Can Assessing Officer enforce the payment of Advance Income Tax?

S.14A not applicable to income exempt u/s. 50 of SIDBI Act, 1989 Posted: 10 Dec 2012 07:15 PM PST Section 14A would have no application to the present facts. It is not the revenue's case that bad debts have been incurred in relation to income which does not form part of the total income. Section 50 of SIDBI Act, 1989 only exempts payment of income tax. It does not provide that such income of... Can Assessing Officer enforce the payment of Advance Income Tax? Posted: 10 Dec 2012 06:34 PM PST Section 234B and Section 234C provides for the interest payment, in case non-payment/short payment of advance income tax. But can the Assessing Officer enforce the payment of Advance Income Tax? Advance Tax Estimate furnished by assessee u/s. 210(5) cannot be rejected by department Posted: 10 Dec 2012 06:30 PM PST As per the provisions of section 210(5), if an assessee, who receives an order under sub-section (3) or (4) of section 210, feels that his current income would be less than the amount on which advance tax has been demanded, vide such order, he can send an intimation in Form No. 28A to the Assessing... Income Tax – Functioning of Review Committee of Commissioners Posted: 10 Dec 2012 06:20 PM PST Your attention is invited to the statutory provisions by which committee of two Commissioners/Chief Commissioners have been constituted to review the orders passed by the appellate Commissioners/Commissioners as original adjudicating authority. Four Companies found to be operating without Registration Posted: 10 Dec 2012 05:46 PM PST Complaints have been received in respect of the following four Companies, which have been found to be operating without registration or incorporation under the Companies Act, 1956 during the last three years: Pay your tax correctly as Department is keeping track of your income Posted: 10 Dec 2012 05:39 PM PST December 15 is an important day on the calendar of the Central Board of Direct Taxes (CBDT). It is the date on which the third installment of advance tax for corporates and the second installment for all other assesses (including individuals, HUF etc) is due. Concessional Import and Excise Duty Exemption for Setting up of Solar Power Plants Posted: 10 Dec 2012 05:33 PM PST The Minister of New and Renewable Energy, Dr. Farooq Abdullah Informed Rajya Sabha today that as per monthly generation report compiled by Central Electricity Authority, 83.483 MU of grid solar power was produced during August, 2012 and 539.205 MU during the period April, 2012 to August, 2012. Excise Duty Exemption to Renewable Energy Equipment Including Solar Posted: 10 Dec 2012 05:32 PM PST The Minister of New and Renewable Energy, Dr. Farooq Abdullah Informed Rajya Sabha today that the Government has announced a National Manufacturing Policy which recognizes the need to launch programmes to build national capabilities in sectors of strategic significance that include solar energy. Soon Companies to spend at least 2% of average net profits (of last 3 years) on CSR Posted: 10 Dec 2012 05:20 PM PST Clause 135 of the Companies Bill, 2011 inter alia, provides for the specified companies to spend at least 2% of the average net profits (of last 3 years) in pursuance of the company's Corporate Social Responsibilities (CSR) policy and in case of failure, to specify the reasons for not spending such... Conditions & procedure for investigation by Special Valuation Branches Posted: 10 Dec 2012 05:12 PM PST Circular No. 29 /2012-Customs - Kind attention is invited to Board Circular No. 11/2001-Customs dated 23rd February 2001 issued from F. No. 467/32/2000-Customs V, prescribing conditions and procedure regarding cases to be taken up for investigation by Special Valuation Branches (SVB) and their... sec. 41(1) No tax on depreciation claim if capital loan is waived off by lender Posted: 10 Dec 2012 04:39 PM PST It is true that the assessee on the one hand gets the waiver of monies payable on purchase of machinery and claims such receipt as not taxable because it is capital receipt. On the other hand the assessee claims depreciation on the value of the machinery for which it did not incur any cost. Reassessment reasons to believe should be clear & not ambiguous Posted: 10 Dec 2012 03:57 PM PST Learned counsel for the petitioner in these circumstances submitted that the reasons to believe recorded by the Assessing Officer on 26.03.2009 do not record or state that the agreement between the petitioner and Quest was not on record, and that there was failure on the part of the assessee to... Relinquishment of tenancy right not chargeable to capital gain tax for A.Y. 1986-87, if Cost cannot be ascertained Posted: 10 Dec 2012 03:15 PM PST In the background of above legal position, we have to ascertain from the facts on record whether it is possible to ascertain the cost of acquisition of the tenancy rights. We may recall that the assessee and the landlord entered into an agreement under which, the landlord agreed to rent out four... MCA 21 Project – Achievements and Continuation Posted: 10 Dec 2012 03:02 PM PST Shri Pilot said that the introduction of MCA 21 has yielded remarkable results. In terms of efficiency, the project achieved speedy delivery of services and regulation of corporate compliances through the use of modern information technology. EPFO time bars inquiry against employers in PF cases to 7 yrs Posted: 10 Dec 2012 04:23 AM PST Retirement fund body EPFO has tightened the norms for initiation of its inquiries against employers and also set a time bar of seven years for such proceedings, a move which the trade unions have described as anti-worker. The circular, which was issued by Central Provident Fund Commissioner (CPFC)... Liaison Office (LO) / Branch Office (BO) in India by Foreign Entities – Reporting to Income Tax Authorities Posted: 10 Dec 2012 03:53 AM PST Vide A. P. (DIR Series) Circular No.24 dated December 30, 2009, RBI had mandated that Branch Offices (BO) / Liaison Offices (LO) are required to submit Annual Activity Certificate (AAC) from their Auditors to the Central Office / Regional Office of the Reserve Bank, certifying that the BO / LO has...