The due date for submission of ITR-V for A.Y. 2011-12 has been extended upto 31.03.2012 or 120 days from the date of upload whichever is later (with no further extension likely).
Exemption from Filing ITR
By: Raman Aggarwal
The CBDT has exempted certain class of assesses from filing the Income Tax Return after the accomplishment of following conditions:
Ø Assessee should be an individual.
Ø Income of the assessee does not exceed Rs. 5 Lac.
Ø Income is chargeable under the head Income from Salaries.
Ø Interest income should be less than Rs.10000 from the saving bank account.
If any individual assessee has income from interest of Fixed Deposit or Rental Income from House Property or any Income from Capital Gain or Gain from Business or Profession or any Speculation Income from share transaction, then assessee will not be eligible to claim the benefit of “Exemption from filing Income Tax Return”.
There are some other conditions also for availing this benefit-
Ø Assessee has reported the Permanent Account Number (PAN) to the employer.
Ø Assessee has reported all the income & full details of deduction under section 80C to the employer and employer has deducted the TDS.
Ø Assessee has received TDS certificate in Form No. 16 from their Employer.
Ø Employer has deposited the TDS amount to the Central Government.
Ø Assessee has no claim of refund of taxes.
Ø Assessee has received Salary only from one employer and if any assessee changes their job in middle of the Financial Year, assessee has to file the return.
If any notice u/s 142(1), 148, 153A or 153C of the Income Tax Act, 1961 has been issued for filing an Income Tax Return for the relevant assessment year then the exemption from filing Income Tax Return will not available.
Download in PDF Format
Download in PDF Format
No tax relief for Infy’s payment to police: HC
Can an establishment seek a deduction under the Income-Tax Act with regard to a donation/ contribution made to police for regulating traffic? No way, says the Karnataka High Court.
The division bench comprising late Justice V G Sabhahit and Justice Ravi Malimath in a recent judgment held that IT giant Infosys cannot claim deduction of income under Section 37 of the Income-Tax Act with regard to its payment to the Bangalore city police for regulating traffic near its premises on Hosur Road. "It is the duty of police to regulate traffic and the amount paid towards the same by the company cannot qualify as deduction under the Income-Tax Act. For anything to be qualified for business expenditure in terms of the Act, it has to wholly for the purpose of the business of the company," the bench observed while setting aside the finding of the Income-Tax Appellate Tribunal (ITAT) on this issue.
The ITAT in its March 31, 2005 verdict held that the Rs 6.93 lakh payment made by Infosys in 1996-97 to traffic police to regulate traffic on Hosur was a "business expenditure " and therefore it's entitled for tax deduction.
Originally ,the assessing officer of the I-T department held the payment cannot be considered fordeduction and is taxable. However, Infosys challenged this in the ITAT and the tribunal reversed it. The I-T department had filed an appeal before the high court. (Times of India)
On-line Submission of Application for Verification of Answer Books
Candidates of November 2011 CA examinations Final, IPCE and PCE can submit their application for verification of answer books and also make payment of verification fees, on-line at http://icaiexam.icai.org.
This facility will be in addition to the existing option for submission of application for verification of answer books, physically by Speed/Registered Post, along with a demand draft.
They can log on to the above mentioned site and click on the “Verification” tab for submitting a verification application.
Verification fees will be the same, in both the modes of submission, i.e physical or on-line.
The on-line window for submission of verification application will be open for a period of one month from the date of declaration of results.
Candidates can visit the Frequently Asked Questions (FAQs) section of www.icai.org for more details.
Self-Assessment Quiz for Common Proficiency Test (CPT)
The Board of Studies has launched Subject Wise Online Self-Assessment Quiz for the
CPT Course to enable students make a self assessment of their preparation for the
forthcoming examination with 50 questions to be answered within 1 Hour. The online system
would generate a new Question Paper every time the quiz is taken by the student.
Important Announcement - Non-applicability of Revised Schedule VI for May 2012 Examinations
Important Announcement for PCC/IPCC & Final Students
This is to bring to the attention of students that the Revised Schedule VI to the Companies Act, 1956 issued by the Ministry of Corporate Affairs on 28th February, 2011 pertaining to the preparation of Balance Sheet and Profit and Loss Account under the Companies Act, 1956 for the financial year commencing on or after 1.4.2011 shall not be applicable for the PCC, IPCC and Final examinations to be held in May 2012.
Director,
Board of Studies
ICAI
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