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Jan 29, 2013

PPF Account -Frequently Asked Questions

PPF Account -Frequently Asked Questions

Posted: 28 Jan 2013 06:44 PM PST

 Can I maintain more than 1 Public Provident Fund (PPF) account under my name? Only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor. What is the eligibility for investing under Public Provident Fund (PPF) Scheme, 1968? A Public Provident...

How to Download / Install TRACES PDF Generation Utility & Procedure to convert text file into PDF

Posted: 28 Jan 2013 06:30 PM PST

Download TRACES PDF Generation Utility Deductor can download TDS Certificate (Form 16 (Part A) and Form 16A) from TRACES. The file will be provided in text format and will contain certificate details for all requested PANs. Text file is password protected and password will be...

S. 271(1)(c) No cannot be imposed if despite addition tax effect not changes

Posted: 28 Jan 2013 06:15 PM PST

This was an appeal filed by the department against the penalty deleted by the Ld. CIT(A). The assessee is a software company claiming deduction u/s 10B of the Act. During the quantum proceedings, the then assessing officer disallowed the deduction claimed u/s 10B of the Act of Rs. 31,52,432/- on...

No direct Nexus required of Input Services vs. Output Services for Refund on Export

Posted: 28 Jan 2013 06:05 PM PST

In the present case, M/s Kijiji (India) (P.) Ltd. (hereinafter referred to as appellants) was engaged in providing Business auxiliary services to their customers located abroad. The appellant filed a refund claim for the service tax paid on input services such as legal services, market data,...

Taxability of a revocable transfer as deemed gift u/s 4(1)(c) of the Gift-tax Act

Posted: 28 Jan 2013 10:46 AM PST

The fundamental question before the High Court was whether there was in fact a gift of 14,000 bonus shares made by the assess to the transferee. The answer to this question lies in the interpretation of Section 4(1)(c) of the Act which reads as follows :- "Gifts to include certain transfers....

Amendment in Section 40(a)(ia) In Finance Act, 2012: Rerospective or Prospective

Posted: 27 Jan 2013 09:15 PM PST

Ever since the insertion of provision of Section 40a(ia) ( "the section")through finance act, 2004, the subject of TDS has gained a lot of momentum in terms of anxiety from general public. Non deduction or even untimely deduction of tax results to disallowance or deferment of allowance of...

Notional gains from derivatives held as stock-in-trade is taxable in year of realization

Posted: 27 Jan 2013 09:12 PM PST

As per Ld Counsel for assessee, the anticipated profits are notional profits in this year and are realized in the next year and therefore, they are taxable in the next year. Therefore, as per Sri Mehta, the addition made by the AO is rightly deleted by the CIT(A). On the other hand, Ld DR for the...

Incidence of income-tax on house property is on ownership

Posted: 27 Jan 2013 08:46 PM PST

The assessee is engaged in building activities. It argues that flats are held as part of its inventory of stock-in-trade, and are not let out. The further argument is that unlike in the other instances, where such builders let out flats, here there is no letting out and that deemed income - which...

ICSI – Clarification on Notification implementing the new training structure

Posted: 27 Jan 2013 06:53 PM PST

Clarification on Notification number 710/ 1(M)/1 dated 29th December, 2012 notifying the draft Company Secretaries (Amendment) Regulations, 2012 implementing the new training structure Dear Student, This has reference to the Institute's Notification number 710/1(M)/1 dated 29th December, 2012...

RBI – Standardisation of Interest Rate Swap Contracts

Posted: 27 Jan 2013 06:06 PM PST

To begin with, standardisation shall be mandatory for INR Mumbai Inter Bank Offer Rate (MIBOR)- Overnight Index Swap (OIS) contracts. The standardisation requirement shall be mandatory for all IRS contracts other than client trades.

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