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Jan 16, 2013

Myths and misconceptions about Personal Income tax

Myths and misconceptions about Personal Income tax

Posted: 16 Jan 2013 07:26 PM PST

Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an...

Deduction u/s. 80C for tuition / school / education fees

Posted: 16 Jan 2013 07:26 PM PST

Who is Eligible: Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children's education. If Assessee have more then two children then...

Lewd remarks- IT Comm asked to undergo psychological tests

Posted: 16 Jan 2013 07:20 PM PST

An Income Tax Commissioner was Wednesday directed by the Delhi High Court to get himself psychologically assessed for making "lewd" and "scurrilous" statements against female colleagues despite previous warnings.

Diagnostic Centre is not an industrial undertaking u/s. 80-IA

Posted: 16 Jan 2013 05:37 PM PST

What is important is that the primary activity is not manufacture or processing of goods; the end use product is one capable of use only by one person, for a limited purpose; even the "producer" has no right to disseminate it in any manner, because it is the private property or confidential matter...

S. 54F – If two flats were joined together before assessee became owner, the same will be considered as one

Posted: 16 Jan 2013 06:13 AM PST

Though the respondent-assessee had purchased flat Nos. 416A and 516A it was only purchase of one residential house. Further, the Tribunal held that two flats were joined together before the respondent assessee became the owner of the two flats. The Certificate from the society also established the...

Principal of principle of netting applies if sufficient nexus exist between interest received & paid

Posted: 16 Jan 2013 06:03 AM PST

The netting principle was adopted by a Division Bench of this Court in Shri Ram Honda Power Equip (supra). That was a case concerning Section 80HHC which provides for a deduction from export profits. Explanation (baa) provided for exclusion of certain income which had nothing to do with the export...

Mere discrepancies in books results not sufficient to change status of assessee

Posted: 16 Jan 2013 06:02 AM PST

The discrepancies brought on record have culminated into rejection of the books result could not wash away the fact finding insofar as the assessee continues to be a local authority which it was prior to Assessment Year 2003- 04. The submissions of the learned Counsel for the assessee on the issue...

Penalty u/s 272B is prospective & applicable from 01.06.2006

Posted: 15 Jan 2013 11:35 PM PST

The provisions of Penalty levied u/s 272B of Income Tax Act, 1961 are prospective i.e. it is applicable from the date of insertion of sub-clause (iv) to section 139A(5B) of the Act i.e. 01.06.2006. Held: The assessee had filed e-TDS quarterly statement on 31.8.2005, in which PAN numbers of 19...

'Pooja expenses' in temple located inside factory premises is for business purpose & allowable

Posted: 15 Jan 2013 10:06 PM PST

Expenses were incurred on the maintenance and puja of the colony temple at Dalmiapuram, Salem and the Hospet works. It appears from para 6.1 of the order of the CIT (Appeals) that he visited the factory at Dalmiapuram to verify the fact that the temple was located inside the factory of the assessee...

Advance forfeited under a dubious transaction is taxable u/s.68

Posted: 15 Jan 2013 09:26 PM PST

We may notice the judgment of Apex Court in CIT v. United Trading & Construction Co., [2001] 247 ITR 819 that there is nothing in Section 24 of the Finance (no. 2) Act which prevents the Income Tax officer, if he is not satisfied with the explanation of the assessee about the genuineness of...

Reimbursement of salary to deputed personnel of other companies would not attract TDS

Posted: 15 Jan 2013 09:14 PM PST

GAIL and HPCL deputed their personnel who worked under the control and management of JVC. The employees were carrying out the work of the Assessee as its employees not carrying out the work on behalf of GAIL or HPCL. Salary, cost of these employees are a charge on the profits of the Assessee....

Phone Numbers of DIN Cell; and Help Desk w.e.f. 17.01.2013

Posted: 15 Jan 2013 09:10 PM PST

PHONE NUMBERS OF DIN CELL AND HELP DESK  Stakeholders are hereby informed  that operator for MCA21 project is changing w.e.f. 17.01.2013 from M/s. TCS Ltd to M/s. Infosys Ltd. Due to this the new contact numbers for DIN Cell and Help desk will be : DIN Cell    : 0124-4583766 – 69 Help Desk   ...

S. 148 Notice to every partner in the case of a firm is not necessary

Posted: 15 Jan 2013 08:22 PM PST

A notice in the case of a firm need not necessarily be issued to each and every one of its partners - Y. Narayana Chetty v. ITO [1959] 35 ITR 388 (SC).

Infosys takeover MCA21 project from TCS

Posted: 15 Jan 2013 06:27 PM PST

Stakeholders - this is to inform you that Tata Consultancy Services (TCS) would be completing the tenure of the contract as the BOOT (Build Own Operate & Transfer) Operator for MCA21 on 16th January 2013. From 17th January 2013 Infosys Technologies Limited (Infosys) would be taking over as the...

Custom Notification Regarding tariff on Ceramic products

Posted: 14 Jan 2013 06:35 PM PST

Notification No.  04/2013 – Customs (N.T.), New Delhi, dated the 15th January, 2013 G.S.R.  25 (E). – In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962), sub-sections (2) and (2A) of section 37 of the Central Excise Act, 1944 (1...

Notification No. 03/2013-Customs (N. T.), Dated -15th January, 2013

Posted: 14 Jan 2013 06:32 PM PST

Notification No. 03/2013-Customs (N. T.), New Delhi,15th January, 2013 S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do,...

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