Sl.No. NAME OF THE COMMODITY 1 Agricultural implements not operated manually or not driven by animal 2.Goods of intangible or incorporeal nature as may be notified from time to time by the State Government, and including; Patents Trade marks Import licenses including exim scrips, special import licenses and duty free advance licenses. Export Permit […]
Read More[nggallery id=11] HONOURING BY LIONS CLUB OF HYDERABAD, SANATHNAGAR
Read MoreGood Transport Agency – Service Exemption in Case of Transportation of Fruits and Vegetable In terms of Notification No. 33/2004 ST, Dt: 3-12-2004 taxable service provided by a goods transport agency, in relation to transport of fruits, vegetables, eggs on milk by road is exempt from service tax with effect form 27-2-2010. Source: The Tax […]
Read MoreCash Credit Appearing In Name of Partners in Books of Firm – Addition to be made in the Hands of Firm. The mere failure of the partners to explain properly the source form where they got the money, will not justify addition of cash credits in the name of firm Where there is no satisfactory […]
Read MoreCapital or Revenue Receipt – Amounts Received by Amount Legal Heirs From Social Security schemes CBDT vide Circulor No. 573, Dated: 21-8-1990 has clarified that any such lump sum payment will not be taxable as income under the aforesaid Act CBDT vide Circular No. 776, Dated: 8-6-1999 Taking into account the principle laid down by […]
Read MoreSmall Saving Schemes Clarification with regard to Interest Rates on Small Savings Schemes Press Release dt: 4-1-2012 It has been clarified that the rate prevailing at the time of investments will remain fixed and unchanged till the maturity of the investment. Any revisions in interest rates in subsequent years will only be applicable to the […]
Read MoreTDS on Income offered only will eligible for credit As for as TDS is concerned, the credit will be available only in respect of income offered for assessment. Thus in the case of your client if cash method is adopted credit for TDS will be available in respect of Rs. 36 lacs and on the […]
Read MoreCapital Gains on Sale of Residential House Property – Utilised For Acquiring New Residential House Property – Eligible For Exemption U/S.54 In letter No. 207/24/76-(A-II), Dated 25-3-1977 the CBDT has clarified that section 54 lays emphasis on the use of the property mainly for the purpose of assessee or his parents own residence. If an […]
Read MoreInterest paid on the capital borrowed shall be treated as part of cost of acquisition In the case Addl. CIT v K.S.Gupta (1979) 119 ITR 372 (AP) similar views were taken. The Ahmedabad bench of the Tribunal also in ITO v Smt. Pushpaben B. Wadhwani (1986) 16 ITD 704 (Ahd-Trib), held that interest paid loan […]
Read MoreTax Evasion Income tax Department decides to reopen tax returns to unearth black money. These names, about 70, will now be sent to the respective assessment ranges and the assessing officer will re-open the corresponding I.T-returns of the year which is reflected on the classified list obtained from various countries. ‘’The taxpayers entire income and […]
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