PAN Lost, Damages or Correction, How to get New or Reprint Copy of PAN ?

w in India it is a very common problem and equal truth that missing or lost including Damages or Correction in PAN. Apart from this we all very well known about importance of PAN Card in our daily life. So, a person really feel anxiety if he/she has lost or has some not the PAN card he/she had. In this matter frequently asked question by many persons is that -

Whether interest is payable on refund of self assessment tax from date of assessment order till grant of refund - YES: HC

THE issues before the Bench are - Whether Self Assessment Tax has to be treated as tax paid pursuant to the order of Assessment; Whether interest is payable on refund of self assessment tax from date of assessment order till grant of refund and Whether in exercise of powers under Article 226 of the Constitution, Court can direct the statutory authorities to grant interest as outside the statute. And the verdict goes in favour of the assessee.

Facts of the case

S. 68: Primary burden is on AO to show that share application money is assessable as unexplained cash credit. AO cannot sit back with folded hands & simply reject assessee’s evidences

Mithila Credit Services Ltd vs. ITO (ITAT Delhi)

(i) Even if the reopening is sustained, the primary burden that income has escaped assessment is on the shoulder of the AO and after discharging this burden only, the onus shifts to the shoulder of the assessee. There are two types of cases. One in which the AO carries out the exercise which is required in law and the other in which the AO ‘sits back with folded hands‘ till the assessee exhausts all the evidence or material in his possession and then comes forward to merely reject the same on the presumptions. On facts, nothing has been brought on record by the AO to substantiate his serious allegation that these two entries are accommodation entries which was the sole ground and basis for reopening;

G.K. Consultants Limited vs. ITO (ITAT Delhi)

S. 147: Retracted statement cannot form the basis of reopening. Protective assessment without substantive assessment is not permissible

(ii) The AO has not made any specific allegations against the assessee. He intended to make a protective assessment on the assessee. However, while there can be a substantive assessment without any protective assessment, there cannot be a protective assessment/addition without a substantive assessment/addition. As no substantive assessment/addition was made in the hands of Subodh Gupta, the protective reassessment assessment on the assessee is not permissible (M.P. Ramachandaran 32 SOT 592 (Mum) & Suresh K Jajoo 39 SOT 514 (Mum) followed)

Fee received for “foreign exchange deal matching system services” constitutes “royalty”under Article 12 of India-UK DTAA & s. 9(1)(vi)

Reuters Transaction Services Ltd vs. DDIT (ITAT Mumbai)

The assessee is facilitating its clients to use its system and application programming interface which is subscriber interface for use with the related services including Auto quote service. The assessee is also providing the equipment with pre-loaded software to its subscribers and network used for

S. 43B covers employees’ contribution to Provident Fund & deduction is allowable if paid before due date for filing ROI

CIT vs. Hindustan Organics Chemicals Ltd (Bombay High Court)

On a plain reading of the second proviso to s. 43B, it is clear that the assessees – employers were entitled to deductions only if the contribution to any fund for the welfare of the employees stood credited on or before the due date given in the relevant Act. However, because the second proviso created difficulties for the assessees – employers, an amendment was inserted vide Finance Act, 2003 with effect from 1st April 2004 to delete the second proviso to s. 43B and to amend the first proviso to provide that the deduction would be allowed if the amount was paid on or before the due date for furnishing the

Loss on account of depreciation in value of securities held as stock is not notional & is allowable as a deduction

CIT vs. HDFC Bank Ltd (Bombay High Court)

A method of accounting adopted by the taxpayer consistently and regularly cannot be discarded by the Departmental authorities on the view that he should have adopted a different method of keeping the accounts or on valuation. Financial institutions like bank, are expected to maintain accounts in terms of the RBI Act and its regulations. The form in which, accounts have

Did you check your CIBIL report ?

Do you have any idea, that someone is spying on your Financial behaviour? This might come as a small shock to you that your home loan or personal loan or XYZ loan application will be rejected because of some mistakes you are doing today? Yes, if you are misusing your credit taking capacity, you are being

Interest of PPF for Fin. Year 2014-15 is 8.7% P.A.

The Interest rate for Fin. Year 2014-15 is 8.7% which is notified by Central Government for Public Provident Fund. This is notified rate of Interest on Subscriptions made to the fund on or after 01.04.2014 and balances at the credit of subscriber. This Interest rate is as for the Fin. Year 2013-14.

