TDS deductible on compensation paid for acquisition of immovable property at the time of payment

TDS deductible on compensation paid for acquisition of immovable property at the time of payment Posted: 19 Sep 2011 09:14 PM PDT Leela Bhagwansing Advani Vs UoI (Mumbai HC) Argument of the petitioners is that under Section 12(2) of the Land Acquisition Act, the compensation was payable to the petitioners immediately after the Award dated 30th May 1995. It is contended that if... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Income derived from repair and maintenance not eligible for Sec 80IB benefits – ITAT Kolkatta Posted: 19 Sep 2011 08:49 PM PDT DCIT, Kolkata Vs Rajesh Kumar Drolia- (ITAT Kolkatta)  The assessee is earning job work charges as well as repairs and maintenance, which are included in job work charges, no doubt it is established that there is commercial connection between... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Penalty u/s 271(1)(c) can be imposed when the annual rent in the Lease Agreement found to be suppressed – Delhi HC Posted: 19 Sep 2011 08:34 PM PDT PSB Industries India Pvt Ltd Vs CIT (Delhi High Court) - Section 22 of the Act makes 'income from house property' as chargeable to income tax. After excluding such portions of such property as he may occupy for the purposes of any business or... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Assessee entitled to claim deduction for the amount of interest offered on NPA account which is not realized – Posted: 19 Sep 2011 08:25 PM PDT CIT  Vs Industrial Finance Corporation Of India Ltd (Delhi HC) During the Assessment Year 2000-01, in which the issue arises, the assessee had returned Rs. 144 Crores receivable from Non-Performing Assets in accordance with the guidelines by... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Proceeding u/s 263 initiated on the basis of existing circular which conflicts with views of High Courts or Supreme Court not sustainable Posted: 19 Sep 2011 07:45 PM PDT Bhartia Industries Ltd Vs CIT (Kolkutta HC) - The Commissioner of Income-tax initiated proceedings under Section 263 of the Act questioning the allowance of the said payments made on account of VRS by the Assessing Officer and an order under... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICAI – Frequently Asked Questions (FAQs) on 'Exemption in a Paper/s' of CA Exams Posted: 19 Sep 2011 06:55 PM PDT Please note that this paper is merely an attempt to provide answers to questions on the subject, posed to us, by the candidates from time to time, to the extent possible and with reference to the extant scheme of examination. However, this... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Announcement – Application for CPT (paper-pencil mode) December-2011 Exam Posted: 19 Sep 2011 06:55 PM PDT The cost of the Information Brochure which also contains the application form for the CPT to be held on 18th December 2011 (paper pencil mode) is as follows. ( This includes the cost of the application form and the Information Brochure which is Rs... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CPC Bangalore – IT return, Refund , Rectification statistics for AY 2009-10, AY 2010-11 and 2011-12 Posted: 19 Sep 2011 06:30 PM PDT Centralized Processing Center (CPC), Bangalore has been actively processing of returns for AY 2010-11. The statistics for AY 2009-10, AY 2010-11 and 2011-12 are (as of 7th September,2011)-  AY09-10  AY10-11  AY11-12 No. of returns processed (Nos... [[ This is a content summary only. Visit www.taxguru.in for full article ]] International companies answerable to Indian consumer courts for service deficiency – Supreme Court Posted: 19 Sep 2011 06:20 PM PDT International companies are answerable to Indian consumer courts for service deficiency, the Supreme Court has ruled, upholding the apex consumer forum's direction to a Lebanese international courier company to pay 71,615.75 US dollars compensation... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Taxation of earning from lottery, prizes in game shows, crossword competitions or races Posted: 19 Sep 2011 06:15 PM PDT Income tax on Lottery winnings are specified under the Income Tax Act, 1961. It stipulates that an individual's income tax on lottery winnings and other sources of income like crossword puzzles or races like horse racing that are of gambling or... