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Mar 4, 2013

ST 3 in Revised Excel Format for trial data entry (July 12 to Sep 12)

ST 3 in Revised Excel Format for trial data entry (July 12 to Sep 12)

Posted: 03 Mar 2013 07:37 PM PST

CA M B Abhyankar We are attaching herewith revised format of ST-3 in Excel Format for Trial Data Entry before the E-Version of same gets released on ACES website. Revised format applies for the period from July 2012 to September 2012 and for the Periods subsequent to that. Please note this format...

Budget 2013-14 Two more services included in negative list for Service tax

Posted: 03 Mar 2013 01:42 AM PST


Theme of Tax Proposals in Union Budget 2013-14

Posted: 03 Mar 2013 01:14 AM PST

CLARITY IN TAX LAWS, STABLE TAX REGIME, NON-ADVERSARIAL TAX ADMINISTRATION, DISPUTE RESOLUTION AND INDEPENDENT JUDICIARY – THE THEME OF TAX PROPOSALS Presenting the Union Budget in the Parliament today, the Finance Minister Shri P.Chidambaram underlined the theme of the tax proposals to be based on...

Tax Administration Reforms Commission To Be Set Up -FM

Posted: 03 Mar 2013 01:13 AM PST

The Finance Bill 2013-14 proposes to set up a Tax Administration Reforms Commission(TARC). Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that proposed Commission will review the application of tax policies and tax laws. TARC will submit periodic...

Work On Direct Taxes Code (DTC) In Progress

Posted: 03 Mar 2013 01:11 AM PST

The Finance Minister Shri P.Chidambaram has said that the work on Direct Taxes Code (DTC) is in progress. Presenting the Union Budget in the Lok Sabha today, he said that the DTC is not intended to be an amended version of the Income-Tax Act, 1961 but a new code based on the international practices...

Budget 2013-14- An Analysis of Service Tax Proposals

Posted: 02 Mar 2013 10:10 PM PST

CA. Nikhil M. Jhanwar Budget 2013-14 has been introduced today by Mr. P. Chidambaram, Finance Minister. Budget has come at a time where it has been almost one year in introduction of negative list based service tax and other tax reforms in form of DTC, GST may still take substantial time in their...

Budget 2013 – Impact on Direct tax Provisions

Posted: 02 Mar 2013 09:49 PM PST

Budget 2013 Impact (Direct tax) – 28 February 2013 I.   Individuals     Rebates/ Deductions/ Incentives for Individuals  Tax rebate of Rs.  2,000 for Resident Individuals for FY 2013-2014 Total Income does not exceed Rs.  5 lacs Thus, no tax on effective total income of Rs.  2,20,000 and...

How to Remove Password of PDF / ITR File

Posted: 02 Mar 2013 09:21 PM PST

As we all know to open  Income tax Return Acknowledgments we have to insert password every time we open the file. So we must be aware of password every time we have to open these files.  We can remove such password from the PDF/ ITR files so that we do not have to insert password [...]

Budget 2013-14 -Double taxation on transfer of immovable property for inadequate consideration?

Posted: 02 Mar 2013 09:12 PM PST

Devang K. Shah Finance (No. 2)  Act , 2009 introduced taxation of certain transactions involving transfer of any property, including immovable property as income from other sources in the hands of the recipient, being Individuals / HUFs. The rationale behind it was to tax anything which is received...

AO may ignore Inspector's report while estimating the rate of plots with which respondent had not been confronted

Posted: 02 Mar 2013 08:50 PM PST

AO not relay upon an Inspector's report while estimating the rate of plots with which the respondent had not been confronted. It is also pertinent to note that he had only made verbal inquiries with regard to the prevailing market rate of the property and had not collected any instances of actual...

Applicability of TDS u/s. 194H on commission paid to PCO owners by BSNL/MTNL

Posted: 02 Mar 2013 08:43 PM PST

Whether TDS u/s 194H shall be deducted by BSNL/MTNL on payment of commission paid to Subscribers Trunk Dialing (STD) / Public Call Office (PCO)? It is well settled in law that a tax withholding liability is a vicarious liability, as a part of tax collection mechanism, in the sense that when there...

Tobacco Products, Suvs And Mobile Phones To Cost More

Posted: 02 Mar 2013 11:29 AM PST

The General Budget reiterates that clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution and independent judiciary for greater assurance is underlying theme of tax proposals. It is proposed to set up the Tax Administration Reforms...

