How to View Income tax Demand / Arrears Payable Online Posted: 11 Sep 2012 08:48 PM PDT Taxpayers can view the details of their Arrear Demand in 'My Account' as communicated by their jurisdictional Assessing Officers to CPC. Steps to View Income tax Demand / Arrears Payable Online 1. Login on https://incometaxindiaefiling.gov.in/portal/index.do 2. Go to 'My Account' and Click on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 54F exemption available even if investment made in joint name with wife Posted: 11 Sep 2012 08:47 PM PDT The assessee was owner of the property standing in his name which was sold; qua capital gain exemption u/s 54f was claimed by the assessee as the sale proceeds of the property were utilized for purchasing another house in the name of assessee and his wife. Wife did not contribute any amount towards... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| No TDS on Bulk Purchase Discount as it is not commission – SC Posted: 11 Sep 2012 08:46 PM PDT The respondent in this civil appeal is Ahmedabad Stamp Vendors Association and the Members of the said Association are licensed Stamp Vendors. We are satisfied that 0.50% to 4% discount given to the Stamp Vendors is for purchasing the stamps in bulk quantity and the said discount is in the nature... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Wealth Tax Payable on Urban land even if assessee carrying on agricultural activities on the same Posted: 11 Sep 2012 08:43 PM PDT In the present case, the land owned by the assessee comes within the purview of urban area and the assessee is carrying on agricultural activities on the same. There is nothing on record to show that construction of building on assessee's land is prohibited. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Tax deduction on Interest income Posted: 11 Sep 2012 08:42 PM PDT Many of us keep our money either with banks or with cooperative credit societies, be it in fixed deposits or recurring deposits or in saving accounts. Not only this, we also invest in various Government run schemes like NSC, PPF and Senior Citizen Saving schemes. While making these investments... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Excise duty not to be included in valuation of closing stock – SC Posted: 11 Sep 2012 06:07 PM PDT The supreme court has upheld the principle of exclusion of excise duty component from valuation of closing stock in the case of Dynavision Limited (SC). The important principle laid down in the case of Chainrup Sampatram (24 ITR 481 (SC)) & Hindustan Zinc Ltd (291 ITR 391 SC)) has been... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Lumpsum Technical know-how Fees deductible u/s. 35AB not under Section 37 Posted: 11 Sep 2012 06:01 PM PDT Sub-section (1) of Section 35AB of the Act clearly states that where the assessee has paid in any previous year any lump sum consideration for acquiring any know-how for use for the purposes of his business, then one-sixth of the amount so paid shall be deducted in computing the profits and gains... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Immunity under clause (2) of Expl. 5 to Sec 271(1)(c) available even if tax not paid by due date of ROI Posted: 11 Sep 2012 05:52 PM PDT The only condition which was required to be fulfilled for getting the immunity, after the search proceedings got over, was that the assessee had to pay the tax together with interest in respect of such undisclosed income upto the date of payment. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| HC jailed Top Custom Authorities for 'Contempt of Court' Posted: 11 Sep 2012 05:44 PM PDT This petition has been filed by the petitioner for initiating a proceeding of contempt against the opposite parties for their deliberate and willful non-compliance and violation of order dated 14.11.2011, [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Expenses on cultural events having no nexus with business not allowable Posted: 11 Sep 2012 12:20 PM PDT Adverting to facts, the expenses under reference could not be strictly called 'social welfare expenses', and stood rightly considered as 'donation. They are in fact toward promotion of activity in specific discipline, viz., music, flower growing - and that too of a particular variety, et. al., and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Reopeing of Assessment to verify compliance with provisions amended in future is invalid Posted: 11 Sep 2012 11:59 AM PDT From the facts on records, it is apparent that the impugned notice under section 148 has been issued after the expiry of a period of four years from the end of the relevant assessment year in a case where earlier an assessment had been framed under section 143(3) of the Act. Under the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Consolidated service charges for let out property are taxable under 'Income from house property'. Posted: 11 Sep 2012 11:48 AM PDT There are concurrent findings of fact by the Commissioner (Appeals) as well as the Tribunal that no services are being provided by the assessee to the occupants of its property and that the service charges have to be included as a part of its rental income. The test to determine whether the service... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Re-assessment held to be void if AO has not analysed in detail the reasons of reopening Posted: 11 Sep 2012 11:35 AM PDT Once the assessment was reopened to investigate the purchase of various lands then the Assessing Officer was duty bound to make enquiries to examine the purchase of these land as well as the sources for the same. The Assessing Officer has simply issued notice under sections 142(1) and 143(2) which... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Disallowance u/s 14A if no expenditure incurred to earn exempt income Posted: 10 Sep 2012 10:33 PM PDT in the instant case, the assessee denied incurring any expenditure for earning income, which did not form part of total income during the course of assessment proceedings even when huge investments were made by the assessee in securities . [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Main reasons for non-compliance with Legal Provisions Posted: 10 Sep 2012 09:46 PM PDT There have been several times in the last two decades when the ethical behavior of organisation has been the center of attention. This may be due to lack of knowledge on the issues related to compliance. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| SEBI directs depositories to freeze new securities till listing approval is granted Posted: 10 Sep 2012 07:55 PM PDT In order to curtail the transfer of additional issue of shares/securities including by way of further public offerings, rights issue, preferential allotment, bonus issue etc of the listed company, prior to receipt of final listing/trading approval, the depositories shall devise a mechanism so that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| RBI – Trade Credits for Import into India Posted: 10 Sep 2012 07:30 PM PDT On a review, it has been decided to allow companies in the infrastructure sector, where infrastructure is as defined under the extant guidelines on External Commercial Borrowings (ECB) to avail of trade credit up to a maximum period of five years for import of capital goods as classified by DGFT... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| RBI Notification on Bank Finance to Factoring Companies Posted: 10 Sep 2012 07:28 PM PDT Banks can henceforth extend financial assistance to support the factoring business of Factoring Companies which comply with the following criteria: (a) The companies qualify as factoring companies and carry out their business under the provisions of the Factoring Regulation Act, 2011 and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ECB Policy – Bridge Finance for Infrastructure Sector Posted: 10 Sep 2012 07:28 PM PDT On a review, it has been decided to allow refinancing of such bridge finance (if in the nature of buyers'/suppliers' credit) availed of, with an ECB under the automatic route subject to the following conditions:- (i) the buyers'/suppliers' credit is refinanced through an ECB before the maximum... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ECB Policy – Repayment of Rupee loans and/or fresh Rupee capital expenditure – USD 10 billion scheme Posted: 10 Sep 2012 07:26 PM PDT On a review, it has been decided: (a) to enhance the maximum permissible limit of ECB that can be availed of to 75 per cent of the average foreign exchange earnings realized during the immediate past three financial years or 50 per cent of the highest foreign exchange earnings realized in any of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| withdrawal of duty exemption in respect of goods required for setting up of Mega/ Ultra mega power projects Posted: 09 Sep 2012 07:04 PM PDT Notification No. 34/2012 - Central Excise Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Regarding inclusion of Inland Container Depot Irungattukottai in list of ports permitted for exports / imports under Export Promotion Posted: 09 Sep 2012 06:59 PM PDT Notification No. 50 / 2012 - Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Withdrawal of duty exemption of goods required for initial setting up or substantial of Mega/ Ultra mega power projects Posted: 09 Sep 2012 06:56 PM PDT Seeks to amend Notification 12/2012-Customs, dated 17-03-2012, regarding the withdrawal of duty exemption in respect of goods required for initial setting up or substantial of Mega/ Ultra mega power projects
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