A New ITR-5S Is Required For 44AD Firms

A New ITR-5S Is Required For 44AD Firms

Posted: 27 Jun 2013 07:25 PM PDT

The assessment of the Partnership firms under the Income tax Act, 1961 has very specific characteristics and the "Remuneration and interest to partners" are two very specific figures without which one cannot calculate the tax liability of a partnership firm.

Validity of circular issued by Commercial Tax Authorities under Uttarakhand VAT Act, 2005

Posted: 27 Jun 2013 12:29 PM PDT

To sum up, the Commissioner of Commercial Tax being so placed in the hierarchy of the department can issue instruction to his subordinates but in the administrative field only. There is nothing wrong if the Commissioner of Commercial Tax issue such circulars which bring to the notice of his...

Fw: TaxGuru : “Legal Provisions Relating To Appointment of Foreigners as Directors in Indian Companies” plus 4 more

Legal Provisions Relating To Appointment of Foreigners as Directors in Indian Companies Posted: 26 Jun 2013 06:38 AM PDT The foreign nationals or foreign citizen or Non-Resident Indians residing abroad can be appointed as a Director on the Board of Indian companies. A foreign body corporate may have 100% subsidiary company in India, may nominate one or all its Directors on the Board of the subsidiary Indian company...

Service tax on Construction of dams & Canals for Sardar sarovar Narmada Nigam Limited Posted: 26 Jun 2013 06:28 AM PDT Whether Construction of dams & Canals on tender and contracts issued by Sardar sarovar Narmada Nigam Limited (SSNNL) is liable to service tax? First of all we have to look at the extract of 12th entry of Notification No. 25/2012(MEGA EXEMPTION) ST dated 20.06.2012, which states that benefit of...

Transfer and posting of Deputy/Asstt. Commissioners of Income-tax in Delhi Posted: 25 Jun 2013 07:27 AM PDT T&P-DCs/ACsIT F. No. P -328/T&P /DC- ACIT /2013 -14/ 3466 OFFICE OF THE CHIEF COMMISSIONER OF INCOME TAX DELHI-I, NEW DELHI Dated : 18th June, 2013 ORDER NO. 39 /G.O./ 2013-14 Sub:- Estt. Group 'A' – Transfer and posting of Deputy/Asstt. Commissioners of Income-tax –...

Remuneration payable to Statutory Central & Branch Auditors of Public Sector Banks from year 2012-13 Posted: 24 Jun 2013 12:20 PM PDT Remuneration payable to the Statutory Central and Branch Auditors of Public Sector Banks from the year 201 2-13 Please refer to instructions contained in our circulars DBS.ARS.No.BC.08 / 08.92.001/ 2006-07 dated June 6, 2007, DBS.ARS.BC. No. 3/ 08.92.001/ 2007-08 dated July 25, 2007, DBS.ARS.BC....

Anti-dumping duty on imports of 'Pentaerythritol' from Chinese Taipei upto & inclusive of 27.04.2014 Posted: 24 Jun 2013 12:16 PM PDT Seeks to extend the levy of anti-dumping duty imposed vide notification No. 74/2011-Customs, dated the 12th August 2011 on imports of 'Pentaerythritol', originating in, or exported from, Chinese Taipei for a further period of one year i.e. upto and inclusive of 27th April, 2014. Notification No....

Download ITR – 5 for Online Filing AY 2013-14

Download ITR – 5 for Online Filing AY 2013-14 Posted: 25 Jun 2013 08:48 PM PDT Income Tax Department has released Income Tax Return (ITR )  5  as Applicable for Partnership Firms, AOPs, LLPs and BOIs for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website  https://incometaxindiaefiling.gov.in/ . Important Points in...

Restoration of Charm of Settlement Commission Posted: 25 Jun 2013 07:21 PM PDT The budget for the financial year 2013-14 took a hard hand by drastically amending the penal provisions relating to the offences under the Central Excise and Service Tax law. Though these provisions are harsh in the way making certain offences as cognizable and non-bailable, but, these amendments...

Deeming Fiction for Real Estate: Is It beyond Reality? Posted: 25 Jun 2013 07:15 PM PDT One of the most controversial provisions, which had a huge impact on the taxation of Real Estate Transactions, was the introduction of concept of Deeming Fiction through Section 50C.

Tax Implications on Giving or Receiving Gifts in India Posted: 25 Jun 2013 06:52 PM PDT Want to gift a property or life time savings to your loved ones? Or have you received a car as a gift on your birthday? Are you worried about the cash gifts received on your wedding? Enjoy giving or receiving gifts guilt-free once you are mindful of the Gifting provisions in India. As per current...

Tax Aspects – HRA and Home Loan Posted: 25 Jun 2013 06:35 PM PDT Buying a home is a dream come true for many , but a bit of homework could reduce your tax liability enormously. Many of us are aware that interest on home loan enjoys tax benefits, but only few might know that House Rent Allowance, a component in your salary, could also be a big tax saver if it is...

