TDS on sale of Immovable Property- Beware CPC TDS issuing intimation for late deposit of TDSby CA Sandeep Kanoi |
| S. 271(1)(c): Disallowance of expenditure for failure to deduct TDS does not attract penalty |
| S. 40(a)(ia): Merilyn Shipping 136 ITD 23 (SB) should be followed in view of approval by Allahabad HC and dismissal of SLP by Supreme Court. In any event as two views are possible, view in favour of assessee should be followed. Amounts already paid without TDS cannot be disallowed |
Aggregator's Services under Service Tax Netby CA Sandeep Kanoi |
Application for Roll Back of Advance Pricing Agreement can be made upto to 30.06.2015by CA Sandeep Kanoi |
Income Tax Dept. issues list of 18 tax defaultersby CA Sandeep Kanoi |
Rate of Interest WEF 01.04.2015 on NSC, PPF, KVP, Sukanya Samriddhi A/cby CA Sandeep Kanoi |
| Scheme | Rate of interest w.e.f.01.04.2014 | Rate of Interest w.e.f. 01.04.2015 |
| 1. | 2. | 3. |
| Savings Deposit | 4.0 | 4.0 |
| 1 Year Time Deposit | 8.4 | 8.4 |
| 2 Year Time Deposit | 8.4 | 8.4 |
| 3 Year Time Deposit | 8.4 | 8.4 |
| 5 Year Time Deposit | 8.5 | 8.5 |
| 5 Year Recurring Deposit | 8.4 | 8.4 |
| 5 Year SCSS | 9.2 | 9.3 |
| 5 Year MIS | 8.4 | 8.4 |
| 5 Year NSC | 8.5 | 8.5 |
| 10 Year NSC | 8.8 | 8.8 |
| PPF | 8.7 | 8.7 |
| Kisan Vikas Patra | 8.7 | 8.7 |
| Sukanya Samriddhi Account Scheme | 9.1 | 9.2 |
The Income Tax department has adopted the aggressive strategy of 'naming and shaming' some large tax defaulters by publishing names of 18 entities who owe over Rs 500 crore tax to the exchequer
Vide orders passed by the Hon'ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following decisions have been taken
Vide Order dated 20th March 2015, the Hon'ble President of the Tribunal has directed that the order dated 2nd February 2015 is withdrawn forthwith and the practice of giving bonus point is restored. It is stated that the Vice Presidents will have the discretion to award bonus points in accordance with the quality and effort required to decide cases relating to International Taxation and Transfer Pricing
S. 147/ 148: If the recorded reasons show contradiction and inconsistency it means necessary satisfaction in terms of the statutory provision has not been recorded at all. The Court cannot be called upon to indulge in guess work or speculate as to which reason has enabled the AO to act in terms of s. 147
The Court cannot be called upon to indulge in guess work or speculate as to which reason has enabled the Assessing Officer to act in terms of this section. If more than one reason is assigned as in this case then the Court can sustain the notice only if it is of the opinion that an erroneous reference to a statutory provision has been made but still there is an income chargeable to tax which has escaped assessment and on account of which issuance of notice is justified. Which ground is sufficient to sustain the notice is something which must be indicated in clear terms and should not be a matter of speculation or guess work
S. 147/ 148: Failure to comply with the procedure prescribed in G.K.N. Drive Shaft (India) Ltd. vs. ITO 259 ITR 19 (SC) renders the assessment order invalid & void ab initio
The AO was required to first decide the objection of the assessee filed u/s 148 and serve a copy of the order on assessee. And after giving some reasonable time to the assessee for challenging his order, it is open to him to pass an assessment order. Since such compliance has not been made by the Assessing Officer in the present case, the assessment order is not valid and is void ab initio
S. 40(a)(ia): Merilyn Shipping 136 ITD 23 (SB) should be followed in view of approval by Allahabad HC and dismissal of SLP by Supreme Court. In any event as two views are possible, view in favour of assessee should be followed. Amounts already paid without TDS cannot be disallowed
Though there are contrary decisions of the other Hon'ble High Courts, i.e. Hon'ble Calcutta High Court and Hon'ble Gujarat High Court, in the light of the decision of the Hon'ble Allabahad High Court it can be said the there can be two views possible in this matter in which event the one which is in favour of the assessee has to be followed in the light of the decision of the Hon'ble Supreme Court in the case of Vegetable Products Ltd. 88 ITR 192
S. 271(1)(c): Disallowance of expenditure for failure to deduct TDS does not attract penalty
The disallowance of expenditure was attracted due to non-deduction of TDS and it cannot be said to be a case of concealment of income or furnishing of inaccurate particulars of income. The levy of penalty u/s.271(1)(c) of the Act is not attracted
Regards,
Editor,
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Latest:
From: "CA Amresh Vashisht caamreshvashisht@gmail.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com>
To: icai meerut <icai_circ_meerut_ca@yahoogroups.com>; amresh_vashisht@yahoo.com
Sent: Monday, 30 March 2015 4:27 PM
Subject: {Amresh's CA's}
GENERAL CIRCULAR 5/2015: DATED 30TH MARCH 20151) Stakeholders have sought clarifications as to whether amounts received by private companies from their members, directors or their relatives prior to 1st April, 2014 shall be considered as deposits under the Companies Act, 2013 as such amounts were not treated as 'deposits' under section 58A of the Companies Act, 1956 and rules made thereunder.2.The matter has been examined in consultation with RBI and it is clarified that such amounts received by private companies prior to 16t April, 2Ol4 shall not be treated as 'deposits' under the Companies Act,2013 and Companies (Acceptance of Deposits) Rules, 2014 subject to the condition that relevant private company shall disclose, in the notes to its financial statement for the financial year commencing on or after lsi April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the fi nancial statement.3. Any renewal or acceptance of fresh deposits on or aiter 1st April, 2014 shall, however, be in accordance with the provisions of Companies Act, 20 13 and rules made thereunder.4.This issues with the approval of the competent authority.
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Thanks & Regards,CA AMRESH VASHISHT, FCA, LLB, DISA (ICAI)Member,ICAI- Regional Research Committee 2013-14
Member,ICAI- Committee For DIRECT TAXES 2011-121 1 5, Chappel Street, Meerut Cantt, UP, INDIA.Phone: 0 1 2 1-2 6 6 1 9 4 6. Cell: 9 8 3 7 5 1 5 4 3 2.http://in.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA
