Exemption To Salaried Employees From Filing ROI For AY 2012-13

0 comments Saturday, July 21, 2012
Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:-
 
• Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10 thousand.
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Reassessment u/s 147 not valid on the ground that assessee was not entitled to 54EC exemption

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Notice issued u/s 148 for reopening of assessment/s 147 on the ground the assessee was not entitled to exemption u/s 54EC in original assessment order.

It appears that all facts were available on record and according to the respondents was only erroneously granted. This is a clear case of review of an order. The application of law or interpretation of a statue leading to a particular conclusion cannot lead to a conclusion that tax has escaped assessment for this would then certainly amount to review of an order which is not permitted unless so specified in a statue. The order dated 14.11.2011 disposing of the Petitioner’s objection to initiation of proceedings under Section 147 of the said Act also proceeds on the view that there has been non application of mind during the original proceedings for assessment. This is unsustainable and as held this court in Asian Paints Ltd. v. Dy. C.I.T. 308 ITR 195 a fresh application of mind by the Assessing officer on the same set of facts amounts to a change of opinion and does not warrant reopening.
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VAT on sugar imposed and on mobile phones and accessories rate of tax revised in Punjab

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There is a news that Cabinet in Punjab has approved levy of tax on sugar @ 5.5%. Earlier only on the sugar imported from outside Punjab except the levy sugar(levy sugar means on which additional excise duty is paid) was subjected to tax @ 5.5. It now seems from the news as being published in Times of India that tax @ 5.5% has been imposed on all types of sugar.
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