How to file Online Rectification application u/s 154 & Common Mistakes

Solution to error '0 PDF files generated successfully' while generating TDS certificates Posted: 23 May 2013 08:30 PM PDT While generating Form16 \ 16A, if you are getting a message '0 PDF files generated successfully', please download the updated version of the PDF converter utility 1.3L. Procedure to Download and install utility Download the PDF Generation Utility by logging in to TRACES. Click on... How to file Online Rectification application u/s 154 & Common Mistakes Posted: 23 May 2013 08:28 PM PDT Rectification application maybe filed u/s 154 of the Income Tax Act by the taxpayer in case of any mistake apparent from the record. An Income Tax authority may: a) amend any order passed by it under the provision of this Act b) amend any intimation or deemed intimation under sub-section (1) of... Imposed Service tax on AC-restaurants creates confusion Posted: 23 May 2013 08:25 PM PDT Indian Budget is one of the most imperative parts of the country's administration because it ensures the systematic revenue for government which is used in economic growth by carrying out several activities, transactions and projects. As usual, new budget is prepared every year in order to suit the... Income Tax Department to create 20,751 additional posts Posted: 23 May 2013 08:10 PM PDT The Union Cabinet today approved the proposal for creation of 20,751 additional posts in the Income Tax Department in various cadres that is 1349 additional posts in the IRS cadre and 19,402 additional posts in the non-IRS cadres. This will help the Income Tax Department collect increased revenue... Indian Bank Manager sentenced after 18 year of Fraud Posted: 23 May 2013 07:36 PM PDT The Special Judge for CBI Cases, Chennai(Tamil Nadu) has convicted Shri M.Gopalakrishnan, the then Chairman-cum-Managing Director & Shri A.V. Shanmugasundaram, then Zonal Manager, both of Indian Bank, Chennai and Shri S. Dhanasingh, then Managing Director M/s. Akilam Constructions Pvt., Ltd.,... Excise Duty free Sale of Goods Manufactured in India Allowed at Duty free Shops Located at International Airports Posted: 23 May 2013 07:30 PM PDT Excise Duty free Sale of Goods Manufactured in India Allowed to International Passengers or Members of Crew Arriving from Abroad and to Passengers Going Out of India at The Duty free Shops Located at International Airports of the Country The Government issued notification today so as to allow... Liberalised Remittance Scheme for Resident Individuals – Reporting Posted: 22 May 2013 11:31 AM PDT AD Category -I banks were required to furnish information on the number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme), on a monthly basis

Fw: TaxGuru : “Assessment of Charitable Trusts and Institutions – A Ready Referencer” plus 10 more

Assessment of Charitable Trusts and Institutions – A Ready Referencer Posted: 22 May 2013 08:29 PM PDT Many Non Governmental Organizations spread across the world are supplementing the efforts of the governments in promoting social welfare and economic development. Tax administrations have also recognized the voluntary efforts of these NGOs and provided tax incentives to those engaged in charitable... Download Booklet on Permanent Account Number (PAN) Posted: 22 May 2013 08:28 PM PDT The provision relating to Permanent Account Number in the Income Tax is of immense importance to the taxpayers as quoting of PAN has been made mandatory for most of the financial transactions. The Department has been receiving a number of queries relating to PAN-particularly question on procedures... Procedure to Form/Incorporate Limited Liability Partnership (LLP) Firm in India Posted: 22 May 2013 07:01 PM PDT Sumit Aggarwal STEP WISE FORMALITIES FOR FORMATION OF A NEW LLP Persons desirous of forming a Limited Liability Partnership Firm must adhere to the step by step procedure as discussed below: Requirement of Partners Apply for Designated Partner Identification Number (DPIN) and Digital Signatures, if... Trade Mark Registration Procedure, Benefit and Applicability Posted: 22 May 2013 06:41 PM PDT Any person claiming to be the proprietor of a trade mark used or proposed to be used by him may apply in writing in prescribed manner for registration. The application should contain the trade mark, the goods/services, name and address of applicant and agent (if any) with power of attorney Experience Executive Lounges at Stations but With Service Tax Posted: 22 May 2013 06:24 PM PDT When you travel next by train, you will be pleased to see as a surprise, 'Executive Lounges' at railway stations, just like the ones at the airports which tempt you walk in and experience the whole new world of railway hospitality. Procedure for Formation of Private Limited Company in India Posted: 22 May 2013 12:05 PM PDT Selection of name for the proposed company: The Promoters have to provide at least 6 names in the order of their preference/priority. The promoters can themselves search for the available names by visiting the MCA website. Tax Residency Certificate (TRC) – In its new version Posted: 22 May 2013 02:45 AM PDT Provisions of requirement of Tax Residency Certificate were introduced last year. The Finance Minister has attempted to make changes to the existing provisions. The author analyses the changes that are proposed and the possible effects. Transfer Pricing – OECD revises Safe Harbouring Guidelines Posted: 21 May 2013 10:21 PM PDT The existing language of Section E (paragraphs 4.93 through 4.122) would be removed and replaced with the following language. The enumeration of paragraphs of Section F would be adapted accordingly. SEBi warns India Infoline to be careful and cautious in conduct of its stock broking activity Posted: 21 May 2013 10:00 PM PDT Shri S. Raman, Whole Time Member, SEBI has passed an order dated May 13, 2013, in the matter of inspection of M/s. India Infoline Limited, warning the stock broker M/s. India Infoline Limited to be careful and cautious in the conduct of its stock broking activity and to adhere to and comply with... SC dismisses ICAI's SLP on ceiling on number of tax audits Posted: 21 May 2013 08:35 PM PDT These appeals have been preferred against the impugned judgment and order dated 24.3.2005 passed in Writ Appeal No .1452 & 1453/1998 by the High Court of Madras quashing the notifications issued by the appellant by which it has quashed the notifications dated 25.5.1987 and 13.1.1989 by which... Protective additions in the hand of minors not required if the same been made on substantive basis in the hand of father Posted: 20 May 2013 10:30 PM PDT The only addition made in the hands of both the above minor children of Shri Kamal Piyush was the protective addition of 2,51,000/- which was added on substantive basis in the hands of Shri Kamal Piyush. As per the finding of learned CIT(A) in paragraph 5, he held that the above additions are...

