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May 18, 2013

Tax Audit in Income-Tax Act-Monopoly of Authority Causing Hurdle for Voluntary Compliance

Tax Audit in Income-Tax Act-Monopoly of Authority Causing Hurdle for Voluntary Compliance

Posted: 18 May 2013 07:09 PM PDT

In India, Institute of Company Secretaries of India, Institute of Cost Accountants of India, Institute of Chartered Accountants of India and Bar Council of India are the four professional bodies passed by an Act of Parliament, whose members are engaged in the line of tax practice. They should shed...

Income tax Appeal Filing & Procedures + Download Free e-book

Posted: 17 May 2013 10:19 PM PDT

Contents of The Article / E-Book Introduction Appeals before Commissioner (Appeals) Appeal before Income Tax Appellate Tribunal Appeal before High Court Appeal before Supreme Court Form 35 for filing appeal to Commissioner(Appeals) Form 36 for filing appeal to Appellate Tribunal Form 36A, i.e....

Every audit objection doesn't lead to invocation of extended period and levy of penalty

Posted: 17 May 2013 10:07 PM PDT

We have summarized the important judgment of the Hon'ble Tribunal in the case of LANDIS + GYR LTD. V. COMMISSIONER OF CENTRAL EXCISE [2013] 32 268 (Kolkata – CESTAT) on following issue as discussed here under: Issue: Whether every audit objection leads to invocation of extended period...

AO must record Requisite satisfaction of person searched to assume jurisdiction u/s 158BD

Posted: 17 May 2013 09:14 PM PDT

We set aside the order of the learned CIT(A) and restore the entire matter back to his file for fresh decision. He should first decide the technical aspect as to whether requisite satisfaction was recorded by the AO of searched person or not in order to decide as to whether the AO has properly...

Format for seeking clarifications on the FDI policy issues

Posted: 17 May 2013 09:10 PM PDT

This Department has been receiving a large number of requests from various stakeholders seeking clarifications on the provisions of FDI policy. It is noted that many of the requests for clarification do not provide specific/ adequate details of the proposal. As a result, this Department is unable...

TDS not to be be deducted on expenditure on which assessee has paid FBT

Posted: 17 May 2013 09:01 PM PDT

During the period, when FBT was applicable, appellant considered reimbursements to employees under holiday home scheme to be liable to FBT under section 11 5WB(2)(G), i.e. expenditure for use of hotel, boarding and lodging facilities.

No addition u/s 41(1) in respect of balance of creditors appearing in books of accounts at the end of relevant year

Posted: 17 May 2013 08:38 PM PDT

As per the provisions of section 41(1) addition can be made towards remission or cessation of liability, if the following conditions are fulfilled. (i) In the assessment of an assessee, an allowance or deduction has been made in respect of any loss, expenditure or trading liability incurred by him...

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