Budget 2014 - Amendments made in TDS provisions

The Indian Income Tax Act’1961 provides for chargeability of tax on the total income of a person on an annual basis. The concept of TDS requires that the person, on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient. The deducted sum is required to be deposited to the credit of the Central Government. Every p

Rates of Gold & Silver up to 31.03.2014 required for valuation of Jewellary for filing wealth tax return

Valuation of Jewellery
Jewelry Includes:

1. Ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel.

REMUNERATION OF DIRECTORS

According to Rule 4 of the Companies (appointment and Remuneration of Managerial Personnel) Rule 2014, a company may pay a sitting fee to a director for attending meetings of the Board or committees thereof, such sum as may be decided by the Board of directors thereof which shall not exceed one lakh rupees per meeting of the Board or committee thereof. For Independent Directors and Women Directors, the sitting fee shall not be less than the sitting fee payable to other directors.

Whether in case of sale and lease-back deal where sales tax was paid, depreciation can be diallowed merely because Central Excise papers treat machinery as 'not for sale' - NO: HC

THE issues before the Bench are - Whether in a case of sale and lease-back deal where sales tax was paid, depreciation can be diallowed merely because the Central Excise papers treat the machinery as 'not for sale' and Whether the rental income earned from leasing of such assets is to be treated as business income. And the verdict goes in favour of the assessee.

Facts of the case

Important points for Budget 2014 only for corporate

Service Tax.

·         Works contracts – Now 70% is taxable 

·         Variable rate of interest for delayed payment of service tax.

·         w.e.from 1.10. 2014 Commission agent or consignment agent now covered under service tax.

·         Point of Taxation under reverse Charge – payment date or three month of invoice whichever is earlier.

·        

Two way Income Tax benefits of Children's Education Loan with extended limit for Asstt. Year 2015-16.

 It is most important part to take Income Tax Relief by two way on only "Children's Education Loan". Now, a days the Education cost is rising continuously.

It’s a matter of concern for all of us. One relief is the tax benefit provided for spending on children’s education. The Income Tax Act provides a direct deduction on account of fees paid for the education of dependent children. The act also provides for deduction on account of interest on loans taken for higher education of children.

Important Instruction to file Wealth Tax Return in Form-BB

Income Tax Department has published an Instructions for filing up Return of NET WEALTH (Form-BB) which are helps while filing of Net Wealth Tax Return in Form-BB. The all detailed instructions are as follows:

APPOINTMENT OF MANAGERIAL PERSONNEL

Section 196 of the companies Act 2013 deals with appointment of certain managerial personnel namely; Managing Director, Whole time Director and Manager. Remuneration of these managerial personnel is discussed in Section 197 read with Schedule V of the Companies Act 2013. Section 203 of this Act further deals with appointment of certain other managerial personnel along with managerial personnel already discussed in Section 197.

According to Rule 3 of the Companies (appointment and Remuneration of Managerial Personnel) Rule, 2014, A company shall file a return of appointment of a Managing Director, Whole Time Director or

Whether when MAT liability of assessee is found out only because of alertness of AO, levy of penalty u/s 271(1)(c) is legitimately warranted - YES: HC

THE issue before the Bench is - Whether when the MAT liability of the assessee is found out only because of the alertness of the AO, the levy of penalty u/s 271(1)(c) is legitimately warranted. And the HC's answer is YES.

Facts of the case

The assessee company runs a hotel business. It filed its return disclosing "nil" income. It had admitted income from business at Rs.1,51,92,970/- and the same was set off with carried forward loss of the earlier years. In the course of the scrutiny proceedings, it was seen that the assessee

Whether a contract of maintenance can be held as divisible if material portion and service portion is separately mentioned in the Contract between the parties? Held, yes.

Balaji Tirupati Enterprises vs. CCE. [2014] 43 taxmann.com 42 (New Delhi – CES TAT)

Facts:

In this case, the issue before the Tribunal was that in terms of works contract of repair of transformers, whether the goods deemed to be sold in the execution of works contract were liable for Service Tax.

Held:

The Tribunal on the perusal of the Works Order executed by the Appellant with the power supply authorities categorically observed that, both parties to the contract were conscious of the terms

Redesignate NRE account on returning to India

I have a fixed deposit (FD) with a bank in a non-resident external (NRE) account. In case I return to India before maturity of the FD, do I have to pay income tax on this? If so, how will it be calculated?

—

Upon your return to India, you will have to re-designate your NRE account as a resident account or the funds held in the account may be transferred into a resident foreign currency (RFC) account (if you are