Wealth-tax --Valuation of asset--Motor cars--80 per cent. of insurance value to be taken--Not written down value--Wealth-tax Act, 1957-- Zee Entertainment Enterprises Ltd. v. Assistant CWT (Mumbai) . . . 314
Revised Draft Bank Branch Auditors' panel for the year 2013-14
We would like to inform that the revised Draft Bank Branch Auditors' panel for the year 2013-14 has been hosted on www.meficai.org, considering all the complaints received from member till 25th November, 2013, paper received thereof, relevant list received from Auditors' on 26th November, 2013 and the same will be available till 29th November, 2013 upto 3 o'clock.
In case, an applicant does not agree with category given, you are requested to visit http://www.meficai.org/ login-step-1.jsp and check the details provided therein with the empanelment norms (http://www.icai.org/new_post. html?post_id=725&c_id=91).
If still not satisfied, a complaint can be logged at MEF PDC Complaint Center http://www.meficai.org/ complaints/complaint_enrty_ enter.jsp along with reason.
Seema Gerotra
Deputy Director &
Acting Secretary, Professional Development Committee
The Institute of Chartered Accountants of India,
'ICAI BHAWAN',
Post Box Number 7100,
Indraprastha Marg,
NEW DELHI – 110 002.
India
Deputy Director &
Acting Secretary, Professional Development Committee
The Institute of Chartered Accountants of India,
'ICAI BHAWAN',
Post Box Number 7100,
Indraprastha Marg,
NEW DELHI – 110 002.
India
Telephone – Direct +91 11 30110547
Telephone – Board +91 11 39893989 Extn: 547
Fax: +91 (11) – 30110583
Website: http://www.icai.org/
Telephone – Board +91 11 39893989 Extn: 547
Fax: +91 (11) – 30110583
Website: http://www.icai.org/
Tags: Empanelment, ICAI empanelment
Don't Believe These Tax Accounting Myths
There is a lot of false information out there about what you can and can't do on your annual taxes. Here are some of the biggest myths that plague the system and what the truth behind them actually is:
Hate them or not, you still have to pay them.
I Can Hide My Bank Accounts
No! Do not even try this. All the Income Tax Department needs is one bank account number to find out if there are any other accounts under your name. They will find out how much money you have and have earned, no matter where you try to hide it. AIR Scrutiny (CASS) allows them to do this.
Dead People Do Not Have to File Returns
Another falsehood. While, obviously, someone who has died cannot file a return himself or herself, a living person acting as a proxy can and should file the return on the deceased's behalf. This proxy can also claim the refund if one is owed.
Income Tax Filing Is Optional
ITR is mandatory. Visa applications, loan applications, bank accounts – all of these things require your most recent tax information to give you what you want and need. Not filing taxes prevents you from obtaining them.
The Internet Filing System Is Unsafe
The system is safe. Also, even if you turn in your ITRs in person so you can get the sticker or stamp that acknowledges you have turned everything in on time, the information will still be entered into the national system via an online portal. Your taxes get filed online either way, so you can save time by filing online at home – or any computer located in India that is connected to the web.
You Can't Collect PAN Without Your PAN Card
If you lose your PAN Card, do not panic. You can still apply for duplicate PAN and for that you do not need any copy of PAN card you can apply for duplicate PAN without attaching copy of your lost PAN card.
These are just some of the most common myths that people believe when it comes to filing their taxes. The truth is that the system is safe, taxes are required if you earn a certain amount of income, and you can't get out of filing by dying. If you aren't sure of the rules, ask your lawyer or CA. He or she will explain anything you're unsure of.
Erin Steiner is from the US and writes about finance, business and profiles companies like Reputation.com.
