Exemption u/s. 10(23C)(vi) can be claimed without applying for registration u/s. 12A Posted: 27 Dec 2012 07:33 PM PST In our considered opinion, exemption under Section 10(23C)(vi) of the Act can be claimed by an assessee without applying for registration under Section 12A of the Act as it is not required to fulfil the conditions mentioned under Section 11 of the Act while claiming exemption under Section 10(23C)...  |
| LLPs established to carry on a profession would now need to obtain NOC at the time of change of name Posted: 27 Dec 2012 07:30 PM PST No Objection Certificate (NOC) from the concerned regulator/Institute for LLP Name approval/incorporation General Circular no. 40/2012, dated 17-12-2012 In continuation of this Ministry's Circular No. 2/2012, dated 1st March, 2012 on registration of companies or LLPs where one of their...  |
| Billing System & Accounting Treatment in Case of Reverse Charge of Service Tax Posted: 27 Dec 2012 07:29 PM PST CA Nitin Gupta IN CASE OF SERVICE RECEIVER IN CASE OF REVERSE CHARGE • WHERE PAYMENT IS MADE TO THE SERVICE PROVIDER, WITHIN 6 MONTHS FROM THE DATE OF INVOICE POT = PAYMENT BASIS •WHERE PAYMENT IS NOT MADE TO THE S.P., WITHIN 6 MONTHS FROM THE DATE OF INVOICE POINT OF TAXATION [...]  |
| Initiation of reassessment proceedings on basis of assessment for subsequent assessment year Posted: 27 Dec 2012 07:28 PM PST Undoubtedly an order of assessment which has been passed for a subsequent assessment year may furnish a foundation to reopen an assessment for an earlier assessment year. However, there must be some new facts which come to light in the course of assessment for the subsequent assessment year which...
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| Year End Review of measures taken by CBDT & CBEC Posted: 27 Dec 2012 07:28 PM PST 24X7 Customs Clearance , Mandatory E-payment of Customs duty, E-helpline, Measures to Check Tax Evasion , Measures to Check Black , money, E-Filing of Returns, Centralised Processing Centre (CPC) , Payment of Direct Taxes Through ATMs , Online Tax Help , Communication Strategy for school children  |
| Discounting charges not amounts to interest and taxable as business income Posted: 27 Dec 2012 07:25 PM PST The Court took into consideration the definition of 'interest' under section 2(28A) of the Act and also analysed the contents of two circulars issued by the CBDT, being No. 65 dated 02.09.1971 and the subsequent one dated 22.03.1993 (Circular No. 647)(sic), and confirmed the reasoning of the...  |
| Additional evidences cannot be accepted by CIT(A) without following mandate in terms of rule 46A Posted: 27 Dec 2012 06:45 PM PST In the case under consideration, the assessee placed before the ld. CIT(A), certain additional evidence and admittedly, the said documents were not submitted before the AO. The powers of the CIT(A) in terms of rule 46A to admit fresh evidence, entail an element of discretion which is required to be...  |
| Addition U/s. 41(1) not justified on failure of revenue to prove adjustment of liability Posted: 27 Dec 2012 06:35 PM PST Section 41(1) is a deeming fiction and seeks to tax receipts or benefit which may not strictly be 'income', the burden to prove that a particular benefit or receipt falls within the four corners of the provisions of section 41(1) lies upon the revenue.  |
| Export commission paid to nonresident agent for taxable services outside India is not taxable in India Posted: 27 Dec 2012 06:23 PM PST In Divi's Laboratories Ltd.'s case (supra), it was held that commission paid to a non-resident agent for services rendered outside India is not chargeable to tax in India and that hence, no disallowance can be made.  |
| No penalty if assessee raised a bona fide claim in respect of 'provision for bad debts' Posted: 27 Dec 2012 06:08 PM PST The difference between a write off of a debt as irrecoverable and a provision against the same on account of or for it being bad and doubtful for recovery, is not technical but factual and, further, real and not imaginary.This is more so in view of the express provision of law by way of Explanation...  |
| Mere pendency of writ cannot be a ground for condoning delay of in filing appeal Posted: 26 Dec 2012 09:10 PM PST It is the oft-repeated submission of the counsel that the COD applications are liable to be allowed on the sole ground of pendency of their writ petition before the Hon'ble High Court. No judicial authority has been cited before us in support of the plea. We are of the view that the pendency...  |
| Renaming of the Integrated Professional Competence Examination (IPCE) Posted: 26 Dec 2012 09:09 PM PST In terms of Notification NO XCA(7)/145/2012 dated 1st August 2012, Integrated Professional Competence Examination(IPCE), stands renamed as Intermediate (IPC) Examination and would be known accordingly, with effect from May 2013 examination onwards.  |
| Deduction u/s. 80-IA(4) available if assessee develops the infrastructure facility but do not operate or maintain the same Posted: 26 Dec 2012 08:52 PM PST We find that, the AO accepts that the assessee is an infrastructure developer. But we look into the main objection of the AO that being a developer by itself is not enough to avail the deduction, but the assessee should have maintained, operated and handed it back to the government.  |
| Commissioner cannot revise order passed by TPO u/s. 92CA(3) Posted: 26 Dec 2012 08:45 PM PST As seen from the provisions, the CIT has no jurisdiction over the TPO administratively and therefore, the CIT could not have revised the order under section 92C(3) passed by the TPO.  |
| Interest on deposits to be split up between its period of holding for taxation purposes Posted: 26 Dec 2012 07:07 PM PST Even though the parameter for considering the expenditure and income is not the same, yet the principle to be followed is that when the instrument concerned is certain as to its period of life and specifically points out to a particular interest amount to be paid on the maturity date, the question...
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