Taxation of Private Trust & Tax Planning Posted: 12 Oct 2012 07:31 PM PDT 1. Types of private trusts for the purpose of return filing. 2. Type of return for private trusts for efiling/manual filing 3. Tax rate applicable for trusts mentioned above. 4. Is PAN mandatory for private trusts? How to obtain PAN for private trust? 5. How to calculate tax in the case of private... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| VAT on sale of under construction flats – Legality of two different taxes on same transaction? Posted: 12 Oct 2012 06:26 PM PDT The recent judgment of Bombay High Court in case of MCHI vs. State of Maharashtra has caused further hardship to genuine flat buyers. The Hon'ble Court has upheld the constitutional validity of the amendment made to definition of Sale. The Court has also upheld recent scheme of Maharashtra Govt. to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Addition could not be based on generalized observations or suspicion Posted: 12 Oct 2012 07:27 AM PDT The appellate authorities have taken the view, and do not appear unjustified in doing so, that with the basic facts having been divulged and established by the assessee with furnishing of necessary details, it was for the Assessing Officer to establish that the details were false or incorrect and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 80GG Deductions – For rent paid Posted: 11 Oct 2012 11:02 PM PDT Section 80GG allows the employee to a deduction in respect of house rent paid by him for his own residence. Such deduction is permissible subject to the following conditions :- (a) the employee has not been in receipt of any House Rent Allowance specifically granted to him which qualifies for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 80TTA Deduction – Interest on deposits in savings account Posted: 11 Oct 2012 10:54 PM PDT Section 80TTA has been introduced from this Financial Year [2012-13] and it allows to an employee from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account a deduction amounting to : (i) in a case where the amount of such... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 80 CCG Deduction – Rajiv Gandhi Equity Savings Scheme Posted: 11 Oct 2012 10:43 PM PDT Newly inserted Section 80CCG provides deduction w.e.f. assessment year 2013-14 in respect of investment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied: (a) The assessee is a resident individual (may be ordinarily... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 80D Deduction – For health insurance premia paid, etc. Posted: 11 Oct 2012 10:20 PM PDT Deduction in respect of for health insurance premia paid, etc. Under Section 80D of the Income Tax Act, 1961 - Aggregate allowable is Rs. 15,000/{For Senior Citizens it is Rs. 20000/-}. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Income Tax Rates FY 2012-13 / AT 2013-14 for Individual & HUF Posted: 11 Oct 2012 10:04 PM PDT As per the Finance Act, 2012, income-tax rates Applicable for Assessment Year 2013-14 / Financial Year 2012-13 Applicable to Individual, HUF, is as follows- Rates of tax - A. HUF & Individual (Including Female Assessee ) who is of the age of sixty years or Less [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Sale of agricultural land by converting into plots would attract section 45(2) Posted: 11 Oct 2012 09:20 PM PDT Since no agricultural operations were carried on, the income tax authorities rightly concluded that the capital asset was converted into stock-in-trade, and that sales of plots in the case of such land would be treated to be business activity to make profits. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Fees & Other Consultancy Expenses related to Income-tax matters are allowable Posted: 11 Oct 2012 09:18 PM PDT Rs. 27,650/- was paid by the assessee to various Advocates and Consultants in relation to conferences, advice and consultation pertaining to Income-tax matters, therefore, the said payments do not fall within the purview of section 80VV of the Act. The said section restricts deduction in respect of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Reopening in absence of failure on the part of assessee to disclose fully and truly all material facts is illegal Posted: 11 Oct 2012 09:13 PM PDT It is not in dispute that the petitioner had placed all the relevant records, including the construction agreement, before the passing of the original assessment order. Further, it is not the case of the respondent that the petitioner had suppressed certain material facts, due to which the original... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Notice not complying with Mandatory period of time specified U/s. 158BC is invalid Posted: 11 Oct 2012 09:08 PM PDT A notice under section 158BC cannot be equated with that of notice under section 148. A notice under section 158BC provides for a procedure to be adopted for block assessment under which, the Assessing Officer shall serve a notice requiring the assessee to furnish his return within such time not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Migration of PAN lying in Orphan Jurisdiction to Jurisdictional AOs by Nodal officers appointed under CsIT(CO) Posted: 11 Oct 2012 08:53 PM PDT Transfer of e-filed returns to old/orphan/defunct Jurisdiction may lead to problem in timely processing of returns. Therefore the above procedure was devised to address the problem of processing of the e-filed returns received through the website in which PANs were to be migrated to AOs based on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Pendency In PAN Transfer Request Posted: 11 Oct 2012 08:48 PM PDT As per new procedure for Individual PAN transfer requests, transferor/source officers (AO/Range/CIT) have to take a decision on system either to allow and confirm the request, originating from transfree/destination Assessing Officers or to reject the request. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Transaction details by sms from today for BSE investors Posted: 11 Oct 2012 08:32 PM PDT To enhance transparency in Stock market tradings, the Bombay Stock Exchange will provide SMS of transaction details to mobile phones and Email accounts of investors from today. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| MCA released Beta version of the MCA XBRL Validation Tool and XBRL Filing Manual V2.0 Posted: 11 Oct 2012 08:27 PM PDT The Ministry of Corporate Affairs vide its General Circular No. 16/2012 dated 6 July, 2012 has mandated select class of companies to file their Balance Sheet and Profit & Loss Account and other documents with the Registrar of Companies for the financial year commencing on or after 01.04.2011... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Loans to Non Residents/Third Parties against Security of NRE Accounts/FCNR (B) Deposits Posted: 11 Oct 2012 08:21 PM PDT The Committee to review the facilities for individuals under FEMA, 1999 (Chairperson: Smt. K.J.Udeshi) has recommended that the banks may sanction Rupee loans in India or foreign currency loans outside India to either the account holder or a third party to the extent of the balance in the NRE/FCNR... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| NEFT – Requirement of IFSC in transactions Posted: 11 Oct 2012 08:19 PM PDT NEFT system provides for an efficient, affordable, safe mode of funds transfer in near real time. The growth in volume and value of transactions processed under the NEFT in recent times reflects its popularity as newer segments of population have also started using the system for meeting their... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Regarding extension of notification benefit to DVD ROMs along the lines of CD ROMs Posted: 11 Oct 2012 07:17 PM PDT Notification No. 37/2012-Central Excise Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 12/2012-Central...
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