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INCOME TAX :Profit on Sale of Depriciable assets may be computed as Short term Capital Gain u/s 50 , but eligible for for exemtion u/s 54F as if it is a Long term capital Gain on basis of holding period of the assets.- INCOME TAX UPDATE :Cost inflation index notified as 785 for F.Y 2011-12.
- INCOME TAX UPDATE :CBDT notified scheme exempting salaried taxpayers with total income up to Rs.5 lakh and SB interest mot more than 10,000/- from filing income tax return for assessment year 2011-12.
- INCOME TAX : CBDT has now inserted new transactions under Rule 114B of the Income Tax Rule which will require your PAN . These are issue of debit card,insurance payments exceeding Rs 50,000 in a year,buying jewellery or bullion exceeding Rs 5 lakhs at one time.NOTIFICATION NO. 27/2011-F. NO. 149/122/2010-SO(TPL).
- INCOME TAX: Proceedings of Re-assessment u/s or Block assessment u/s 158BC are bad in law if done without issuance of notice u/s 143(2).
- SERVICE TAX : CBEC clarified various issues on Service Tax on 'Short term accommodation services and restaurant services'- www.cahelpline.com
- INCOME TAX:Excess Amount paid by the deductor on account of TDS shall be refunded subject to certain Safeguards- Ambiguity Clarified.-CBDT
- SERVICE TAX UPDATE:New Services and amendment to existing services shall be effective from 01/05/2011.-www.cahelpline.com
- BUDGET UPDATE : Finance Act 2011 has been enacted w.e.f. 08th April ,2011.
- SERVICE TAX UPDATE : Point of taxation Rules which were to come into force from April 1, 2011 deferred till June 30, 2011. The said Rules will shift the basis for payment of service tax from cash to accrual.