Clubbing Of Income under the Income Tax Act, 1961 (Section 60 to Section 64)

Delhi HC upheld employee head count method for allocating cost towards STP unit for the purpose of computing benefit under Section 10A of the Income-tax Act,1961 Posted: 25 Dec 2011 06:34 AM PST CIT v. EHPT India P. Ltd. (Delhi High Court)- Section 10A provides for deduction for profits derived from the export of software for a period of ten years. During the period of tax-holiday, it is desirable that the same method of computing the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Interest for shortfall in payment of advance tax is leviable while computing `book profit' under the existing provisions of MAT Posted: 25 Dec 2011 06:04 AM PST DCIT v. Bharat Aluminium Company Ltd (ITAT Delhi)- The Delhi Tribunal in this case has held that interest for deferment of advance tax is leviable under Section 234C of the Act where there is a shortfall in payment of advance tax while computing... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Revised Special Provisions for International Workers (FAQs) Posted: 25 Dec 2011 04:53 AM PST An International worker may be an Indian worker or a foreign national. - Any Indian employee working or having worked abroad in a country with which India has entered into a Social Security Agreement (SSA); OR - Any foreigner working... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Revised Faqs Relating To Work Related Visas Issued By India Posted: 25 Dec 2011 04:44 AM PST What are the conditions to be fulfilled for grant of a Business visa? Ans.: The conditions to be fulfilled for grant of a Business visa are as follows:- (i) The foreign national must have a valid travel document and a re-entry permit, if... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Union Budget 2012 likely to be delayed by a few days Posted: 25 Dec 2011 04:03 AM PST The Union Budget is likely to be delayed by a few days, government sources have said. The Union budget and Railway budget are likely to be tabled in the first week of March, they said. That's only after assembly elections in five states – Uttar... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Deemed service provider is entitled to avail Cenvat Credit on inputs/input services/capital goods for payment of GTA service tax – Stay Granted Posted: 25 Dec 2011 02:31 AM PST Brief facts arising for consideration of the case are that the appellant M/s Tata AIG Life Insurance Co. Ltd. are holders of service tax registration under the category of Insurance auxiliary services. The service rendered by insurance agents is... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Service tax paid on input services of one unit can be distrubuted to other unit ; Recovery stayed Posted: 24 Dec 2011 10:41 PM PST The combined reading of the Rule 7 and the clarificatory Circular dated 23-8-2007 clearly shows that there are only two restrictions regarding the distribution of the credit. The first restriction is that the credit should not exceed the amount of... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Clubbing Of Income under the Income Tax Act, 1961 (Section 60 to Section 64) Posted: 24 Dec 2011 10:04 PM PST Introduction - Generally an assessee is taxed in respect of his own income. But sometimes in some exceptional circumstances this basic principle is deviated and the assessee may be taxed in respect of income which legally belongs to somebody else.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Stay Petition – Existence of two different views justifies waiver of predeposit Posted: 24 Dec 2011 09:27 PM PST Assessees have made out a strong prima facie case on the ground that, although they were charging management fees from the bank who lend/advance money to the SHGs, they were a non-profit making organization as no profit or income or profit was paid... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] MCA's Statutory Report (in XBRL format) now available in Tally.ERP 9 Posted: 24 Dec 2011 09:05 PM PST The Highlights in Tally.ERP 9 Series A Release 3.3 are: 1. MCA's Statutory Report (in XBRL format) now available in Tally.ERP 9 2. The user experience for Market place has been enhanced 3. In Dealer Excise Enhancements 4. Manufacturers... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Whether trade discount amounts received from newspapers for sale of space to be treated as commission and taxable under the Business Auxiliary Service or not Posted: 24 Dec 2011 08:43 PM PST The issue involved in the matter is whether the trade discount amounts received by the appellant to be treated as commission and taxable under the Business Auxiliary Service or not. The liability in that regard is essentially to be decided on the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Service Tax –Commission received in advance cannot be considered as payment for service even prior to actual rendering of service Posted: 24 Dec 2011 08:42 PM PST Explanation to Rule 6(1) of the Service Tax Rules provide that for removal of doubt, it is clarified that in case the value of taxable service is received before providing of the said service, then the service tax is required to be paid on the value... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Clubbing of Income under Income Tax Act, 1961 Posted: 24 Dec 2011 08:36 PM PST Under Section 4 of the income tax act every person is chargeable to income tax in respect of his total income i.e. income, profits & gains accruing or arising to, or received by him but subject to provisions of the Act, which are contained in... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Service Tax – If dispute involved was of technical nature then penalty not imposable Posted: 24 Dec 2011 08:31 PM PST The assessee did not file ST-3 returns declaring the correct taxable value as prescribed. We find that the Joint Commissioner had held that the assessee was not liable to pay service tax on demurrage and handling charges with respect to export... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Finance minister to kick off pre-budget meetings from Jan 11 Posted: 24 Dec 2011 08:30 PM PST Amid economic slowdown, finance minister Pranab Mukherjee will hold brainstorming sessions with various stakeholders during his annual pre-budget meetings beginning January 11. The first meeting would be held with agriculturalists, followed by a... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] IASB proposes to clarify the transition guidance in IFRS 10 Posted: 24 Dec 2011 08:30 PM PST The International Accounting Standards Board (IASB) today published for public comment proposed amendments to IFRS 10 Consolidated Financial Statements. The objective of the proposed amendments is to clarify the transition guidance in IFRS 10 by... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Regarding Fraudulent withdrawals from the Accounts of EPFO through fake cheques instructions to avoid fraudulent payment Posted: 24 Dec 2011 08:30 PM PST References are received from various field offices pointing out that implementation of the instructions contained in the circular referred in Para 1 above will lead to return of claims already received in the office wherein the benefits payable are... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] AOs should not accept ITR-Vs from taxpayer and requested to send ITR-Vs of A.Y. 10-11 & 11-12 to CIT (CPC), Bangalore Posted: 24 Dec 2011 08:30 PM PST Latest From Directorate of Systems ALERTS: Last date of submission of ITR-V for A.Y 2010-11 has been extended up to 31/12/2011 AOs are requested to immediately send ITR-Vs of A.Y. 10-11 & 11-12, if any, lying with them to CIT (CPC),... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] IASB clarifies its requirements for offsetting financial instruments Posted: 24 Dec 2011 08:30 PM PST The International Accounting Standards Board (IASB) today clarified its requirements for offsetting financial instruments by issuing Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32). The amendments address inconsistencies... [[ This is a content summary only. Visit www.taxguru.in for full article. ]]