If assessee not liable to pay advance tax, interest u/s. 234B cannot be charged

If assessee not liable to pay advance tax, interest u/s. 234B cannot be charged Posted: 14 Jan 2013 08:14 AM PST The proviso to sub-section (1) to section 209, inserted by the Finance Act, 2012 is prospective in nature and not with retrospective effect. The proviso was brought into operation with effect from 1-4-2012, therefore, the assertion of revenue is disagreed with. Even otherwise, the language used in... Khaps' diktat on women's dress & cell phone unlawful – SC Posted: 14 Jan 2013 06:33 PM PST The Supreme Court today said that Khap panchayats' diktat on dress code for women and asking them not to carry mobile is unlawful.A bench of justices Aftab Alam and Ranjana Prakash Desai said such diktats are against the fundamental right to life and asked Khap Panchayats (caste-based councils) to... Gains on shares held in investment portfolio not assessable as business profits Posted: 14 Jan 2013 05:46 PM PST The intent and purport of the CBDT circular No.4/2007 dated 15.06.2007 is to demonstrate that a tax payer could have two portfolios, namely, an investment portfolio and a trading portfolio. In other words, the assessee could own shares for the purposes of investment and/or for the purposes of... Statement of FM on GAAR Posted: 14 Jan 2013 05:04 PM PST A number of countries have provided for General Anti Avoidance Rules (GAAR) in matters relating to taxation. While tax mitigation is recognized, tax avoidance is frowned upon. International literature describes tax avoidance as the legal exploitation of tax laws to one's own advantage and an... Discontinuation of Professional Competence Examination (PCE) after November, 2012 examination Posted: 14 Jan 2013 04:49 PM PST As notified in the 'Implementation Schedule' on the Institute website, students who are pursuing Professional Competence Course (PCC) are hereby informed that the Professional Competence Examination (PCE) will be discontinued on culmination of November, 2012 examination. View / Download Book Identification Number (BIN) Details Posted: 14 Jan 2013 11:02 AM PST To view BIN details provide TAN, Nature of Payment , Form 24G month/year range. To view BIN details of particular AO, provide the AIN of AO in addition to above mandatory details.BIN is to be quoted in the Transfer voucher details while preparing the quarterly TDS/TCS statements. Central Govt. Employees permitted to re-exercise their option upto 31.03.2013 Posted: 14 Jan 2013 04:56 AM PST The undersigned is directed to invite a reference to Rules 5 & 6 of the CCS(RP) Rules, 2008, as per which a Central Government employee had an option to elect to come over to the revised pay structure either from 1.1.2006 or from the date of his next increment or from the date of promotion,... Managing Liquidity in wake of new Basel III Liquidity Ratios Posted: 14 Jan 2013 04:27 AM PST In the latest Basel accord (Basel III), Basel Committee introduced two new liquidity ratios in addition to the increase in existing ratios, to reduce the vulnerability of banks to unfavorable situation like 2008 crisis. By introducing these new ratios, the Basel Committee intends to fortify banks... Major Recommendations of Expert Committee on GAAR, GAAR Postponed till April 2016 Posted: 14 Jan 2013 04:11 AM PST The Finance Ministry has finalized new norms for GAAR. They will come into effect from April 1, 2016. GAAR will not apply to such FIIs that choose not to take any benefit under DTAA. GAAR will also not apply to non-resident investors in FII. Investments made before August 30, 2010, will be... Download Final Report of the Expert Committee on GAAR Posted: 14 Jan 2013 02:46 AM PST The Expert Committee has submitted its Final Report on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961. The Report is very comprehensive and apart from giving an in-depth explanation of what the GAAR provisions are, it also has a number of examples of transactions which would be... Auditor's Report Need Not Be Read out at General Meeting Posted: 14 Jan 2013 02:07 AM PST The proposed Companies Bill, 2012 does not contemplate any verbatim corresponding provision. However, somewhat similar provision is contemplated in the Bill, not as a separate provision, but as part of the provision relating to "Signing of audit report, etc." contained in section 145 thereof. The... Notice u/s. 148 gives jurisdiction to AO to proceed to make reassessment Posted: 14 Jan 2013 02:01 AM PST Notice gives jurisdiction to ITO - Issuance of notice within period of limitation gives jurisdiction to Assessing Officer to proceed to make reassessment. Validity of Reassessment Notice U/s 148 'based on information received from Revenue Audit' Posted: 13 Jan 2013 10:53 PM PST It is difficult to sustain the notice issued u/s. 148. The audit objection is only an inference that the royalty payment resulted in a capital benefit; such an opinion expressed by the audit cannot constitute tangible material on the basis of which the assessment can be reopened. One cannot buy and sell shares from himself Posted: 13 Jan 2013 10:17 PM PST The appellant has been found guilty of self trade as well. Self trades admittedly are illegal. This Tribunal has held in several cases that self trades call for punitive action since they are illegal in nature. Direct Tax Code-Some Important Aspects Posted: 13 Jan 2013 10:00 PM PST 10. Threshold limit for TDS: The present section 194J provides an exemption limit or threshold limit for TDS for professional fees and royalty/non-compete fees, but this limit seems to be absent under clause 200(A) (o), which could be very cumbersome for small amounts of these specific services. PIL affecting the administration of justice cannot be filed by the person not directly affected Posted: 13 Jan 2013 09:06 PM PST We may however clarify that public interest litigation affecting the administration of justice, at the instance of the Advocates practicing in the court/fora and representing litigants before that court/fora can be entertained in as much as those lawyers would have locus to the extent of being... Stock guru scam – I-T official took bribe in crores Posted: 13 Jan 2013 08:35 PM PST CBI today carried out searches at office and residence of a Deputy Commissioner, Income Tax after registering a case against him for allegedly taking bribe running into crores of rupees during the department's probe into the Rs 500-crore Stock Guru scam. CBI sources said Yogendra Mittal, an... Interest subvention scheme extended up to 31.03.2014 & to Engineering Sectors Posted: 13 Jan 2013 06:59 PM PST Government of India has decided to widen the scheme to include certain items covering the Engineering Sectors. The Scheme will be made available to the Engineering Sector on pre and post shipment export credit on the same terms and conditions as available to other sectors. A list of 134 tariff... Special Export Credit Refinance Facility Posted: 13 Jan 2013 06:52 PM PST Please refer to Circular No FMD.MOAG. No. 1082 /01.06.016/2012-13 setting out the swap facility to support incremental Pre-shipment Export Credit in Foreign Currency (PCFC). Scheduled banks (excluding RRBs) have the option to access rupee refinance to the extent of the swap with the Reserve Bank... Swap Facility for Expansion of Export Credit in Foreign Currency Posted: 13 Jan 2013 06:50 PM PST With a view to further enhancing the flow of credit to the export sector, the Reserve Bank of India has introduced a US Dollar-Rupee swap facility to support incremental Pre-shipment Export Credit in Foreign Currency (PCFC) by banks. Scheduled banks (excluding Regional Rural Banks (RRBs)) will have... Notification No. 2/2013- Customs (N.T.) – Dated 14th January, 2013 Posted: 13 Jan 2013 11:25 AM PST The number of Appreciation Certificates awarded in one year shall not exceed thirty five, but if the President considers that special circumstances in any one year justify the award of the Appreciation Certificates in excess of the thirty five, the number shall not exceed forty.