Share Trading Income : Business Gain or Capital Gain? Posted: 25 Jun 2013 06:30 PM PDT Share trading has grown significantly in the last decade due to rise of the stock market and rapid adoption of technology. It is seen as a way to make quick bucks by a lot of people. However there is a lot of confusion among on how to treat the income earned from trading shares viz. business gain...

Donations u/s 80 G by employees through their respective employer to PMNRF Posted: 25 Jun 2013 11:50 AM PDT The Prime Minister of India, Dr. Manmohan Singh, has appealed to all citizens of India to stand with our distressed countrymen affected by the extensive devastation due to cloud burst and floods in the state of Uttarakhand where a large number of people have died and property worth crores of rupees...

India-Japan DTAA – taxability of a sum received from onshore activities to tax in India Posted: 25 Jun 2013 11:40 AM PDT The assessee is a company incorporated in and tax resident of Japan engaged in manufacturing of heavy machinery, providing technology oriented products and services to industrial, private and public sectors.

Cenvat credit cannot be denied on inputs used in a process not considered as manufacture Posted: 24 Jun 2013 10:33 PM PDT We are sharing with you an important judgement of the Hon'ble Customs, Excise and Service Tax Appellate Tribunal of Bangalore (the CESTAT) in the case of the CCE Vs. M/s Amar Roto Prints [2013-TIOL-926-CESTAT-BANG] on following issue: Issue: Whether Cenvat credit can be denied on inputs used in a...

CBEC Extends 24×7 Customs Clearance Facility for Export Cargo from 1ST July, 2013 Posted: 24 Jun 2013 08:42 PM PDT Beginning 1st July, 2013, Customs clearance of all export goods will take place on 24×7 basis from four major Air Cargo Complexes/airports i.e., Bangalore, Chennai, Delhi and Mumbai. Thus, all exports including those made under export incentives scheme as well as duty drawback scheme will now...

ECB window for financing outstanding 3G spectrum rupee loans to remain open upto March 31, 2014 Posted: 24 Jun 2013 08:19 PM PDT As per the extant policy, the payment for spectrum allocation may initially be met out of the Rupee resources by the successful bidders, to be refinanced with a long term ECB, under the approval route, subject to the condition that ECB should be raised within 12 months from the date of payment of...

Banks not to loan against units of gold Exchange Traded Funds (ETF) and gold Mutual Funds Posted: 24 Jun 2013 12:22 PM PDT 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 "gold bullion"...

Buyback / Prepayment of FCCBs scheme under the approval route to continue till 31.12.2013 Posted: 24 Jun 2013 12:14 PM PDT Considering the developments in the global financial markets and on a review of the aforesaid scheme, it has been decided that the existing scheme of Buyback / Prepayment of FCCBs under the approval route which expired on March 31, 2013 may be continued till December 31, 2013 and shall stand...

Date for raising ECB for working capital for civil aviation sector extended till 31.12.2013 Posted: 24 Jun 2013 12:11 PM PDT In terms of paragraph 2 (iii) of the aforesaid circular, the ECB for working capital for civil aviation sector should be raised within twelve (12) months from the date of issue of the circular. On a review, it has now been decided that the scheme of availing of ECB for working capital for civil...

RBi discontinues External Commercial Borrowings (ECB) in Renminbi (RMB) Posted: 24 Jun 2013 12:08 PM PDT RBI/2012-13/546 A.P. (DIR Series) Circular No. 117 June 25, 2013 To, All Authorized Dealer Category – I Banks Madam / Sir External Commercial Borrowings (ECB) in Renminbi (RMB) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 30...

Amendments to SEBI (Buy Back of Securities) Regulations, 1998 governing buy-back through open market purchase Posted: 24 Jun 2013 12:03 PM PDT As part of SEBI's constant endeavour to align regulatory requirements with the changing market realities as well as to enhance efficiency of the buy-back process, the following changes to buyback of shares or other specified securities from the open market through stock exchange mechanism have been...

Notification No. 67/2013-Customs (N.T.) Dated 25th June, 2013 Posted: 24 Jun 2013 11:31 AM PDT Notification No. 67/2013-Customs (N.T.), New Delhi, 25th June, 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 Government , being satisfied that it is necessary and expedient so to do , hereby fixes the tariff...

Fw: TaxGuru : “New System of Filing of ITR- A Total Reversal of Taxation Reforms” plus 5 more

New System of Filing of ITR- A Total Reversal of Taxation Reforms Posted: 24 Jun 2013 08:12 PM PDT We, in our country, have very specific set of law makers and they make the rules and regulations, specially the rules and regulation affecting the Tax payer public in a very strange way. Sometimes they brought a new of rules and procedures in the name of tax reforms and user friendly and then in a...

