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Summon U/s 131 of Income Tax AcT

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Section 131 of the Income Tax Act empowers the income tax authorities to conduct inquiries. It provides powers to summon persons / witnesses, examine them under oath, compel production of books of account and documents, and issue commissions. The power of enforcing attendance of a person under this section is the same as available under the Code of Civil Procedure.

Generally it is seen that assessees are represented by their advocates / CAs / authorized representatives during proceedings before the income tax authorities. However, if it is felt that for inquiry in a particular matter, it is essential to examine the concerned person or a witness, then powers under section 131 are required to be invoked. If summons are issued and served on a person for personal attendance under section 131, it is binding on him to attend in person. He cannot be represented by a lawyer or an authorized representative. Further, a person can also be compelled to produce books of account or documents by issuing a notice under section 131. Non-compliance with the summons / notice issued under section 131 may result in levy of penalty of rupees 10,000 for such a default.

Here it is also important to clarify that an assessing officer can invoke section 131 for making inquiries only in a case where proceedings are pending before him. For example, during the course of ongoing assessment proceedings, the assessing officer can summon a third party for verifying facts presented before him by the assessee. He can also summon the assessee to his office for recording his statement on any of the issues relevant to the assessment. On the other hand, officers of the investigation wing can exercise these powers even if no proceedings are pending with them. They can invoke this section during the course of a search or during a survey for examining any person under oath. During post search inquiry or any other inquiry, the section can be resorted to for summoning persons and recording their statements or for enforcing production of books of account or any other records. Section 131 is thus a very powerful tool available to the income tax authorities in their quest for the truth.

Five Reasons Why Entrepreneurs Need Public Speaking Skills

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Five Reasons Why Entrepreneurs Need Public Speaking Skills.

Most people fear public speaking more than anything else (even death). As Mark Twain once said, “There are two types of speakers in this world: those that are nervous and those that are liars.”

Still, the ability to speak well in front of a group is worthwhile skill to develop – especially if you’re an entrepreneur. Among other things, it can help you:

  1. Communicate effectively. People are more likely to buy your product or service if you can tell them about it in a way that gets them excited.
  2. Raise capital. The ability to persuade is a must if you plan to pitch your business idea to a group of investors.
  3. Market your business. Speaking engagements can be great ways to gain exposure for your product and yourself.
  4. Clarify your thinking. You have to take what’s in your head and present it in a way that makes sense to others.
  5. Challenge yourself. Preparing a talk requires time, effort and lots of practice. But you’ll feel a real sense of accomplishment (and probably relief) after it’s over.

If you’re an older entrepreneur, you may be especially good at public speaking for a couple of reasons:

One, you have more stories to share. Audiences love interesting and/or entertaining anecdotes that illustrate key points. The longer you’ve been around, the more experiences you’ve accrued.

And two, you may have more tolerance for the unexpected. Whether it’s a missing handout or a typo on a PowerPoint slide, something will go wrong during a presentation. Forty-and-older people tend not to get as rattled by these things. They just go with the flow.

So where can you go for practice?  Here are a few places to check out:

  • Toastmasters International – A world leader in communication and leadership development.
  • Ignite – A “geek event” in over 100 cities where presenters use 20 slides that auto advance to ensure a finish in five minutes.
  • Dale Carnegie Training – Named after the man who wrote “How to Win Friends and Influence People.”
  • Your local community college – It may offer a public speaking class.

Maybe no one has asked you to speak in front of a large group yet. But chances are that you’ll receive an invitation one day.

When it happens, swallow your fear. And say yes.

NATURE AND KIND OF CONTRACT

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Segment – 1

NATURE AND KIND OF CONTRACT

What is the Contract

Definitions:
Contract [Sec- 2 (h)]:  Contract is an agreement enforceable by law.
Agreement [ Sec- 2 (e)]: Every promise and every set of promises, forming the consideration for each other.
Promise [Sec – 2 (b)]: When the person to whom the proposal is made signifies his consent thereto, the proposal said to be accepted. Proposal when accepted, become a promise.
Proposal: An unaccepted promise.
ESSENTIAL AGREEMENT OF VALID CONTRACT
All the agreements are contract if they are made by free consent of parties competent to contract for lawful consideration and with a lawful object and are not hereby expressly declared to be void.
Summary of Definition

  • Proper offer
  • Proper acceptance thereto with intention to create legel relationship
  • Lawful consideration
  • Capacity
  • Free Consent
  • Lawful agreement

Important Points Of Contract

  1. There must be an offer and its acceptance
  2. There must be mutual consent of the parties. They must agree upon same thing and in the same sense.
  3. There must be legal obligation i.e. the obligation should be enforceable by law.
  4. There must be free consent of the parties. The consent is not free when it is obtained by coercion, undue influence, fraud, misrepresentation of the facts.
  5. The parties must be competent to contract: The Minors or persons of unsound mind are not competent to contract.
  6. The agreement must be supported by lawful consideration
  7. The object of agreement must be lawful.
  8. The agreement must not be declared to be void.
  9. The agreement must be certain.
  10. The performance of object of agreement must not be impossible.

ITAX Individual

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Rebate 87A:

Available in A.Y.2014-15:

Rebate of Rs. 2000 for resident individuals having total Income up to Rs. 5 lakh. With a view to provide tax relief to the Individual who are in lower income bracket, a rebate is provided for u/s 87A newly inserted by FA 2013. But to avail benefits under this section these two conditions needs to be satisfied.

Condition:

Tax Payer must be a resident Individual (Ordinary resident)

His total income or net income or taxable income is Rs. 5 lakh or less

Amount of Rebate:

100% of Tax paid on total income or Rs. 2,000 whichever is less. This rebate is available on income tax i.e. before adding CESS.

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