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ITGOA ZINDABAD
JCA ZINDABAD
COC ZINDABAD
K A CHANDRAKUMAR Vice-President
We are placing this issue of VV at the time when we are approaching the new financial year and budget for the next year is presented. The year passed by, saw the longest ever agitation in pursuit of our demands. While we have succeeded on certain demands, other demands are yet to be met. That shall only strengthen our resolve to fight till we reach the goal. While sharing news and views on many issues, we eagerly wait for your critical suggestions.
Com B. Shanthikumar, Ex-All India President who has made remarkable contribution to the welfare of members for decades was felicitated by Sri K. Sathyanarayana CCIT, Bangalore on our behalf on 15th Feb. 2012 at Bangalore.
New ACsIT
The DPC for 204 posts of ACsIT was conducted by UPSC on 5th & 6th March. The minutes of DPC have since reached the CBDT. Assurance has been given to our leaders, in the meeting on 13th March, that the promotion orders will be issued very shortly. Meanwhile, our leaders have requested the Board to call for the choice place(s) of posting and effect posting orders in the coming AGT. As per unofficial information, following comrades from our charge will get promotion: 1. Com. Anuradha 2. Com. Sajit Kumar 3. Com. Nagabhushana 4. Com. Nazeera Mohammed 5. Com. R.L. Benakatti 6. Com. Shivaprasad Reddy 7. Com. V.Rajashekar 8. Com. R.Suresh 9. Com. Shivaprakash 10. Com. S. Lakshmi 11. Com Venkatappa Hearty Congratulations and Best wishes to them for a glittering career in the new cadre. Though their promotions were inordinately delayed, our wishes will reach them in advance.
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15. 68- made applicable for share application money, share capital etc credited in the books of Pvt Ltd companies unless, the said share holder offers satisfactory explanation about the source of that investment. 16. 80C- Insurance premium the deduction shall now be restricted to 10% of the Capital Sum assured. 17. 80G & GGA-No deduction for cash donations above Rs 10,000. 18. 80TTA-Deduction for SB interest earned up to Rs 10000 from Bank or Post office 19. 90- Sub-section 2A inserted to state that, even where there is DTAA, Chapter X-A (A detailed chapter for General Anti Avoidance Rule ) shall apply though that chapter is not favorable to him. Further sub-section 4 introduced to make production of certificate of residence mandatory for claiming any relief under DTAA. 20. 92-Transfer pricing regulations made applicable even for Specified domestic transactions u/s section 92BA. 21. 115BBA-Tax rate increased to 20%- Made applicable even for a NR entertainer( Three cheers to cheer girls) 22. 115 BBE- Additions u/s 68,69,69A to D shall be taxed at 30%No deductions from such additions. 23. 115JC-Alternate Minimum Tax now extended to all other Non Company entities having adjusted total income above 20 lakhs. 24. 139-Return filing made compulsory for a resident if he has any, Asset located outside India or signing authority in any account located outside India. 25. 143-Processing u/s 143(1) shall not be required once 143(2) notice is issued- Third proviso introduced to say that 10(23C) shall not be allowed by an AO to a trust in respect of trading/business income, whether or not its approval is withdrawn. 26. 147:The restriction in first proviso about reopening of cases concluded scrutiny shall not apply to income in relation to any asset (including financial interest in any entity) located outside India has escaped assessment- Explanation 2 amended to say that, where the assessee has failed to furnish TP report or he is found to have any asset (including financial interest in any entity) located outside India, it is deemed that income has escaped assessment- Explanation -4 introduced in section 147 to say that the amendments made by Finance Act 2012 shall be applicable for AY 201213 and all earlier AYs. 27. 149-If assessee is found to have any asset (including financial interest in any entity) located outside India, it is deemed that income has escaped assessment and the reassessment notice can be issued even up to 16 years. 28. 153-From AY 2010-11 onwards and reassessment cases, the time barring date extended up to 31st March-In cases where reference is made calling for information under DTAA, the time is presently extended by another 6 months, now it is increased to 12 months. 29. 193-Individual payee is presently exempted from TDS on debenture interest if, it doesn't exceed 2500/- and payment is by a/c payee cheque- This benefit is now extended to HUF-Monetary limit hiked to 5000/- .
30. 194E-TDS Rate hike to 20% from present 10%. 31. 194LA-TDS on compensation for acquisition of immovable property monetary limit hiked to 2 lakhs. 32. 194LAA-Buyer has to make TDS on sale consideration of land or building (except agricultural land ) at 1% if transfer price is 50 lakhs or more in specified cities and 20 lakhs or more in other specified cities . 33. 195-Empowers CBDT to notify class of persons who are paying any sum to NR, whether chargeable to tax or not, shall apply to AO to determine sum chargeable . 34. 201(3)- In cases where TDS return is not filed, action for treating him in default for failure to deduct tax , can now to taken up to six years from the end of FY. Presently it is 4 years. 35. 206C-1% TCS imposed on coal or lignite or iron ore and bullion/jewellery for cash of 2 lakhs and above. 36. 207-Any person of age 60 years is exempted from payment of Advance Tax if he doesn't have income from business or profession 37. 209(1)(d) -Till now, the TDS/TCS could have been reduced from AT liability even if payment has not actually subjected to TDS/TCS. Section is now amended to permit such decrease only if TDS/TCS is actually made. 38. 234D-Explanation 2 is inserted to clarify that this section applies to AYs prior to 2003-04 also if the proceedings for those years are completed after 1-6-2003. 39. 234E-Levy of Rs 200 fee for each day of delay in filing TDS/ TCS returns. Applicable for returns filed on or after 1-6-2012 . 40. 253-Subsection 2A inserted to empower CIT to direct AO to file appeal to ITAT against the Assessment order passed by him in accordance with directions issued by DRP on the basis of objections filed by the assessee after 1-7-2012. 41. 271AAB-penalty in search cases-provides for 10% where admitted u/s 132(4), 20 % where NOT admitted u/s 132(4) but return filed including that income & 30%-90% in all other cases. 42. 271H-From 1-7-2012 , for not furnishing TDS/TCS returns or furnishing incorrect information. Penalty from 10000 to 1 lakh -No penalty if such returns are furnished with one year from the prescribed date after payment of tax, interest and FEE 43. 292CC (wrf 1-4-1976)-No need to issue separate warrants u/s 132. it can be combined for more than one person. Combined notice shall not be deemed as issued against AOP/BOI - Though warrant is combined one, the assessments can be made separately on each person mentioned in warrant. 44. WT-Asset definition u/s 2(ea)- Residential building allotted by a company to employee or director whose annual salary is less than 5 lakhs is exempt. This limit now hiked to 10 lakhs Guest house 45. WT-Reassessment in respect of asset located outside India time limits for reopening and other procedures same as in IT Act 46. WT-Time barring dates extended to 31st March
With Best wishes for successful New Financial Year & special thanks to Com. Rathnakar ITO, Hospet
K.R.Narayana
General Secretary On behalf of Editorial Committee
To, Smt. / Sri
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