Rate Of Tax On Investment Made Through A Designated Bank Account In Rupee Dominated Long Term Infrastructure Bonds Reduced

Posted: 02 Mar 2013 11:25 AM PST

The Finance Bill 2013-14 proposes reduction of tax on interest in respect of investment made through a designated bank account in Rupee dominated long term infrastructure bond from 20 percent to 5 percent.

Key Highlights of union Budget 2013-14

Posted: 02 Mar 2013 11:13 AM PST

The King's Speech Hinting towards global economic slowdown of growth rate of 3.2%; the FM cited towards a tough Budget. On the contrary he also mentioned that currently India is the only country behind China and Indonesia when it comes to growth rate throughout the world. And if continued to grow...

Concessional Rate of Tax Of 15% on Dividend Received From Its Foreign Subsidiary By A Company Continued For One More Year

Posted: 02 Mar 2013 11:04 AM PST

Mr. Chidambaram also announced that the concessional rate of tax of 15 per cent on dividend received by an Indian company from its foreign subsidiary shall be continued for one more year.

Budget 2013-14- Many Concessions in Customs Duty

Posted: 02 Mar 2013 10:34 AM PST


CBI Arrests Senior Accounts Officer Of CBDT for Accepting Bribe of Rs.10000/-.

Posted: 01 Mar 2013 10:40 AM PST

The Central Bureau of Investigation has arrested a Senior Accounts Officer of CBDT,Mumbai and a private person for demanding & accepting bribe of Rs. 10000/- from the complainant . A case was registered against Senior Accounts Officer, Zonal Accounts Office, CBDT, Mumbai for demanding bribe of...

Classification of service cannot be changed in the hands of the recipient

Posted: 01 Mar 2013 12:48 AM PST

The first argument that classification of service cannot be changed in the hands of the recipient, by itself is good enough to allow this appeal. Further I note that there is no reference in the opening paragraph to the classification as indicated in column (2) of the Table in the Notification....

Amendment under SAFTA -Notification No.27 /2013 – Customs (N. T.) Dated 1st March, 2013

Posted: 28 Feb 2013 11:51 PM PST

 Notification No. 27/2013 – Customs (N.T.) , New Delhi, the 1st March, 2013 GSR     (E).— In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government hereby makes the following rules to amend the Determination of Origin of...

Notification No.26 /2013 – Customs (N. T.) Dated 1st March, 2013

Posted: 28 Feb 2013 11:42 PM PST

Notification No.26 /2013 – Customs (N. T.) New Delhi, 1st 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...

Risk Management and Inter-Bank Dealings – A.P. (Dir Series 2012-13) Circular No. 86, Dated 1-3-2013

Posted: 28 Feb 2013 11:27 AM PST

RISK MANAGEMENT AND INTER-BANK DEALINGS A.P. (DIR SERIES 2012-13) CIRCULAR NO. 86, DATED 1-3-2013 Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to A.P. (DIR Series) Circular No. 92 dated April 4, 2003 issued on Risk Management and Inter-Bank Dealings....

Guidelines For Enabling Partial Two-Way Fungibility Of Indian Depository Receipts

Posted: 28 Feb 2013 10:35 AM PST

CIRCULAR NO. CFD/DIL/6/2013, DATED 1-3-2013 1. Securities and Exchange Board of India ("SEBI"), vide circular No. CFD/DIL/10/2012, dated August 28, 2012, has prescribed the framework for redemption of IDRs into underlying equity shares. The circular has, inter alia, provided for partial...

Budget – Proposes CTT on Sale of commodity derivative

Posted: 28 Feb 2013 01:01 AM PST

A new tax called Commodities Transaction Tax (CTT) is proposed to be levied on taxable commodities transactions entered into in a recognised association. It is proposed to define 'taxable commodities transaction' to mean a transaction of sale of commodity derivatives in respect of commodities,...

TDS Rates for FY 2013-14 / AY 2014-15

Posted: 28 Feb 2013 12:57 AM PST

The rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than "Salaries" have been specified in Part II of the First Schedule to the Bill. The rates for all the categories of persons will remain the same as those specified in Part II of the First...

Income Tax rates for FY 2013-14 / AY 2014-15

Posted: 28 Feb 2013 12:48 AM PST

A. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.  (i)      The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body...

