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May 22, 2013

FAQs Related to Income Tax Provisions of charitable trust and NGOs

FAQs Related to Income Tax Provisions of charitable trust and NGOs

Posted: 21 May 2013 08:27 PM PDT

FREQUENTLY ASKED QUESTIONS (FAQs) Q.1 Are NGOs and other charitable and non-profit organizations entitled to claim tax exemption under income tax law in India? Are donors who contribute to such organizations also entitled to any tax deduction? Ans. Yes, such exemption is available to, (i) public...

Income already offered for taxation cannot be taxed again as undisclosed income

Posted: 21 May 2013 08:06 PM PDT

It is contended by the learned counsel that the sum of Rs. 16 lakhs added by the Assessing Officer as undisclosed income has already been offered as income by the assessee by way of forfeiture of booking advance. In principle, we agree with the assessee's contention that if the above sum is...

Expense cannot be disallowed merely because assessee named it as short recovery and not bad debt

Posted: 21 May 2013 07:57 PM PDT

The undisputed facts are that the assessee was to receive the sum of 74,30,575/- from CCIL towards crane hire charges.   However, actually, the assessee could receive only 58,39,011/-. The Revenue has not disputed the correctness of the assessee's contention that it could not recover the sum...

Charitable Purpose u/s. 2(15) of Income Tax Act ,1961

Posted: 21 May 2013 07:26 PM PDT

Courts have held that the expression 'charitable purpose' is sufficiently wide in scope to include a variety of activities. For instance, promotion of sports and games is a charitable purpose

If AO says that assessee not maintained books of account than there is no question of producing the same by the assessee

Posted: 21 May 2013 12:07 PM PDT

We find that a clear finding was given by the Assessing Officer in para 13.2 of the assessment order in the case of Shri Pranbhai S Fultaria that assessee has not filed any return of income though specifically required u/s. 142(1) of the Act and assessee has not maintained books of account. Ld....

Online Empanelment with Vijya Bank for Concurrent Audit

Posted: 21 May 2013 10:07 AM PDT

Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices - Vijya Bank calls applications from Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices for the period from 01.07.2013 to 30.06.2014.

Govt urges taxpayers to Disclose True income and pay Appropriate taxes

Posted: 21 May 2013 09:38 AM PDT

Government urges all tax Payers to Disclose their True income and pay Appropriate taxes within the Current Financial Year; A Compliance Management Cell has been set-up to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment; 70,000 Letters are being sent in 2...

Rationalisation of Withholding tax on interest payments on borrowings of Infrastructure Debt Funds

Posted: 20 May 2013 09:43 PM PDT

Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors, Encourage Development of the Indian Debt Market and Accelerate the Pace of Growth of the Indian Economy.

Clarification on Revised requirements for Listed Companies undertaking a Scheme of Arrangement under Companies Act, 1956

Posted: 20 May 2013 09:02 PM PDT

All listed companies undertaking a Scheme of Arrangement under Part IV and Chapter V of Part VI of the Companies Act, 1956, (Amalgamation/ Merger/ Reconstruction/ Reduction Of Capital, etc.) are required to submit a valuation report in terms of Para (I) (A) read with Part A, Annexure I of the SEBI...

Issues related to transmission of trade data by Customs to DGCIS

Posted: 20 May 2013 09:00 PM PDT

A Committee under the chairmanship of DG NIC with representatives of Department of Commerce and Department of Revenue had been constituted to consider the issues of timely and accurate transmission of trade data and give its recommendations.

SEBI issues Broad guidelines on Algorithmic Trading

Posted: 20 May 2013 09:00 PM PDT

SEBI has received various suggestions with regard to the requirement of system audit of trading algorithm / software used by stock brokers / trading members. After due examination of the suggestions in consultation with the Technical Advisory Committee, it has been decided to revise the requirement...

Tariff Value of Gold, Silver, Crude / RBD Palm Oil, Brass Scrap, Poppy seeds wef 21.05.2013

Posted: 20 May 2013 09:00 PM PDT

Notification No. 55/2013-CUSTOMS (N. T.), New Delhi, the 21st  of May, 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...

DGFT constitutes 2nd Task Force on Transaction Cost

Posted: 20 May 2013 08:49 PM PDT

In pursuance of the announcement made by Commerce and Industry Minister on 18.4.2013, the Second Task Force on Transaction Cost has been constituted under the Chairmanship of Director General of Foreign Trade under following terms and reference:

How to view ST-3 for the period July -Sept, 2012

Posted: 20 May 2013 08:32 PM PDT

Service Tax Returns (ST 3) for the period July -Sept, 2012,e-filed in ACES, can now be viewed by the Assesses under 'View Original ST3′ and 'View ST3′ options under the RET module of ACES with a facility to revise it, if required. The Revised return can be filed by the...

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