Exemption To Salaried Employees From Filing ROI For AY 2012-130 comments Saturday, July 21, 2012Central 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. Reassessment u/s 147 not valid on the ground that assessee was not entitled to 54EC exemption0 comments
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.
VAT on sugar imposed and on mobile phones and accessories rate of tax revised in Punjab0 comments
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.
Exemption u/s 54 available for capital gain on multiple houses sold, if investment made in one house0 comments Friday, July 20, 2012
Whether the exemption u/s 54 will be
available, in case, capital gain arising from sale of more than one
residential house, is invested in one residential house. The ld. counsel
appearing for the assessee argued that there was no restriction under
section 54 that capital gain arising from two residential houses cannot be invested in one residential house. We find substance in the argument advanced by the Id. counsel for the assessee. No rulings have been brought on record by the ld. DR to show that the capital gain arising from sale of more than one residential houses
cannot be invested in one residential house. The provisions of section
54 as pointed out earlier apply to transfer of any number of residential houses by the assessee provided the capital gain arising therefrom is invested in a residential house. The exemption
u/s 54 is available if capital gain arising from transfer of a
residential house is invested in a new residential house within the
prescribed time limit. Thus there is an inbuilt restriction that capital
gain arising from the sale of one residential house cannot be invested
in more than one residential house. However, there is no restriction
that capital gain arising from sale of more than one residential houses cannot be invested in one residential house. In case, capital gain arising from sale of more than one residential houses
is invested in one residential house, the condition that capital gain
from sale of a residential house should be invested in a new residential
house gets fulfilled in each case individually because the capital gain
arising from sale of each residential house has been invested in a
residential house. Therefore, even if two flats are sold in two
different years, and the capital gain of both the flats is invested in one residential house, exemption
u/s 54 will be available in case of sale of each flat provided the time
limit of construction or purchase of the new residential house is
fulfilled in case of each flat sold.
No addition for discrepancies in books of account if income declared under presumptive income scheme0 comments Friday, July 13, 2012
Allahabad High Court in an important judgement has held that where income is declared under presumptive income scheme (i.e section 44AE in this case), no addition could be made on the ground that some discrepancies were found in account books and considering any sum as income from other source on the basis of such discrepancies.
This judgement makes it clear that once income is declared under presumptive income scheme no books of account are required to be maintained by the assessee and if the books of account are being maintained by assessee even then no addition could be made on the basis of discrepancies found, if any in such books of account.
No service Tax on foreign remittances0 comments Thursday, July 12, 2012
CBEC issues Clarification Regarding Leviability of Service Tax on the Remittance of Foreign Currency in India from Overseas
The Central Board of Excise and Customs (CBEC) issued today necessary clarification regarding the leviability ofservice tax on the remittance of foreign currency in India from overseas. Various concerns have been expressed at different forums in this regard.
The CBEC through a circular issued today stated that the matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas. In the negative listregime, ‘service’ has been defined in clause (44) of section 65B of the Finance Act 1994, as amended, which excludes transaction in money. As the amount of remittance comprises money, the activity does not comprise a ‘service’ and thus not subjected to service tax.
One accounting code for all services w.e.f 01-07-20120 comments Saturday, July 7, 2012 Accounting Code for payment of service tax under the Negative List approach to taxation of services, with effect from the first day of July 2012 - regarding. Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. For payment of service tax under the new approach, a new Minor Head - ‘All taxable Services’ has been allotted under the Major Head “0044-Service Tax”. Restricted Input tax credit on inter-state stock transfers whether constitutional?0 comments Sunday, July 1, 2012
Most of the States have legislated provision in their respective VAT Acts for allowing a restricted input tax credit on the goods purchased within State if such goods are transferred outside the State otherwise than as sale. Ussualy Input tax credit in such cases is allowed only in excess of 4% or 2%. Under Punjab VAT Act, 2005 section 13(2) deals with such situation and allows input tax credit to the extent by which the amount of tax paid in the State exceeds 4% on the purchase of goods, If such goods are: TDS rates under Income Tax for the Financial Year 2012-20130 comments Saturday, June 30, 2012
Share of Punjab Municipal Fund in VAT enhanced to 11% from 10%?0 comments Wednesday, June 27, 2012
While making payment of VAT under Punjab VAT Act, payment of VAT(excluding surcharge) has to be made in two parts i.e 10% of VAT in the account of "Punjab Municipal Fund" and 90% in the account of "Excise and Taxation Officer". Whereas surcharge is required to be deposited in two parts i.e 80% in the account of "Excise and Taxation Officer" and 20% of surcharge in the account of "Punjab Municipal Infrastructure Developmenmt Fund". However a single challan namely VAT-2AE is being used for all the payments in different heads. Onus lies on AO to prove an expense as unreasonable or excessive to disallow same u/s 40A(2)(a)0 comments Sunday, June 24, 2012Delhi ITAT has held in DCIT vs Spark Hotels (P) Ltd. that the onus lies on the assessing officer to prove that an expenditure is excessive or unreasonable so as to disallow such expenditure u/s 40A(2)(a). Unless the AO brings on record any material to prove that an expenditure is excessive or unreasonable, no disallowance of such expenditure u/s 40A(2)(a) can be made. Exemption of small service provider is a statutory benefit must be available to ignorant assessee0 comments
Ahmedabad CESTAT has held in Jay Travels v Commissioner of Service Tax that Benefit of small service provider's exemption under Notification No. 6/2005-ST, dated 1-3-2005 being a statutory benefit, should be considered by adjudicating authority. The Tribunal held that since the exemption of basic limit for small service provider is a statutory benefit, hence it is ought to be granted to the innocent person who did not raise the ground that his service charges were below the exempted limit for small service provide, before the lower authorities, hence the matter was remanded by the CESTAT to reconsider the issue a fresh.
