOP, stay in house not mandatory Posted: 15 Jul 2012 08:25 PM PDT In the instant case, the property in question is residential house, which has not been let out or used for the purpose other than residential. Therefore, even though the assessee did not stay in the house so long, this house is exclusively for residential purpose. Therefore, the conditions as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Excise Dues of company cannot be recovered from its directors or shareholders Posted: 15 Jul 2012 08:23 PM PDT It is an undisputed position that duty and penalty are arrears of the company. It was the company that was the person engaged in manufacture of goods and registered as manufacturer under section 6 of the said Act and therefore obliged to pay excise duty. Further under the Act and the Rules, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income earned & received outside India by non-resident not taxable on remittance to India Posted: 15 Jul 2012 08:22 PM PDT In this case, the right to receive the brokerage and commission always remained outside India and what was received by the assessee in his Indian bank account is a subsequent remittance of funds from foreign accounts to Indian accounts. As far as the assessee is concerned, the right to receive the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Enhanced Leased rental to acquire asset of enduring nature is capital expenditure Posted: 15 Jul 2012 08:21 PM PDT 1. That part of the enhancement of lease rent, which is attributable to Mehta Charitable Trust surrendering its right to purchase khair wood in favour of the assessee company constitutes revenue expenditure. 2. That part of the enhancement of lease rent, which is attributable to improvement and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Share transferred by promoters before listing not eligible for exemption U/s. 10(38) Posted: 15 Jul 2012 08:20 PM PDT Yet another issue involved in this appeal is as to whether the capital gain tax, in this case, would be leviable at the normal rate of 20% or at the rate of 10%. Admittedly, capital gain tax at the rate of 10% was payable only in case of 'listed securities'. Since, these shares had been transferred... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] WT – Property subject to ULCA restrictions cannot be valued at market value Posted: 15 Jul 2012 08:10 PM PDT Land in question was declared surplus land under the Urban Land [Ceiling & Regulation] Act, 1976 which was having depressing effect on the value of the asset, the valuation had to be made on the basis of assumption that the purchaser would be able to enjoy the property as the holder, but with... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Series of orders – Limitation Period commences from original order date Posted: 15 Jul 2012 06:46 AM PDT Hon'ble Supreme Court in the case of CIT v. Alagendran Finance Ltd. [2007] 293 ITR 1/162 Taxman 465, has considered the period of limitation for the purpose of section 263 in a case where a series of orders were passed by the assessing authority in the case of that assessee. The Hon'ble Supreme... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] WT- Mere letting of office premises cannot put them in the category of commercial establishment or complex Posted: 15 Jul 2012 06:34 AM PDT When the assessee is not in the business of leasing out of the property and the intention of letting out the premises in question was not to exploit the business assets in relation to the business of the assessee then the said property would not fall under the exception as provided u/s 2(ea)(i)(5)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Profits earned by charitable trust from construction projects not exempt u/s.11, but deductible u/s. 80-IB(10) Posted: 15 Jul 2012 06:18 AM PDT The Assessee's claim for deduction u/s.80-IB(10) of the Act for AY 2009-10, in so far as it relates to the profit derived from developing housing project, cannot be regarded as income of a charitable trust or institution within the meaning of Sec.11(1)(a) of the Act, because carrying on of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 132A Validity of Issue of warrant of authorization Posted: 15 Jul 2012 06:05 AM PDT In the instant case, Amish Kumar Patel in his statement under Section 131 of the IT Act has nowhere said that the money in question belonged to the petitioner's firm or was to be delivered to it. Instead, he has stated that the money in question was handed over to him by Praveen Bhai who was found... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Nnotification issued u/s. 90A(3) cannot interpret terms used in Double Taxation Avoidance Agreement Posted: 15 Jul 2012 05:56 AM PDT When a notification is issued exercising the powers conferred under sub-section (3) of Section 90A of the Act, it can have effect only on those types of agreement mentioned in sub-section (1) thereof. If such a notification goes beyond that mandate, it will have to be ignored to the extent it goes... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxability of Fee for technical services rendered in connection with prospecting for or extraction or production of mineral oil Posted: 15 Jul 2012 04:18 AM PDT From decision in case of CGG Veritas Services, SA (supra) it is clear that (i) fee for technical services having business PE or fixed place of profession will be assessable under section 44DA, (ii) fee for technical services without having business PE or fixed place of profession will be assessable... