New income tax rules for determining net agricultural income

0 comments Tuesday, May 14, 2013

Finance Act 2013 Has Inserted New Rules For Computation Of Net Agricultural Income & Amended The Definition Of Net Agricultural Income Vide Section 2(13)(c). Text of Such Rules & section Are As Follows:-
Rules for Computation of Net Agricultural Income
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Application for VAT registration cannot be rejected on the ground of insufficient place of business


Madras  High Court in  Sri Sundha Metals vs. Commissioner of Commercial Taxes, Ezhilagam, Chepauk, 
Chennai and another; (2013) 57 VST 73(Madras) has held that  registration under VAT Act cannot be denied on the ground that place of business is not sufficient for conducting specified business in the absense of any provision under the Act specifying required area for conducting business.
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Personal assets required to be disclosed in new ITR forms for A.Y. 2013-14 if income exceeds Rs. 25 lakhs

1 comments Tuesday, May 7, 2013

An important change has been made in the new ITR forms launched for the assessment year 2013-14. Now a person having income above Rs. 25 lakh willl have to give information in the income tax return regarding his personal movable and immovable assets except those which are already disclosed in the balance sheet.

These details are required to be filed in ITR 3 and ITR 4 forms only and not in ITR 1 and ITR 2 or ITR 4S
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Confusing law regarding monthly payment of taxes under Punjab VAT Act, 2005

0 comments Sunday, May 5, 2013

Rule 36 of Punjab VAT Rules read with section 26 along with section 33 of  Punjab VAT Act, 2005 prescribe for the perodicity of filing of returns and payment of due taxes. 

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Efiling of audit reports under Income tax and ITRs if income exceeds Rs. 5 lakh now mandatory

1 comments Saturday, May 4, 2013

CBDT has finaly notified new Income Tax return forms for the Assessment year 2013-14. Certain amendments have also been made to Rule 12 of Income Tax Rules which are as follows:

1. Mandatory efiling of audit reports: E-filing of following audit reports shall be mandatory in following cases:
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Download Income Tax Return forms for assessment year 2013-14


CBDT has notified Income Tax Return forms for the assessment year 2013-14. The return forms in PDF files can be downloaded herebelow:

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