Income for putting Advertisement on your website + Section 44AD

Government launches drive against fake Permanent Account Number (PAN) cards Posted: 15 Mar 2013 06:56 AM PDT Drive Against Fake Pan Cards The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party field verification is... New ITR for AY 2013-14 Expected to be notified by end of March, 2013 Posted: 15 Mar 2013 06:49 AM PDT New ITR Filing Procedure The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and the suggestions received... Income for putting Advertisement on your website + Section 44AD Posted: 15 Mar 2013 06:15 AM PDT Nowadays many people are using their own website as the source of their income. The income is for allowing other brands to put advertisements on website. The brands are interested in such website because it is niche in terms of traffic. Forfeiture of bank guarantee is compensatory in nature & allowable Posted: 15 Mar 2013 05:29 AM PDT Respondent took a business decision not to honour its commitment of fulfilling the export entitlement in view of loss being suffered by it. The Assessing officer does not dispute this fact nor does he doubt the genuineness of the claim of the expenditure being for business purpose. In these facts... CBEC Tax Recovery Circular is untenable, misconceived, wholly illegal & arbitrary Posted: 15 Mar 2013 05:22 AM PDT Therefore, we are of the opinion that right of consideration in appeal and on an application for waiver of pre-deposit, is a right conferred by the Statute and such right cannot be defeated on the basis of Circular, which contemplates that the recovery can be effected, is stay is not granted within... Capital Gain from shares cannot be treated unexplained if sale of shares not proved bogus Posted: 14 Mar 2013 11:45 PM PDT It had held that the assess was in possession of the shares in question and had sold the said shares in course of ordinary transaction of sale of shares at stock exchange and if the broker did not file any evidence since the same were seized by the Revenue Department, there is no fault with [...] ITAT upheld addition for stock difference as per books and in Statement submitted to Banks Posted: 14 Mar 2013 11:28 PM PDT Assessee despite being given more than sufficient opportunity has not been able to explain the discrepancy in stock. No new document or evidence has been brought to the notice of the Bench, nor has the assessee been able to show how the document has been wrongly considered. As such neither on facts... SC laid Criteria for admission of writ petitions challenging the vires of any provision of law Posted: 14 Mar 2013 11:27 PM PDT Before adverting to the various contentions raised in challenging the vires of Section 11AA of the SEBI Act, we feel that it is worthwhile to state and note certain precautions to be observed whenever a vires of any provision of law is raised before the Court by way of a writ petition. It will be... Service Tax & Entertainment Tax both can be levied on DTH Services –SC Posted: 14 Mar 2013 11:23 PM PDT In State of West Bengal v. Purvi Communication (P.) Ltd. [2005] 140 STC 154, the Apex Court upheld the entertainment tax levy on cable television by West Bengal. It was held that cable operators had direct and close nexus with the entertainments made available to the viewer through their cable... Cash deposit directly into the account of the creditor do not absolve Assessee from clutches of S. 40(A)(3) Posted: 14 Mar 2013 11:14 PM PDT As far as the present case is concerned, none of the circumstances were narrated by the assessee either before the Assessing Officer or before the Appellate Authority concerned in support of the contention that the claim for allowance should not be disallowed. The mere circumstance, that the amount... Maharashtra Budget on LBT FOR Builders & Contractors Posted: 14 Mar 2013 10:31 PM PDT It is announced by the Government of Maharashtra that Local Body Tax (LBT) will be implemented in the Pune, Pimpri-Chinchwad, Navi Mumbai, Thane, and Nagpur with effect from 1 April 2013. If there is no failure on the part of assessee to disclose income, there was no escapement of income Posted: 14 Mar 2013 10:25 PM PDT In the reopened assessment, the AO has taken the view that the amount in fact did not represent any capital gains on sale of shares, but represented the undisclosed income of the assessee brought in by means of an accommodation entry given by My Money Security Pvt. Ltd. Accordingly he brought the... Steps to Check Inflow of Illegal Money & to Tackle Black Money Stashed Abroad Posted: 14 Mar 2013 09:56 PM PDT Steps to Check Inflow of Illegal Money Reserve Bank of India (RBI) has issued comprehensive instructions/guidelines to banks on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002. Also under PMLA 2002,... ICAI Releases Guidance Note on Audit of Banks for FY 2012-13 Posted: 14 Mar 2013 09:49 PM PDT ICAI has released today its Guidance Note on Statutory Audit of Banks for FY 2012-13. The 2013 edition of the Guidance Note has been updated to give effect to the changes brought in by the various Master and Other circulars of the Reserve Bank of India which affect critical aspects of banking... Rules for Cancellation or Deactivation of DIN Posted: 14 Mar 2013 09:28 PM PDT Cancellation or Deactivation of DIN.- The Central Government or Regional Director (Northern Region), Noida or any officer authorised by the Regional Director, upon being satisfied on verification of particulars of proof attached with the application received from any person seeking cancellation or... Salient features of Amended DTAA with Sweden Posted: 14 Mar 2013 09:13 PM PDT Government of India is negotiating new Double Taxation Avoidance Agreements (DTAAs) and has also taken steps to update the article concerning Exchange of Information in existing DTAAs to specifically allow for exchange of banking information and information without domestic interest. India has also... S. 245D Settlement Commission can decide application on the basis of a summary inquiry Posted: 14 Mar 2013 11:41 AM PDT When the Settlement Commission examines an application in terms of statutory powers and finds that such application does not satisfy the legal requirements, as contained in section 245C(1) of the Act, in our view, unless such decision of the Commission is contrary to the statutory provisions... Sharing of information regarding issuer companies between Debenture Trustees and Credit Rating Agencies Posted: 14 Mar 2013 11:41 AM PDT SEBI (Debenture Trustee) Regulations, 1993 require the Debenture Trustees (DTs) to share information regarding the issuer companies that are their clients, with Credit Rating Agencies (CRAs). The purpose of the Regulations is to enable CRAs to perform their obligations effectively. Notification No. 30/2013 – Customs (N. T.), Dated- 15th March, 2013 Posted: 14 Mar 2013 11:31 AM PDT Notification No. 30/2013 – Customs (N. T.), New Delhi, 15th of  March, 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... Deduction u/s. 80-IA(8) has nothing to do with fixing of tariff rate for supply of power to consumer Posted: 14 Mar 2013 11:31 AM PDT We find that both the Commissioner of Income Tax (Appeals) as well as the Tribunal have arrived at a finding of fact that Assessing officer did not have any reasonable belief to come to the conclusion that that there has been any escapement for the assessment year 2003-04. The order of MERC dated...