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Jun 29, 2013

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.
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...

Jun 27, 2013

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

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...
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...
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 –...
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....
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....

Jun 26, 2013

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...
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...
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.
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...
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...
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...
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...
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.
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...
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...
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...
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"...
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...
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...
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...
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...
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...

Jun 24, 2013

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

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...
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...
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.
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...
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.
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

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.
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...
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 &...
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...

Jun 23, 2013

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

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...
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...
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
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...
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...
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

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.
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...
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...
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,...

Jun 21, 2013

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...
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...
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...
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.
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
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)...

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