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Mar 12, 2013

Advance Tax Provisions, Payment Challan & e-payment Utility

Addition on account of income arising out of waiver of interest by Banks as income from other sources

Posted: 11 Mar 2013 09:44 PM PDT

Computing provisions of one head of income can be used for the purpose of computing income under that head only and cannot be used for computing income under another head. Therefore, remission of particular income u/s 41 can be taxed only under the head "business income" and this...

Imposition of penalty based on estimation of income not justified

Posted: 11 Mar 2013 09:20 PM PDT

Here, it is the admitted case that the assessee filed revised profit and loss account statement showing the net profit of Rs.3,92,649/- being 5% on Rs.78,52,980/- and the same having been done before the assessment was completed, we fail to understand as to how the Revenue is justified in imposing...

When assessee makes confession in a statement during search & later retracts without furnishing any reasons, additions can still be made

Posted: 11 Mar 2013 09:13 PM PDT

For several months, this statement was not retracted. It was only on 26.9.07, during the course of the assessment proceedings that the assessee wrote a letter retracting the statement. There is some discrepancy about the date of the letter whether it was written on 26.9.07 or on 26.9.06. Be that it...

Advance Tax Provisions, Payment Challan & e-payment Utility

Posted: 11 Mar 2013 07:30 PM PDT

According to the Income Tax Act, assessees are required to pay tax in advance in a previous year if their tax liability for the year is likely to be Rs 10,000 or more. Advance tax is payable on the total income of an assessee that is chargeable to tax in an assessment year.

234ABC Interest Calculator & Brief with Examples

Posted: 11 Mar 2013 07:30 PM PDT

Download Interest Calculator U/s 234A, 234B, 234C of the Income Tax Act, 1961 - Section 234A - Interest for default in furnishing return of Income -(A) Where the return of income for any Assessment year is furnished after the due date specified in section 139(1) or is not furnished the assessee...

Real Estate Sector and Union Budget 2013

Posted: 11 Mar 2013 07:08 PM PDT

As there was lot of expectations from this budget, that budget might be investors or common men friendly. However in reality it does not seems like that. If we talk about real estate and union budget 2013, there was two sided impact on it. I.e. DIRECT TAX and INDIRECT TAX. One by one we take [...]

GST losing its original track!

Posted: 11 Mar 2013 06:58 PM PDT

In bid to bring commitment over introduction of GST, the Finance Minister used carrot approach by announcing in its budget for 2013-14, a compensation of Rs. 9,000 crore as first tranche towards loss to the State Government due to reduction in CST rate. This came as result out of the two-day...

PF Accounts Status through E-Mails/Sms & Online

Posted: 11 Mar 2013 06:50 PM PDT

Status of sending the monthly details of the Provident Fund accounts to employees is as follows: (i) The updated Provident Fund (PF) accounts are available online on the EPFO website i.e. from August 2012 and the Provident Fund accounts of members are updated as and when the...

India Budget 2013- Determining certainty on the Tax Residency Certificate

Posted: 11 Mar 2013 03:16 AM PDT

The Finance Minister of India presented his last Union Budget 2013 (The Budget)amidst rough financial environment. The Budget proposals comein light of the current challenging economic scenario.It is clear that Indian economy is not insulated from the global slowdown. The Indian downtrend has...

Consideration received for providing IT support services not taxable FTS under DTAA, if no technical knowhow was made available

Posted: 10 Mar 2013 10:07 PM PDT

 As per the agreement, assessee was responsible for updation of patches of the software and provision of backup and recovery services in respect of data stored on the centralised server. The responsibility of the assessee is to maintain and upkeep of the centralised server owned by it. Assessee has...

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