Saturday, 28 June 2014
Thursday, 26 June 2014
CONTRACTOR, IF I AM A VAT DEALER?
COMPOSITION FOR WORKS CONTRACTORS?
THE METHODS OF CALCULATING MY TAX LIABILITY?
AP VAT ACT 2005?
(TCS) IN THE AP VAT ACT 2005?
Wednesday, 25 June 2014
Monday, 23 June 2014
PROCEDURE AND CRITERIA FOR SELECTION OF SCRUTINY CASES UNDER COMPULSORY MANUAL DURING THE FINANCIAL-YEAR 2013-2014
In supresssion of earlier instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for scrutiny during the financial-year 2013-2014:
2. The targets for completion of scrutiny assessments and strategy of framing quality assessments as contained in Central Action plan document for Financial Year 2013-2014 has to be complied with. It is being reiterated that all scrutiny assessments including the cases selected under manual criteria will be completed through AST system software only.
3. The following categories of cases / returns shall be compulsorily scrutinized:-
a) Cases where value of international transaction as defined u/s 92B of IT Act exceeds Rs. 15 crores.
b) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs. 10 Crores or more which is confirmed in appeal or is pending before an appellate authority.
c) Cases involving addition in an earlier assessment year in excess of Rs. 10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an appellate authority.
d) all assessments pertaining to Survey under section 133A of the IT Act excluding the cases where there are no impounded books of accounts/documents and returned income excluding any disclosure made during the Survey is not less than returned income of preceding assessment year. However, where assessee retracts the disclosure made during the Survey will not be covered by this exclusion.
e) Assessment in search and seizure cases to be made under sections 158B, 158BC, 158BD, 153A & 153C read with 143(3) of the IT Act.
f) All returns filed in response to notice u/s 147/148 of the IT Act.
g) Cases claiming exemption of income u/s 11 or u/s 10(23C) which are hit by proviso(s) to Section 2(15) of IT Act.
h) Entities which received Donations from countries abroad in excess of Rs. One crore during the Financial Year 2011-2012 (relevant for the A.Yr. 2012-2013) under the provisions of Foreign Contribution Regulation Act (FCRA). Such Information is maintained by Ministry of Home Affairs and is available on its Website (http://ift.tt/Xmmye7). Respective Cadre-Controlling chief Commissioners / Directors – General of Income-tax may identify the cases pertaining to their respective jurisdiction after downloading from the website and disseminate the information to various field offices.
i) Cases in respect of which information is received from other Government Department(s) or other authorities pointing out tax-evasion. The Assessing Officer shall record reasons in such cases and take approval from jurisdictional CCIT/DGIT before selecting such case for scrutiny.
4. In order to ensure the quality of assessment orders, CCsIT/DGsIT would evolve suitable monitoring mechanism. They shall analyse at least 50 quality assessments of their respective charges and send the report to respective Zonal Member with copy to Member (IT) with suggestions for improvement by 30th April, 2014. CCsIT/DGsIT would further ensure that cases selected for publication in ‘let us share’ are picked up from quality assessments as reported.
5. These Instructions may be brought to the notice of all concerned.
Deputy secretary to Government of India
- See more at: http://ift.tt/1p9IGYG
Originally posted on Bodybuilding:
Protein is just one of three macronutrients used by the human body for power. These kinds of macronutrients contain proteins, carbohydrates and also fats.
Technologically, protein is a series of amino acids linked together just like a chain. The links that keep these amino acids collectively are really known as peptide links. Amino acids are the major source for nitrogen in the body. Getting a good nitrogen balance is important for appropriate muscle tissue development as well as repair.
Protein and even Muscle Development
Raising your daily protein consumption during a strength training program really helps to boost muscle mass. The entire body is in a constant condition of “protein turnover.” Muscle mass is constantly being restored as well as replaced. To improve this repair, you should maintain a protein positive nitrogen balance.
While you are associated with a rigorous muscle building routine, more muscle mass than normal is in…
View original 505 more words
Friday, 20 June 2014
Procedure and criteria for selection of scrutiny cases under compulsory manual during the financial-year 2013-2014
Deputy secretary to Government of India
Thursday, 19 June 2014
of a fiction that court/authority must ascertain for what purpose the fiction is created, and after ascertaining
the purpose, the court has to assume all facts which are incidental to the giving effect to that fiction. However,
it will not be given a wider meaning then 7
power lies in the hands of grounds of persons other than the public. These companies are controlled by group
of persons. The decision whether the profits of the companies should be distributed as dividends or not rests
with such group of persons. The Legislature realised that though the money was available with the company
in the form of profit, yet those in control of the company intentionally refused to distribute the same as
dividend to shareholders. Instead, such group controlling the company adopted the device of advancing the
said accumulated profits by way of loan or advance to one of the shareholders. It was obvious that such
practice was resorted to one of the shareholders. It was obvious that such practice was resorted to with a view
to evade the tax on accumulated profits. The purpose of enacting section 2 (22)(e) was to correct this mischief.
