| Builders need to pass on Housing tax benefit to home buyers otherwise benefit may not be extended in future
Having given tax holiday to builders, Finance Minister Pranab Mukherjee today warned that if the incentives are not passed on to the consumers the same may not be extended in future. "I expect the developers to pass on the benefit of the tax... |
| MRTP Commission getting more complains then CCI
Even after three months of the Competition Commission of India (CCI) coming into force, its predecessor, the Monopolies and Restrictive Trade Practices Commission (MRTPC) is continuing to accept fresh cases on a daily basis. Complainants are... |
| ICWAI asked government to equate cost accountants with chartered accountants
A priority area of the new president of the Institute of Cost and Works Accountants of India (ICWAI), G N Venkataraman, is to make the institute more visible. In an interview with Sapna Dogra Singh, he said ICWAI would also lobby with the... |
| Agreement for Avoidance of Double Taxation with the Government of the Republic of Tajikistan
India and Tajikistan have written the new chapter of their relations when both nations have inked on the Double Taxation Avoidance Agreement (DTAA). With an aim of bolstering the flow of technology, investment and services both India and Tajikistan... |
| Over 200 PSU do not have company secretary in employment though they are mandated to have one
Over 200 public sector undertakings (PSUs) do not have a company secretary on their rolls even though they are mandated to have one, the government informed Parliament on Thursday. "As per information available, 233 PSUs have not appointed a... |
| Analysis of Report of Board of Directors to Shareholders
Introduction The Board of Directors of a Company play a fiduciary role in protecting the interest of shareholders by providing adequate information on the company's management and its functioning. They are the custodian of the money that the... |
| Services availed by a manufacturer for outward transportation of final products from the place of removal is input service
SUMMARY OF CASE LAW The services availed by a manufacturer for outward transportation of final products from the place of removal should be treated as an input service in terms of Rule 2(1)(ii) of the Cenvat Credit Rules, 2004 and thereby enabling... |
| Deduction U/s. 80-IB(10) need to be given proportionally if a few residential units are exceeding the built-up area of 1500 sq. ft prescribed by section
SUMMARY OF CASE LAW If an assessee has developed a housing project, wherein the majority of the residential units has a built-up area of less than 1500 sq.ft. i.e., the limit prescribed by section 80-IB(10) and only a few residential units are... |
| Not allowing cross examination is procedural defect and will not make an assessment null and void
SUMMARY OF CASE LAW The omission to allow cross examination merely prevents the ITO from making an addition and can be corrected by allowing the cross examination and the AO can be directed to proceed further to examine the matter afresh on the... |
| Merely because an addition is made to the income declared by the assessee, penalty u/s. 271(1)(c) cannot be imposed
SUMMARY OF CASE LAW Even post Dharmendra Textile Processors' judgment by the Supreme Court, merely because an addition is made to the income declared by the assessee, penalty under section 271(1)(c) cannot be imposed; Supreme Court's... |
| Brokerage paid on renting of property not allowable u/s. 23 and 24 of the Income Tax Act
SUMMARY OF CASE LAW There is no provision for deduction on account of brokerage paid in connection with renting out of the property; merely because the brokerage may have been paid out of the rental income, it cannot be said that a charge has been... |
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