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If material/evidence not enclosed with return but disclosed original assessment proceeding, reopening not justified Posted: 15 Jul 2012 03:44 AM PDT We may also notice that the proviso to Section 147 of the Act is fully applicable as the assessee had disclosed all the materials facts at the time of original assessment. Even if the materials/evidence was not enclosed with the return, full and true details/material was disclosed during the course... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] A.O. cannot ask Assessee to prove source of source if he do not have any material to prove non-genuineness Posted: 15 Jul 2012 03:34 AM PDT The fact that the Assessing Officer had accepted part of the loans indicates that the Assessing Officer not only accepted the identity and genuineness of the creditors but also the creditworthiness of the creditors. However, he chose to disallow a part of the loan without bringing on record any... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Expense cannot be disallowed if TDS paid before I.T. Return Filing Posted: 15 Jul 2012 03:24 AM PDT In the facts of the present case, the assessee had deducted tax at source out of payments made to contractor totalling Rs. 1,21,75,828 which was deposited on 8-7-2008. The due date for filing return of income of the assessee was 30-9-2008. Following the ratio laid down by the Calcutta High Court in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Jurisdictional Commissioner of assessee not to be nominated as member of DRP Posted: 15 Jul 2012 03:18 AM PDT In the case of Hyundai Heavy Industries Ltd. v. Union of India [2011] 12 taxmann.com 309/201 Taxman 237 of Uttarakhand High Court (Uttarakhand), it has been observed that a jurisdictional Commissioner is not to be nominated as a member of the DRP under rule 3(2) of the Rules. By doing this, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reporting Under Clause 4 (iii) & (v) OF CARO, 2003 Posted: 15 Jul 2012 02:16 AM PDT Under the provisions of Section 299 of the Companies Act, 1956, every director of a company, whether directly or indirectly, who is concerned or interested in a contract or arrangement entered or to be entered, is required to disclose the nature of his concern or interest at the meeting of Board of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] XBRL Filing For The Financial Year 2011-2012 Posted: 15 Jul 2012 02:06 AM PDT XBRL (eXtensible Business Reporting Language) is a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. Its major benefits include ease in preparation, analysis and communication of business information by the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Direct Investments Outside India Posted: 15 Jul 2012 01:56 AM PDT (1) Overseas investments in Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS) have been recognised as important avenues for promoting global business by Indian entrepreneurs. Joint Ventures are perceived as a medium of economic and business co-operation between India and other countries.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Winding up petition cannot be rejected on the ground that net worth of respondent-company is positive Posted: 14 Jul 2012 10:43 PM PDT If there is no dispute as to the company's liability, it is difficult to hold that the company should be able to pay its debts merely by proving that it is able to pay the debts. If the debt is an undisputedly owing, then it should be paid. If the company refuses to pay, without good reason, it... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] In the absence of any valid agreement appellant cannot seek a direction to Official Liquidator Posted: 14 Jul 2012 09:58 PM PDT If the argument of the appellant were to be accepted, it would make the provisions of compulsory registration under the Registration Act redundant and otiose. Thus the appellant, in the absence of any valid agreement can neither seek a direction to the Official Liquidator nor will any purpose be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Chemist association held guilty of taking anti-competitive measure Posted: 14 Jul 2012 09:48 PM PDT a. In the appointment of stockists by way of issue of 'NOC' and regulating the number of stockists in contravention of Section 3(3)(b) of the Competition Act, 2002. b. In preventing and restricting the retailers from allowing discounts to the consumers in contravention of Section 3(3)(a) of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Refusal to convert warrants into equity shares cannot constitute ingredients of complaint u/s. 397/398 of Companies Act Posted: 14 Jul 2012 09:46 PM PDT The refusal of OSIL to convert 35,00,000 warrants held by Bhushan Energy Limited into equal number of equity shares may amount to a breach of contract but such breach of contract cannot constitute the ingredients of a complaint under Sections 397, 398, 402 and 403 of the Companies Act. As decided... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Foreign Investment in India – Master Circular No. 15/2012-13 Posted: 14 Jul 2012 08:48 PM PDT Master Circular No. 15/2012-13, dated 2-7-2012 -Foreign investment in India is governed by sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. The regulatory framework and instructions... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Export of Goods and Services – Master Circular No. 14 /2012-13, Posted: 14 Jul 2012 08:45 PM PDT Master Circular No. 14 /2012-13 , dateD 2-7-2012 Export of Goods and Services from India is allowed in terms of clause (a) of sub-section (1) and sub-section (3) of Section 7 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]