How to know residential status of Individual, HUF, Firm & Company under Income Tax Act

Income Tax offices to remain open on 29th & 30th September, 2012 Posted: 28 Sep 2012 08:40 PM PDT The Board has decided that the Income-tax offices all over India shall make special arrangements by opening of receipt counters on 29th & 30th September, 2012 being Saturday & Sunday respectively for the convenience of taxpayers. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Due Date Further Extended for Filing of Annual Returns with ROC Posted: 28 Sep 2012 08:30 PM PDT General Circular No.30/2012 Company holding AGM or whose due date for holding AGM is on or before 20/09/12, the time limit will be 03/11/12 or due date of filing, whichever is later. Company holding AGM or whose due date for holding AGM is on or after 21/09 /12, the time limit will be 22/ 11/ 12... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Kelkar Committee Recommends – Faster Refund, TDS Reconciliation, Mandatory PAN, Higher Interest rate delayed tax payment Posted: 28 Sep 2012 08:30 PM PDT The Direct Taxes Code Bill, 2010 which intends to revamp the law relating to direct taxes is likely to result in considerable unacceptable losses on a continuing basis. Given the low tax-GDP ratio and the existing fiscal crisis, there is absolutely no fiscal space for such large revenue loss.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Delete Annexures I & II to 3cd, Tax Audit to Co-operative Societies – Clarify – ICAI Posted: 28 Sep 2012 08:30 PM PDT For better compliance of the statutory obligations, we recently made a representation to CBDT to review and delete both the Annexures I and II to Form No. 3CD as they have outlived their utility. We are hoping that our request will be accepted by the Department. Further, we also submitted a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Due date for Filing Form 23B Extended to 23.12.2012 Posted: 28 Sep 2012 08:30 PM PDT General Circular No.31/2012 The filing of e-form 23B is extended without any additional fees till 23/12/12 or due date of filing, whichever is later. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 295 of Companies Act, 1956 – An Analysis Posted: 28 Sep 2012 08:17 PM PDT Section 295 of Company Law deals with the loan given to DIRECTORS of the company. It also covers the security or guarantee provided for the same. Let us see in each detail, all the aspects of this section. As per section 295 of Companies Act 1956, previous approval of Central Government is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Special Allowances Where Exemption Depends Upon Actual Expenditure By Employee Posted: 28 Sep 2012 08:02 PM PDT The following allowances are exempt under section 10(14) to the extent the amount is utilized for the specified purpose for which the allowance is received. In other words, in the cases given below the amount of exemption under section 10(14) is – [[ This is a content summary only. Visit my website for full links, other content, and more! ]] How to know residential status of Individual, HUF, Firm & Company under Income Tax Act Posted: 28 Sep 2012 08:00 PM PDT Basic conditions that need to be satisfied to check if an Individual is a resident in India are as follows:- 1) The person must be India in the previous year for a period of 182 days or more 2) The person is in India for a period of 60 days or more during the previous year and 365 days or... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Pension to Salaried – Tax provisions Posted: 28 Sep 2012 07:54 PM PDT There are different situations in which pension is received by an employee. Accordingly the tax treatment for the same also differs. In a situation where pension is received by an employee after retirement but during his lifetime, it is chargeable to tax as follows –To discuss the tax treatment of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Entertainment allowance & its deduction from salary Posted: 28 Sep 2012 07:49 PM PDT Entertainment allowance as per Section 16(ii) is first included in salary income under the head Salaries and thereafter a deduction is given on the basis enumerated in the following points: In the case of a Government employee (i.e., Central Government or a State Government employee), the least... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] House Rent Allowance – Income Tax provisions Posted: 28 Sep 2012 07:47 PM PDT As per Section 10 (13A) and rule 2A exemption in respect of house rent allowance is based upon the following – 1) An amount equal to 50 per cent of the salary, where the residential house is situated at Bombay, Kolkata, Delhi or Chennai, and an amount equal to 40 per cent of the salary where... