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Nov 22, 2012

Whether interest on housing loan is eligible for a double deduction?

Whether interest on housing loan is eligible for a double deduction?

Posted: 22 Nov 2012 07:25 PM PST

In a recent judgment by the Chennai Tribunal in the case of ACIT v C. Ramabrahmam (2012) 27 104 (Chennai - Trib.), interest on housing loan which was claimed as a deduction under section 24(b) [while computing income from house property] was also deducted by the assessee under section...

How to View Form 26AS of Famous Personalities?

Posted: 22 Nov 2012 04:23 AM PST

We all know that the Govt. has launched a new website of Income Tax E-filing. Have you seen Form 26AS of well-known persons like Ambanis, Tatas, Deols etc? Earlier it was not possible for all to see this, but now on new I T E-filing website it is possible for all CAs.

MVAT Audit Due (Form 704) date extended to 15th January, 2013

Posted: 22 Nov 2012 04:00 AM PST

Commissioner of Sales Tax in Maharashtra has informed to defer the submission of VAT Audit Report in Form 704 under the MVAT Act, 2002 to 15th of January, 2013 from the scheduled due date of 30th November, 2012. A Notification to this effect is expected on coming Monday, the 12th November, 2012.

Penalty After Surrender Via Revised ROI u/s. 271(1)(c) – High Court Explains Law

Posted: 22 Nov 2012 02:30 AM PST

The question of concealment of income and whether the revised return was filed voluntarily or not is a question of fact to be examined and decided upon the facts and circumstances of the each case and, therefore, it was not permissible to the Tribunal to merely rely on earlier orders where this...

Difference in applicability of Cost Compliance Report & Cost Audit Report

Posted: 22 Nov 2012 12:24 AM PST

With issue of various circulars, cost audit orders and notifications with regard to Cost Accounting, the MCA has set the stage for collection of the authentic information (duly approved by Bard of Directors and verified by a Cost Accountant) with regard to various industries for use by various...

Arrears of salary not covered by section 43B of Income Tax Act

Posted: 22 Nov 2012 12:23 AM PST

Arrears of salary and other benefits payable to employees, is not covered by Section 43-B at all. Such liabilities are not contributions to provident fund, superannuation or any other fund or plan which the employer is obliged to extend to its employees to fulfill its statutory or contractual...

Sponsoring of the trainee in the field not related to assessee's business isn't allowable

Posted: 22 Nov 2012 12:19 AM PST

The business of the company which is principally in the area of manufacturing and marketing of plastic pouches cannot justify the sponsoring of the trainee for overseas education in computer software development and accounting. Even for accounting purpose of the company no employee is required to...

Service Tax – Penalty waived of as assessee was under bona-fide belief that transaction wasn't a service

Posted: 21 Nov 2012 11:38 PM PST

Assessee held a bona fide belief that it was liable to pay customs duty on the drawings and designs imported by it as the same were goods. Under the circumstances, no mala fide intention could be attributed to it in not discharging the service tax liability under the category of Intellectual...

Mobilization Charges from prospecting of oil and natural gas is to be taxed u/s. 44BB

Posted: 21 Nov 2012 10:56 PM PST

 A reading of Sedco Forex International Inc. (supra), makes it clear that revenues on account of mobilization are to be brought to tax in India. Sedco Forex International Inc. (supra) has been rendered by the Hon'ble Uttarakhand High Court, which happens to be the jurisdictional High Court in...

HC dismissed writ petition as petitioner had alternate remedy to approach CESTAT

Posted: 21 Nov 2012 10:52 PM PST

In view of the submissions made by the learned counsels appearing on behalf of the petitioner, as well as the respondents, and on a perusal of the records available, it is noted that an appellate remedy is available to the petitioner to challenge the impugned order passed by the third respondent,...

Input credit of service tax can be taken only if the output is a service liable to service tax

Posted: 21 Nov 2012 10:43 PM PST

No Cenvat credit on construction service if assessee is engaged in renting of immovable property - Commercial or industrial construction service or works contract service is an input service for the output service namely immovable property. Immovable property is neither subjected to central excise...

In case of set off of business loss vis-à-vis depreciation, first preference shall be given to business loss

Posted: 21 Nov 2012 10:31 PM PST

A simple reading of this section suggests that in case of set off of business loss vis-a-vis depreciation, the first preference shall be given to the business loss as per the provisions of Sec. 72(1) of the Act for the simple reason that the business loss can be carried forward only upto 8...

Improvement of leasehold premises eligible for deduction

Posted: 21 Nov 2012 09:53 PM PST

The Tribunal made a limited remand to the lower authorities to determine the exact nature and quantum of brick work which would entitle the assessee to the deduction claimed under section 37 which is limited to Rs. 2.75 crores.

Value of Purchased study material supplied to students not includible in the value of commercial coaching services

Posted: 21 Nov 2012 09:39 PM PST

The department has issued clarification vide circular No.59/8/2003-ST dated 20.6.2003 and as per the said clarification, it was clarified that in case of commercial training and coaching institutes, the exclusion shall apply only to the sale value of standard textbooks, which are priced. Any study...

No Deduction u/s.10A for STPI unit demerged from assessee

Posted: 21 Nov 2012 09:05 PM PST

From a reading of section 10A(7A), it is clear that its provisions apply to a situation where an undertaking whose income is deductible under section 10A is transferred in a scheme of amalgamation or demerger before the end of the specified 10 years. In the present case the STPI undertaking of the...

Steps taken by Government to increase tax collection

Posted: 21 Nov 2012 08:10 PM PST

Direct Taxes - Monitoring of Advance Tax payment especially by top taxpayers; Emphasis is also given to monitor Advance tax payers that have to pay Alternate Minimum Tax applicable from the Financial Year;

SEBI : Roll-over facility and liquid index ETFs introduced in Securities Lending and Borrowing Framework

Posted: 21 Nov 2012 11:25 AM PST

Any lender or borrower who wishes to extend an existing lent or borrow position shall be permitted to roll-over such positions i.e. a lender who is due to receive securities in the pay out of an SLB session, may extend the period of lending. Similarly, a borrower who has to return borrowed...

Seeks to impose customs duty on skimmed milk powder by amending notn No. 12/12- Cus dt 17/3/2012

Posted: 21 Nov 2012 09:22 AM PST

Notification No. 59/2012-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the...

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