How to calculate Interest U/s. 234A, 234B, 234C; Return Due Date and Consequences of Late Filing

Peak Credit and telescoping theories in assessment proceedings under Income Tax Posted: 15 Jan 2012 04:13 PM PST There may be some cases under Income Tax Assessment proceedings where there are a large number of unexplained credit and debit enteries of a person standing in books of account of an assessee. In such case the AO may tend to add all the aggregate... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Some Helpful Tips for Filing Income Tax Returns Posted: 15 Jan 2012 08:29 AM PST Income-tax return is a legal document and it should be filed by the assessee with due care and caution. There should be no corrections or overwriting and it should be properly signed and verified by the person authorized to do so under the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to calculate Interest U/s. 234A, 234B, 234C; Return Due Date and Consequences of Late Filing Posted: 15 Jan 2012 08:02 AM PST CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE DATE- If a return is submitted after the due date, the following consequences will be applicable: 1. The assessee will be liable for penal interest under section 234A. 2. A penalty of Rs 5,000 may be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Assessment of Charitable Trusts and Institutions Posted: 15 Jan 2012 07:30 AM PST Article discusses about Structure of atx Authorities, Charitable Purpose, Charity, Advancement Of Any Other Object Of General Public Utility, Advancement Of Any Other Object Of General Public Utility, Assessment Of A Charitable Trust Or... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Applicability of Income Tax on Co Operative Credit Society & Pat Pedhis Posted: 15 Jan 2012 06:51 AM PST In In terms of sub-section (2) of Section 22 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), the primary (urban) cooperative banks existing in the country as on March 1, 1966, (when some banking laws were applied to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Taxability of Capital Gain Under the Income tax Act, 1961 Posted: 15 Jan 2012 06:31 AM PST The word 'income' has special meaning with reference to income-tax. It inter alia includes gains derived on transfer of a capital asset. Since these are not annual accruals, these are treated on a different footing for taxation purpose. The basic... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Salary income – Taxation of Perquisites Posted: 15 Jan 2012 05:35 AM PST Perquisites taxable in the hands of the employee as a part of salary income Broadly, in this system, the perquisites taxable in the hands of the employee as a part of salary income include: 1) Value of rent-free or concessional rent... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income Tax Ombudsman Origins, Current Status, Procedure, Power, Duties, Nature of Proceedings – Awards, Check List and Grievance you can Complain Posted: 15 Jan 2012 04:47 AM PST As a taxpayer, you may have some very legitimate grievances relating to your income-tax matters or settlement of your claims. You may, for example, feel that the Income-tax Department owes you a certain refund of tax but it is not doing enough to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No Excise Duty Exemption if conditions mentioned in Exemption Notification of Excise Rules not complied – SC Posted: 14 Jan 2012 09:50 PM PST Indian Oil Corporation Ltd Vs CCE (SC) - The language of Rule 192 of Chapter X of the Central Excise Rules, 1944 is clear that for availing concession from excise duty on excisable goods used in a specified industrial process, a person must obtain a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Excise Duty – Tailor made machines – Manufacture not complete till it meets the contractual specifications and subjected to individual testing Posted: 14 Jan 2012 09:31 PM PST Flex Engineering Limited Vs CCE (SC) - , If a product is not saleable, it will not be marketable and consequently the process of manufacture would not be held to be complete and duty of excise would not be leviable on it. The corollary to the above... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Excise Duty – Process of mixing polymers and additives with bitumen does not amount to manufacture Posted: 14 Jan 2012 08:45 PM PST CCE Vs M/S Osnar Chemical Pvt. Ltd. (SC) -Process of mixing polymers and additives with bitumen does not amount to manufacture. Both the lower authorities have found as a fact that the said process merely resulted in the improvement of quality of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Govt asks I-T officials to file immovable property returns by month-end Posted: 14 Jan 2012 08:30 PM PST After IAS and IPS officers, the government has now turned its heat on Indian Revenue Service (Income Tax) officers asking them to mandatorily furnish their immovable property returns by this month-end failing which they would be denied promotions.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] EU officials criticise downgrade of Credit ratings Posted: 14 Jan 2012 08:30 PM PST The top economic official of the European Union has criticised a decision by Standard and Poor's to downgrade the credit ratings of nine euro zone countries. Economic Affairs Commissioner Olli Rehn said the move was inconsistent as the euro zone was... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICSI – Introduction of New Syllabus & Pattern for Foundation Programme Examinations from December, 2012 Session Posted: 12 Jan 2012 10:19 PM PST The Foundation Programme being the entry level to the Company Secretaryship Course and gateway to the profession of Company Secretaries, the Syllabus Review Committee based on the feedback received from various stakeholders has completed the... [[ This is a content summary only. Visit www.taxguru.in for full article.]]