Worship of Hindu Gods is not “religious activity for the purpose of section 80G0 comments Thursday, November 8, 2012
Nagpur
ITAT has held in Shiv Mandir Devsttan Panch Committee Sanstan vs. CIT that “Hinduism” is not a religion &
worship of Hindu Gods is not “religious purpose” while deciding the application
for granting of certificate u/s 80G of Income Tax Act.
It is notable that certificate u/s
80G is granted to those organizations only who are established for charitable
purposes and Explanation 3 to section 80G provides that charitable purpose
doesnot include a purpose which is of religious nature
Time limit for filing ITR-V forms for A.Ys. 2010-11 and 2011-12 extended to 31-12-20120 comments Thursday, November 1, 2012
Notification NO. 1/2012 under CPR Scheme 2011 [F. No. DIT(S)-III/ITR-V Extension/2012-13], Dated 23-10-2012
In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the 'Centralized Processing of Returns Scheme, 2011', issued vide C
B D T Notification No. SO 16(E) dated 4.1.2012, the Director General of
Income Tax (System) hereby extends the time limit for filing ITR-V
forms relating to Income Tax Returns filed electronically (without
digital signature Certificate) for A.Y. 2010-11 (filed during F.Y.
2011-12) and for A.Y. 2011-12 (filed on or after 1st April, 2011). These
ITR-V forms can now be filed upto 31st December, 2012 or within a
period of 120 days from the date of uploading of the electronic return
data, whichever is later. This direction is issued to mitigate the
hardship and grievance of the tax payers who have been prevented by
reasonable causes to file the ITR-V in time.
VAT-20 (annual statement) in Punjab to be online w.e.f 01-11-20120 comments Tuesday, October 30, 2012Excise & Taxation Department, Punjab has made online filing of VAT-20 (annual statement) under Punjab VAT Act, 2005, for the year 2011-12, mandatory w.e.f 01-11-2012. A public notice to this effect has been issued.
The online utility for filing VAT-20 is not available as yet, therefore it is stated in the public notice that the annual return will now be filed from 1st December 2012 to 31st December 2012.
No seizure of Jewellery upto 500 grams claimed to be of married lady0 comments Monday, October 29, 2012
We have duly considered the rival contentions and gone through the record
carefully. In the judgement of Hon'ble Gujarat
High Court relied upon by the assessee, the scope of the circular bearing no.
1916 has been considered. It is true that this circular was issued by the Board
guiding its officials not to seize gold jewellery, if it is found to the extent
of 500 grams and claimed to be of a married lady. Similarly, to the extent of
250 grams claimed to be belonging of a unmarried lady and 100 grams claimed to
be belonging of male member, than no seizure is to be affected. No TDS u/s 194C when transportation done by supplier0 comments Friday, October 19, 2012
SECTION 194C OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF TAX AT SOURCE - PAYMENTS TO CONTRACTORS & SUB-CONTRACTORS - DEDUCTION OF TAX AT SOURCE ON PAYMENT OF GAS TRANSPORTATION CHARGES BY THE PURCHASER OF NATURAL GAS TO THE SELLER OF GAS
CIRCULAR NO. 9/2012 [F. NO. 275/11/2012-IT(B)], DATED 17-10-2012
Representations have been received from various sections of the Industry on the difficulties faced in the matter of Tax Deduction at Source on Gas Transportation Charges paid by the purchasers of Natural gas to the sellers of gas. Works contract service after negative list-Part II(reverse charge)0 comments Wednesday, October 17, 2012
In the previous article(see previous article here) some aspects of works
contract service were discussed. In this continuing article an attempt has been
made to discuss the reverse charge mechanism in works contract service.
What is
reverse charge: Before
jumping to the reverse charge mechanism in works contract service, it is
important to understand what is reverse charge. Normally service tax is payable by the service
provider after charging/collecting the same from the service receiver.
Again two challan forms for VAT payment under Punjab VAT Act, 20050 comments Monday, October 15, 2012
It
is for the information of all concerned readers of blog that for VAT payment
under Punjab VAT Act, 2005 two challans are required to be filled up. One is
VAT-2 and other is VAT-2A. Earlier only one consolidated challan i.e VAT-2 was
introduced in suppression of the three challans i.e VAT-2, VAT-2A and VAT-2B
w.e.f 14-12-2011. It was a relief for the common taxpayer after the
introduction of one consolidated challan in form VAT-2.
AO must apply his mind before disposing off stay application0 comments
Delhi High Court in an important case namely Virgin Mobile India (P.) Ltd. v. Assistant Commissioner of Income tax has held that while disposing off the stay application of an assessee the assesseing officer must apply his mind and should dispose not outrightly reject the stay application without reasons.
It is generally seen that stay applications are rejected by assessing officers in a mechanical manner. Even no reasons are given while disposing off the stay applications. The AOs while disposing off stay applications just try to safeguard the interests of revenue and they dont try to see the hardship being caused to assessees if the stay application is rejected. This judgement is a good one to cite before AOs during the hearing of stay applications.
Due date of Service tax return for April-June-2012 extended to 25-11-20120 comments
Due date for filing of service tax returns for the period 01-04-2012 to 30-06-2012 has been extended from 25-10-2012 to 25-11-2012.
