E FILING of Income Tax Return – Do’s, Don’t’s & Common Errors

E FILING of Income Tax Return – Do's, Don't's & Common Errors Posted: 02 Aug 2012 08:30 PM PDT Impact of Errors made while filing returns - • Returns can be classified as defective u/s 139 (9) and in some scenarios the return can be declared in valid / Non Est. ITD is not introducing this concept to cover certain types of errors in order to prevent future grievances • ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Dos and Don'ts for printing & submitting of ITR-V Posted: 02 Aug 2012 11:49 AM PDT 1)                  Please use Ink Jet /Laser printer to print the ITR-V Form. 2)                  The ITR-V Form should be printed only in black ink. 3)                  Do not use any other ink option to print ITR V. 4)                  Use of Dot Matrix printer should be avoided.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessment can't be held void if search warrant issued in joint names Posted: 02 Aug 2012 04:20 AM PDT In the present case we find that the warrant of authorisation under Section 132 of the Act has been issued on 10th November, 2006 in the joint name of three persons. We are, therefore, of the considered opinion that in view of the provisions of Section 292CC, as inserted by Finance Act, 2012 in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income from sale of Government Securities is 'capital gains', not 'interest' under DTAA Posted: 02 Aug 2012 04:12 AM PDT As regards, more particularly, government securities, and bonds and debentures, the text specifies that premiums or prizes attaching thereto constitute interest. Generally speaking, what constitutes interest yielded by a loan security, and may properly be taxed as such in the State of source, is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If there is no relevant notification, land within 8 kms of municipality limits deemed to be an 'agricultural land' Posted: 02 Aug 2012 04:06 AM PDT It is not in dispute that the Central Government has not issued any notification in terms of section 2(14)(iii)(b). An agricultural land is not a capital asset; it becomes a capital asset if it is the land located under section 2(14)(iii)(a) & (b). Section 2(14)(iii)(a) covers a situation when... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If search warrant mentions name of all partners of firm, search can be conducted in partners premises too Posted: 02 Aug 2012 03:43 AM PDT The contention of the assessee that warrant of authorization was not issued individually in the name of the assessee, thus, the case is distinguishable and the assessee was not prohibited from making any declaration of undisclosed income as the search itself conducted under section 132 was bad,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Business loss can be set off against taxable under other head if such income can be attributed to a business activity Posted: 02 Aug 2012 03:28 AM PDT Division Bench of this Court that the brought forward business loss can be set off against the interest earned by the assessee from bank deposit in the subsequent year, if such interest can be attributed to a business activity of the assessee, notwithstanding that such interest is assessable under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 220 (2) When matter is remanded, interest to be charged from date of fresh demand notice Posted: 02 Aug 2012 03:16 AM PDT In the present case, it is not in dispute that the original assessment order dated 28/2/1997 was set aside by the ITAT with a direction to pass fresh assessment order. Accordingly, fresh assessment order was passed on 24/12/2006 and the demand notice was served on 24/12/2006. As per Section 220(1)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Expl. to s. 73 does not operate in respect of a company whose gross total income consists mainly of income which is chargeable under the heads of interest on securities, income from house property, capital gains & other sources Posted: 01 Aug 2012 09:30 PM PDT Explanation to section 73 does not operate in respect of a company whose gross total income consists mainly of income which is chargeable under the heads of 'interest on securities', 'income from house property', 'capital gains' and 'income from other sources'. In the instant case, the income from... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]