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Nov 11, 2009

UPDATES FROM TAX GURU (Must Read Section 54 Article)

UPDATES FROM TAX GURU (in this message: 14 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Section 14A of IT Act applicable in respect of share of profit from partnership firm

Posted: 11 Nov 2009 07:34 PM PST

A partnership firm is a separate entity than that of its partners under the Income-tax Act and therefore, partners vis-à-vis partnership firm would stand on the same footing of shareholders vis-à-vis company; accordingly , income charged in the...

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Amendment in Wealth-tax rule 3A related to Jurisdiction of Valuation Officers

Posted: 11 Nov 2009 07:31 PM PST

Where the valuation of any asset, being building or land or any right in any building or land, referred to the District Valuation Officer, the Valuation Officer or the Assistant Valuation Officer, as the case may be, is pending with him on the 13th...

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Power of AO to extend period for completion of special audit u/s 142(2A) of IT Act, 1961

Posted: 11 Nov 2009 07:12 PM PST

The power to suo motu extend the period for completion of the special audit was available to the AO only w.e.f. 1-4-2008 and before such date, the extension can be made only at the request of the assessee on an application made in this behalf by the...

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Determination of charge under section 115JB of Income Tax Act, 1961 for Zero tax companies

Posted: 11 Nov 2009 07:09 PM PST

Charge under section 115JB is to be determined with reference to 7.5 per cent of book profits; the process of determination of book profit is to be preceded with the comparison of liability for income-tax under normal provisions of income-tax which...

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Terminal allowance under clause (iii) of section 32(1) available only to power generating units

Posted: 11 Nov 2009 07:06 PM PST

Everything revolves around clause (iii) of section 32(1). The said clause provides that in case any of the assets specified therein on which depreciation is claimed and allowed under clause (i), is sold, discarded, demolished, and if the monies...

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Allowability of exemption u/s. 54F if builder does not complete construction of house within three Years?

Posted: 11 Nov 2009 06:32 PM PST

Mr. Sanghai had sold a commercial property, which was a long term asset and invested the same in purchase and construction of a flat in a apartment in Mumbai, within the one year of sale of asset and claimed deduction u/s 54F of income tax act, but...

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SEBI allowed companies to auction their shares in a FPO to QIBs at differential prices above the floor

Posted: 11 Nov 2009 05:42 PM PST

Markets regulator SEBI has decided to allow companies to auction their shares in a follow-on public offer (FPO) to qualified institutional buyers (QIBs) at differential prices above the floor, while retail investors will get shares at the floor...

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ICAI asked candidates to desist from using the name of the Institute in their election campaign

Posted: 11 Nov 2009 05:37 PM PST

The Institute's attention has been drawn today to an SMS purportedly sent from a code source viz. `TM-ICAI ELC' which tends to give an impression that the same has linkage to the Institute of Chartered Accountants of India and its election in an...

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ICAI appealed candidates not to disturb voters much

Posted: 11 Nov 2009 05:14 PM PST

During the last few days, the number of requests to intervene and bring halt to the issuance of SMSs and emails to voters at large has been on the increase. The general complaint of the voters is that the receipt of enormous mails and SMSs â€" many...

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Assessee liable to pay interest u/s 234B & 234C even if income is computed u/s 115JA

Posted: 11 Nov 2009 08:43 AM PST

The Tribunal had to consider whether an assessee liable to pay Minimum Alternate Tax u/s 115JA was also liable to pay interest u/ss 234B & 234C for short-fall in payment of advance tax. The Judicial Member followed the judgement of the Bombay...

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How to file return in ACES- Part-III

Posted: 11 Nov 2009 07:49 AM PST

Now it's time to do act online like: File claims and Submit intimations, case portfolio, export related documentations, provisional assessment, file the refund claim, complete/amend/ surrender the registration certificate, file all types of returns...

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India will renegotiate double tax avoidance treaties with 77 countries

Posted: 10 Nov 2009 09:19 PM PST

India today said it will renegotiate with all the 77 countries with which it has double tax avoidance treaties to track tax evasion following allegations of black money being stashed by many Indians in Swiss banks. Related posts:CBDT set up...

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1st Discussion Paper On Goods and Services Tax In India

Posted: 10 Nov 2009 09:07 PM PST

If the Value Added Tax (VAT) is considered to be a major improvement over the pre-existing Central excise duty at the national level and the sales tax system at the State level, then the Goods and Services Tax (GST) will be a further significant...

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Instruction regarding judgement of Delhi High Court in respect of Service Tax on "Renting of immovable property"

Posted: 10 Nov 2009 09:01 PM PST

Kind attention is invited to the recent judgement of the Honourable High Court of Delhi in the matter of Home Solutions Retail India Ltd and Others Vs Union of India [2009] 20 STT 129 (Delhi) , wherein it is held (Para 36 of the order) that,...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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