Control on count of Tax Audits, No Option to download Final Acknowledgment

IT – Control on count of Tax Audits, No Option to download Final Acknowledgment Posted: 23 Nov 2012 07:40 PM PST Government has put the facility for CAs to upload 3CA, 3CB, 3CD etc. If Govt. makes upload of the same compulsory from AY 2013-14 by making appropriate rules under I T Rules, 1962, then we will be able to track - how many reports are filed with the department in our name? [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Applicability of Service Tax for Software Freelancer Posted: 23 Nov 2012 06:51 PM PST Software is not exempted from Service Tax because it does not appear in the List of Negative Services. Service Tax shall be levied or not is decided on case to case basis depending upon the location of service recipients. If the service recipient is located outside India, Service Tax is not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ITAT introduces 'e-bench' to hear appeals through video conferencing Posted: 23 Nov 2012 06:18 PM PST It is directed that appeals and applications fixed before the Income Tax Appellate Tribunal, Nagpur Bench will be heard through Video Conferencing by the Members of the ITAT sitting at ITAT, Mumbai. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Registration to a trust can be denied if it was charging fees for citizen services in addition to statutory fees Posted: 23 Nov 2012 10:02 AM PST The present society is doing its business and charging huge fees from the public which was in addition to the prescribed fee of the Punjab Government. Even otherwise, the fees charged by the present society is in addition to the burden forced upon the common-man. Because of this service has to be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income from sale of abandoned cargo by a custodian of goods not liable to Service tax Posted: 23 Nov 2012 07:41 AM PST The counsel for the appellant submits that in Board's Circular No. 11/1/2002-TRU dated 01/08/2002 it has been clarified that Service Tax is not leviable on the activities of the custodian when he auctions abandoned cargo and VAT/ST is paid in respect of such cargo. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxability of Share Profit of Assessee maintaining separate investment and trading portfolio Posted: 22 Nov 2012 10:47 PM PST There is no dispute that the assessee is maintaining two separate portfolios i.e. investment portfolio and trading portfolio. The A.O. has admitted the said position consistently in the past. It is pointed out that the shares in question which are subject matter of short term capital gain and long... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Extension of time to submit ITR-V cannot validate a time-barred S.143(2) notice Posted: 22 Nov 2012 09:40 PM PST The scheme frame by the CBDT clearly says that where the return was filed electronically with digital signature the acknowledgment generated electronically shall be evidence for filing of the return. Wherever, the return was filed electronically without digital signature, on successful... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Water supply project not coverd under Erection, Commissioning or Installation Services Posted: 22 Nov 2012 08:18 PM PST Water supply project is an infrastructure facility and a civic amenity which the State provides in public interest and not an activity of commerce or industry. Therefore, the appellants are not covered under the category of Erection, Commissioning or Installation Services." Following the precedent... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No addition to income for festival discount given, if the same is Practice in Industry Posted: 22 Nov 2012 08:10 PM PST The question, whether the above difference between the fair market price and the concessional price should or should not be added to the total income of the assessee(s) Society, needs to be re-looked by Commissioner of Income Tax (Appeals) [for short, 'CIT(A)']. Apart from the afore-stated... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regulatory function performed by BIS is not a business activity Posted: 22 Nov 2012 08:08 PM PST Statutory bodies (including BIS) are empowered to frame rules or regulations, exercise coercive powers, including inspection, raids; they possess search and seizure powers and are invariably subjected to Parliamentary or legislative oversight. The primary object for setting up such regulatory... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Penalty cannot be presumed to be passed on to another person Posted: 22 Nov 2012 08:08 PM PST In view of the presumption in the law that an penal liability can never be passed on to another person who has not committed the offence, the view taken by the Tribunal in the case of Offshore Hook-up that department has to prove that unjust enrichment would mean that some extra effort is required... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Order passed by appellate authority without application of mind liable to be set aside Posted: 22 Nov 2012 08:05 PM PST Appellate authority has not applied his own independent mind to various issues involved in the appeal and various contentions raised by the appellant. It stand simply observed by the appellate authority that all the issues stand discussed in detail by the adjudicating authority and he find himself... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – Penalty u/s. 76 and 78 cannot be levied simultaneously Posted: 22 Nov 2012 08:05 PM PST As regards the judgment relied upon by the learned SDR in the case of Bajaj Travels Ltd. (supra) I find that the issue involved in the: case was the issue therein the show cause notices were issued prior to 10.05.2008, i.e. on 17.10.2005 invoking the provisions of sections 76 and 78 of the Finance... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee can resort to section 264 proceedings, even if he has approached appellate authority Posted: 22 Nov 2012 08:05 PM PST The penalty was based on certain quantum additions. Such additions came to be deleted by the Commissioner(Appeals). Further appeal by Revenue before the Tribunal was rejected. When the Commissioner was deciding the revision petition of the assessee, what was prevailing was the order of the Tribunal. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] India Do not have the Concept of Tax Free Zones Posted: 22 Nov 2012 07:59 PM PST There is no concept called Tax Free Zones as such in operation. However, there are schemes like Special Economic Zones (SEZs) and Export Oriented Units (EOUs) which provide tax exemptions. Both above schemes are administered by the Department of Commerce. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CItywise detail of Income tax Search in last 3 and half years Posted: 22 Nov 2012 07:56 PM PST The Income tax Department conducts search and seizure operations based on the credible companies, association of 'persons' which includes individuals, hindu undivided families (HUFs), firms, companies, association of persons (AoPs), body of individuals (BoIs), local authorities and any artificial... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Today is last date to E-File Non-XBRL 23AC and 23ACA without additional fees Posted: 22 Nov 2012 07:49 PM PST General Circular No.38 /2012 , Dated 23.11.2012 In continuation of General Circular No. 30/2012 dated 28.09.20 12 on the subject cited above, I am directed to say that Due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI (applicable for the accounting year... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Measures for promoting cost efficiency of imports by Indian Trade and Industry – regarding Posted: 22 Nov 2012 07:42 PM PST Trade has represented that with the growing container traffic in India, allowing the importers to transfer the goods from foreign containers to domestic shipping containers under Customs supervision in respect of imported goods lying uncleared for more than five days in a Customs area (CFSs /... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]