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Jan 18, 2013

Little known schemes u/s. 80C of Income Tax Act

Little known schemes u/s. 80C of Income Tax Act

Posted: 18 Jan 2013 07:29 PM PST

If an individual falls in the 30% tax bracket and has exhausted the maximum limit of Sec 80C, one can save Rs 33,000 in taxes. We runs you through the provisions of Section 80C. However, we highlight those schemes that are little known and which many investors avail of sparingly. Stamp duty and...

Lesser Known Tax Saving Tips / Deductions

Posted: 18 Jan 2013 07:29 PM PST

For most of the people 'tax savings' brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1 lakh under 80C.

Tips to save Income tax for Salaried Person

Posted: 18 Jan 2013 07:27 PM PST

Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting down your key financial objectives, the tentative time of money requirement and the corpus needed to achieve those goals.

Manual on Exchange of Information beatween treaty partners

Posted: 18 Jan 2013 07:02 PM PST

CBDT has issued an instruction which contains the guidelines and manual on sharing of information among treaty partners. The manual deals with both inbound and outbound request for information.

Launch New Drug in 6 Months or Face Cancellation of License – DCGI

Posted: 18 Jan 2013 04:42 PM PST

Drugs Controller General of India (DCGI) has recently issued DCGI Circular F. No. 12-01/12- DC Pt- 127 dated January 10, 2013 by which all manufacturers of 'new drug' are required to launch the new drug within six months from the date of the grant of the permission by the DCGI, failing which the...

Where person has dual capacity, notice u/s. 148 must specify particular capacity

Posted: 18 Jan 2013 02:25 AM PST

When a person has a dual capacity, as an individual as well as karta of HUF, and notice under section 148 is intended to be addressed to HUF, it is necessary to specifically mention that notice was/is being addressed to him in his capacity as karta of HUF.

Assessee can file appeal against CPC actions related to TDS statement

Posted: 17 Jan 2013 10:23 PM PST

Vide clause 8 Notification No. 3/2013, dated 15-1-2013 CBDT has specified that Assessee can file an appeal against the actions of the CPC. The appeal can be filed with the Commissioner of Income-tax (Appeals) having jurisdiction over the Assessing Officer who has jurisdiction over the deductor.

Adjustment of TDS refund against Outstanding demand only after intimation

Posted: 17 Jan 2013 10:08 PM PST

Vide clause 7 of the Notification No. 3/2013, dated 15-1-201 CBDT has specified that an adjustment of refunds against outstanding tax demand can be done u/s 245 of the Act only after issuing prior intimation to the taxpayer.

OECD commentary cannot be used to deny DTAA benefits

Posted: 17 Jan 2013 09:41 PM PST

We find that respondent-assessee is receiving royalty and fees for technical services rendered in India. In terms of Article 12 of DTAA, royalty and fees for technical services received in India by a person resident outside India are not liable to tax in India in excess of 10% of the gross amount...

Mere irregularity in payments cannot be the basis for rejection of Depreciation on purchased & leased back asset

Posted: 17 Jan 2013 09:37 PM PST

As far as the sale and lease transactions pertaining to BPL Systems and Products Limited is concerned, the Assessing Officer observed that there were discrepancy in the lease rentals paid by lessee and admitted by the assessee in its profits and loss account, which were not reconciled by the...

Before start of an activity CIT cannot question genuineness of the same to deny registration u/s. 12AA

Posted: 17 Jan 2013 09:34 PM PST

Under section 12AA of the Act, the Commissioner has to satisfy himself about the objectives of the trust and the genuineness of its activities. For such purpose, he has the power to call for such documents or information from the trust as he think are necessary.

Abuse of dominant position cannot be alleged if other players also exist in the same market

Posted: 17 Jan 2013 09:30 PM PST

As per the information available in public domain, it is clear that the OP was not the only real estate developer offering commercial office space in Delhi. There are other real estate developers as well, e.g., Ansal API, Unitech, BPTP, Omaxe, Parsavnath etc.Presence of other real estate developers...

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