No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date

Govt considering seven-eight new categories for AIRs Posted: 28 Sep 2011 08:59 PM PDT Secondary market transactions of Rs 10 lakh or more in a year, insurance premium of above Rs 1 lakh, debit card payments above Rs 2 lakh, fixed deposits and recurring deposits of over Rs 10 lakh each, and cash deposits of Rs 20 lakh in current... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Whether the clients liable to tax in India on the capital gains and if yes, whether the bank is required to deduct tax at source on the remittance? Posted: 28 Sep 2011 08:08 PM PDT ADIT (International Taxation)-3(1) Vs. ICICI Bank Ltd. (ITAT Mumbai)-The issue in this appeals is with reference to the capital gains arising to various persons of Indian origin or non-resident Indians residing in UAE, who are clients of the Bank.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date Posted: 28 Sep 2011 07:53 PM PDT Penalty u/s 271B is imposed on two grounds i.e for not getting the books of accounts audited within due date and for not furnishing the audit report within due date of filling of return of income. Now as per above circular furnishing of audit report... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Payment made under Franchise & Management Agreement for availing technical know-how, coupled with technical consultancy services, for setting-up new and distinct business could be considered as capital expenditure Posted: 28 Sep 2011 07:51 PM PDT Ansal Housing & Construction Ltd. v. DCIT The Assessing Officer disallowed the expenses on the ground that the payment was made prior to commencement of the hospitality business and had resulted into acquisition of technical know-how and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Inter-corporate deposits written off in the books allowable as business expenditure where the incomes from such deposits were taxed as business income in earlier years Posted: 28 Sep 2011 06:54 PM PDT CIT  v. ABC Bearing Limited (Bombay High Court) The taxpayer was engaged in the business of advancing loans. Interest received from inter-corporate deposits was offered to tax as business income and accepted by the Assessing Officer in earlier... [[ This is a content summary only. Visit www.taxguru.in for full article ]] How to resolve Inconsistencies in TDS/TCS Statements through Correction Statements Posted: 28 Sep 2011 07:15 AM PDT When you file your TDS/TCS return, first the details regarding deposit of TDS/TCS made by you is compared with the data given by banks. The data is uploaded by banks on the basis of the TDS/TCS challans received by them. For this purpose, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SEBI Guidelines for Issue and Listing of Structured Products/ Market Linked Debentures Posted: 28 Sep 2011 06:08 AM PDT SEBI had prescribed initial and continuous disclosure norms applicable to issue and listing of debt securities through the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and the Simplified Listing... [[ This is a content summary only. Visit www.taxguru.in for full article ]] KYC Norms – Letter issued by UIDAI containing details of name, address and Aadhaar number Posted: 28 Sep 2011 06:01 AM PDT Please refer to the Government of India Notification No. 14/2010/F.No. 6/2/2007-ES dated December 16, 2010 which recognises the letter issued by Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBEC assigns Adjudicating Authority for another DRI SCN Posted: 28 Sep 2011 05:43 AM PDT F.No.437/20/2011-Cus. IV, Dated the 26th September, 2011 - In terms of Notification No. 15/2002-Customs (N.T.) dated 07.03.2002 (as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns... [[ This is a content summary only. Visit www.taxguru.in for full article ]] PAN card Verification procedure and who can avail the facility of verification Posted: 27 Sep 2011 11:55 PM PDT To enable eligible Entities verify Permanent Account Numbers (PANs), Income Tax Department (ITD) has authorized National Securities Depository Limited (NSDL) to launch an online PAN verification service for verification of PANs by authorized... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Extension of ban on export of edible oils up to 30.09.2012 and exemption for export of edible oil in branded consumer packs with a ceiling of 10,000 tons from 01.11.2011 to 31.10.2012 Posted: 27 Sep 2011 10:28 PM PDT Notification No 77 (RE – 2010)/2009-2014, - Prohibition on export of edible oils has been extended upto 30.09.2012. But, the same will not apply to relaxations/exemption as mentioned in para (3) and (4) above. Export of fish oil continues to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Indian Economy – Progress and Prospects Posted: 27 Sep 2011 09:30 PM PDT (Speech by Deepak Mohanty, Executive Director, Reserve Bank of India, delivered at the Harvard Business School, Boston on 27th September 2011) It is an honour and privilege for me to be speaking at Harvard to such a distinguished audience. I thank... [[ This is a content summary only. Visit www.taxguru.in for full article ]]