To Read the article - click here
Compliance to be made
Payment of Service Tax for the Month of August 2012
· Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of August 2012.
· Deposit TDS from Salaries deducted during the month of August 2012
• Deposit TCS for collections made under section 206C including sale of scrap during the month of August 2012, if any
• Deliver a copy of Form 15G/15H, if any to CCIT or CIT for declarations received in the month of August 2012, if any
Payment of second instalment of advance tax (45%) for corporate
Payment of VAT & filing of monthly return for the month of August 2012
Income Tax and Wealth Tax Return filing along with tax audit report excluding Transfer pricing
During preceding assessment year, the assessee bought some assets on which it was eligible for additional depreciation. However, it claimed only 50 per cent of additional depreciation in the preceding assessment year because assets were put to use in second half of the year. Accordingly, the balance additional depreciation was claimed by the assessee in succeeding assessment year, i.e., instant assessment year. The AO denied the claim of assessee and made addition accordingly. On appeal, the CIT(A) confirmed the action of AO.
On appeal, the Tribunal held in favour of assessee as under:
1) There is no such restriction that balance of one time incentive in the form of additional sum of depreciation shall not be available in the subsequent year; and
2) The assessee is entitled to the benefit of additional depreciation as soon as he purchases the new eligible assets.
Therefore, the unclaimed additional depreciation in the preceeding year was allowed in instant assessment year - DCIT v. COSMO FILMS LTD.  24 taxmann.com 189 (Delhi - Trib.)
This discussion assumes that the reader has some familiarity with computers, computer hardware, and computer software, and provides the information necessary to allow the accountant to actively participate in discussions affecting the accounting treatment of events occurring in the subject business.
SECTION 92 OF THE INCOME-TAX ACT, 1961 – TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE – NOTIFIED PERCENTAGE UNDER SECOND PROVISO TO SECTION 92C(2)NOTIFICATION NO. 31/2012 [F.NO. 500/185/2011-FTD I], DATED 17-8-2012In exercise of the powers conferred by the second proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C and the price at which the international transaction has actually been undertaken does not exceed five per cent of the latter, the price at which the international transaction has actually been undertaken shall be deemed to be the arm’s length price for assessment year 2012-13