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Oct 10, 2012

Fw: TaxGuru : “TDS on Salary – Provisions – A.Y. 2013-14 / F.Y. 2012-13” plus 14 more

TDS on Salary – Provisions – A.Y. 2013-14 / F.Y. 2012-13

Posted: 09 Oct 2012 08:38 PM PDT

The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2012-13 and explains certain related provisions of the Income-tax Act, 1961 (hereinafter the Act) and Income-tax Rules, 1962 (hereinafter the...

Pay up Defaulted Committed Tax – CBDT

Posted: 09 Oct 2012 07:22 PM PDT

Analysis of e-filed returns filed in the current Financial Year reveals that nearly 29,000 taxpayers, where committed tax payable was in excess of Rs.50,000, have defaulted on the payments aggregating to approximately Rs. 3,770 crores.

Overview of Cyber Laws In India

Posted: 09 Oct 2012 06:44 PM PDT

Cyber is a prefix used to describe a person, thing, or idea as part of the computer and information age. Taken from kybernetes, Greek word for steersman or governor, it was first used in cybernetics, a word coined by Norbert Wiener and his colleagues.

Tax Paid by employer from salary income cannot be added to the income of the assessee

Posted: 09 Oct 2012 09:26 AM PDT

In other words, though the assessee had paid tax of Rs.50.00 lakhs, since the assesses was entitled to reimbursement of Rs.35.00 lakhs from the Company, the salary income (Rs.77.00 lakhs) received by the assesses had to be enhanced by Rs.35.00 lakhs only and not the balance Rs.15.00 lakhs which is...

Two Lease agreement can't be clubbed to determine deemed ownership

Posted: 09 Oct 2012 09:12 AM PDT

Section 269UA(f) does not operate differently merely because the licencee under different agreements is the same. It is always open to a licensor and a licencee to enter into different agreements for different periods. There is nothing in the above provisions that warrants the periods under the...

IT – Draft Report on Retrospective Amendments Relating to Indirect Transfer

Posted: 09 Oct 2012 09:06 AM PDT

Vide Finance Act, 2012, certain retrospective amendments were made in Income-tax Act, 1961 (hereinafter referred to as the Act), intended to clarify and restate the legislative intent of the source rule of taxation for non-residents in India. In particular, they addressed situations where transfers...

Sale of property despite Court's injunction is contempt of Court

Posted: 08 Oct 2012 11:11 PM PDT

This court vide order dated 15.9.2006 gave a clear mandate to the respondent no.4 to seek permission of the court before entering into any sale transaction but the respondents no.1 to 4 in utter disregard and blatant defiance of the said injunction order kept on selling its lands to various buyers...

Adjudicating authority cannot reject authorization granted by approval committee in respect of input services

Posted: 08 Oct 2012 11:01 PM PDT

As regards the refund claim of Rs. 6,66,794/- which has been rejected on the ground that the services to which this amount pertains do not have direct nexus with the authorized operations undertaken by the appellant, this stand of the department is totally incorrect. The Approval Committee which...

Section 44AB not applicable if Assessee not involved in or has no income from business / profession

Posted: 08 Oct 2012 10:56 PM PDT

Section 44AB of the Act becomes operative where there is computation of profits and gains of business or profession as a part of total income. In other words, it has no applicability where the assessee is not involved in or has no income from profits and gains from business or profession.

On dissolution of partnership firm, only firm is taxable on capital gain on Assets distributed to Partners

Posted: 08 Oct 2012 10:19 PM PDT

When the appellant was paid Rs. 15.00 lakhs by Y. Kalyana Sundaram in full and final settlement towards his 50% share on the dissolution of the firm, there was no "transfer" as understood in law and consequently there cannot be tax on alleged capital gain. The appellant was correct in law in...

Order passed by DRP without any reference of Assessee's objection is a non speaking order

Posted: 08 Oct 2012 10:06 PM PDT

On perusal of records, it was found that the assessee has filed detailed objections on selection of two comparables. But the D.R.P. has not made any reference in the impugned order about the objections of the assessee. Thus, the order of the D.R.P. cannot be termed as a speaking order. The said...

Sending the case back back for quantification of amount is not remand

Posted: 08 Oct 2012 09:44 PM PDT

This appeal filed by the department is directed against an order of the Commissioner (Appeals) wherein certain refund claim was held to be admissible to the respondent and the amount for refund was directed to be quantified by the lower authority. The only ground raised in this appeal is that the...

HC has no jurisdiction on Issue of classification of service

Posted: 08 Oct 2012 09:32 PM PDT

High Court has no jurisdiction to entertain this appeal under section 35G of the Central Excise Act, 1944, as held by this Court in the case of CCE v. Mangalore Petrochemicals Ltd. in CEA No.6/2007 disposed of on 01.09.2010. The said question has to be adjudicated by the Apex Court under section...

DGFT – Declarations to be furnished to integrate e-BRC with the schemes under Foreign Trade Policy

Posted: 08 Oct 2012 07:53 PM PDT

The following additional declarations/undertaking will be furnished by applicants filing applications in ANF 3C and ANF 4G at the end of the existing declarations : I/We hereby declare that Freight, Insurance and Commission values as mentioned in the application are based on actual transaction...

Policy for allocation of quota for import of Rough Marble Blocks for Indian companies investing abroad in marble mining

Posted: 08 Oct 2012 07:50 PM PDT

Notification No. 20 (RE-2012)/2009-2014 Import Policy for allocation of quota for import of Rough Marble Blocks by Indian companies investing abroad in marble mining has been notified with an annual quota of 1 lakh MT.

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