Disallowing the deduction claimed as amount paid towards gratuity fund for which approval from the concerned CIT is pending
| Posted on 27 November 2013 by Sonali | |
CourtINCOME TAX APPELLATE TRIBUNAL BriefThe assessee is in appeal against the order dated 16.09.2009 passed by the ld. CIT(A) in the matter of an assessment made by the AO u/s. 143(3) of the Income Tax Act, 1961, ("the Act") for the A.Y. 2004-05. Citation M/s. Jones Lang LaSalle Property Consultants India Pvt. Ltd., 1108-1110, Ashoka Road, Barakhamba Road, New Delhi Appellant Vs. Income Tax Officer, Ward – 4(1), C.R. Building, New Delhi PAN: AACL 2089 B Respondent Judgement IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH 'D': NEW DELHI BEFORE SHRI C.L. SETHI, JUDICIAL MEMBER & SHRI K.D. RANJAN, ACCOUNTANT MEMBER ITA No. 4331/Del/2009 Assessment Year: 2004-05 M/s. Jones Lang LaSalle Property Consultants India Pvt. Ltd., 1108-1110, Ashoka Road, Barakhamba Road, New Delhi Appellant Vs. Income Tax Officer, Ward – 4(1), C.R. Building, New Delhi PAN: AACL 2089 B Respondent Appellant by: Shri Anjani Kumar Pandey, Exe. Finance Respondent by: Shri B.K. Gupta, Sr. DR O R D E R PER: C.L. SETHI, J.M. The assessee is in appeal against the order dated 16.09.2009 passed by the ld. CIT(A) in the matter of an assessment made by the AO u/s. 143(3) of the Income Tax Act, 1961, ("the Act") for the A.Y. 2004-05. 2. The ground of appeal raised by the assessee is as under: "Under the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in confirming the action of Learned Assessing Officer ("Ld. AO') in disallowing the deduction amounting to Rs. 1,523,120/- claimed by the appellant as amount paid towards gratuity fund for which approval from the concerned CIT is pending." 3. The assessee filed its return of income declaring total income at Rs. 1,02,29,000/- as per normal computation of income under the Act, and has also shown book profit u/s. 115JB at Rs. 6,43,48,183/-. The case was selected for scrutiny and assessment was finally completed u/s. u/s. 143(3) of the Act on 26.12.2006. While computing the total income under normal provisions of the Act, the AO disallowed the provisions of gratuity amounting to Rs. 15,23,120/- by observing that the assessee's claim towar4ds provisions for gratuity cannot be allowed in the absence of approval of gratuity fund. The assessee contended before the AO that the assessee has applied for approval of the gratuity scheme vide its application dated31.03.2004 before the CCIT, Range 11, Banagalore. But this contention of the assessee was not accepted by the AO by observing that the assessee company is assessed in the charge of CIT, Delhi - II, New Delhi, and it is not clear why the application for approval of the gratuity scheme was filed with the CCIT, Range - 11, Banagalore. The AO treated the application filed for approval of fund to be beyond jurisdiction and non-est. 4. Being aggrieved, the assessee had taken up the matter before the ld. CIT(A). 5. The CIT(A) upheld the order of the AO by observing that unless the assessee fulfills all the conditions laid down in section 40A(7) for gratuity fund, the provisions made for gratuity cannot be allowed. 6. Hence, the assessee is in appeal before the Tribunal. 7. We have heard the ld. DR, and the employee present for the assessee company, who is the Executive Finance. 8. On perusal of the AO's order, it is seen that the assessee made an application for approval before the CCIT, Range - 11, Banagalore. The AO has stated that the assessee should have filed application for approval within the range of CIT, Delhi. It is not clear what is the outcome of the assessee's application for approval of gratuity filed before the CCIT, Range - 11, Banagalore. It is not clear whether the CCIT, Range 11, Banagalore has transferred the assessee's application to CCIT, Delhi. It has been explained by the assessee since the assessee have had business at both the places, i.e., Delhi and Banagalore, the assessee filed application for approval before the CCIT, Range - 11, Banagalore. Be that as it may, it is not in dispute that the assessee made an application for approval of gratuity fund, vide application dated 31.03.2004. Under these peculiar circumstances of the case, we, therefore, restore the matter back to the file of the AO for his fresh adjudication for ascertaining as to whether the assessee has in the meantime granted approval with regard to the gratuity fund u/s. 40A(7) of the Act. It will be undoubtedly a duty of the assessee to produce before the AO, the necessary approval of gratuity fund, granted by the CIT or CCIT and shall submit before the AO the necessary details and particulars as to the outcome of the assessee's application made u/s. 40A(7) for approval of gratuity fund in respect of which the provisions has been made. In case, the assessee fails to produce before the AO any letter of approval granted by the competent authority u/s. 40A(7) as to the gratuity fund, the AO shall in that case be justified to decide the matter as per law. The all other contentions available under the law to both the parties shall remain open while deciding the matter afresh as per law. The AO shall give further opportunity of hearing to the assessee. We order accordingly. 9. In the result, the appeal filed by the assessee is treated to be allowed for statistical purpose. 10. This decision is pronounced in the open court on 6th May, 2010. (K.D. RANJAN) (C.L. SETHI) ACCOUNTANT MEMBER JUDICIAL MEMBER Dated: 6th May, 2010 *Nitasha Copy to: 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR, ITAT, New Delhi. By Order Deputy Registrar |
__._,_.___
No comments:
Post a Comment