Penalty / Consequence of Late Income Tax Return Filing

TDS U/s.194I not applicable on parking & landing charges paid by airlines Posted: 25 Aug 2012 08:59 PM PDT Given the definition of 'lease or tenancy' and the definition of 'rent' as appearing in Section 194 I Explanation, unless the payment is with reference to the use of any specified land or a building, payment made for availing of the services as in the nature landing or parking, as available in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Penalty / Consequence of Late Income Tax Return Filing Posted: 25 Aug 2012 07:42 PM PDT Due date of filing of Income Tax Return for Assessment Year 2012-13 ….. 1. In case of person who are not liable to get their Accounts Audited is 31st August 2012 (extended from 31st July 2012) 2. In case of person whose accounts are liable to be audited under any law is 30th September 2012 and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Toppers of CS June 2012 Examination & All India Provisional Merit list Posted: 25 Aug 2012 07:07 PM PDT LIST OF FIRST 25 TOP RANKERS WHO HAVE PASSED ALL PAPERS OF FOUNDATION PROGRAMME, EXECUTIVE PROGRAMME AND PROFESSIONAL PROGRAMME EXAMINATIONS WITHOUT EXEMPTION IN ANY PAPER, IN ONE SITTING, IN JUNE , 2012 : [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Additional depreciation cannot be limited to 50% by condition of usage of asset for 180 days Posted: 25 Aug 2012 06:44 PM PDT Thus, the assessee had earned the benefit as soon as he had purchased the new plant and machinery in full but it is restricted to 50% in that particular year on account of period of usages. Such restrictions cannot divest the statutory right. Law does not prohibit that balance 50% will not be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 80-IB deduction cannot be denied on job work income Posted: 25 Aug 2012 06:28 PM PDT There is no dispute to the fact that the eligible business of the assessee is manufacturing of biscuits and the assessee has received the conversion charges by carrying out the manufacturing process on behalf of ITC Ltd. The word 'manufacture' is of much wider connotation and would include any... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee can set-off capital loss arising from sale of shares to sister concern Posted: 25 Aug 2012 06:20 PM PDT In the present case, it is not even the case of the Revenue that shares were sold at a price lower than the market rate. If that be so, the question of inflating the loss by transferring the shares to group company would not arise. Under ordinary circumstances, it is always open to the assessee in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Excess amount paid on amalgamation is Goodwill & eligible for depreciation u/s 32 Posted: 25 Aug 2012 06:12 PM PDT In the present case, the Assessing Officer, as a matter of fact, came to the conclusion that no amount was actually paid on account of goodwill. This is a factual finding. The Commissioner of Income Tax (Appeals) ['CIT(A)', for short] has come to the conclusion that the authorised representatives... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Remuneration to Professional taxable as salary if he is governed by same rules as employees of the payer Posted: 25 Aug 2012 12:29 PM PDT A careful perusal of the appointment order issued to the doctors shows that a fixed monthly amount was paid by the assessee as remuneration and it is in no way concerned with the fees received from the patients treated by them. The appointment letter was issued to the concerned doctor on the basis... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If no information given in return found to be incorrect / inaccurate, the assessee cannot be held guilty of furnishing inaccurate particulars Posted: 25 Aug 2012 12:00 PM PDT A glance at the provisions of section 271(1)(c) of the Income-tax Act, 1961, suggests that in order to be covered by it, there has to be concealment of the particulars of the income of the assessee. Secondly, the assessee must have furnished inaccurate particulars of his income. The meaning of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBi ask banks to allow premature withdrawal of FD on death of one of joint account holders without any penalty Posted: 24 Aug 2012 08:07 PM PDT The Reserve Bank of India (RBI) has asked regional rural and co-operative banks to modify Fixed Deposit account opening forms to allow premature withdrawal of FD on death of one of the joint account holders without any penalty. Under the modified norms, it will be easier for the surviving joint... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]