Recently Honourable High Court of Bombay in the case of "CIT vs. Riyaz A. Sheikh (Bombay High Court)" (for full case law click here) held that amount received by partner on his retirement is not chargeable to tax as capital gains.
Income Tax,Goods & Service Tax,Finance,Investment
Amount Received by Partner of the Firm at the time of retirement not liable to tax
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Compulsory online payment of service tax if tax liability is Rs.One lakh
Presently, where an assessee has paid Service tax or Central Excise in Cash or through Cenvat credit of Rs. 10 lakh or more in the preceding financial year, he is required to make payment of Service tax or Central Excise electronically through internet banking.
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Due date of filing Delhi VAT Return extended for IInd Quarter
Due date of filing Quarterly Return of IInd
quarter for FY 2013-14 under DVAT has been extended vide Circular No. 26 of
2013-14 dated 20.11.2013 . Now it can be filed upto 25th Nov 2013
and followed by hard copy upto 28th Nov 2013.
Copy of circular given below for reference:-
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An update on House Rent Allowance - A tool of Tax planning for employees
Few days back I posted a note on exemption from house Rent allowance (“ House Rent Allowance-A tool of Tax planning for employees” ), Original post is available for who has not read it.
On the basis of queries which I have received I am trying to include some more questions and their answers for sharing purpose and would appreciate if I get more queries:-
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House Rent paid to wife eligible for HRA exemption
Recently in one of case decided by ITAT Ahemdabad ,it has been delivered that rent actually paid to wife is eligible for claiming exemption for HRA u/s 10(13A) of the Income Tax Act,1961. however it is my personal believe that utmost care shuold be taken care while claiming exemption based on the rent paid to spouse because still department will not apraise such transactions for tax planning. detail of case law is given below for reference:-
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Due date of filing Audit Report- Tamilnadu VAT
As per Rule 16-A(1) of TN-VAT Rules, every registered dealer who is liable to get his accounts
audited u/s 63-A(1) of the Act, shall furnish the audit report in Form-WW within seven months from the end of the year in duplicate, thus for the Financial year 2012-13 dealer was supposed to file audit report by 31st Oct 2013. however due date of filing audit report has been amended and it would be 31st December 2013. it should be noted that this has been brought by amending rule itself and now due date of filing audit report for every year would be 31st December of the next year from end of the Financial year. Notification text is given below:-
audited u/s 63-A(1) of the Act, shall furnish the audit report in Form-WW within seven months from the end of the year in duplicate, thus for the Financial year 2012-13 dealer was supposed to file audit report by 31st Oct 2013. however due date of filing audit report has been amended and it would be 31st December 2013. it should be noted that this has been brought by amending rule itself and now due date of filing audit report for every year would be 31st December of the next year from end of the Financial year. Notification text is given below:-
Sharing information and knowledge on subject like investment, personal finances,GST,income tax
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Sharing information and knowledge on subject like investment, personal finances,GST,income tax
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