| Common reasons for non receipt of confirmation or rejection of your IT Return 
After filing returns online and posting it to the newly set-up Bangalore processing centre, if you haven't got an email receipt from the income-tax department, your returns could have been rejected. The I-T department email receipt may not... |
| TPAs may deduct tax from hospital bills paid for treatment of subscribers in cashless systems 
THIRD Party Administrators (TPAs), which process health insurance claims and make payments to hospitals for treatment of subscribers in cashless systems, may soon have to deduct tax from the payments they make to hospitals. The apex direct tax body,... |
| Taxability of Pick-Up and drop facility provided by employers? 
PICK-UP and drop transport facility provided by employers is not a perquisite and hence not liable to tax, according to a recent ruling by a tax tribunal. In a decision that has implications for the sectors such as BPO and IT, the Mumbai Income-Tax... |
| CIBIL frequently asked questions (FAQ) and answers 
Q.1 What is CIBIL? CIBIL – India's first credit information bureau- is a repository of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides this information to its Members in the form of... |
| Interest under section 234A, B and C are mandatory in nature and no discretion is vested in the Assessing Officer 
SUMMARY OF CASE LAW After the amendment to the provisions in the statute by Direct Tax Laws (Amendment) Act, 1987 with effect from 1-4-1987 interest payable under section 234A, B and C are mandatory in nature and no discretion is vested in the... |
| What is to be assessed as income from lottery is only the actual income received and not any notional income 
SUMMARY OF CASE LAW What is assessable as income from winnings from lottery is real income and not notional income or income declared in the lottery as prize money. CASE LAW DETAILS Decided by: HIGH COURT OF KERALA, In The case of: M. K. Raghu v.... |
| If Assessee able to cure the defect in the Return then it will be valid return otherwise it will be invalid 
SUMMARY OF CASE LAW The signing of return by an unauthorized person cannot invalidate the return, but would make the return defective; when a defective return is filed, the Assessing Officer is obliged to give chance to the assessee to rectify the... |
| Complain to SEBI must contain person sought to be arraigned was in charge of the affairs of the company 
SUMMARY OF CASE LAW Mere allegations contained in a line or two against the directors without specifying the violative act committed by any of the directors would not suffice to make the directors offenders so as to summon them for the offences... |
| Voluntary retirement compensation and chargeability to tax if payment is stretched over a period of years 
SUMMARY OF CASE LAW Benefit in lieu of salary payable to an employee opting for voluntary retirement is exempted from being charged to tax to the extent of Rs. 5 lakhs by reason of section 10(10C); even if the payment is stretched over a period of... |
| Assessee entitled to Cenvat credit on inputs utilized in the generation of electricity to the extent to which they are using the produced electricity within their factory 
SUMMARY OF CASE LAW The definition of "input" brings within its fold, inputs used for generation of electricity or steam, provided such electricity or steam is used within the factory of production for manufacture of final products or... |
| Cashless ESOP benefits are not taxable : ITAT Mumbai 
CASE LAW DETAILS Decided by: ITAT Mumbai, In The case of: Bomi S. Billimoria vs. ACIT , Appeal No.:, ITA NO. 2120/MUM/1998 (Assessment Year 1993-94), Date of Order: 30th June 2009. SUMMARY OF CASE LAW The assessee, an employee of Johnson &... |
| Govt. Launched website of Copyright Office providing facility of on-line filing of copyright applications 
Shri Kapil Sibal, Union Minister of Human Resource Development launched a new Portal of the Copyright Office which includes a facility of on-line filing of copyright applications, here today. Also present on the occasion were Shri R.P. Agrawal,... |
| ICAI president written Letter to RBI regarding Procedure for allocation of Central Statutory Audits of Public Sector Banks 
PD/A-32/2009 9th September, 2009 Smt. Usha Thorat Deputy Governor Reserve Bank of India Central Office Building 18th Floor, Shahid Bhagat Singh Road Mumbai-400 001. Madam, Sub: Procedure for allocation of Central Statutory Audits of Public Sector... |
| ICAI denies news item entitled "ICICI Bank's Rs. 10K-cr bad loans under lens" Published in ET
We are producing below the clarification in regard to the above published on ICAIs website. 13th September, 2009 The Editor. The Economics Times, Times House, 7, Bahadur Shah Zafar Marg, New Delhi – 110002 This has reference to the lead news item... |
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