TDS on Transfer of Immovable Property u/s.194-IA of Income-tax Act, 1961 Posted: 24 Jun 2013 07:11 PM PDT With a view to prevent undervaluation and under-reporting of transactions in the real estate sector and also to collect tax at the earliest point of time, vide the Finance Act, 2013, a new section 194-IA has been inserted with effect from 1 June, 2013 to introduce TDS at the rate of 1% on the value...

Entry Tax in Uttarakhand-A Reality Posted: 23 Jun 2013 10:15 PM PDT In order to discuss Entry Tax in Uttarakhand, it will be imperative to go through The Uttarakhand Tax on Entry of Goods into Local Areas Act, 2008. Interpretation of statutes, The Constitution of India.

External Commercial Borrowings (ECB) for low cost affordable housing projects Posted: 23 Jun 2013 11:56 AM PDT Housing Finance Companies (HFCs) while making the applications, shall submit a certificate from NHB, the nodal agency, that the availment of ECB is for financing prospective owners of individual units for the low cost affordable housing; ensure that cost of such individual units does not...

Customs – Regarding Introduction of Risk Management Systems (RMS) in Exports Posted: 23 Jun 2013 11:38 AM PDT Attention is invited to the Board Circular No.43/2005-Cus dated 24.11.2005 whereby Risk Management System (RMS) was introduced in Imports as a trade facilitation measure and for selective interdiction of high risk consignments for Customs control.

Customs House Agents Licensing Regulations, 2013 Posted: 20 Jun 2013 08:29 PM PDT NOTIFICATION NO 65/2013 – Cus.,(N.T.), Dated: June 21, 2013 In exercise of the powers conferred by sub-section (2) of section 146 of the Customs Act, 1962 (52 of 1962), and in supersession of the Customs House Agents Licensing Regulations 2004 , except as respect things done or omitted to be...

Note on Section 194-IA – TDS on Purchase of Immovable Property

Note on Section 194-IA – TDS on Purchase of Immovable Property Posted: 23 Jun 2013 12:10 PM PDT Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (other than agricultural land in rural area) is liable to deduct tax at source u/s 194-IA.

Brief Note of Renting of Immovable Property under Service Tax Posted: 23 Jun 2013 11:19 AM PDT Renting of Immovable property has been taxed under the earlier tax regime vide Section 65 (105) (zzzz). Renting of immovable property has been brought into tax net vide Notification No. 23/2007-ST dated 01.06.2007. But After 1.7.2012, the transition involves shift from taxation of 119...

Recent amendments in Income tax & Wealth tax as regards Real Estate transactions Posted: 23 Jun 2013 10:51 AM PDT Real estate transactions in recent past have attracted the attention of Central & State Governments. New provisions under Income tax, Wealth tax, Service tax, Value added tax & revised guidelines for registration are examples of attempts on the part of the Government to raise more &...

Overview of Impairment of Assets and Comparative Analysis Between AS -28 &Indian AS-36 Posted: 23 Jun 2013 10:35 AM PDT MEANING OF IMPAIRMENT OF ASSETS In conformity with AS-28 impairment of assets means reduction in value of assets due to any market factors or performance of assets. It is applied to fixed assets including intangible assets. As per the provisions, the following assets are specifically excluded out...

Fw: TaxGuru : “Is There Any Need to E-File The 44AD Tax Audit Report” plus 5 more

Is There Any Need to E-File The 44AD Tax Audit Report Posted: 21 Jun 2013 06:22 PM PDT Yesterday we wrote an article on my experience of E-filing of Tax audit report and received a very interesting question – Is there any need to file tax audit report u/s 44AD? I have analyzed the case and framed the following opinion:- 1. A proviso is added to rule 12(2) w.e.f. 01/04/2013 and the...

Corporate Social Responsibility In India Posted: 21 Jun 2013 06:11 PM PDT Business scandals involving high profile organizations such as Enron and WorldCom have rocked the corporate world and be-come front-page news. This has shaken consumer confidence in both business leaders and the economy, creating concern about business ethics and governance. As a result, corporate...

Transfers & Postings of 48 Joint/ Additional CITs (Mumbai) Posted: 21 Jun 2013 06:05 PM PDT Chief Commissioner of Income-tax, Mumbai has vide Order No. 1 Dated 20.06.2013 made the transfer and posting of 48 officers in the grade of  Joint/ Additional Commissioners of Income-tax (Mumbai Region) with immediate effect unless specified otherwise :- Download Order No. 1 dated 20.06.2013

SEBI Order in the matter of market manipulation using GDR issues Posted: 20 Jun 2013 09:30 PM PDT SEBI had passed an ad interim ex-parte order dated September 21, 2011, in the matter of market manipulation using GDR issues against several entities including Shri Arun Panchariya(hereinafter referred to as AP) and Pan Asia Advisors Limited (now known as Global Finance and Capital Limited). SEBI...