14 new services added to negative list w.e.f 01-07-20120 comments Friday, June 22, 2012
While releasing the Guidance Paper Hon'ble Finance Minister also announced some new exemptions as follows:
(a) Service provided by advocates to other advocates and business entities upto a turnover of Rs. 10 lakh in the preceding financial year.
(b) Exemption to firm of advocates on the same lines as individual advocates. CBDT's authorizies AOs to reconcile the disputed demands if already paid0 comments
Section 119 of the Income-tax Act, 1961 – Income-tax authorities – Instructions to subordinate authorities – Authorization of AOs in certain cases to rectify/reconcile disputed arrear demand
Circular No. 4 of 2012, dated 20-6-2012
The Board has been apprised that in certain cases the assessees have disputed the figures of arrear demands shown as outstanding against them in the records of the Assessing Officer. The Assessing Officers have expressed their inability to correct/reconcile such disputed arrear demand on the ground that the period of limitation of four years as provided under sub-section (7) of section 154 of the Act has expired.
Download form VAT-20 under Punjab VAT Act, 2005, in excel format3 comments Wednesday, June 20, 2012VAT-20 i.e Annual Statement is required to be filed annually as per the provisions of section 26 of Punjab VAT Act, 2005. The last date of filing VAT-20 in Punjab is 20th November every year.
This form is required to filed with due diligence as it is the final statement of the year and any error made in the quarterly or monthly returns filed during the year can be corrected only in this annual statement. Assessment under Punjab VAT Act, 2005 is also being framed on the basis of VAT-20. Interest for delayed payment of tax under Punjab VAT Act, 20050 comments
Herebelow is the chart showing simple interest leviable on the amount of tax in case of delayed payment of tax under Punjab VAT Act, 2005 under section 32 and section 27(7).It should be noted that such simple interest is not a penal interest and is payable without any requirement of show cause notice and has to be paid along with the delayed payment of tax. Penalties under Punjab VAT Act, 20050 comments
Herebelow I am sharing a complete chart showing the penalties under Punjab VAT Act, 2005 for the benefit of all readers. Please note that as per the provisions of section 61 no penalty can be levied under Punjab VAT Act, 2005 without giving a show cause notice in writing. Fee payable Under Punjab Value Added Tax Act, 20050 comments
Herebelow is the chart showing various fee payable under Punjab VAT Act, 2005 alonmg with the relevant sections and rules of Punjab VAT Act and Punjab VAT Rules, 2005. Time Limits under Punjab Value Added Tax Act, 20050 comments
I am sharing herebelow the various time limits under Punjab VAT Act, 2005 for example time for filing returns, applying registration, payment of taxes etc, hopefully it will be usefull for all concerned readers. No need to furnish PAN to deductors if income below taxable limit-section 206AA is inapplicable in such cases-Karnataka HC0 comments Tuesday, June 19, 2012
Karnataka High Court has held in A Kowsalya Bai vs UOI that section 206AA is not applicable to persons where income is below exempted limit. The Karnataka High Court held in a writ petition filed chalenging the constitutional vires of section 206AA of Income Tax Act, 1961 that S.206AA of the Act is made inapplicable to persons and read down from
the Statute for whose income is less than the taxable limit.
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