Assessment cannot be reopened for excess credit of TDS

Assessment cannot be reopened for excess credit of TDS Posted: 30 Jan 2013 06:57 PM PST The credit given for TDS in an order passed under Section 155(14) read with Section 154 cannot be construed as a relief given in the original assessment order. Section 155 of the Act provides for various situations under which an order can be amended because of developments taking place subsequent... Zero tolerance for corruption in tax department – Revenue Secretary Posted: 30 Jan 2013 06:27 PM PST In the recent past, instances of some officers of the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) being subjected to searches investigations by Anti-Corruption Branch of the Central Bureau of Investigation (CBI) have been reported. KYC – Transfer of Bank Accounts – Rent agreement Posted: 30 Jan 2013 06:15 PM PST Banks may transfer existing accounts at the transferor branch to the transferee branch without insisting on fresh proof of address and on the basis of a self-declaration from the account holder about his/her current address, subject to submitting proof of address within a period of six months. Big Four to appear before Public Accounts Committee of UK Posted: 30 Jan 2013 06:10 PM PST BIG FOUR tax partners are to appear before the Public Accounts Committee as it continues its investigations into tax avoidance. Witnesses from PwC, Deloitte, KPMG and Ernst & Young will appear on 31 January and will include KPMG's UK head of tax Jane McCormack, Deloitte's head of... New Reverse Charge Mechanism & Small and Medium Enterprise Posted: 30 Jan 2013 05:54 PM PST The New Service Laws as amended by Finance Act, 2012 has made some radical changes in the entire structure of service tax laws.One of such area is introduction of Reverse Charge Mechanism (RCM) on some of the services, in which liability has been casted on service receiver to pay service tax even... Amendment in Jurisdiction of CCIT Chennai Posted: 30 Jan 2013 11:28 AM PST Notification No. 5/2013 Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 733(E), dated the 31st July, 2001 namely Amalgamation not comes within scope of transfer u/s. 2(47) Posted: 30 Jan 2013 11:07 AM PST Amalgamation does not come within the scope of 'transfer' as defined in Section 2(47) of the Act and such being the view taken not only by this court, but Madras High Court and also the Supreme Court, there is no question of holding that the assessee disentitles the benefit of Section 80-I of the... Amendment in Jurisdiction of Commissioner of Income-tax Chennai Posted: 30 Jan 2013 10:41 AM PST Notification No.6/2013 Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 732(E), dated the 3rd July, 2001, namely Machinery installation charges are capital expenditure Posted: 29 Jan 2013 07:00 PM PST The test of enduring benefit which was perceived as the true and applicable test to judge whether an expenditure fell in capital field has been, over the years, considered as a self-limiting one. The Courts have held that a proper approach has to be adopted and in doing so the nature of the... AO can go beyond ITAT directions if his inquiry justifies it Posted: 29 Jan 2013 06:52 PM PST The general proposition that while remanding issues for fresh consideration by the assessing officer, the Tribunal should be very cautious in issuing directions, even if it is only for the guidance of the assessing officer. The direction should not give rise to a situation where the assessing... No waiver of Interest if delay in return filing was not because of impounding of documents Posted: 29 Jan 2013 06:50 PM PST It is a fact that the documents were given to the petitioner only after more than two years. But the reasons stated by the Chief Commissioner would unequivocally indicate that initially the request was made to release the books of account and documents; then the returns were prepared even without...