Rule 7 of the Service Tax Rules, 1994 - Returns - Extension of time to file return in form ST3
ORDER NO. 3/2012 [F.No.137/99/2011-ST], dated 15-10-2012
Works contract service after negative list-Part 11 comments Sunday, October 14, 2012
Service
portion in the execution of a works contract has been declared as service u/s
66E after the introduction of negative list. That means works contract service per
se is not a service but it is a service because it has been declared to be a service u/s 66E. Here an attempt has been
made to elaborate on the works contract service after the introduction of
negative list.
No penalty u/s 51 of PVAT Act when there is voluntary reporting and no Punjab Tax involved0 comments Friday, October 12, 2012
Punjab & Haryana High court in State of Punjab vs ABB
Limited has upheld the order of Tribunal to the effect that when there is
voluntary reporting at the ICC when goods were imported into the State of
Punjab hence there was no tax of Punjab was involved, therefore no penalty u/s
51 of Punjab VAT Act could be levied.
Held: Tribunal concluded that there was no error on the part of
the respondent-dealer as full sales tax on the transaction being inter state
sale had been paid and the element of tax in Punjab State
was not involved. It was also noticed that there was voluntary reporting at ICC
and the goods were accompanied by proper and genuine documents complete in all
respects. Also payments for the transactions were made through the banking
channels i.e. by cheques and were not kept out of the books of account.
Direction regarding collection of processing fee under Punjab VAT Act0 comments Sunday, October 7, 2012
OFFICE OF THE EXCISE
& TAXATION COMMISSIONER,
To,
All the Deputy Excise
& Taxation Commissioners (Divisions),
and
all AETC's (District Incharge) in the state.
No. DETC-VAT-2012/2
Service Tax return required to be submitted by 25th October, 2012 shall cover period between April to June, 2012 only0 comments Saturday, September 29, 2012
Rule 7 of the Service Tax Rules has been amended so as to provide that the Form ‘ST-3’ required to be submitted by the 25th day of October, 2012 shall cover the period between 1st April to 30th June, 2012 only. It means that now the ST-3 return required to be filed by 25th October 2012 will be only for the period April-June, 2012 and not for the period of 6 months from April-September, 2012. Department cannot take advantage of assessee's ignorance-Bombay HC0 comments Thursday, September 27, 2012
Bombay High Court in a very important case has held that Income-tax Deptt. can't take advantage of assessee's mistakes in claiming exemption in IT return and deny him exemption.
Section 44AB of Income Tax Act-certain points0 comments Wednesday, September 26, 2012
Due date of filing Income tax return for assessees who are liable to get their books of accounts audited is 30th September. Since the due date is nearing, lets get some points refreshed on section 44AB.
Who has to get his accounts audited compulsorily:
1.A Person carrying on business is required to get his books of account compulsorily audited u/s 44AB If the total sales, turnover or gross receipt in business for the previous year relevant to assessment year exceed or exceeds Rs. 60 Lakh for the Assessment year 2011-12 and 2012-13 (Rs. 1 Crore from the assessment year 2013-14). Service tax on legal services under reverse charge mechanism stayed by Delhi High Court0 comments Tuesday, September 25, 2012
Service Tax on Legal services under reverse charge mechanism was imposed by Central Government w.e.f 01-07-2012. Thereby recepient of service, if its a business entity was made liable to pay service tax on the legal services received. C forms can be issued for purchase of goods used in telecommunication even if such goods not resold0 comments Sunday, September 23, 2012Andhra Pardesh High Court in a very important judgement namely Indus Towers Limited vs Commercial Tax officer has held that C forms can be issued for the purchase of goods used in the telecommunication network even if such goods are not resold. The Hon'ble High Court held as under: Income tax and TDS rate on interest income of Non-resident reduced to 5%5 comments
Interest Income
of a Non-Resident Investor will now be taxed at the reduced rate of 5 per
cent instead of the existing rate of 20 per cent and withhold Tax on
such Income has also been reduced to 5 per cent
Section 194LC of the Income-tax Act, 1961 – Income by way of Interest from Indian Company – Approval of loan agreements/long term infrastructure bonds and rate of interest for the purpose of Section 194LC
CST (Punjab) Rules amended-Statutory forms under CST to be online0 comments Saturday, September 22, 2012
Rule 7 of Central Sales Tax (Punjab) Rules has been amended to provide for the issuance of online statutory forms i.e C, F, H, E-I, E-II and I forms under Central Sales Tax Act, 1956. The rules provide for compulsory filing of returns in the Form-1 and VAT-18 and VAT-19 by every dealer registered under CST Act.
Entry Tax in Punjab increased by 0.5% w.e.f 18-09-20120 comments Tuesday, September 18, 2012
Entry Tax rates has been enhanced by the Excise & Taxation Department, Punjab by 0.5% on all the goods w.e.f 18-09-2012. This increase has been made and also was expected after the increase in the VAT rates by 0.5% on almost all the goods under Punjab VAT Act, 2005.
However no notification confirming the increase in entry tax rates is available as yet but a public notice to this effect has been issued which confirms the increase in the rates of entry tax rates w.e.f 18-09-2012.
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