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Feb 1, 2013

Tax Benefits Available to Senior Citizens

Tax Benefits Available to Senior Citizens

There are not many. A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citizen in that financial year, gives him some relief .There are not many. These are listed below: 1. Higher Exemption...

Register / Track PAN Card Related Complain / Status

Register and Track your PAN Card Related Complain online and Track Status - Income Tax Department has started a website namely Sparsh India to help Assessee to Register their complain related to PAN Card applied through NSDL or UTIISL and they can also check the status of their grievance online....

S. 292BB cannot be applied retrospectively

This Court in the case of The Commissioner of Income Tax V/s. Mr. Salman Khan [Income Tax Appeal No.2362 of 2009] decided on 1st December, 2009 has considered similar question and has held that in the absence of notice under section 143(2) (prior to the insertion of section 292BB), the reassessment...

Search Assessment without JCIT's Approval is invalid

On perusal of the provisions laid down under section 153C, it is apparent that after issuance of notice under section 153C, the Assessing Officer having jurisdiction over such other person (against which incriminating material has been found during the course of search conducted on a person) assess...

Validity of Reopening for involvement in accommodation entry?

Whether issue of notice u/s 148 for reopening of assessment u/s 147 on the reason that assessee company is involved in accommodation entry in valid?

Reopening not permissible for mere change of opinion

The Assessing Officer had specifically raised a query with regard to the supplies made in the domestic tariff area and the petitioner / assessee had given a detailed reply to the same. The Assessing Officer, after considering the reply furnished by the assessee, framed the assessment order

MCA Site not Working –What to do?

MCA has kept entire corporate on hold. New companies are not incorporating and existing companies can't file their returns due. On 17 January 2013, MCA changed its drivers of site. Earlier TCS use to manage MCA21, not batten has been passed to Infosys. The site is under transitional stage and hence...

Time limit for filling Cost Compliance Report in XBRL Mode extended to 28.02.2013

In continuation of MCA's General Circular Nos. 8/2012, dated 10-5-2012 [as amended on June 29, 2012], 18/2012, dated 26-7-2012 and 43/2012, dated 26-12-2012, it has been decided that all cost auditors and the companies concerned are allowed to file their Cost Audit Reports and Compliance Reports...

Download CPT December 2012 Result Card

CPT result cards will also be hosted on with effect from December 2012 CPT onwards, additionally, i.e. they will be hosted on the website, in addition to dispatching the physical result cards by post.

RBI suggests charge for cash withdrawal & deposit through cheques

RBI has suggested that banks should charge for cash withdrawal and deposit through cheques while the government agencies should do away with convenience charges for online payment of utility bills.

Revised List of Hawala Dealers in Maharashtra as on 31.01.2013

Fresh hawala dealer list has been realeased by VAT Department in Maharashtra. New 148 dealer has been added to the list. Following three dealer has been removed from the previous list: 27890606500V   KRISH  CORPORATION 27090657219V   CONCORD CHEMICALS 27310367359V   NIRISH IMPEX There is one...

ICSI – New Syllabus for the Executive & Professional Programmes

Introduction of New Syllabus for the Executive and Professional Programmes of the Company Secretaryship Course The Council of the Institute of Company Secretaries of India in exercise of the powers vested under clause (a) of sub-section (2) of Section 15 of the Company Secretaries Act, 1980, as...

CWA President Communique for February, 2013

The economic growth of any country has a significant impact on the lives of its citizens. It determines the standard of living of its people. India's rate of economic growth was not remarkable last year. The reasons are mainly high inflation, huge fiscal deficit and slow industrial productivity.

Expenditure incurred on garden to control pollution is deductible

The garden expenditure was for the purpose of maintaining garden to control the pollution. The company had put up an affluent treatment plant and pollution used to generate because of release of pollutants. The maintaining a garden helped in controlling pollution arising from the pollutants. It...

CBI Arrests Central Excise Inspector for Accepting Bribe in Delhi

The Central Bureau of Investigation has today arrested an Inspector of Central Excise, Service Tax, Cochin(Kerala) for demanding & accepting a bribe of Rs.1.5 lakh from the Complainant.             A case was registered against an Inspector of Central Excise, Service Tax, C.R. Building, Cochin...

Declaration of Intent for claiming Chapter 3 benefits of Foreign Trade Policy – regarding

Declaration of Intent for claiming benefit under Chapter 3 of Foreign Trade Policy (FTP) was made mandatory for all categories of shipping bills through Public Notice No. 82 dated 16.8.2010. This stipulation was to take effect from 01.01.2011.

FTP – Corrections/Amendments in Handbook of Procedures Volume I

ITC HS Codes of the certain items were re-notified vide DGFT Notification No.94 (RE-2008)/2004-2009 dated 02.03.2009. The corresponding entries in Appendix 37A and Appendix 37D were accordingly not modified.

FTP – setting up of Private/Public Bonded Warehouses for Gems and Jewellery sector

Central Government hereby amends with immediate effect Foreign Trade Policy, 2009-2014 (RE 2012) and introduces a new para 4A.16A for setting up of Private/Public Bonded Warehouses for Gems and Jewellery sector.

Addition confirmed, in trading results should be allowed to set off against unaccounted income introduced in garb of cash deposits

We find from the order of Ld. Commissioner of Income Tax (Appeals) and the argument of the assessee that if the addition is confirmed, if any trading result should be allowed to be set off against unaccounted income of Rs. 1,90,000/- introduced in garb of guess deposits. The Ld. Commissioner of...

Single Revolving Bank Guarantee for Different Transactions for Import of Silver or Gold or Platinum -Reg.

Representations have been received from the Gem & Jewellery sector to allow their exporters to execute revolving Bank Guarantee to be used for import of gold/ silver/ platinum, alloys, findings and mountings of gold/silver/ platinum and plain semi-finished gold/silver/platinum jewellery.

Salary to wife cannot be allowed for mere possession of knowledge if the same is not been applied

In the instant case, as noticed hereinabove, the assessee's wife though was in possession of technical qualification but the assessee was required to prove conclusively that his wife Smt. Nanda Chhajta was in fact looking after plans for execution work and was taking administrative decisions.

Customs Japanese Yen rate wef 31.01.2013 for Import / Export

Notification No. 17/2013-Customs (N. T.),  Dated the 31st January, 2013             S. O.    (E). – In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Board hereby makes the following amendments in the Notification of the Government of India, Ministry of...

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