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May 27, 2013

Download ITR- 2 E Filing Utility for AY 2013-14 / FY 2012-13

Download ITR- 2 E Filing Utility for AY 2013-14 / FY 2012-13

Posted: 27 May 2013 08:41 PM PDT

Income tax Department has released e-Filing Utility for ITR-  2 for Assessment year 2013-14 / Financial Year 2012-13. We have placed link for the same as the bottom of the article. We also discussed Who can use this Return Form?, Who cannot use this Return Form?, Manner of filing this Return Form...

Corporate Borrowing – Giving Wings to Corporate World !

Posted: 27 May 2013 08:19 PM PDT

A debt is an obligation owed by one party (the debtor) to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor. A debt is created when a creditor agrees to lend a sum of assets to a debtor. In finance, debt is a means of using anticipated future...

Tips & FAQs on filling of Appeal & Personal Hearing before CESTAT

Posted: 27 May 2013 07:09 PM PDT

The assessee may appear in person or by authorized council on its behalf before CESTAT. The council appearing for the tax payer should have all the details relating to facts of the case, submissions made before lower authorities and contrary views adopted by them in their respective orders.

I-T Rules related to Furnishing of TDS Certificate requires Immediate amendment

Posted: 27 May 2013 07:01 PM PDT

Immediate amendment required in Income Tax Rule 31 Rule 31 of Income Tax Rules, 1962 requires that the certificate of  tax deducted at source to be furnished to the deductee within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A. (i.e. on...

Income Tax Dept. Sent Letters to Another Batch of 35,000 Non-Filers

Posted: 27 May 2013 06:54 PM PDT

Income Tax Department Sent Letters to Another Batch of 35,000 Non-Filers; Government Once Again Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes As part of its ongoing initiative, the Income Tax Department has sent today i.e. 27th May, 2013 letters to another batch of...

Section 40(a)(ia) applies to transaction made during the year

Posted: 27 May 2013 06:39 PM PDT

In the result, we are of the opinion that Section 40(a) (ia) would cover not only to the amounts which are payable as on 31th March of a particular year but also which are payable at any time during the year. Of course, as long as the other requirements of the said provision exist. In [...]

No Penalty for addition merely due to application of deeming Provision U/s. 50C

Posted: 27 May 2013 06:26 PM PDT

The assessee sold the property at a sum of Rs.2,51,50,000/- For the purpose of stamp duty, however, the value was estimated at a sum of Rs.5, 19,77,000/- and on that basis the stamp duty was realized. During the assessment, it was found that the assessee had disclosed the sale price at a sum of...

FM to Inaugurate 29th Annual Conference of CIT and DGIT 2013

Posted: 27 May 2013 11:55 AM PDT

Union Finance Minister to Inaugurate Today 29th Annual Conference of Chief Commissioners of Income Tax and Directors General of Income Tax 2013 The Union Finance Minister Shri P. Chidambaram will inaugurate the 29th Annual Conference of Chief Commissioners & Directors General of Income Tax here...

Restriction on grant of loan against gold bullion applies to gold ETFs and units of gold Mutual Funds

Posted: 26 May 2013 09:27 PM PDT

In this context, we have also been receiving references from certain banks asking whether advance against units of gold Exchange Traded Funds (ETF) and gold Mutual Funds is permitted. As these products are backed by bullion/primary gold, it is clarified that the restriction on grant of loan against...

CBI Arrests A Deputy Director of ESIC In A Bribery Case

Posted: 26 May 2013 09:25 PM PDT

The Central Bureau of Investigation has arrested a Deputy Director, Employees State Insurance Corporation(ESIC), Bapunagar, Ahmedabad for demanding & accepting a bribe of Rs. 8,000/- from the Complainant.             A case was registered by CBI after receipt of the complaint against the Dy....

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