Income Tax Department cautioned on use of Mobile applications for Filing

Income Tax Department cautioned on use of Mobile applications for Filing Posted: 29 Jul 2013 08:29 PM PDT There are Mobile applications which are not approved by the Income Tax Department. Users are advised that they may not be according to Department data structure. Filers using them are doing at their own risk. Source- Incometaxindiaefiling.gov.in

No s. 271(1)(c) penalty if explanation given by the assessee is unproved but not disproved Posted: 29 Jul 2013 08:10 PM PDT Addition u/s 68 of the Act was made by the Assessing Officer when the assessee himself offered to include this amount in his total income and consented to pay the tax. Another addition of Rs. 1 lakh was also made when the assessee voluntarily preferred to include Rs. 1 lakh to his total income. The...

Initiation of proceedings u/s 153C based on document seized from third party which neither mentions the name of the assessee or bears his signature is not justified Posted: 29 Jul 2013 07:49 PM PDT This document was seized from the business premises of D. Nagarjuna Rao in course of action u/s 132 of the Act against him. In the impugned assessment order the AO has also observed that the said D. Nagarjuna Rao had admitted that entries in the seized documents were made by him in his own...

S. 68 Addition cannot be made in the absence of books on the basis of mere bank statement Posted: 29 Jul 2013 07:26 PM PDT In the instant case, it is an undisputed fact that the assessee has not maintained any books of account and whatever credit entries are found by the Assessing Officer, it was from the bank accounts of the assessee in which deposits were made at different point of time. Even the passbook issued by...

The Department can't force assessee to avail a particular exemption Notification when benefit of other exemption Notification is available Posted: 29 Jul 2013 08:36 AM PDT M/s Winsome Yarns Ltd. is manufactures of Yarn. During the period from September, 2009 to May, 2010, the Appellant were availing the exemption Notification No. 29/2004-CE dated July 9, 2004 in respect of the yarn manufactured and cleared for export as well Notification No. 30/2004-CE dated July 9,...

Clarifications on Services Provided by Restaurants Posted: 29 Jul 2013 08:29 AM PDT Issue No 1 : Is the VAT imposed by States required to be included for the Purpose of Service Tax? Answer: For the Purpose of Service Tax State VAT has to be excluded from the Taxable Value. issue No 2: Is the Serving of Food And/or Beverages by way of Room Service liable for Service Tax?

Right to receive retention money accrues only after the obligations under the contract are fulfilled Posted: 29 Jul 2013 07:52 AM PDT It has been held that the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income of the assessee in the year in which amount is retained.

Extension of time period to complete ITT and Orientation Course by students registered under Direct Entry Scheme Posted: 28 Jul 2013 06:33 PM PDT It has been brought to the notice of the Council that some students of the Direct Entry Scheme, who were registered between 01.08.2012 and 31.01.2013 for the Intermediate (Integrated Professional Competence) Course and were required to complete ITT and Orientation Course by 31.05.2013, could not...

SEBI Circular for Operational, Prudential and Reporting Norms for Alternative Investment Funds (AIFs) Posted: 28 Jul 2013 06:26 PM PDT i.        SEBI has issued a circular No. CIR/IMD/DF/10/2013 dated July 29, 2013 for Operational, Prudential and Reporting Norms for Alternative Investment Funds (AIFs). ii.        In accordance with the said circular, all AIFs shall be required to comply reporting norms to SEBI on a quarterly basis...

Inclusion of Kattupalli Sea Port as a Port of Registration under Para 4.19 of HBP (Vol. I) Posted: 28 Jul 2013 12:13 PM PDT PUBLIC NOTICE No. 20 (RE-2013)/2009-2014 In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby amends para 4.19 of Handbook of Procedures (v1):, 2009-14(RE 2012) to include Kattupalli Sea Port, Tamil Nadu as Port of...

Regarding inclusion of Foreign Post Office, New Delhi, as port of export for the purpose of Export Promotion benefits Posted: 25 Jul 2013 06:40 PM PDT  Notification No. 38/2013 – Customs New Delhi, dated 26th July   2013        G.S.R. 509(E) In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do,...

Two Officials of Mumbai Customs Department Sentenced In a Bribery Case Posted: 25 Jul 2013 06:23 PM PDT   The Special Judge for CBI cases, Mumbai has convicted Smt. Kirti Rajesh Singh, then Senior Tax Assistant and Shri Rajesh Harbans Singh, then Tax Assistant of Customs(Preventive), Mumbai and sentenced them to undergo one year Rigorous Imprisonment with total fine of Rs.20,500/- in a bribery case....

Validity of IEC for EOU or units in SEZ/(EHTP/STP/BTP after de-bonding Posted: 25 Jul 2013 06:06 PM PDT Validity of IEC for Export Oriented Unit (EOU) or units in Special Economic Zone/Electronics Hardware Technology Park(EHTP)/Software Technology Park(STP)/Bio-Technology Park(BTP) after de-bonding: Review of Policy Circular 26/ dated 11.8.2008.