Budget – Securities Transaction Tax (STT) Reduced

Posted: 28 Feb 2013 12:40 AM PST

The Finance Bill 2013-14 proposes reduction in the rates of Securities Transaction Tax (STT) in respect of certain transactions. Securities Transaction Tax (STT) on transactions in specified securities was introduced vide Finance (No.2) Act, 2004.It is proposed to amend section 98 of the Finance...

No Change in the Normal Rates of Excise Duty and Service Tax

Posted: 28 Feb 2013 12:38 AM PST

No Change in the Normal Rates of Excise Duty and Service Tax Peak Rate of basic Customs Duty for Non-Agricultural Products also Untouched There is no change in the peak rate of basic customs duty of 10% for non-agricultural products. Presenting the Union Budget in Lok Sabha today, the Finance...

Budget -1% TDS on Transfer of Immovable Property Exceeding Rs.50 Lakh

Posted: 28 Feb 2013 12:36 AM PST

Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) There is a statutory requirement under section 1 39A of the Income-tax Act read with rule 11 4B of the Income-tax Rules, 1962 to quote Permanent Account Number (PAN) in documents pertaining to...

S. 80EE Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer

Posted: 28 Feb 2013 12:31 AM PST

Under the existing provisions of section 24 of the Income-tax Act, income chargeable under the head 'Income from House Property' is computed after making the deductions specified therein. The deductions specified under the aforesaid section are as under:-

S. 80IA for the power sector – Extension of sunset date to 31.03.2014

Posted: 28 Feb 2013 12:30 AM PST

Extension of the sunset date under section 80IA for the power sector Under the existing provisions contained in the clause (iv) of subsection (4) of section 80IA, a deduction of profits and gains is allowed to an undertaking which, – (a)   is set up in any part of India for the generation or...

Raising limit of % of eligible premium for life insurance policies of persons with disability or disease

Posted: 28 Feb 2013 12:30 AM PST

Under the existing provisions contained in clause (10D) of section 10, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, is exempt, subject to the condition that the premium paid for such policy does not exceed ten per cent of the 'actual...

Additional deduction for acquisition & installation of new plant or machinery by manufacturing company

Posted: 28 Feb 2013 12:30 AM PST

In order to encourage substantial investment in plant or machinery, it is proposed to insert a new section 32AC in the Income-tax Act to provide that where an assessee, being a company,— (a) is engaged in the business of manufacture of an article or thing; and

RGESS – Period, Income Limit Liberalised, Allowed to Invest in MF

Posted: 28 Feb 2013 12:28 AM PST

 Expanding the scope of deduction and its eligibility u/s. 80CCG The existing provisions of section 80CCG, inter-alia, provide that a resident individual who has acquired listed equity shares in accordance with the scheme notified by the Central Government, shall be allowed a deduction of fifty per...

Budget -Income Tax Surcharge Rate Hiked for Higher Income Assessees

Posted: 28 Feb 2013 12:25 AM PST

SURCHARGE OF 10 PER CENT ON PERSONS WITH TAXABLE INCOME EXCEEDING RS.1 CRORE The Finance Bill 2013-14 proposes a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status. Presenting the...

Tax Relief of Rs. 2000 for Taxpayer having income upto Rs. 5 Lakh

Posted: 28 Feb 2013 12:21 AM PST

Relief for Taxpayers in the Bracket of Rs.2 Lakh to 5 Lakh Tax Credit of Rs.2000 to Every Person with Total Income upto 5 Lakh -Rebate of Rs 2000 for individuals having total income up to Rs 5 lakh With a view to provide tax relief to the individual tax payers who are in lower [...]

Keyman insurance policy assigned to any person during its term shall continue to be treated as keyman insurance policy

Posted: 28 Feb 2013 12:21 AM PST

The existing provisions of clause (10D) of section 10, inter alia, exempt any sum received under a life insurance policy other than a keyman insurance policy. Explanation 1 to the said clause (10D) defines a keyman insurance policy to mean a life insurance policy taken by a person on the life of...

Summary of Union Budget 2013-14

Posted: 28 Feb 2013 12:16 AM PST

The Union Budget for 2013-14 aims at 'higher growth leading to inclusive and sustainable development.' With this as mool mantra, the Finance Minister Shri P Chidambaram has sought to increase allocation to key areas and provide incentives for investments and savings while containing the fiscal...

Amendment in Para 2.33 of Handbook of Procedure Vol.I,2009-2014

Posted: 28 Feb 2013 12:12 AM PST

PUBLIC NOTICE NO.50 (RE 2012)/2009-2014 – , DATED THE  28th FEBRUARY, 2013 Subject : Amendment in Para 2.33 of Handbook of Procedure Vol.I,2009-2014. In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade makes the...