As per deeming provision of this section, such payments s by a company to a shareholder constitutes deemed
dividend, which may not otherwise fall in the category of divided. In this context, reliance is placed on the judgment of Hon'ble apex court in the case of Navneet Lal Javeri Vs. K.K. Sec 56 ITR 207, where the purpose for inserting this section in the Act was duly explained.
background of these transactions. A copy of the account of the assessee in the books of the company is enclosed. It may be seen there from that the account between the assessee and the company is mutual, open and current in nature. The account opens with Rs. 100,000 on 02.04.2002. The debit balance goes on increasing till it reaches maximum of Rs. 1,52,06934 on 11.06.2002. It shows debit balance till 11.11.2002. Thereafter the same starts showing credit balance. The maximum debit balance is on 18.02.2003 of Rs. 1,93,11583. In simple words the payment made by the assessee to the company during the period from 11.11.2002 to 18.02.2003 far exceeded the payments received by the assessee during the period from 02.04.2002 to 11.06.2002. There are about 200 entries in his account which show that it is a running account for the mutual accommodation of the parties and not a loan account. It is not the case of the Department that there was a written or implied contract to bring these transactions between the purview of loans. On the other hand, the assessee any the company were parking their surplus funds with each other as 'deposits' for their mutual benefits.
applicable in the present case since the facts in that case are distinguishable
because the amount given by the company in the case of shareholders was in
the nature of loan and it was not in dispute. The dispute before the court in
the said case was whether any payment by a company by way of advance or
loan to a shareholder out of the accumulated profits is to be deemed as
dividend even if that advance or loan was subsequently repaid in its entirety
during the relevant previous year. But in the case of present assessee, the
transactions are in the form of deposits and not in the nature of loans or
advances. The transactions have been carried out in the ordinary course of
business as mentioned hereinabove.
on 31.10.2006 declaring total income of Rs.6,78,056/-. The case of the assessee was selected for scrutiny and
notice u/s 143(2) and 142(1) were issued. The assessee is a Managing Director of M/s. Ravindra Services (P)
Ltd. (hereinafter referred to as RSPL) having substantial ownership of shareholding and 10% of voting power.
The assessee had taken a loan of Rs.17,65,517/- from RSPL which was subsequently repaid by the assessee.
The Assessing Officer treated the said amount as deemed dividend and made addition under the head "other
sources" invoking the provisions of section 2(22)(e) of the Act. Apart from the above, the AO made addition
of Rs.2,62,035/- towards the rent received from RSPL under the head 'Income from House Property'. Further,
an addition of Rs.1,20,718/- was made in the total income of the assessee as 'undisclosed income'. The
assessee preferred an appeal against the assessment order dated 10.02.2008. The CIT(A) allowed the appeal
of the assessee vide order dated 6.4.2011 deleting the additions under the provisions of section 2(22)(e) as well as additions made under other heads.
record, orders of the lower authorities as well as the judgments referred to by the respective parties. The
provisions of section 2(22)(e) are reproduced herein below:-
"2(22)(e) any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise) [made after the 31st day of May, 1987, by way of advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits) holding not less than ten per cent of the voting power, or to any concern in which such shareholder is a member or a partner and in which he has a substantial interest (hereafter in this clause referred to as the said concern) or any payment by any such company on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company in either case possesses accumulated profits. but 'dividend' does not include-(i) a distribution made in accordance with sub-clause (c) or sub-clause(d) in respect of any share issued for full cash consideration, where the holder of the share is not entitled in the event of liquidation to participate in the surplus assets; (ia) a distribution made in accordance with sub-clauseÂ© or sub- clause (d) in so far as such distribution is attributable to the capitalized profits of the company representing bonus shares allotted to its equity shareholders after the 31st day of March, 1964 ( and before the Ist day of April, 1965)
settled law. In the facts and circumstances of the instant case, judgments relied upon by the DR in the cases of
Miss P. Sarada (supra), P.K. Abubucker (supra) and Smt. Tarulata Shyam (supra) are not applicable
of the our aforesaid findings, the appeal of the Revenue fails and the same is dismissed being devoid of any