Download ITR- 3 E-Filing / Online Utility for AY 2013-14 / FY 2012-13

Download ITR- 3 E-Filing / Online Utility for AY 2013-14 / FY 2012-13 Posted: 03 Jun 2013 08:30 PM PDT Income tax Department has released e-Filing Utility for ITR-  3 for A.Y.  2013-14 / F. Y. 2012-13. To Whom it is Applicable ITR 3 for AY 2013-14  is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head [...] Provisions related to TDS on Immovable Properties U/s. 194-IA Posted: 03 Jun 2013 08:28 PM PDT Provisions Related to TDS Payment and Furnishing of TDS Certificate 1. Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made. 2. TDS payment U/s. 194-IA  shall be accompanied... TDS U/s. 194IA on Immovable Property to be paid by Form 26QB; TDS certificate in Form 16B Posted: 03 Jun 2013 06:35 PM PDT Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement... TDS/TCS Rates Chart for AY 2014-15 Posted: 03 Jun 2013 09:14 AM PDT CA Pardeep Kumar In the Chart given below Author has compiled the TDS / TCS  rates as applicable for Assessment year (AY) 2014-15 or Financial Year (FY) 2013-14.  In this Year Government has made TDS applicable on Compensation / Consideration on transfer of certain immovable property other than... Mere information regarding income escapement can be considered valid for the purpose of sec. 147 Posted: 02 Jun 2013 11:46 PM PDT Whether failure on part of AO for examining truly and fully all the material facts by the assessee could lead to reassessment and also mere information regarding income escapement can be considered valid for the purpose of sec. 147? Held No, in this case, the AO issued notice u/s 148 on the basis... No penalty U/s. S. 271(1)(c) for disallowance U/s. 40(a)(i) if TDS deducted next year Posted: 02 Jun 2013 10:58 PM PDT Merely because a claim (per the return of income) is a legal claim, or has a legal aspect to it – which would be in each case – the same by itself cannot be a cause for non levy of penalty in every case, as where there is no valid basis for the same (i.e., [...]

TDS on transfer of immovable properties wef 01.06.2013 & How to pay

TDS on transfer of immovable properties wef 01.06.2013 & How to pay Posted: 02 Jun 2013 08:14 PM PDT Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) for value  Exceeding Rs.50 Lakh The Finance Act 2013 had provided that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to pay withholding tax... Brief Note on Service Tax on Work Contract Service Posted: 02 Jun 2013 07:28 PM PDT fter the Finance Act 2012 enacted, Clause 54 of the newly introduced section 65B provides definition to works contract, which means, "a contract wherein transfer of property in goods involved in the execution of such contract is leviable to tax as sale of goods and such contract is for the purpose... Brief on Calculation of revenue in case of real estate developers Posted: 02 Jun 2013 07:00 PM PDT Mandatory application of the Percentage of Completion Method (POC, as per AS 7): Once the above mentioned criteria fulfilled revenue shall be recognised by using POC method. The revised GN stipulates certain general conditions to be satisfied for application of POC method, such as: Mandatory E filling of Tax Audit Report u/s 44AB Posted: 02 Jun 2013 06:32 PM PDT Shrawani Trivedi An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, Person carrying on business and his total sales/ turnover exceeds Rs.1 crore. Person carrying on profession and his Gross Receipts exceed Rs.25 lakhs. Person covered...

Expenditure incurred on maintenance, back-up and support services to existing hardware and software is revenue in nature

Expenditure incurred on maintenance, back-up and support services to existing hardware and software is revenue in nature Posted: 01 Jun 2013 09:07 PM PDT Issue pertains to expenditure of Rs.1.02 crores ( rounded off) expended by the assessee and whether the same should be treated as capital or revenue expenditure. For the assessment year 2008-09 the Assessing Officer noticed that the assessee had debited in the profit and loss account, amount of... Penalty u/s 271(1)(c ) cannot be imposed on account of deeming fiction u/s. 50C Posted: 01 Jun 2013 08:47 PM PDT The assessee sold the property at a sum of Rs.2,51,50,000/- For the purpose of stamp duty, however, the value was estimated at a sum of Rs.5, 19,77,000/- and on that basis the stamp duty was realized. During the assessment, it was found that the assessee had disclosed the sale price at a sum of... S. 43B Employees contributions to EPF/ESIC beyond due dates specified in relevant statutes, but before due date of filing ROI allowable Posted: 01 Jun 2013 08:20 PM PDT Due date referred to in section 36(1)(va) of the Act must be read in conjunction with section 43B(b) of the Act and a reading of the same would make it amply clear that the due date as mentioned in Section 36(1)(va), is the due date as mentioned in section 43B(b) i.e. payment/contribution made to... Service tax on Educational Services – A Practical Perspective Posted: 01 Jun 2013 09:45 AM PDT The word 'education' is derived from the Latin word 'educa' which means bringing out latent faculties. 'Education' means the act or process of imparting or acquiring general knowledge, developing the powers of reasoning and judgment, and generally of preparing oneself or others intellectually or... How to adjust excess service tax payment Posted: 01 Jun 2013 09:33 AM PDT  CA Pawan Kumar According to the Proviso of sub-rule (1) of Rule 6 of the Service Tax Rules, 1994 reads, "Provided also that the service tax on the value of taxable services received during the month of March, or the quarter ending in March, as the case may be, shall be paid to the credit of [...] GST – Now The Dilemma Of Law Makers Is Clearly Declared- A Non Starter Futile Exercise Posted: 31 May 2013 10:58 PM PDT The Finance Minister Mr. P. Chidambaram in his Budget speech in 2006 gave a very clear picture about the future of the Goods and service tax. Let us see how confident our law makers were in 2006 which is evident from the budget speech of the Finance Minister Mr. P. Chidambaram:-