Last Date of Income Tax Return Filing 30.09.2012 or 01.10.2012? Posted: 20 Sep 2012 08:30 PM PDT As we all know last date for Income Tax Return Filing for For Corporate & non corporate assessees (i.e. Partnership Firm ,LLP, Proprietorship Firm, HUF) whose accounts are required to be audited under Income tax act or any other act for the time being in force is 30.09.2012. As 30th... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Income Tax Return Filing & Advance tax Due Dates Posted: 20 Sep 2012 12:18 PM PDT Return of Income Tax - Person not required to be audited - 31st July. Person required to be audited Under Income Tax Act,1961 or under any other Law - 30th September [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Due Date – TDS & TCS quarterly returns Posted: 20 Sep 2012 11:31 AM PDT Following are the due dates for filing of Quarterly TDS and TCS Returns in Form 24Q, Form 26Q, Form 27Q and Form 27EQ. Please file your returns on time to avoind penalty for late filing of Tds returns. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Small Service Provider Scheme -Service Receiver Not Entitled Posted: 20 Sep 2012 09:20 AM PDT Dr. Sanjiv Agarwal Vide Notification No. 6/2005-ST dated 1.3.2005, a threshold exemption scheme was introduced by Finance Act, 2005 (effective from 1.4.2005) exempting from service tax aggregate value of taxable services not exceeding four lakh rupees received by the service provider during a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Service Tax – Partial Reverse Charge Mechanism – FAQs Posted: 20 Sep 2012 04:58 AM PDT With effect from 1 July, 2012, there are certain services on which 100% service tax needs to be paid by Service Recipient and there is partial reverse charge wherein both service provider and service recipient needs to pay service tax as per defined percentage as mentioned in the table below:- [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| The Bitter Diesel & The Sweet Barfi Posted: 20 Sep 2012 01:19 AM PDT What a week it has been - first the Government infused a bitter pill on the citizens of the country by two non-populist steps in increasing diesel rates by five rupees a litre and substantially enhancing the prices of cooking gas over six cylinders in a year (three for the current year). This was... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| No Capital Gain Tax on Compensation on surrender of tenancy right prior to 1-4-1995 Posted: 19 Sep 2012 10:43 PM PDT Apex Court held that till the amendment in 1995, the compensation received on surrendering the tenancy rights could not be assessed to capital gains. Thus, on the fact position as found by the Tribunal and which form the very basis of the order under Section 263 that the assessee was treated as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 80HHC – Leasing rights can be considered as goods -SC Posted: 19 Sep 2012 10:34 PM PDT The issue involved in these appeals is, whether leasing rights can be considered to be 'goods' and whether transfer of such rights would constitute sale?" This issue is answered in favour of the assessee in the case of CIT v. B. Suresh [2009] 313 ITR 149. Following the said decision, these civil... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Assessee must be given reasonable opportunity before Transfer of case to other city Posted: 19 Sep 2012 10:25 PM PDT A reasonable opportunity should be given to the assessee wherever it is possible to do so. The opportunity referred to is a reasonable opportunity of being heard. There is no other opportunity referred to in the section. The observation in paragraph 3 that the opportunity cannot be said to be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Reopening based on Second thought on same material not valid – SC Posted: 19 Sep 2012 10:15 PM PDT It is now a settled law that if an explanation is added to a section of a statute for the removal of doubts, the implication is that the law was the same from the very beginning and the same is further explained by way of addition of the Explanation. Thus, it is not a case [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 80HHC -Sales tax & excise duty will not form part of total turnover Posted: 19 Sep 2012 10:07 PM PDT The question involved in this appeal is, whether excise duty and sales tax need to be included in the total turnover in the formula - 'Business income' multiplied by 'export turnover' and divided by 'total turnover' in Section 80HHC(3) of the Income Tax Act, 1961? [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Press note on FDI in Single / Multi Brand Retail, Civil Aviation, Broadcasting Sector & Power Exchanges Posted: 19 Sep 2012 09:45 PM PDT The Government today notified the cabinet/CCEA decisions on FDI in single brand retail, multi brand retail, civil aviation, broadcasting sector and power exchanges. The decisions were taken in the Cabinet and CCEA meetings on September 14, 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CBI cautions Against Misleading E-Mails Purported To Be Sent By CBI Posted: 19 Sep 2012 09:32 PM PDT Certain instances of some e-mails with malicious and misleading content purported to be sent from CBI have come to the notice of Central Bureau of Investigation. The Sender(s) falsely claim that Central Bureau of Investigation is monitoring financial transactions of individuals and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Vodafone may Pay tax if interest, penalty waived Posted: 19 Sep 2012 09:31 PM PDT UK-based telecom giant Vodafone on Thursday said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs. 8,000 crore, is an option provided the interest and penalty are waived [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| NPA norms of RBI are not binding on tax authorities Posted: 19 Sep 2012 07:59 PM PDT Accrual (or otherwise) of an income (or expenditure) is matter of fact, to be decided separately for each case, on the basis of the assessment of the obtaining facts and circumstances. The same cannot be stated as an accounting policy – which by its very nature is to be applied uniformly,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Customs – Exemption for LPG Imports by PSUs Posted: 19 Sep 2012 07:06 PM PDT Notification No. 55/2012 - Customs in the Table, against Sl. No. 141, in the entry under column (3), for the words, letters and figures, for supply to household domestic consumers at subsidised prices under the public distribution system (PDS) Kerosene and Domestic LPG Subsidy Scheme, 2002, as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Central Excise – Exemption for LPG Supplies by PSUs Posted: 19 Sep 2012 07:02 PM PDT Notification No.36 /2012 –Central Excise n the said notification, in the Table, against Sl. No. 81, in the entry under column (3), for the words, letters and figures, at subsidised prices under the public distribution system Kerosene and Domestic LPG Subsidy Scheme, 2002 as notified by the Ministry... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Customs – EOU Exemption – Goods rejected by Foreign Buyer Posted: 19 Sep 2012 06:59 PM PDT Notification No. 53/2012-Customs For removal of doubts, it is clarified that the goods for which there is failure of the foreign buyer to take delivery shall include goods rejected by the foreign buyer [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Only High Court Judge To Be President Of CESTAT, VPs Post Abolished Posted: 19 Sep 2012 06:50 PM PDT In exercise of the powers conferred by the proviso to article 309 of the Constitution of India, the President hereby makes the following rules to further amend the Customs, Excise And Service Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1987, namely: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Delay in receipt of replies from the AG leading to avoidable remedial action Posted: 19 Sep 2012 06:38 PM PDT During the recent Chief Commissioners Conference some of the Chief Commissioners mentioned that due to non-receipt of replies from the AG regarding acceptance of replies of the Department on the audit objections or otherwise, remedial action is being taken and subsequently when [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Allowability of CENVAT Credit on Purchase of Motor Vehicles Posted: 19 Sep 2012 04:07 PM PDT It has always been a matter of discussion regarding Cenvat Credit availability on purchase/hiring of Motor Vehicles. It was provided that Cenvat Credit w.r.t. certain specified motor vehicles shall be made available to only certain specified service providers. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Scheme of 1% Interest Subvention on Housing Loans extended up to 31.3.2013 Posted: 19 Sep 2012 11:40 AM PDT The interest subvention scheme has been liberalized with effect from FY 2011-12 by extending it to housing loans up to Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh. The Scheme has since been extended by Government of India and will remain in force up to March 31, 2013.
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