Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh

Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh Posted: 22 Jul 2013 07:51 PM PDT The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees.             The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5...

RBI Revises Scheme for Import of Gold Posted: 22 Jul 2013 07:32 PM PDT Certain restrictions were imposed on the import of various forms of gold by nominated banks/nominated agencies/ premier or star trading houses/SEZ units/EoUs which have been permitted to import gold for use in the domestic sector. On a review of the above instructions and in consultation with...

Abrupt Withdrawal Of MAT And DDT Benefits To SEZ Valid – HC Posted: 22 Jul 2013 06:48 PM PDT Issue- Petitioners have prayed to declare the newly inserted proviso to Section 115JB(6) and 115-O(6) of the Income Tax Act in the second schedule to the Special Economic Zones Act 2005  as ultra vires, arbitrary, unfair and violative of Article 14 of Constitution of India. Held- Legislature can...

Tax on Goods and Services: Setback Once Again Posted: 22 Jul 2013 07:05 AM PDT Dr.  Sanjiv Agarwal The new and progressive tax of future, Goods and Service Tax (GST) is once again into troubled waters and may now not sale through smoothly. While Indian Government and India has been dreaming of GST for over a decade now, it doesn't seem to happen as it faces challenges...

GRATUITY- direct cheque issued to LICI, allowed by CIT(A), ITAT, HC and confirmed by SC as contribution to Gratuity Fund Posted: 22 Jul 2013 06:52 AM PDT We find lot of complications and procedural delays in setting up and approval of gratuity funds. This can be simplified and any payment made for funding gratuity liability made to insurers like the Life Insurance Corporation of Indian can be allowed.

PPT on managerial remuneration under Companies Act Posted: 22 Jul 2013 06:36 AM PDT Managing Director means a director, who, by virtue of an agreement with the company, or of a resolution passed by the company in general meeting or by its Board of Directors or, by virtue of its memorandum or articles of association, is entrusted with substantial powers of management which would...

Interest on borrowed funds used for setting up a new unit before the asset was put to use is allowable Posted: 21 Jul 2013 10:31 PM PDT Whether the interest on borrowed funds used for setting up a new unit before the asset was put to use should be capitalized u/s 36(1)(iii) or allowed as revenue expenditure ???? The assessee has treated the interest paid on borrowed capital for the establishment of new unit at baddi as revenue...

Commercial expediency cannot be mere availing of interest free loan from one assessee and giving interest free loan to another Posted: 21 Jul 2013 10:12 PM PDT Facts :- learned Assessing Officer found that the assessee paid interest to the Banks amounting to Rs.13,64,522/- and has availed loans to the extent of Rs.60,22,364/- including secured loans of Rs.47,63,761/- from Punjab & Sind Bank and Rs.8,59,298/- from Andhra Bank. It was found that the...

Rent received from renting of flats held as stock-in-trade shall be taxable under the head "House Property" Posted: 21 Jul 2013 08:30 PM PDT It appears that this issue is no longer debatable in view of the decision in the case of CIT v Ansal Housing Finance &  Leasing Co. Ltd. decided on 31.10.2012 in ITA No. 18/1999. That decision has, subsequently, been followed in CIT v. Discovery Estates Pvt. Ltd (in ITA Nos. 1089/11 and...

Export of Goods and Software – Time period for realization and repatriation of export proceeds from April,13 onwards till September, 2013 is 9 Months Posted: 21 Jul 2013 07:33 PM PDT In this connection, it is clarified that as the realization and repatriation period stipulation in terms of A.P. (DIR Series) Circular No. 52 dated November 20, 2012 was valid till March 31, 2013 only, the time period for realization and repatriation of export proceeds from April 01, 2013 onwards...