N K GOEL AND BROS.

How to e-file return using EVC without sending signed copy of ITR-V? Taxpayers filing return of income electronically (without digital signatures) are required to send the signed copy of ITR-V acknowledgement to the CPC, Bengaluru within 120 days of uploading the return. From the Assessment Year 2015-16, an option is given to the taxpayer to file return of income via 'Electronic Verification Code' ('EVC'). In that case, taxpayers shall not be required to send the signed copy of ITR-V to CPC, Bengaluru. The procedures and modes of filing of return through EVC has been notified by the CBDT. Thus, taxpayers can now file their return without worrying about sending copy of ITR-V acknowledgment to the CPC, Bengaluru. The new procedure is as under: I. Verification of person via EVC EVC means a code generated for the purpose of electronic verification of the person furnishing the return of income. EVC will be a unique number linked to assessee's PAN. It cannot be...

Madras High Court Directs that Seats be Provided to Accused During Trial Madras High Court while dealing with issue that why should people accused in criminal cases not be allowed to sit in court halls during trial has directed the court's registrar-general to look into the same and make available seating facilities for accused in the criminal and trial courts.   Gujarat HC Issues Notice to Government for Arresting Businessman Without Requisite Magisterial Gujarat High Court has issued notice on the state government for allegedly arresting a businessman in Shillong for some non-cognizable offences without the requisite magisterial order.   Madras High Court: Right to Protest is Not the Right to Cause Nuisance to Public Madras High Court has observed that the right to protest is not the right to cause nuisance or harassment to the public at large.     Bombay HC Says no to Noisy Religious Festivities   Bombay High C...

Pursuant to a search and seizure operation u/s 132, the assessee made a disclosure of unaccounted income of Rs. 20 crore. He later claimed that the disclosure was not voluntary but was because the assessee was under tremendous pressure and harassment in the form of repeated search action, survey and freezing of assets. It was also claimed that no incriminating material was found during the search. It was also claimed that the disclosure was "pro tem", meaning tentative and subject to correction. The AO & CIT(A) rejected the claim. On appeal by the assessee to the Tribunal HELD allowing the appeal: (i)            Whether the disclosure was voluntary or given under coercive circumstances. Conclusion: The contentions raised by ld. Counsel for the assessee lead to a clear inference that the disclosure of the assessee cannot be regarded as voluntary. The pressure of restrained DDs. of 31.48 crs. against a disclosure tax liability of about 7 crs is palpabl...

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...

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