Income Tax Refund stuck – Steps to take & Reasons for Delay

Income Tax Refund stuck – Steps to take & Reasons for Delay Posted: 03 Jul 2012 08:22 PM PDT Unfortunately in our country, many honest tax-payers have pending income tax refunds. Whether it's the Income Tax (I-T) department's lethargy or the growing number of tax payers, delayed refunds remain high on the list of complaints against the department. One of the challenges for any tax payer is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Lesser Known Tax Saving Tips / Deductions Posted: 03 Jul 2012 08:20 PM PDT For most of the people 'tax savings' brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1 lakh under 80C. and upto Rs. 20,000 under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Wealth Tax on agricultural lands in urban area Posted: 03 Jul 2012 08:19 PM PDT Finance Act, 1992 made suitable amendments to the Wealth Tax Act and sec. 2(ea)(v)(b) defines "urban land". But it does not clearly explain the status of agricultural lands situated in urban areas. In spite of that, the income tax authorities were giving exemptions to such lands till recently. ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Lease Rent – Only Finance charge represents the revenue receipt Posted: 03 Jul 2012 08:18 PM PDT Prakash Leasing Ltd. v. DCIT - The lease rentals is not the real income of the assessee. The lease rental consists of financing charge as well as capital recovery. The amount received towards capital recovery constitute the capital expenditure, whereas the financing charge represents the revenue... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment cannot be from retrospective date Posted: 03 Jul 2012 08:10 PM PDT In a breather for exporters, Gujarat High Court has held that amendment to Section 80-HHC of Income Tax Act, 1961 cannot have retrospective effect.The amendment made by Taxation Law (Amendment) Act, 2005 to section 80-HHC, sought to withdraw incentives granted to exporters, but was implemented... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI Disciplinary Committee obliged to offer opportunity of being heard & to comply with principles of natural justice Posted: 03 Jul 2012 08:09 PM PDT Talluri Srinivas v. ICAI (Delhi HC)- Section 21B(3), read with rule 18 of the Rules makes it clear that the Disciplinary Committee is obliged to offer the member, whose conduct is under examination, an opportunity of being heard and to comply with the principles of natural justice. In the instant... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] A.O. may reject Books of Account if Assessee does not furnish proper records of production Posted: 03 Jul 2012 08:09 PM PDT The discrepancies pointed out by the Assessing Officer while rejecting the book results have not been satisfactorily explained by the assessee. The Assessing Officer has observed that although the quantity of cotton seed, mustard and groundnut crushed during the previous year were shown separately... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] EPB balance can be credited in joint bank a/c maintained with spouse Posted: 03 Jul 2012 08:07 PM PDT In order to rationalize and simplify the process of settlement and also to curb the return/rejection ratio of the received claims, it is decided that henceforth amount of Provident Fund accumulation/ withdrawal benefit may also be credited in the joint bank account of the member, if member opts for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No disallowance for non-deduction of TDS on reimbursement of Expenses Posted: 03 Jul 2012 08:05 PM PDT Mitra Logistic Pvt. Ltd. V. ITO - There is no dispute about the fundamental posit ion that as long as the payments are for reimbursements, and not expenditure, the tax deduct ion obligations do not come into play and accordingly, disallowance u/s. 40(a)(i ) cannot be made either. In support of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Applicability of Service tax on Domain Name Registration Services Posted: 03 Jul 2012 08:04 PM PDT As per the Finance Bill, 2012, of Govt. of India, there have been vast changes in the taxation provisions relating to Service Tax. As per the new provisions, services of all types unless these have been specifically exempted in the negative list ( Vide Notification No. 25/2012-Service Tax Dated ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 635 – Production of certified copy of order of company court sufficient for its execution by executing Court Posted: 03 Jul 2012 08:04 PM PDT The procedure to be followed in the matter of execution of the order made by the company court is different from that laid down in the Code of Civil Procedure. As per section 635, it is sufficient to produce to the Court which is required to execute its order, a certified copy of the order sought... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] GTA service from factory gate to port of shipment is an input service & Eligible for Cenvat Credit Posted: 03 Jul 2012 08:00 PM PDT Hon'ble Tribunal in the case of Commissioner of Central Excise, Rajkot v. Adani Pharmachem (P.) Ltd. - 2008 (12) STR 593 (Tri-Ahmd) cited by the appellants has held that in case where the sale is on FOB/CIF basis, the place of removal has to be load port only. Further in the case of Cauvery Stones... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Railways Takes Steps to Combat Misuse of Tatkal Tickets Posted: 03 Jul 2012 07:36 PM PDT In addition, it has further been decided to change the time of booking of Tatkal tickets at the counters from existing 8.00 A.M. to 10.00 A.M. with effect from 10th July, 2012 to avoid congestion in the morning hours at counters for the normal advance booking passengers. The restriction on the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer & Postings in the cadre of Asst./Deputy Director of Income Tax Posted: 03 Jul 2012 07:34 PM PDT Office Order ( Transfer and Postings in the cadre of Asst./Deputy Director of Income Tax Under various Directorates of International Taxation) Download the Order [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendments to schedule entries under Maharashtra Value Added Tax Act, 2002 Posted: 03 Jul 2012 07:17 PM PDT Trade Cir. No.9T of 2012 To give effect to the Budget proposals certain changes in the schedule entries under the Maharashtra Value Added Tax Act,2002 are made by the above referred notification. These changes in tax rates are effective from 1st April 2012 (except otherwise stated) and are briefly... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Distributions of Non-cash Assets to Owners [IFRIC 17 under IFRS] Posted: 02 Jul 2012 09:11 PM PDT The International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 17 Distributions of Non-cash Assets to Owners. IFRIC 17 is to be applied prospectively for annual periods beginning on or after 1 July 2009. This Interpretation provides guidance on the appropriate accounting... [[ This is a content summary only. 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