Commissioner of Commercial Taxes of Tamilnadu has recently issued a circular in which he addressed & clarified some issues on zero rate sale.
Amount Received by Partner of the Firm at the time of retirement not liable to tax
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.
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.
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:-
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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