Skip to main content

Posts

Levy of late fee on late filing of TDS return

By
Amendment in section 200A by Finance Bill 2015 w.e.f. 01-06-2015. Till 31-5-2015 Income tax department has no power to process TDS return U/s 200A to levy TDS late fee U/s 234E But w.e.f. 1-6-2015 as per Sec. 200A income tax department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return. Therefore if any late fee is levied before 1-6-2015 appeal can be filed for this or rectification application U/s 154 can be filed to get it cancelled. Even if due to mistake any late fee U/s 234E is paid then refund will be granted of such excess late fee. ITAT Amritsar has given a decision on this subject. Before going to the decision, first we are reproducing the  amendment in section 200A wef 01.06.2015 . In section 200A of the Income-tax Act, in sub-section (1), for clauses (c) to (e), the following clauses shall be substituted with effect from the 1st day of June, 2015, namely:—  "(c) the fee, if any, shall be computed in accordance with the provisi...
Post a Comment
Read more

Mumbai ITAT allows set-off of long-term capital loss arising from sale of STT paid equity shares

By
Mumbai ITAT allows set-off of long-term capital loss arising from sale of STT paid equity shares June 12, 2015 [2015] 58 taxmann.com 115 (Mumbai - Trib.) IT : Long-term capital loss of sale of equity shares attracting STT is allowed to be set off against long term capital gain on sale of land in accordance with section 70(3) • Section 10(38) excludes in expressed terms only the income arising from transfer of Long term capital asset being equity share or equity fund which is chargeable to STT and not entire source of income from capital gains arising from transfer of shares. • It does not lead to exclusion of computation of capital gain of Long term capital asset or Short term capital asset being shares. • Accordingly, Long term capital loss on sale of shares would be allowed to be set off against Long term capital gain on sale of land in accordance with section 70(3). -- M/s N.K. Goel & Bros. cayashugoel.blogspot.com Chartered Accountants CA Yashu Goel 9899263490
Post a Comment
Read more

Open Letter to the Sales Tax Bar Association, New Delhi.

By
03.06.2015 Sales Tax Bar Association New Delhi It is the need of the hour for the Bar to create an online repository for all the judgments, circulars, notifications etc. and allow ease of access to all its members 24 x 7 to all the material necessary for purpose of practice. The Dvat Act and Rules (Bare Act) should be made available online with up to date amendments for easy reference. A Newsletter service should be initiated from the office of the BAR Association for regular and crucial updates for the members. Social Media Such as twitter, Facebook, WhatsApp etc. should be used to spread awareness at large, this will not only benefit the members but also create a Brand Image of the STBA. A separate committee responsible for providing updates should be constituted and be made responsible for giving invaluable and to the point information for the members and not just for the sake of giving information. Hoping that these suggestions shall bring about the much needed required changes for...
Post a Comment
Read more

Effective rates of service tax wef 01.06.2015

By
Post a Comment
Read more

Fwd: Anti Black Money Bill 2015

By
Dear Professional Colleague, As you are aware, The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015 has been passed in the Lok Sabha on 11th of May, 2015 and in the Rajya Sabha on 13th May, 2015. The intention of the Government behind this is to curb the menace of black money with stringent provisions for those keeping illegal wealth abroad. With regard to the same, the Direct Taxes Committee of ICAI has taken an initiative to invite suggestions/comments on the same for submitting suitable representations to the Government. Members are requested to email their views, comments and queries in relation to The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015 at dtc.suggestions@icai.in . The same has been attached for your kind reference. Regards, CA. Tarun Jamnadas Ghia                                                  CA. Sanjay Agarwal                         Chairman,                                                 ...
Post a Comment
Read more