Zero Rate sale – Eligibility criteria under Tamilnadu VAT

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 25^th Nov 2013 and followed by hard copy upto 28^th 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:-

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:-

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:-

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1. Due date of AR-1 under Delhi VAT
2.

Accounting treatment of the subsidy on fertilisers from the Government under the Retention Price Scheme and Valuation of stocks of finished goods lying in transit from the plant and those at warehouses.

1. A multi-unit cooperative society is registered under the Bombay Cooperative Societies Act (Act VII of 1925) as extended to the Union Territory of Delhi. The society is governed by the provisions of Multi-State Cooperative Societies Act, 1984, and the rules framed thereunder. The society is engaged in the business of manufacturing and distribution of chemical fertilisers, viz., nitrogenous fertiliser, and complex phosphatic and potassium fertilisers (NPK/DAP).

Advisory circular to CA for Audit under DVAT

Commissioner of Delhi VAT office has issued a advisory circular for auditors conducting VAT audit under DVAT. complete circular can be read as appended below:-

Due date of filing Annul Return for FY 2012-13 in UP VAT extended up to 30-11-2013

Due date of Filing of UP VAT Audit Report has been extended up to 30th Nov 2013 from 31st Oct 2013,details notification can be read as appended below:-

Furnish PAN of Landlord to your employer if paying rent more than Rs.1.00 lakh per annum

If annual rent paid by the employee to his/her land lord exceeds Rs 1,00,000 per annum, it is mandatory for the employee to report PAN of the landlord to the employer. In case the landlord does not have a PAN, a declaration to this effect from the landlord along with the name and address of the landlord should be filed by the employee.

New procedure for import in the State of UP

Commissioner, Commercial Tax, UP assuming powers u/s 50(1) of the UP Vat has vide his Order no. 1584 dt. 4.1013 (Circular No. 1314057 dt. 7.10.13) provided new procedure for import of specified 25 class of Goods into the State of UP wef 28.10.2013 as under :

TAXATION OF NON-RESIDENTS

Who is a ‘resident’ for tax purposes? (Section 6)

1. INDIVIDUAL

1. An individual is considered as a ‘resident’ if he is

1. in India for 182 days or more in a previous year

OR

2. in India for 365 days or more in 4 years immediately preceding a previous year and 60 days or more in a previous year

Pay Self Assessment Tax to avoid getting Notice from Income Tax department

Assessees whose tax liability as per ITR is more than Rs.100/- are supposed to pay their tax liability on or before due date of filing their ITR. however it has been noticed by the Income Tax Department that some of assessee filed their ITR within due date but forget to pay tax. Now department has issued circular advising all such assessees to pay tax before getting notice to avoid penal consequences. detailed circular is appended below for reference of guest/member of the blog:-

CBDT Extends Due Date For Filing Tax Audit Report For AY 2013-14

The CBDT has issued an order dated 24.10.2013 under section 119 of the Act in continuation of the order dated 26.09.2013 directing that in cases where the ‘due date’ of furnishing reports of audit and corresponding income-tax returns was 30th September 2013 and where the same are furnished electronically on or before 31st October 2013, such reports of audit and returns of income shall be deemed to have been furnished within the ‘due date’ prescribed under section 139(1) of the Income-tax Act, 1961

source:- http://www.itatonline.org/info/index.php/cbdt-extends-due-date-for-filing-tax-audit-report-for-ay-2013-14/