- ITR -3 Form is to be used by an individual or an HUF who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
- ITR 4 Return Form for Assessment Year 2014-2015 is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.
- Bar in S. 269SS/ 269T does not apply to loans/ advances accepted/ repaid via journal entries. Limitation period for S. 271D penalty is as per S. 275(1)(c) & not 275(1)(a) CIT vs. Worldwide Township Projects Ltd (Delhi High Court)
- Query: Whether it is mandatory to file return electronically?
Answer: E-filing of return is mandatory for:
(a) Every resident and ordinarily resident individual and HUF, if he/it has any of following:
(i) Signing authority in any account located abroad;
(ii) Any asset located abroad; or
(iii) Financial interest in any entity located abroad.
(b) A political party [if its Income Exceeds the limit, without claiming exemptions under Section 13A, which is not chargeable to tax]
(c) Every person claiming tax relief under Section 90, 90A or section 91;
(d) A firm or an individual or HUF who are required to get their accounts audited under section 44AB;
(e) Every company;
(f) Every AOP or BOI;
(g) A person [other than a company and a person required to furnish return in form ITR 7] whose total income exceeds Rs. 5 lakh rupees during the previous year 2013-14.
- ITAT: No TDS on member interest payments by co-operative society ‘carrying banking business’ Bagalkot District Central Co-operative Bank
- ITAT: Landlord services to tenant 'optional', payment not rental but business income Green Valley Agro Mills Ltd.
- ITAT: Royalty payment under restrictive covenants of technical collaboration agreement, ‘revenue’ in nature (J. L. Morison (India) Ltd.)
- ITAT : Absent Sec 47(xiiib) conditions fulfillment, Capital Gains in LLP conversion year taxable u/s 45 (Aravali Polymers LLP)
- Section 50/112: Though gains on depreciable assets held for more than 3 years have to be treated as STCG u/s 50, the gains have to be taxed at the rate applicable to a LTCG. Smita Conductors Ltd vs. DCIT (ITAT Mumbai)
- HC: Quashes Revenue's 'arbitrary', non-judicious order u/s 201(1); Assessee entitled to appeal remedy REMCO (BHEL) House Building Co-Operative Society Limited [TS-377-HC-2014(KAR)]
- Circumstances leading to formation of PE and estimation of profit attributable thereto under Rule 10 explained. Even foreign assessees are liable for interest u/s 234B Nortel Networks India International Inc vs. DDIT (ITAT Delhi)
- Disallowance u/s. 40(a) (ia) of the Income Tax Act applies only to amounts payable as of 31st March [Supreme Court In CIT vs. Vector Shipping Services (P) Ltd].
- SC: Dismisses Revenue SLP; Loss on partly convertible debenture transfers ‘non- speculative', held HC (New Ambadi Estates Pvt Ltd.)
- Assessing officer cannot object submission of additional evidence if same is accepted by CIT (Appeal) under Income Tax Act.
- Employee can take benefit of 80G for Donation through Employer to PM National Relief Fund, CM/LG Relief Fund, as per employer certificate [Circular 2 of 12-01-05].
- Taxsutra Alert - HC : ITAT holding share income as capital gains, not mere 'another possible view' Harit Exports Ltd. [TS- 443-HC-2014(BOM)]
- Mandatory to mention PAN of donee in schedule 80G in ITR. PAN of Prime Minister National Relief Fund is AACTP4637Q, South Block, PM Office, and New Delhi-110001.
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