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Salary Allowances in which Exemption Not Depend Upon Expenditure Posted: 28 Sep 2012 07:44 PM PDT In the cases given below, the amount of exemption does not depend upon expenditure incurred by the employee. Regardless of the amount of expenditure, the allowances given below are exempt to the extent of – [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax Refund on Canellation of Railway Ticket Posted: 28 Sep 2012 07:00 PM PDT In case of refund of passenger fare, if any, refund of Service Tax shall be claimed by the passenger from the concerned Service Tax authority.  No refund shall be made by the Railways on this account.  For the purpose of claiming refund, Chief Commercial Manager (CCM)  office of concerned Zonal... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Monitoring of filing of appeal in HC – Non-receipt of quarterly reports as per CBDT Instruction Posted: 28 Sep 2012 06:08 PM PDT Non-receipt of quarterly reports as per the CBDT Instruction No. 7 of 2011 The CCIT/CIT shall ensure due adherence to this instruction. In order to facilitate monitoring, a register shall be maintained in the office of CIT as per Annexure-IV to this Instruction. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revenue to submit report of cases dismissed by judicial authorities for want of clearance Posted: 28 Sep 2012 06:03 PM PDT 1. List of all the cases which were dismissed by Courts/Tribunal for want of clearance from COD and where revival applications before the respective Courts/ Tribunal have been filed by the Department subsequent to the decision of Apex Court in the case of Electronics Corporation of India Ltd.,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI to accept forms under Direct Entry on on 29th & 30th September, 2012 Posted: 28 Sep 2012 05:27 PM PDT Since the last date of submission of Registration Forms under Direct Entry Scheme for Articled Training is 30th September, 2012 i.e. Sunday, the offices of The Institute of Chartered Accountants of India (ICAI) will remain open on 29th & 30th September, 2012 (Saturday and Sunday) and forms... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT – Clarifications regarding Annexures to be submitted by Developers Posted: 27 Sep 2012 08:49 PM PDT Trade Cir. 18T of 2012 - The format of annexure is made available on website of the Maharashtra Sales Tax Department www.mahavat.gov.in under download banner. The filled yearwise annexure is to be attached with e-mail and to be sent on builderscell@gmail.com e-mail id. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Employees' contribution towards PF paid before Due Date of Return Filing is allowable Posted: 27 Sep 2012 08:32 PM PDT Employees' contribution towards PF paid by the assessee before the due date of filing of return u/s 139(1) of the Act for the assessment year under consideration is admissible. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Penalty on tax payable as per MAT provisions if tax under normal Provisions is Nil Posted: 27 Sep 2012 08:27 PM PDT On identical facts in ITA No. 6600/Mum/2011 wherein we have held that penalty cannot be levied u/s. 271(1)(c) when the income is computed as per the provisions of Sec. 115JB of the Act. In that case, we have followed the decision of Hon'ble Delhi High Court in the case of CIT Vs Nalwa Sons... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] New Nature of Payments have been introduced under OLTAS Challan No./ITNS 281 Posted: 27 Sep 2012 07:06 PM PDT 4 New Categories of payment been added to the existing list of 32 categories. Revised List is follows :- 193 – Interest on Securities 194 – Dividend 195 – Other sums payable to a non-resident 4BB – Winning from Horse race 4EE – Payments in respect of Deposits under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Draft Notification- Grant of Exemption to Shipping Industry from Competition Act, 2002 Posted: 27 Sep 2012 07:01 PM PDT Comments Invited  By 03.10.2012 on Draft Notification regarding Grant of Exemption to Shipping Industry from the purview of Competition Act, 2002.Comments may be sent by mail at dirad4-mca@nic.in or by post to Shri J.B.Kaushish, Under Secretary, Ministry of Corporate Affairs, Shastri Bhawan, New... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 2 % interest subvention and 3% additional subvention for short-term crop loans in 2012-13 Posted: 27 Sep 2012 06:54 PM PDT The interest subvention scheme for providing short term loans to farmers at 7 per cent interest per annum will be continued in 2012-13. An additional subvention of three per cent will be available to prompt paying farmers. In addition, the same interest subvention on post harvest loans up to six... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised Tariff Value of RBD Palmolein, Brass Scraps (All Grades), Gold and Silver Notified Posted: 27 Sep 2012 06:30 PM PDT Notification No. 90/2012-CUSTOMS (N. T.) New Delhi, 28th, September, 2012 S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]