Customs – Insertion of Articles of jewellery and parts thereof, made of gold in Chapter 71 Posted: 19 Jun 2013 07:23 PM PDT NOTIFICATION NO 64/2013 – Custom.,(N.T.), Dated: June 20, 2013 G.S.R. 390 (E). – In exercise of the powers conferred by sub – section (2) of section 75 of the Customs Act, 1962 (52 of 1962), sub – section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), and section...

CBDT – Implementation of Cadre Restructuring of it Department – Constitution of Core Committee Posted: 18 Jun 2013 07:42 PM PDT Restructuring proposal of the Income-tax Department has been approved by Government on 23.05.2013 for the creation of a total 20,751 additional posts, and various measures to increase the effectiveness of the Department.

Fw: TaxGuru : “Advocates is the only recognized class of persons entitled to practice the profession of law” plus 3 more

Advocates is the only recognized class of persons entitled to practice the profession of law Posted: 21 Jun 2013 11:33 PM PDT In order to discuss, Advocates is the only recognized class of persons entitled to Practice the profession of Law. It will be imperative to go through the Advocates Act, 1961, The Indian Power of Attorney Act, 1882 and The Constitution of India.

Legal Binding / Judicial discipline and Contempt of Court – a reality Posted: 21 Jun 2013 11:30 PM PDT In order to discuss, legal binding / judicial discipline and Contempt of Court a reality. It will be imperative to go through the Constitution of India. Article 141- Law declared by Supreme court to be binding on all courts- The law declared by Supreme court to be binding on all courts within the...

Section 7(2) of CST Act, 1956 – A Reality Posted: 21 Jun 2013 11:19 PM PDT Section 7(2)- Any dealer liable to pay tax under the sales tax law of the appropriate state, or where there is no such law in force in the appropriate state or any part thereof, any dealer having a place of business in that state or part, as the case may be, may, notwithstanding that he is not...

Tax Collection in Uttarakhand –A Reality Posted: 21 Jun 2013 11:14 PM PDT In order to discuss Tax Collection in Uttarakhand, it will be imperative to go through the Preamble of The Uttarakhand VAT Act, 2005, The Uttarakhand (U.P. Taxation and Land Revenue Laws Act, 1975) Adaption and Modification Order, 2002, The Uttarakhand Tax on Entry of Goods into Local Areas Act,...

Practical Experience Of CA Sudhir Halakhandi – E-Filing Of Audit Report

Practical Experience Of CA Sudhir Halakhandi – E-Filing Of Audit Report Posted: 20 Jun 2013 08:38 PM PDT  1. CHARTERED ACCOUNTANT:- (i) Go to incometaxindiaefiling.gov.in and click on 'REGISTER YOURSELF' and select the option Tax professional – Chartered Accountant. The registration of chartered accountant is one time activity and the Registration form which is opened after selecting the option...

Article On Introduction Of New Audit Report Format By ICAI Posted: 20 Jun 2013 08:35 PM PDT CS S. Dhanapal Revision in Form and Content of Auditor's Report [SA 700 Revised)/SA 705/SA706] & Implementation of the same- Articles Discusses on the following Topics :- Extant Provisions Under Companies Act 1956 Applicability Of CARO With Respect To Audit Report Revision In Form And Content...

Govt notifies Commodity Transaction Tax Rules & Forms for return & appeals filing Posted: 20 Jun 2013 08:29 PM PDT Payment of commodities transaction tax. ─ Every recognised association, who is required to collect and pay commodities transaction tax under section 119 of the Act, shall pay the amount of such tax to the credit of the Central Government by remitting it into any branch of the Reserve Bank of India...

Commodity Transaction Tax (Chapter VII) effective from July 1, 2013 Posted: 20 Jun 2013 08:28 PM PDT In exercise of the powers conferred by sub-section (2) of section 115 of the Finance Act, 2013 (17 of 2013), the Central Government hereby appoints the 1st day of July, 2013 as the date on which Chapter VII of the said Act shall come into force.

Transfer & Posting in the grade of CITs/DITs – Order No. 109 of 2013 Posted: 19 Jun 2013 07:43 PM PDT CBDT has vide Order No. 109 of 2013,  Dated : 20/06/2013 has  made Transfer & Posting in the grade of CITs/DITs of 13 Commissioners of Income tax. Download CBDT Order No. 109 of 2013,  Dated : 20/06/2013

Rate of exchange of conversion of each of foreign currency w.e.f. June 21, 2013 Posted: 19 Jun 2013 07:36 PM PDT NOTIFICATION NO. 63/2013-CUSTOMS (N.T.) DATED THE 20th June, 2013 S.O. (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue)...