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Section 144C of the Income-tax Act, 1961 – Reference to Dispute Resolution Panel (DRP) – Reconstitution of DRP-I, Mumbai – ORDER NO. 8/FT&TR/2011 Posted: 19 Sep 2011 05:48 PM PDT ORDER NO. 8/FT&TR/2011 [F.NO. 500/15/2011-FT&TR-I], DATED 16-9-2011 -In partial modification of Order No. 4/FT&TR/2011, dated 23-5-2011 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Amends Notification No. 17/2004-Service Tax, dated the 10th September, 2004 Posted: 19 Sep 2011 08:10 AM PDT Notification No. 47/2011 – Service Tax , New Delhi, the 19th September, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Amends Notification No. 18/2002-Service Tax, dated 16th December, 2002 Posted: 19 Sep 2011 08:00 AM PDT Notification No. 46/2011 – Service Tax, Dated- 19th September, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is... [[ This is a content summary only. Visit www.taxguru.in for full article ]] A.P. (DIR Series) Circular No. 24 – Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies Posted: 19 Sep 2011 07:14 AM PDT A.P. (DIR Series) Circular No. 24 Attention of all the Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to A.P.(DIR Series) Circular No.66 dated May 20, 2011 forwarding the Financial Action Task Force... [[ This is a content summary only. Visit www.taxguru.in for full article ]] A.P. (DIR Series) Circular No.23 -List of jurisdictions which have strategic AML/CFT deficiencies. Posted: 19 Sep 2011 07:12 AM PDT Please refer to our A.P.(DIR Series) Circular No.65 dated May 20, 2011 forwarding the Financial Action Task Force (FATF) Statement identifying a list of jurisdictions which have strategic AML/CFT deficiencies. [[ This is a content summary only. Visit www.taxguru.in for full article ]] A.P. (DIR Series) Circular No. 22 – Risks arising from the deficiencies in AML/CFT regime of Iran and Democratic People's Republic of Korea Posted: 19 Sep 2011 07:06 AM PDT RBI/2011-12/186 A.P. (DIR Series) Circular No. 22 September 19, 2011 To, All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam/ Sir, Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] A.P. (DIR Series) Circular No. 21 – Risks arising from the deficiencies in AML/CFT regime of Iran and Democratic People's Republic of Korea (DPRK) Posted: 19 Sep 2011 07:02 AM PDT A.P. (DIR Series) Circular No. 21 Attention of the Authorised Persons is invited to A.P.(DIR Series) Circular No. 63 dated May 20, 2011 on risks arising from the deficiencies in AML/CFT regime of Iran and Democratic People's Republic of Korea... [[ This is a content summary only. Visit www.taxguru.in for full article ]] FM to Leave for Five Day US Visit on 21st September to attend Annual fund Bank, G-20, G-24, Brics and IMFC meetings Posted: 19 Sep 2011 06:55 AM PDT The Union Finance Minister Shri Pranab Mukherjee will leave for five days visit to US on the early morning of 21st September, 2011. On the first leg of his visit he will reach New York in the morning of 21st September and will address 8th Annual... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Filing of applications for DEPB for exports of "Cotton Yarn including Melange Yarn" made from 01.4.2011 to 04.8.2011 and "Cotton from 01.10.2010 to 04.08.2011 Posted: 19 Sep 2011 06:52 AM PDT DGFT Trade Notice No. 20, Attention is invited to Public Notice Nos. 67/2009-2014 (RE 2010) and 68/2009-2014 (RE 2010) restoring the DEPB benefit on export of "Cotton yarn including Melange yarn" and "Cotton". During the period from 21.4.2010 to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Seeks to amend Notification No. 96/2008-Customs dated 13th August 2008, to provide deeper concessions under DFTP scheme for Least Developed Countries (LDCs) Posted: 18 Sep 2011 09:51 PM PDT Notification No. 90/2011-Customs,New Delhi, dated the 16th September, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it... [[ This is a content summary only. Visit www.taxguru.in for full article ]]