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An assessee who is required to file
a Return of Income for a Assessment Year under the provisions of Income Tax Act,
if fails to do so till One Year from the end of the relevant Assessment Year, he
shall be liable to a fixed penalty of Rs. 5,000/- being imposed by the Assessing
Officer. |
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There cannot be any planning of Residential
Status in case of an Indian Company because it is always a Resident in India irrespective
of its control and management unlike in case of a Non-Indian Company which can be
Non Resident under Income Tax Act, if any part of the Control and Management of
its affairs are situated outside India. |
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Securities Transaction Tax (STT), which until AY 2008-09 was a non deductible expenditure
against income from sale of listed securities, can now from AY 2009-10 be claimed as a fully deductible expenditure. However, the rebate available u/s 88E has been
removed w.e.f AY 2009-10 consequent to direct allowability of such STT as an expenditure.
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While determining Income from House
Property Municipal Taxes are deductible only on “Paid basis” and not on “Due or
Accrual Basis”, hence the taxpayer must ensure that he has actually paid the taxes
due whether or not such taxes relate to the same financial year. |
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As per Notification No.
31/2008 - Service Tax, dated 02-09-2008 Amends the Service Tax Rules, 1994,
Form ST-3. |