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Jan 31, 2013

Govt to raise income tax exemption limit to Rs 3 lakh in revised DTC

Govt to raise income tax exemption limit to Rs 3 lakh in revised DTC

Posted: 31 Jan 2013 07:20 PM PST

The government will come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance, which among things had suggested raising annual income tax exemption limit to Rs 3 lakh.

Custom cannot insist on pre authorization from recipient of gifts before allowing clearance

Posted: 31 Jan 2013 06:39 PM PST

It has been reported that Customs is insisting that the Courier Companies Produce an authorization from the recipient of the gifts before allowing clearance, which is causing delays and hardship to individuals.

India-Malaysia new Treaty – Recognizes branch as arm of foreign HO, Tax on dividend reduced to 5%

Posted: 31 Jan 2013 06:31 PM PST

The Government of the Republic of India and the Government of Malaysia, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and with a view to promoting economic cooperation between the two countries, have...

Download New Lighter Form 16A Traces PDF Converter

Posted: 31 Jan 2013 06:22 PM PST

New utility for generation of Form 16A in pdf format provided by is very light and is sized only 8.43 MB while earlier utility was sized 58.04 MB.

Municipal valuation to be taken as ALV if no other data exists

Posted: 31 Jan 2013 12:55 PM PST

If we consider the facts of the case as stated above that neither the Revenue authorities nor the assessee has brought on record any material or evidence in support of the determination of annual value of properties, however, the assessee has furnished evidence in respect of annual value determined...

Women Wearing Cocaine Diapers arrested by US Customs

Posted: 31 Jan 2013 11:49 AM PST

Two Bronx women traveling from the Dominican Republic were arrested at JFK on Saturday for carrying 6.5 kilos of cocaine in diapers made of duct tape.

AO cannot disturb finality of intimation u/s.143(1) at his whims & caprice

Posted: 31 Jan 2013 11:37 AM PST

It has been recognized by the Supreme Court itself in Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd. [2007] 291 ITR 500, that even where proceedings under section 147 are sought to be taken with reference to an intimation framed earlier under section 143(1), the ingredients of section 147...

A rule cannot be tyrant but can only be a servant of law

Posted: 31 Jan 2013 11:29 AM PST

Certainly the procedure prescribed by rule 4(7) of Cenvat Credit Rules needs interpretation in favour of Revenue. But to the extent service tax is paid in respect of an invoice and in a contingency of retention of part of payment for any dispute on the invoice or any other legal purpose,...

Assocham advocates expansion of Services under negative list

Posted: 31 Jan 2013 10:51 AM PST

Over 200-representatives of trade industry representatives have opposed shifting from to negative list of the 2012 regime of the service tax which, if carried out, will only create hassles, paperwork and additional burden to the tax payers, revealed at the ASSOCHAM National Conference on Service...

Ownership of land not the criteria to decide status of developer to claim deduction u/s. 80IB(10)

Posted: 31 Jan 2013 10:43 AM PST

As rightly pointed out by learned Senior Counsel appearing for the assessee, in the decision Radhe Developers's case (supra), the Gujarat High Court considered the question on ownership as a condition for grant of deduction under Section 80IB(10) in depth and accepted the case of an assessee...

Amendments to Lokpal – Political parties exempted

Posted: 31 Jan 2013 10:40 AM PST

The Lokpal and Lokayuktas Bill, 2011 was passed by the Lok Sabha on 27th December, 2011. The Bill was taken up for discussion and passing in the Rajya Sabha on 29.12.2011. Discussions remained inconclusive. Thereafter, the Rajya Sabha adopted a motion on 21.05.2012 to refer the Bill to a Select...

ICAI President's Message – February 2013

Posted: 31 Jan 2013 10:31 AM PST

To CBDT on difficulties being faced by taxpayers with regard to requirement of audited balance sheet as on valuation date for the purposes of Section 56(2)(vii)/(viia) read with Rule 11UA(1) of Income tax Rules, 1962.

Extension of Date under DVAT for the month of Dec-13 & third Quarter of 2013

Posted: 29 Jan 2013 07:22 PM PST

In order to facilitate the filing of online DVAT/CST returns, in exercise of the powers conferred under Rule 49A of the DVAT Rules, 2005, the last date of online filing of return for monthly dealers, for the month of December, 2012 is herby extended upto 01.02.2013. The last date of filing of hard...

ITAT criticizes department for filing appeal despite lower tax effects

Posted: 27 Jan 2013 08:00 PM PST

From the ratio laid down by the Hon'ble Delhi High Court, it is clear that the instructions issued in the Circulars by CBDT are applicable for pending cases also. Therefore, by keeping in view the ratio laid down in the aforesaid referred to cases, we are of the considered view that...

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