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Mar 28, 2011

Disallowance U/s.14A can not be made for Depreciation and for deduction allowable to Assessee under chapter VIA of the Income Tax Act, 1961

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Disallowance U/s.14A can not be made for Depreciation and for deduction allowable to Assessee under chapter VIA of the Income Tax Act, 1961

Posted: 28 Mar 2011 08:39 PM PDT


Depreciation is admittedly in the nature of allowance and, therefore, it cannot be subject matter of disallowance under section 14A, which must remain confined to expenditure incurred by the assessee. Similarly, as far as deduction under section 80D...

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Companies Bill likely to be tabled in next Parliament session

Posted: 28 Mar 2011 08:34 PM PDT


Parliament is likely to take up the new Companies Bill , which seeks to replace a half-a-century-old Act, in the next session. Sources in the Ministry of Corporate Affairs said that the Companies Bill, 2009, will be brought for passage before...

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Simplification in Procedures and Rules to Bring Transparency in Service Delivery

Posted: 28 Mar 2011 08:34 PM PDT


Simplification of issuing Director Identification Number (DIN) process: As per section 253 of the Companies Act, 1956, no person can be appointed as Director of the Company unless he has been allotted a DIN from the Government on his application. At...

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Sebi to outsource processing of investor complaints

Posted: 28 Mar 2011 08:32 PM PDT


Faced with the Herculean task of handling lakhs of investor complaints, market regulator Sebi plans to rope in third party agencies for processing and maintenance of these grievances. The decision to outsource processing and maintenance of investor...

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CBI to file first charge sheet against Raja, others

Posted: 28 Mar 2011 08:30 PM PDT


The CBI will file this week its first charge sheet into the 2G spectrum scam against former Telecom Minister A Raja and some of his close aides besides a couple of real estate companies for allegedly defrauding the exchequer and entering into a...

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Where shares are held as stock-in-trade no part of interest on borrowed funds can be disallowed u/s 14A as incurred in relation to Dividend income

Posted: 28 Mar 2011 08:27 PM PDT


In the case of a trader where shares are held as stock-in-trade no part of interest on borrowed funds can be disallowed u/s 14A as incurred in relation to Dividend income. The interest on borrowed funds used for trading activity is an allowable...

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Mobile phones- A button to send emergency alerts!

Posted: 28 Mar 2011 08:25 PM PDT


In a bid to help pro-democracy campaigners, the US government is developing a mobile phone with a 'panic button' that can wipe out its address book and send emergency alerts. The new technology also includes a special application that can be...

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Transfer Pricing- ITAT Delhi held that for TNMM, interest on surplus and abnormal costs to be excluded

Posted: 28 Mar 2011 08:20 PM PDT


Marubeni India Pvt. Ltd. v ACIT (I.T.A. No.919/Del/2009) (ITAT Delhi)- Interest income is to be excluded from operating revenue for computing the net profit from operating activity unless such interest income has nexus with the international...

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ICAI International Study Tour to Karachi, Pakistan from 25th-28th July, 2011 (3 nights and 4 days)

Posted: 28 Mar 2011 08:17 PM PDT


The Institute of Chartered Accountants of Pakistan (ICAP) is celebrating year 2011 as the Golden Jubilee Year of their Institute. To commemorate the occasion, they are organizing an International Conference on 26th July -27th July 2011 at...

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ICAI panel to guide, support cooperative sector

Posted: 28 Mar 2011 08:16 PM PDT


The Institute of Chartered Accountants of India (ICAI) has formed a committee to guide and support the cooperative sector in streamlining their audit procedures and raise governance levels, President G Ramasamy said today. The ICAI has suggested...

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Prosecution of Directors – General Circular No. 08/2011, Dated the 25th March, 2011

Posted: 28 Mar 2011 08:14 PM PDT


Prosecution of Directors - General Circular No. 08/2011, Dated the 25th March, 2011. Penal actions for defaults committed under the Companies Act, 1956 are either to be taken against an "officer in default" or a "director(s)" or "persons" as...

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Transfer Pricing – Prior Years' data cannot generally be relied upon to justify Arms Length Price

Posted: 28 Mar 2011 07:52 PM PDT


The OECD guidelines are not of binding nature and even the Proviso to Rule 10B (4) provides that any subsequent year data cannot be considered. The contemporaneous data of relevant financial year is to be used for making the comparable analysis for...

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Hasan Ali case-Apex court loses cool at ED report

Posted: 28 Mar 2011 07:40 AM PDT


The Supreme Court Monday was angry at the Enforcement Directorate's (ED) which submitted its second status report on money laundering by India's top tax evader Hasan Ali. A bench of Justice B. Sudarshan Reddy and Justice S.S. Nijjar said: 'When we...

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Hasan Ali's wife to be present in Supreme Court tomorrow

Posted: 28 Mar 2011 07:34 AM PDT


Rheema Khan, the wife of Pune-based stud farm owner Hasan Ali, would be present in the Supreme Court tomorrow when the Enforcement Directorate submits a status report of the probe into his alleged money-laundering activities. "Hasan Ali's wife would...

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The Budget Attains Finality

Posted: 28 Mar 2011 12:55 AM PDT


Perhaps, for the first time in Indian history, we have a situation that the Union Budget is presented and passed by both the houses of the Parliament in less than a month. Not only this, that too in the current financial year itself. Thanks to...

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