FAQs Related to Income Tax Provisions of charitable trust and NGOs

FAQs Related to Income Tax Provisions of charitable trust and NGOs Posted: 21 May 2013 08:27 PM PDT FREQUENTLY ASKED QUESTIONS (FAQs) Q.1 Are NGOs and other charitable and non-profit organizations entitled to claim tax exemption under income tax law in India? Are donors who contribute to such organizations also entitled to any tax deduction? Ans. Yes, such exemption is available to, (i) public... Income already offered for taxation cannot be taxed again as undisclosed income Posted: 21 May 2013 08:06 PM PDT It is contended by the learned counsel that the sum of Rs. 16 lakhs added by the Assessing Officer as undisclosed income has already been offered as income by the assessee by way of forfeiture of booking advance. In principle, we agree with the assessee's contention that if the above sum is... Expense cannot be disallowed merely because assessee named it as short recovery and not bad debt Posted: 21 May 2013 07:57 PM PDT The undisputed facts are that the assessee was to receive the sum of 74,30,575/- from CCIL towards crane hire charges.   However, actually, the assessee could receive only 58,39,011/-. The Revenue has not disputed the correctness of the assessee's contention that it could not recover the sum... Charitable Purpose u/s. 2(15) of Income Tax Act ,1961 Posted: 21 May 2013 07:26 PM PDT Courts have held that the expression 'charitable purpose' is sufficiently wide in scope to include a variety of activities. For instance, promotion of sports and games is a charitable purpose If AO says that assessee not maintained books of account than there is no question of producing the same by the assessee Posted: 21 May 2013 12:07 PM PDT We find that a clear finding was given by the Assessing Officer in para 13.2 of the assessment order in the case of Shri Pranbhai S Fultaria that assessee has not filed any return of income though specifically required u/s. 142(1) of the Act and assessee has not maintained books of account. Ld.... Online Empanelment with Vijya Bank for Concurrent Audit Posted: 21 May 2013 10:07 AM PDT Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices - Vijya Bank calls applications from Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices for the period from 01.07.2013 to 30.06.2014. Govt urges taxpayers to Disclose True income and pay Appropriate taxes Posted: 21 May 2013 09:38 AM PDT Government urges all tax Payers to Disclose their True income and pay Appropriate taxes within the Current Financial Year; A Compliance Management Cell has been set-up to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment; 70,000 Letters are being sent in 2... Rationalisation of Withholding tax on interest payments on borrowings of Infrastructure Debt Funds Posted: 20 May 2013 09:43 PM PDT Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors, Encourage Development of the Indian Debt Market and Accelerate the Pace of Growth of the Indian Economy. Clarification on Revised requirements for Listed Companies undertaking a Scheme of Arrangement under Companies Act, 1956 Posted: 20 May 2013 09:02 PM PDT All listed companies undertaking a Scheme of Arrangement under Part IV and Chapter V of Part VI of the Companies Act, 1956, (Amalgamation/ Merger/ Reconstruction/ Reduction Of Capital, etc.) are required to submit a valuation report in terms of Para (I) (A) read with Part A, Annexure I of the SEBI... Issues related to transmission of trade data by Customs to DGCIS Posted: 20 May 2013 09:00 PM PDT A Committee under the chairmanship of DG NIC with representatives of Department of Commerce and Department of Revenue had been constituted to consider the issues of timely and accurate transmission of trade data and give its recommendations. SEBI issues Broad guidelines on Algorithmic Trading Posted: 20 May 2013 09:00 PM PDT SEBI has received various suggestions with regard to the requirement of system audit of trading algorithm / software used by stock brokers / trading members. After due examination of the suggestions in consultation with the Technical Advisory Committee, it has been decided to revise the requirement... Tariff Value of Gold, Silver, Crude / RBD Palm Oil, Brass Scrap, Poppy seeds wef 21.05.2013 Posted: 20 May 2013 09:00 PM PDT Notification No. 55/2013-CUSTOMS (N. T.), New Delhi, the 21st  of May, 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 Board of Excise & Customs, being satisfied that it is necessary and expedient so to... DGFT constitutes 2nd Task Force on Transaction Cost Posted: 20 May 2013 08:49 PM PDT In pursuance of the announcement made by Commerce and Industry Minister on 18.4.2013, the Second Task Force on Transaction Cost has been constituted under the Chairmanship of Director General of Foreign Trade under following terms and reference: How to view ST-3 for the period July -Sept, 2012 Posted: 20 May 2013 08:32 PM PDT Service Tax Returns (ST 3) for the period July -Sept, 2012,e-filed in ACES, can now be viewed by the Assesses under 'View Original ST3′ and 'View ST3′ options under the RET module of ACES with a facility to revise it, if required. The Revised return can be filed by the...