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Apr 3, 2013

S. 54F do not differentiate between House in good or bad condition

S. 54F do not differentiate between House in good or bad condition

Posted: 03 Apr 2013 08:20 PM PDT

If Assessee Possess more than one house, it can result in denial of deduction under section 54F relief even if one of them is in bad condition. The plea of the assessee is that the first new asset purchased by it on 18.7.2005 was in a dilapidated condition and the benefit of the deduction under...

Income Tax Calculator F.Y. 2013-14 / A.Y. 2014-15

Posted: 03 Apr 2013 07:48 PM PDT

Download Simple Income tax Calculator in Excel Format for Salaried Persons for Financial year 2013-14 / Assessment Year 2014-15. This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the...

Rates of Gold and Silver as on 31.03.2013

Posted: 03 Apr 2013 07:30 PM PDT

We needs rates of Gold and Silver for Wealth Tax Valuation Purposes as on 31.03.2013 to correctly value gold and silver as on 31.03.2013 but since  no trading was taken place in Gold and Silver on 31.03.2013 so we will take the rate of last trading  day (30.03.2013) of Financial Year 2012-2013 as...

Service Tax Amendments by FA 2012 Applicable for CA IPC May & Nov,13 Exams

Posted: 03 Apr 2013 06:48 PM PDT

Service tax law, as contained in the Finance Act, 1994, as amended by the Finance Act, 2012 is relevant for May and November, 2013 examinations. The Finance Act, 2012 has introduced the concept of negative list in the service tax law whereby all services are liable to service tax except those...

Improvements enhancing therapeutic efficacy of a medicine are only patentable

Posted: 03 Apr 2013 06:18 PM PDT

Just increased bioavailability alone may not necessarily lead to an enhancement of therapeutic efficacy. Whether or not an increase in bioavailability leads to an enhancement of therapeutic efficacy in any given case must be specifically claimed and established by research data. In this case, there...

Indirect Tax Amendments by FA, 2012 – Applicable for June,13 & Dec,13 CMA Exams

Posted: 03 Apr 2013 02:29 PM PDT

Indirect Tax Laws Amendment Made By Finance Act, 2012 As Compiled By The Institute of Cost Accountants of India  Applicable for June 2013 and December 2013 Examinations of CMA Students  A. EXCISE  AMENDMENTS IN THE CENTRAL EXCISE ACT, 1944  (1) Incorporation of definition of "inter-connected...

Service tax Amendments by FA 2012 Applicable for May & Nov, 13 CA Final Exams

Posted: 03 Apr 2013 12:28 PM PDT

Announcement for Final Examination applicable from May 2013 Examination onwards: Paper-8: Indirect Tax Laws. – (01-04-2013) Service tax law, as contained in the Finance Act, 1994, as amended by the Finance Act, 2012 is relevant for May and November, 2013 examinations. The Finance Act, 2012...

CBEC should withdraw draconian circular – Recovery proceedings during pendency of stay application

Posted: 03 Apr 2013 05:34 AM PDT

The Central Board of Excise and Customs (the CBEC or the Board) has issued its first Central Excise Circular No. 967/01/2013 – CX, dated January 01, 2013 (the Circular) on eve of New Year 2013, for recovery of confirmed demands during pendency of Stay applications. The Circular has rescinded...

Low Tax Effect Circular – Dept to show why CBDT instructions No.3/2011 not applies

Posted: 03 Apr 2013 05:32 AM PDT

The grievance of the Revenue is that the Tribunal ought to have entertained the appeal by following the decision of the Apex Court in the matter of Surya Herbal Ltd. (supra). However, the revenue has not been able to point out before us any of circumstance as laid down by the Suprme Court in the...

Advance for Bogus Purchases cannot be written off as bad debt

Posted: 02 Apr 2013 10:54 PM PDT

Para 2 of the order of Income Tax Settlement Commission dated 24.3.2008 deal with the purchases claimed to have been made by the assessee from M/s Sambhav Steel Distributors. Assessee had clearly admitted before Settlement Commission that the claim of purchase from M/s Sambhav Steel Distributors...

No Penalty if Assessee voluntarily & bona fidely declare its income

Posted: 02 Apr 2013 10:49 PM PDT

Once in a particular trust, some default came to the notice of a trustee managing its affairs and the same trustee is also managing the affairs of other trust then, if the trustee of the second trust voluntarily comes forward before the department and discloses material facts, which have been duly...

State Government is a person for the purposes of collecting TCS

Posted: 02 Apr 2013 10:47 PM PDT

Income Tax is a code in itself and for levying taxes certain terms have been defined in a particular manner and they carry special meanings. Word 'person' is one among them. So, in our humble opinion, State Government is a person for purposes of collecting tax at sources as per the...

Addition based on mere Low GP Ratio not justified

Posted: 02 Apr 2013 10:44 PM PDT

It is well-settled law that merely on the ground of low gross profit ratio, the addition to the assessee's returned income cannot be made. Even if, the assessee's profit and loss account is discarded by the Assessing Officer, it has to be examined whether the Assessing Officer adopted...

Disallowance of expenses can not be made by Assessing Officer without verifying books of accounts

Posted: 02 Apr 2013 10:35 PM PDT

The Commissioner of Income Tax (Appeals), Ludhiana, recorded a finding that the Assessing Officer has reported that the voluminous nature of entries cannot be verified. Once the Assessing Officer himself has failed to verify the entries, there is no reason to disallow the distribution expenses. It...

ICAI Submits Post Budget Memorandum 2013 on Direct & Indirect Taxes

Posted: 02 Apr 2013 09:55 PM PDT

Download Post Budget Memorandum 2013 – Indirect Taxes as submitted by ICAI Download Post Budget Memorandum 2013 – Direct Taxes as submitted by ICAI

Strategic Priorities of Institute of Chartered Accountants of India

Posted: 02 Apr 2013 09:10 PM PDT

Based on the Corporate Social Responsibility initiative of the Ministry of Corporate Affairs, the Institute of Chartered Accountants of India (ICAI), has decided that through its dedicated network at the Regional and Branch level centers, it will seek volunteers from amongst its eligible members...

RBI circular on Unsecured Exposure Norms for UCBs

Posted: 02 Apr 2013 08:02 PM PDT

Please refer to our circular No. UBD.BPD.(PCB) Cir No.21/13.05.000/2010-11 dated November 15, 2010 on 'Maximum Limit on Unsecured Loans and Advances' prescribing that the total unsecured loans and advances granted by a UCB to its members should not exceed 10 per cent of its total assets.

Empanelment of Senior Standing Counsels / Standing Counsels by DGIT (Adm.) Delhi

Posted: 02 Apr 2013 07:51 PM PDT

Director General of Income Tax (Administration) Mayur Bhawan, Connaught Circus, New Delhi – 110001 intends to empanel the Senior Standing Counsels I Standing Counsels well versed with proceedings under the Sick Industrial Companies (Special Provisions) Act 1985, to represent the Income Tax...

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