Budget – Exemption to income of Investor Protection Fund of depositories

Posted: 28 Feb 2013 12:10 AM PST

Under the provisions of SEBI (Depositories and Participants) Regulations, 1996, as amended in 2012, the depositories are mandatorily required to set up an Investor Protection Fund. Under the existing provisions, section 10(23EA) provides that income by way of contributions from a recognised stock...

Import Policy of Used Rails – Notification No. 36 (RE–2012)/2009-2014

Posted: 28 Feb 2013 12:09 AM PST

Notification No. 36 (RE–2012)/2009-2014 New Delhi, Dated: 28th February, 2013 Subject: Import Policy of Used Rails. S.O.(E) In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), read with paragraph 2.1 of the Foreign Trade...

DGFT Policy on Second Hand Goods

Posted: 28 Feb 2013 12:07 AM PST

NOTIFICATION NO. 35   (RE-2012)/2009-2014 NEW DELHI: Dated:   28th February, 2013 Subject:   Policy on Second Hand Goods: S.O. (E): In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy,...

Increase in Tax on income distributed by Mutual Funds

Posted: 28 Feb 2013 12:02 AM PST

Rationalisation of tax on distributed income by the Mutual Funds Under the existing provisions of section 115R any amount of income distributed by the specified company or a Mutual Fund to its unit holders is chargeable to additional income-tax. In case of any distribution made by a fund other than...

Direction for special audit under sub-section (2A) of section 142

Posted: 27 Feb 2013 11:49 PM PST

The existing provisions contained in sub-section (2A) of section 142 of the Income-tax Act, inter alia, provide that if at any stage of the proceeding, the Assessing Officer having regard to the nature and complexity of the accounts of the assessee and the interests of the revenue, is of the...

Clarification for amount to be eligible for deduction as bad debts in case of banks

Posted: 27 Feb 2013 11:41 PM PST

Under the existing provisions of section 36(1)(viia) of the Income-tax Act, in computing the business income of certain banks and financial institutions, deduction is allowable in respect of any provision for bad and doubtful debts made by such entities subject to certain limits specified therein....

PM's Post-Budget Interview

Posted: 27 Feb 2013 11:40 PM PST

PM: Given the challenges facing our economy, the Finance Minister has done a commendable job. India needs to create jobs for our growing labour force to the extent of about 10 million persons every year. To do that, we need to accelerate the tempo of our growth.

Notification No.4/2013 – Service Tax Dated – 1st March, 2013

Posted: 27 Feb 2013 11:34 PM PST

Seeks to notify 'the resident public limited company' as a class of persons under sub-clause (iii) of clause (b) of section 96A of the Finance Act, 1994. Notification No.4/2013 – Service Tax New Delhi, the 1st March, 2013 G.S.R….(E)- In exercise of the powers conferred under...

A.P. (DIR SERIES 2012-13) CIRCULAR NO. 85, DATED 28-2-2013

Posted: 27 Feb 2013 11:30 PM PST


Budget supports growth & ensures fiscal discipline – IDBI Chairman

Posted: 27 Feb 2013 11:30 PM PST

The Union Budget for 2013-14 has been framed in a situation of considerable economic difficulty. Overall economic growth has been subdued on the back of weak performance across the three sectors, i.e. agriculture, industry and services. As compared to average growth rate of 8.0% plus posted in the...

Clarification of phrase 'tax due' for the purposes of recovery in certain cases

Posted: 27 Feb 2013 11:25 PM PST

Section 179 of the Income-tax Act provides that where the tax due from a private company cannot be recovered from such company, then the director (who was the director of such company during the previous year to which non-recovery relates) shall be jointly and severally liable for payment of such...

Contribution not to be in cash for deduction u/s. 80GGB & s. 80GGC

Posted: 27 Feb 2013 11:21 PM PST

Under the existing provisions of section 80GGB, any sum contributed by an Indian company to any political party or an electoral trust in the previous year, is allowed as deduction in computing the total income of such Indian company. A similar deduction is available to an assessee, being any person...

S. 80G 100% deduction for donation to National Children's Fund

Posted: 27 Feb 2013 11:21 PM PST

One hundred per cent deduction for donation to National Children's Fund Under the existing provisions of section 80G an assessee is allowed a deduction from his total income in respect of donations made by him to certain funds and institutions. The deduction is allowed at the rate of fifty per cent...

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