Maintain Proper Proof While Filing Income Tax Return

Compliance Function in Banks: Back to the basics Posted: 16 Jul 2013 08:06 PM PDT Compliance Function in Banks: Back to the basics (Inaugural address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the launch of certificate programmes on Compliance Function and Training on July 12, 2013 in Mumbai) July 16, 2013   Mr. S.N. Ananthasubramanian, President,...

CA Final May 2013 & CPT June 2013 Exams – List of Toppers & Pass Percentage Posted: 16 Jul 2013 07:11 PM PDT PERCENTAGE OF CANDIDATES PASSED IN CHARTERED ACCOUNTANTS FINAL EXAMINATION HELD IN  MAY – 2013 The results of the Chartered Accountants Final Examination was declared recently on 16th July, 2013.          The details of percentage of candidates passed in the above said examinations are given below:...

Maintain Proper Proof While Filing Income Tax Return Posted: 16 Jul 2013 06:09 PM PDT Tax payers are required to submit their investment and required expenses details with proper proof to their employer so that the employer should know about the relevant details which will further pass on to CBDT (Central Board of Direct Taxes). If the proof is not submitted during the reasonable...

Income Tax Department Ready With More Clout! Posted: 16 Jul 2013 06:06 PM PDT The Income Tax Department is ready to take a jibe on your cash transactions. These dealings were in the IT radar in the past as well but after the drive to make the system more transparent a cash limit has been set. The IT department will now check the details of any cash transaction of more [...]

E-filing to Benefit Tax Payers Having Income Above 5 Lakhs Posted: 16 Jul 2013 06:04 PM PDT The move by Finance Ministry to reduce the threshold limit of filing e-returns from Rs 10 lakh to Rs 5 lakh has to be welcomed. E-filing of return should not be seen as a burden but it is in one way a step ahead for the tech savviness of the country. The primitive approach of [...]

Interest on Income tax Refund cannot be denied if assessee is not at fault – CBDT Posted: 16 Jul 2013 06:00 PM PDT In view of the direction of the Hon'ble Court in case of Court On Its Own Motion Vs, UOI and Others, I am directed to convey that in no case should interest u/s 244A of the Act be denied to the assessee where the assessee is not at fault.

FM to inaugurate conference of Chief Commissioners/Directors General of Indirect Taxes Posted: 16 Jul 2013 12:02 PM PDT The two day Conference will deliberate on the issues relevant to indirect tax administration, such as Additional Revenue Mobilization (Steps and Implementation), Tax Administration Reforms, Service Tax, Vision for IT Infrastructure for CBEC, Status of GST and Role of CBEC in its implementation and...

Circular on Sections 10A, 10AA, 10B and 10BA – Related to set off and carry forward of losses Posted: 16 Jul 2013 11:49 AM PDT Circular No.  07/DV/2013, Dated : July 16, 2013 Sub: Circular on Sections 10A, 10AA, 10B and 10BA. It has been brought to the notice of the Board that the provisions of 10A/10AA/10B/10BA of the Income-tax Act, with regard to applicability of Chapter IV of the Act and set off and carry forward of...

Download SC judgment clearing way for running of dance bars in Maharashtra Posted: 16 Jul 2013 11:48 AM PDT STATE OF MAHARASHTRA & ANR Vs. INDIAN HOTEL & RETAURANTS ASSN.& ORS (SUPREME COURT OF INDIA) Seven years after they were banned, dance bars can again run in Maharashtra with the Supreme Court on Tuesday upholding a Bombay High Court verdict quashing the state government's order. A...

Regarding Procedure for appeals/SLPs tiled by assessees in Supreme Court Posted: 16 Jul 2013 11:40 AM PDT A video conference was held by the Member(A&J) with all CCsIT(CCA) and feedback was taken about current practices adopted in the field for attending to SLPs/appeals filed by the assessee. Based on the feedback gathered and with a view to providing effective and uniform approach for handling of...

RBI penalises 22 Banks for violation of KYC / AML norms Posted: 15 Jul 2013 08:07 PM PDT The Reserve Bank of India has imposed monetary penalty on the following 22 banks for violation of its instructions, among other things, on Know Your Customer/Anti Money Laundering. The details are: Monetary Penalty Sl. No. Name of the bank Penalty Amount (in Rs. crore) 1 Andhra Bank 2.50 2 Bank of...

Tariff Values for Gold & Silver increased – Notification No. 75/2013-Customs (N. T.) Posted: 14 Jul 2013 08:26 PM PDT Notification No. 75/2013-CUSTOMS (N. T.) New Delhi, 15th July, 2013 S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby...