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Jan 24, 2013

Deductions available to Assessees having income from salaries

Deductions available to Assessees having income from salaries

Posted: 23 Jan 2013 06:59 PM PST

The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must be distinguished from the exemptions provides in...

TDS / TCS Rates for Financial Year 2012-13/ AY 2013 -14

Posted: 23 Jan 2013 06:50 PM PST

TDS Rates for financial year (FY) 2012-13 and assessment year (AY) 2013-14. Threshold for TDS on payment of interest on debentures. Section 194J of the Act – Tax deduction at source from payment to director. Section 194LA of the Act- Exemption on enhanced compensation. Section 194LAA- Tax...

Deduction u/s. 10(13A) for House Rent allowance

Posted: 23 Jan 2013 06:49 PM PST

House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if you stay in a rented house and get a HRA from...

Policy of fixing new appeals on 60th day of its filing dispensed with due to increased pendency at Delhi Benches

Posted: 23 Jan 2013 06:13 PM PST

ITAT's note on department's General Grievances in the matter of representation and adjudication of cases fixed before each bench of ITAT Delhi NOTE, dated 21-1-2013 The CIT-DR (Admn.), vide letter dated 27th December, 2012, (Annexure) has expressed their grievance with regard to cases...

Landmark ITAT Special Bench Verdict On Transfer Pricing Of advertisement, marketing & sales promotion expenses

Posted: 23 Jan 2013 06:02 PM PST

L.G.Electronics India Pvt. Ltd vs. ACIT (ITAT Delhi Special Bench) Transfer Pricing: The 'Bright Line test' can be applied to disallow the excessive advertisement, marketing and sales promotion (AMP) expenses incurred by the assessee for the benefit of the brand owner Transfer pricing...

Depreciation on Building used by the Assessee allowable despite non registration in his name

Posted: 23 Jan 2013 05:48 PM PST

We find that the claim of the assessee that the building in question was purchased by it and was in use for the purpose of its business was not denied by the AO. The AO has disallowed the claimed depreciation only on the basis that the building was yet to be registered in the name [...]

Sec 50C Not Apply to Transfer of FSI & TDR

Posted: 22 Jan 2013 10:15 PM PST

Assessee has given the right of the additional FSI/TDR which the assessee was otherwise entitled to get from the local body / Government for the acquisition of the land if the assessee has not taken any consideration. So far as issue of the TDR is concerned, the value of the TDR cannot be the...

NSDL have no jurisdiction to adjudicate claim of title in respect of demated shares

Posted: 22 Jan 2013 08:26 PM PST

NSDL is  not empowered to decide and/or adjudicate the claim of title in respect of demated shares. Any dispute with regard to the ownership and/or title of any share including demated, the proper forum is somewhere else. Unless the title and/or any objection regarding transfer of shares is decided...

Warranty provisions made on scientific & Reasonable basis is allowable

Posted: 22 Jan 2013 08:20 PM PST

It is seen from the methodology that the assessee takes into account the warranty liability for the accounting period after bifurcating the likely cost on account of labour, material etc. The summary of the provision also shows that wherever excess provision was made in an earlier year, the same...

S.194H TDS not deductible on charges for of utilization of credit card facilities

Posted: 22 Jan 2013 08:19 PM PST

Commission paid to the credit card companies cannot be considered as falling within the purview of S.194H. Even though the definition of the term commission or brokerage used in the said section is an inclusive definition, it is clear that the liability to make TDS under the said section arises...

Income of non-resident co., from admin & support services to oil and gas field projects of Indian company outside India is not taxable in India

Posted: 22 Jan 2013 08:12 PM PST

Assessee is a non-resident company. It entered into a contract with an Indian Company, but agreed to provide administrative and personnel support outside India. It noticed that the payment, pursuant to the contract, was received outside India. The Tribunal held that the said contract did not show...

Cenvat Credit cannot be denied for procedural defects of minor nature

Posted: 22 Jan 2013 08:06 PM PST

We have considered arguments on both sides. Firstly, we notice that if the DGM (Projects), Salem followed the procedure of getting registered as "input service distributor" and then distributed the credit to SSA Salem there was nothing wrong in the credit availed by the appellant....

Compounding application can be rejected on ground of suppression of facts if omitted fact was material to relief claimed by applicant

Posted: 22 Jan 2013 08:05 PM PST

The question that is to be examined is whether it can be said that appellant has failed to disclose any material facts or tried to mislead the Chief Commissioner. I have already reproduced the contradictions observed by the Chief Commissioner. Before the compounding of offence takes place, the...

If debt is subject to a bona fide dispute, the Court will not order for winding up

Posted: 22 Jan 2013 11:29 AM PST

It is well settled that the proceedings of winding up is not a recovery proceeding. Once it is demonstrated that the debt is subject to a bonafide dispute, the court will not order for winding up. The principles in this regard are elucidated in Madhusudan Gordhandas (supra). "Two rules are...

TDS u/s. 194 not applicable in absence of relation between assessee and transporters as contractor and sub-contractor

Posted: 22 Jan 2013 11:13 AM PST

The Tribunal, upon detailed examination of the nature of relationship between the assessee and the transporter, came to the conclusion that this is not a case of sub-contract. The Tribunal noted that none of the responsibilities of the contractor vis-a-vis the execution of the work were fastened on...

Credit for TDS allowed if Income shown in certificate is offered for tax despite certificate is not in Assessee's name

Posted: 22 Jan 2013 11:06 AM PST

Assessee is entitled to the credit of the TDS mentioned in the TDS certificates issued by the contractor, whether the said certificate is issued in the name of the Joint Venture or in the name of a Director of the assessee company. They have considered the terms of the agreement dated 12-03-2003...

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