LBT - Local Body Tax – A highly avoidable system of taxation

LBT - Local Body Tax – A highly avoidable system of taxation Posted: 12 May 2013 08:31 PM PDT Maharashtra is the only proud state in the country where we have octroi. The issue of abolishing octroi has been a long pending demand of taxpayers, industries, traders and transporters from every corner of the state. The Kelkar Committee (2002) reiterated that with introduction of VAT there should... Notice served on CA of an assessee who was not specifically authorised to accept the same can't be said to be served validly Posted: 12 May 2013 08:30 PM PDT We find that the AO has not claimed that Shri Devang Shah, CA was authorised to receive any notice on behalf of the assessee-firm or was the representative of the assessee or that any power of attorney was executed by the assessee firm in favour of the said Chartered Accountant. Finance Bill gets enacted as Act No.17 of 2013 wef 10th May, 2013 Posted: 12 May 2013 08:30 PM PDT Finance Bill gets enacted as Act No.17 of 2013; President gives assent on 10th May,2013 Expense by tenant on house property repairs cannot be included in ALV Posted: 12 May 2013 12:14 AM PDT In the present set of facts, we have noted that the AO had considered the impugned repair expenditure as annual rent in the hands of the assessee which was without any basis. As far as the assessee was concerned, the deduction @ 30% is like a standard deduction as prescribed u/s.24(a) of IT Act,... S.269SS not applies to transfer between two accounts by Journal Entry Posted: 12 May 2013 12:02 AM PDT Section 269SS is attracted when the loan or deposit taken or accepted otherwise than by account payee cheque or account payee bank draft and in the Explanation (iii) below Sec.2 69SS, it is mentioned that loan or deposits means "loan or deposit of money" and transfer between two accounts by way of... Form & mode of filling of Income Tax Return for AY 2013-14 Posted: 11 May 2013 10:25 PM PDT CA Pardeep Kumar Relevant Sections of Income Tax Act, 1961: 139(1), 139(3), 139(4A), 139(4B), 139(4C), 139(4D), 142(1), 148(1), 153A All Applicable Return Forms for A Y 2013-14: ITR – 1 (SAHAJ), ITR – 2, ITR – 3, ITR -4S (SUGAM), ITR – 4, ITR – 5, ITR – 6, ITR – 7 Filling of Income [...] Applicability of Transfer Pricing provisions to Specified Domestic Transactions Posted: 11 May 2013 09:59 PM PDT Applicability of transfer pricing provisions was earlier limited to International Transactions only. With effect from 01.04.2013, the scope of Transfer Pricing provisions is extended to Specified Domestic Transactions and will accordingly be applicable from A.Y. 2013-14. CENVAT credit written off on surrender of Excise Registration Certificate is allowable as deduction u/s 37 Posted: 11 May 2013 09:00 PM PDT In the facts of the present case, the assessee had paid CENVAT on purchase of raw material which was deposited in its PLA account for claiming the benefit of set off against the excise duty payable on the manufactured items i.e. branded yearn. The assessee was paying higher rate of excise duty on...