Fw: TaxGuru : “Public Provident Fund (PPF) – Tax benefit and Returns” plus 6 more

Public Provident Fund (PPF) – Tax benefit and Returns Posted: 15 Jul 2013 07:21 PM PDT Eligibility -  Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a minor by his/her legal guardian. However, each person is eligible for only one account under his/her name. Non-resident...

Income tax raid on IAS officer for non allotment of House to DIT (I) is invalid Posted: 15 Jul 2013 06:45 PM PDT In the present case, in September 2007 the search was carried out in the premises of Dr. Yogi Raj Sharma. The document Annexure RJ-1 was seized by the respondents. At the relevant time petitioner no. 1 was the Chief Health Secretary and this fact was within the knowledge of the respondents, but why...

Regarding Adjustment of Income tax Refund without intimation to Assessee Posted: 15 Jul 2013 06:27 PM PDT In respect of cases where returns have been processed by the CPC, Bengaluru and refunds have been fully or partly adjusted against the past arrears while passing or communicating the order under Section 143( I) of the Act, without following the procedure under Section 245 of the Act, be carried out...

No liability to pay service tax again if assessee has deposited the service tax under wrong accounting code Posted: 15 Jul 2013 05:54 PM PDT M/s Arcadia Share & Stock Brokers Pvt. Ltd. ("the Appellant") was engaged in rendering stock broker services. However, the Appellant discharged service tax liability under the wrong accounting code i.e. service tax was remitted under the accounting code for education cess. The Department...

No Section 14A/ Rule 8D Disallowance without considering the the claim of the assessee Posted: 15 Jul 2013 12:17 PM PDT The assessee earned income by way of dividend. During the assessment u/s 143(3) of the Income Tax Act, 1961. The AO asked the assessee for the details of expenditure incurred for earning the exempted income (dividend income). The assessee contended that no expenditure was being incurred for earning...

RBI announces Measures to address Exchange Rate Volatility Posted: 14 Jul 2013 11:39 AM PDT The market perception of likely tapering of US Quantitative Easing has triggered outflows of portfolio investment, particularly from the debt segment. Consequently, the Rupee has depreciated markedly in the last six weeks. Countries with large current account deficits, such as India, have been...

ECB Policy Repayment of Rupee loans and/or fresh Rupee capital expenditure – USD 10 billion Scheme Posted: 14 Jul 2013 11:35 AM PDT As per the extant guidelines, Indian companies in the manufacturing, infrastructure sector (as defined under the extant ECB policy) and hotel sector, which are consistent foreign exchange earners, are allowed to avail of ECB for repayment of outstanding Rupee loan(s) availed of from the domestic...