TDS Rates / Chart for A.Y. 2013-14 / F.Y. 2012-13

TDS Rates / Chart for A.Y. 2013-14 / F.Y. 2012-13 Posted: 01 Jul 2012 08:50 PM PDT TDS Rates / Chart Under Income Tax Act, 1961 for Financial Year 2012-12/ Assessment Year 2013-14 on Salary (Section 192) , Interest on Specified & Other Securities (Section 193), Deemed Dividend & Other Dividend , Interest other than interest on security, Winning from Lotteries, Winning... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Certificate by DSIR must to claim deduction for R&D activity u/s. 35(2AB) Posted: 01 Jul 2012 08:49 PM PDT The Gujarat High Court in CIT v. Claris Lifesciences Ltd. [2010] 326 ITR 251/[2008] 174 Taxman 113 detailed in no uncertain terms that the cut-off date mentioned in the certificate issued by the DSIR would be of no relevance. What is to be seen is that the assessee was indulging in R&D... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Wealth tax Payable on property deemed to be belonging to assessee Posted: 01 Jul 2012 08:45 PM PDT The words 'belonging to' have to be read along with the Explanation of section 4 and under this Explanation the expression 'transfer' includes any agreement or arrangement. The assessee, in the instant case, was allotted the land by the State Government. It constructed sheds thereupon and rented... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notifications should not allowed to be missile attacks on budding industries Posted: 01 Jul 2012 08:37 PM PDT Another caveat on legislative practices, particularly subordinate legislation and executive policy decisions and the decision making process, which is amenable to judicial review by courts is that, it is high time that subordinate legislations in the form of notifications issued by Executive should... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Expenditure on purchase of software is revenue expenditure Posted: 01 Jul 2012 05:37 AM PDT The first issue being: the treatment to be accorded to expenditure incurred by the assessee on purchase of software applications. These applications being: MS Office Software, Anti Virus software, Lotus Notes Software and Message Exchange applications. The assessee in respect of these applications... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Typewriter is a machinery for depreciation under Income Tax Act Posted: 01 Jul 2012 05:30 AM PDT Supreme Court in the case of CIT v. Mir Mohammed Ali [1964] 53 ITR 165 had considered the meaning of the word 'machinery' and pointed out that the word is not a technical term and in the absence of any definition under the Act, ordinary meaning would prevail. Indeed rule 8 of the Income-tax Rules... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Sec. 80-I deduction not available on Bank Interest & transportation charges Posted: 01 Jul 2012 05:09 AM PDT Normally, transportation is after or post manufacture. The onus was on the assessee to show and establish that, because of the peculiarity of facts, transportation charges should be treated as sale proceeds or part of sale proceeds of the goods manufactured and were intrinsically connected and had... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Gift from friends not to be doubted because not received from blood relative Posted: 01 Jul 2012 04:57 AM PDT The assessee, while filing her initial return of income, disclosed her income to be Rs. 1.34 lakhs in the relevant assessment year and the said return finds mention of receiving gift of Rs. 2.50 lakhs from 'A'. In the revised return the said amount of gift was declared as part of her income. Thus,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Provision for ascertainable liability deductible in book profit calculation Posted: 01 Jul 2012 04:49 AM PDT important thing to appreciate here is that the provision created is on account of ascertained liability and the same should logically be excluded out of the calculation of book profits Clause (c) of Explanation (1) of Section 115JB. If the argument of the AO is accepted then every creation of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Constitutional validity of Restricted Input tax credit on inter-state stock transfers? Posted: 01 Jul 2012 12:20 AM PDT Most of the States have legislated provision in their respective VAT Acts for allowing a restricted input tax credit on the goods purchased within State if such goods are transferred outside the State otherwise than as sale. Ussualy Input tax credit in such cases is allowed only in excess of 4% or... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If A.O. not mention diffrence between value estimated by departmental & assessee's valuer in his Assessment Order, it would be erroneous Posted: 30 Jun 2012 10:16 PM PDT In our considered opinion the order passed by the Assessing Officer shows complete non application of mind. He has not discussed as to what was the difference between the value estimated by the departmental valuer as also given by the assessee's valuer and what was the reason for determining the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Most services to come under tax net from today Posted: 30 Jun 2012 10:11 PM PDT All services except those which are in the negative list will become expensive from today 01.07.2012 with the implementation of the new service tax regime. With the exception of 38 services, which figure in the negative list, all other activities would attract 12% tax. The government had earlier... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Right to use software in respect of copyrights falls within mischief of royalty Posted: 30 Jun 2012 10:00 PM PDT Transfer of right to use software/computer programme in respect of copyrights would fall within mischief of royalty - In both the cases, it was held that consideration paid by the Indian customers or end-users to the assessee-a foreign supplier, for transfer of the right to use the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax payable on specified services – Corrigendum Posted: 29 Jun 2012 10:17 PM PDT Notification [F. No.334/1/2012 -TRU], dated 29-6-2012 In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 30/2012- 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! ]] Exemption to Specified Services Received By Exporter of Goods – Corrigendum Posted: 29 Jun 2012 10:13 PM PDT In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 31/2012-Service Tax, dated the 20th June, 2012 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 473 (E), dated the 20th June, 2012, in the... [[ This is a content summary only. 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