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May 14, 2013

Fw: TaxGuru : “Download Finance Act 2013 as assented by The President on 10-5-2013” plus 9 more

Download Finance Act 2013 as assented by The President on 10-5-2013

Posted: 13 May 2013 08:35 PM PDT

President of India has given assent to Finance Bill 2013 on 10.05.2013 and on assent the Finance bill has become the Finance Act,2013 (No. 17 of 2013). The act has given effect to the financial proposals of the Central Government for the financial year 2013-2014.  Finance Act, 2013 contains the...

Download ITR 1 e-filing for AY 2013-14 / FY 2012-13

Posted: 13 May 2013 08:35 PM PDT

ITR 1 (offline/online) for AY 2013-14 is available for e-Filing – Income tax Department has released ITR 1 for Filing of Return for the Assessment Year 2013-14/ Financial Year 2012-13. Download ITR- 1 for AY 13-14 / FY 2012-13 for Online Filing of Income tax Return APPLICABILITY OF ITR-1 FOR...

Loan Prepayment charges allowed as deduction from house property income

Posted: 13 May 2013 08:34 PM PDT

The assessee claimed deduction of Rs. 11.05 crore u/s 24(b) of the Act. The Assessing Officer did not allow deduction of Rs. 1.56 crore paid as prepayment charges for the closure of the loan account which was taken for acquisition of property fetching the extant house property income. Under these...

New Income Tax Rules for Computation of Net Agricultural Income

Posted: 13 May 2013 08:30 PM PDT

Finance Act 2013 Has Inserted New Rules For Computation Of Net Agricultural Income & Amended The Definition Of Net Agricultural Income Vide Section 2(13)(c). Text of Such Rules & section Are As Follows:- Rules for Computation of Net Agricultural Income Rule 1.—Agricultural income of the...

Assessee entitled to Interest on cash seized during search for the period after completion of Assessment

Posted: 13 May 2013 06:25 PM PDT

The petitioner is assessed to income tax. On 16.02.2005 a search under section 132(1) of the Income Tax Act, 1961was conducted at his residential premises in the course of which cash amounting to Rs. 8,83,800/- was found. Out of the cash found an amount of Rs. 6,33,800/- was seized. The petitioner...

A Handy Referencer on Reverse Charge Mechanism

Posted: 13 May 2013 09:58 AM PDT

CA Pardeep Kumar Relevant Notifications:-  Notification no. 30/2012 dated 26.06.2012 later updated by notification no. 45/2012 dated 07.08.2012 w.e.f.  01/07/2012 Dual System of Service Tax Payment A. For certain services, service recipients needs to pay 100% Service Tax  – 9 Services B. For...

ICAI postpones paper of IT & SM of Integrated Professional Competence Examination

Posted: 13 May 2013 09:05 AM PDT

It is hereby informed that due to unavoidable circumstances the examination of Group – II, Paper - 7 – Information Technology and Strategic Management of Intermediate (Integrated Professional Competence) Examination scheduled on 15th May-2013 stands postponed. The said examination for the...

No penalty for mere change in head of income

Posted: 12 May 2013 10:26 PM PDT

We are of the considered opinion that the transaction in respect of the share trading was duly disclosed at the time of filing of the return. Some of the income was shown as long-tern capital gain and part of the income was also shown as speculative business in shares/scripts trading. As per the...

S.14A Addition in Excess of Expenses debited to P/L a/c not permissible

Posted: 12 May 2013 10:17 PM PDT

We find that the AO has made disallowance on the basis of Rule 8D of the Income Tax Rules, 1962, but no disallowance can be made or sustained in excess of the expenses debited in the profit & loss account.

DGCEI detects duty evasion by CPC (Copper Pthalocyanine Crude) Blue manufacturers in Gujrat

Posted: 12 May 2013 09:29 PM PDT

Directorate General of Central Excise Intelligence (DGCEI), Zonal Unit Ahmedabad's Vapi Regional Unit has detected a major modus operandi of Central Excise duty evasion and is investigating the same against various CPC (Copper Pthalocyanine Crude) Blue manufacturers operating from Ahmedabad,...

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