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Apr 19, 2013

Accommodation entries from fake companies – Case Laws, Assessment Issues

Accommodation entries from fake companies – Case Laws, Assessment Issues

Posted: 18 Apr 2013 09:15 PM PDT

When we refer to an entry of loan transaction as 'fake loan' received from a 'paper company', it invariably means that such entry represents unaccounted money of the person in whose books of account the money has been credited as loan and the lender company is only a conduit for routing the money...

Section 50C – Tax Provisions, Assessment, Case Laws

Posted: 18 Apr 2013 09:08 PM PDT

Section 50C was introduced in the Income-tax Act, 1961 by the Finance Act, 2002 with effect from 1-4-2003 for substituting valuation done for Stamp Valuation purposes as full value of consideration in place of apparent consideration shown by the transferor of capital asset, being land or building...

Capital Gains on Income From Sale of Agricultural Land

Posted: 18 Apr 2013 08:58 PM PDT

The first and most important issue to be determined is whether the land is held as investment or stock in trade. If the agricultural land is held as stock in trade then the sale of such lands is taxable as business income and no exemption under the Act is provided in this regard.

Unfolding The Income From Capital Gain – Assessment , Case Laws

Posted: 18 Apr 2013 08:51 PM PDT

The issue of short term capital gains (STCG) vs long term capital gains (LTCG) is an ongoing issue. In many of the cases, it is also intertwined with treating such gains as business income. Further, in some of the cases where claims of LTCG have been made, the AOs have treated them as sham...

Treatment of Cessation of Liabilities – Section 41 – Case Laws

Posted: 18 Apr 2013 08:37 PM PDT

Introduction: Section 41(1) provides for taxing any amount benefit which was obtained by a person with respect to any loss, expenditure or trading liability incurred in any earlier Assessment Years. The Section is re-produced as under:- " Where an allowance or deduction has been made in the...

Expenses or Payments not Deductible Under Certain Circumstances – Section 40A

Posted: 18 Apr 2013 08:31 PM PDT

Disallowance under Section 40A(3): No deduction is allowed in respect of which a payment or aggregate of payments exceeding rupees twenty thousand are made to a person in a day otherwise than by an account payee cheque drawn on a bank or account payee bank draft.

Is your cheque book CTS-2010 standard compliant?

Posted: 18 Apr 2013 08:31 PM PDT

Reserve Bank of India has issued guidelines on standardisation and enhancement of security features for cheque leaves referred to as CTS-2010. These features are aimed at enhancing customer safety and facilitating easier processing of cheques.  RBI has advised all banks to issue only...

Exemption Under Special Provisions – Sections 10A/10AA/10B

Posted: 18 Apr 2013 08:30 PM PDT

A Section 10A. Special provision in respect of newly established undertakings in free trade zone, etc. The benefit in respect of newly established Industrial Undertaking in FTZ, EHTP SEZ or STP is Available to all Assessees on Export of Certain Articles or things or software Subject to the...

Deduction of Interest Expenses – Section 36(1)(iii) – Assessment – Legal Pronouncements

Posted: 18 Apr 2013 08:30 PM PDT

In this discussion, we would take up Section 36(1)(iii) of the Income Tax Act, 1961 and analyse the provision therein from all facets, which will make us understand the deduction in a comprehensive way. In the vortex of legal pronouncements, we will analyse few case laws as well, which throw light...

Disallowance on account of Non-deduction of TDS – Section 40(a)(ia)

Posted: 18 Apr 2013 08:30 PM PDT

Under the existing provisions of sub-clause (i) of clause (a) of Section 40, failure to make deduction at source from payment of interest, royalty, fees for technical services or any other sum which is payable outside India, or in India to a non-resident or to a foreign company or failure to make...

Income From House Property – Issues, Case Laws, Assessment

Posted: 18 Apr 2013 08:30 PM PDT

Section 22 provides for taxation of 'annual value' of a property consisting of any buildings or lands appurtenant thereto. The term 'buildings' includes any building- office building, godown, storehouse, warehouse, factory, halls, shops, stalls, platforms, cinema halls, auditorium etc. as long as...

Delayed or Non payment of TDS- Department to initiate action against TDS defaulters

Posted: 17 Apr 2013 10:58 PM PDT

The Income Tax department has decided to crack the whip on big companies and organisations that do not remit TDS money even after deducting it from their workers' salaries. The Central Board of Direct Taxes (CBDT), the controlling and administrative authority of the department, has asked all...

Compliance with conditions u/s 72A is to be tested in relation to each amalgamating company

Posted: 17 Apr 2013 10:19 PM PDT

During the AY 2004-05, BTPU and BSPPL amalgamated with the taxpayer. The taxpayer claimed set-off of losses of BTPU under section 72A. The AO disallowed the set-off of loss brought forward on the basis that the taxpayer failed to: Hold three-fourth of the book value of fixed assets of amalgamating...

Apply online for PF transfer, withdrawals from July 1- EPFO

Posted: 17 Apr 2013 09:53 PM PDT

New Delhi: Over 50 million subscribers of the retirement fund body EPFO will be able to apply online for transfer and withdrawal of their provident fund from July 1, a move aimed at speedy settlement of claims. "We have decided to set up a central clearance house which will be operational on...

Expenditure Incurred in Relation to Income not included in Total Income – Section 14A

Posted: 17 Apr 2013 08:30 PM PDT

1 Legislative History 1.1 Section 1 4A was first inserted by the Finance Act, 2001. However, same was inserted with retrospective effect from 1-4-1962. The inserted section reads as under:- '14A. Expenditure incurred in relation to income not includible in total income. – For the purposes of...

Highlights of Annual Supplement (2013-14) to Foreign Trade Policy 2009-14 + Announcements

Posted: 17 Apr 2013 07:53 PM PDT

Highlights of Annual Supplement (2013-14) to the Foreign Trade Policy 2009-14 Announced by Shri Anand Sharma 1. Measures to revive investors' interest in SEZs. 1.1 A package of measures has been formulated to revive investors' interest in SEZs and to boost exports. The salient features of the...

DGFT harmonised Zero Duty & 3% Concessional Duty of EPCG Schemes

Posted: 17 Apr 2013 07:05 PM PDT

Central Government hereby notifies the Chapter 5 of the Foreign Trade Policy, 2009-2014 harmonizing the two versions (Zero Duty and 3% Concessional Duty) of EPCG Schemes. This shall come into force w.e.f. 18th April, 2013.

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