UPDATES FROM TAX GURU 06.04.2009

LEGAL & FINANCIAL UPDATES FROM TAX GURU CBDT notified Income Tax Retunn Forms (ITR ) for A.Y. 2009-10/ Financial Year 2008-09 Posted: Sun, 05 Apr 2009 14:42:17 +0000 The CBDT has notified new Income Tax Forms for F.Y. 2008-09 & A.Y. 2009-10 vide notification No. 32/2009 ( Income Tax 9th Amendments) Rules, 2009. New ITR Forms Form ITR 1, Form ITR 2, Form ITR... CBDT amends Income-tax Rules, 1962 for TDS / TCS procedures and payments; furnishing of information in respect of payment to non-residents Posted: Sun, 05 Apr 2009 05:50:27 +0000   Background  The Central Board of Direct Taxes ("CBDT") has issued notifications amending the rules in relation to compliance procedures as follows:  • Forms for furnishing information to the... Requirement to mention Permanent Account Number (PAN) will bring Small service providers under tax net Posted: Sun, 05 Apr 2009 05:40:58 +0000   A recent notification issued by the Central Board of Direct Taxes (CDBT), the apex body on direct tax matters, is likely to widen the tax base by bringing in even small service providers. That is... ICAI objects to RBI group's suggestion for autonomy to the Accounting Standards Board Posted: Sun, 05 Apr 2009 05:36:31 +0000 Apex accounting body ICAI has raised objections to the recommendations of the Rakesh Mohan Committee on more autonomy to the Accounting Standards Board, an arm of the regulator, saying that the panel... Handoo and Handoo becomes first LLP company of India Posted: Sun, 05 Apr 2009 05:23:07 +0000 The legal consultants Handoo and Handoo have become the first Limited Liability Partnership firm of India, a new form of business structure where the partners' liability is limited to the.... TDS on foreign salary is reqd to be deducted even though assessee is not the payer Posted: Sun, 05 Apr 2009 05:15:46 +0000 CIT vs. Eli Lilly (Supreme Court)   TDS on foreign salary is reqd even though assessee is not the payer   Where the assessee-employer obtained expatriate-employees from a foreign company and the... Capital expenditure on scientific research has to be in connection with the Assessee's business to be allowable under section 35 of IT Posted: Sun, 05 Apr 2009 04:35:20 +0000   SUMMARY OF CASE LAW The relationship of the capital expenditure on scientific research has to be in connection with the assessee's business and not the business of the other assessees; the... Deduction under section 80-1A/1B of IT Act can not be disallowed for running a new unit with some plants & machineries taken on hire Posted: Sun, 05 Apr 2009 04:30:45 +0000   SUMMARY OF CASE LAW If an Assessee forms an industrial unit by new plant and machineries and for running that new unit if some plants and machineries are taken on a hire, the said new unit cannot... Penalty U/s. 271(1)(c) can not be imposed on the basis of routine & general presumptions Posted: Sun, 05 Apr 2009 04:26:14 +0000   SUMMARY OF CASE LAW Mere non-acceptance of explanation offered by the assessee cannot form a basis for the satisfaction of ITO to the effect that the assessee has concealed particular of his... Advance Ruling on entitlement of a non-resident company inter alia to benefits of section 55(2)(b)(i) of IT Act in respect of bonus shares allotted to it by an Indian company Posted: Sun, 05 Apr 2009 04:21:45 +0000   SUMMARY OF ADVANCE RULING In the case of a capital asset falling within the ambit of clause (b) of section 55(2), acquired before 1-4-1981, the cost of acquisition can be taken as fair market value... Advance Ruling on taxability of an Australian company for providing basic engineering services to an Indian company under an agreement Posted: Sun, 05 Apr 2009 04:18:01 +0000   SUMMARY OF CASE LAW  The services rendered and the work undertaken by the applicant-Australia n company in terms of the Agreement for Basic Engineering and Procurement services fall within the... Penalty U/s. 271(1)(c) of IT Act can not be imposed for mistake in calculation of deduction If Assessee furnished all the details Posted: Sun, 05 Apr 2009 04:09:05 +0000   SUMMARY OF CASE LAW: -Where the Assessing Officer computed the different total income than the total income declared by the assessee, the same would not amount to furnishing of inaccurate... To invoke provisions of section 142A of IT Act there should be something on record. Posted: Sun, 05 Apr 2009 03:58:29 +0000 SUMMARY OF CASE LAW Section 142A is attracted, inter alia, where the assessee is found to have made investment outside the books of account or where any such investment made by him is not fully... Income under each head has to be computed only after considering the income from various sources under the same head Posted: Sun, 05 Apr 2009 03:44:26 +0000 SUMMARY OF CASE LAW  The provision as stipulated under Explanation to section 73 talk of the income under specified heads; the income under each head has to be computed only after considering the... This is just a content summary for Full details on above topic visit my website www.taxguru.in. If Assessee shown that the donors are related or are close family friends, then the onus shifted on the AO to show that what is pretended to be a case of natural love and affection is not borne out from facts Posted: Sun, 05 Apr 2009 03:33:58 +0000 CASE LAW DETAILS Decided by:. ITAT, LUCKNOW BENCH `A' LUCKNOW  In The case of: Smt. Sonu Agarwal v. ITO  Appeal No. : ITA No. 698/Luc/08 Decided on: January 23, 2009 SUMMARY OF CASE LAW Love... Notional advantage will not form part of actual rent received Posted: Sun, 05 Apr 2009 03:18:52 +0000 CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCH `C' MUMBAI  In The case of: ITO v.  Pushya Properties (P..) Ltd.  Appeal No. : ITA No. 2906/m/08 Decided on: March 6, 2009 SUMMARY OF CASE... Assessment can not be reopened merely on the ground of change of opinion of Assessing officer Posted: Sun, 05 Apr 2009 03:14:32 +0000 CASE LAW DETAILS Decided by: HIGH COURT OF BOMBAY. In The case of: Cartini India Ltd. v. Addl. CIT Appeal No. : Writ Petition No. 2468 of 2008 Decided on: March 25, 2009 SUMMARY OF CASE LAW Once the... Subscribe Now! ...with web-based news readers. Click your choice below: ...with other readers: (Choose Your Reader)FeedDemonNetNewsWireNewsFireNewsGator Outlook EditionRSSOwlShrookUniversal Subscription Mechanism (USM) Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email View Feed XML

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