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Jan 22, 2012

Taxability of Salary Income, Perquisites and Allowances

Taxability of Salary Income, Perquisites and Allowances

Posted: 22 Jan 2012 08:00 PM PST

Salary is the remuneration received by or accruing to an individual, periodically, for service rendered as a result of an express or implied contract. The actual receipt of salary in the previous year is not material as far as its taxability is...

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Overview of Capital Gains

Posted: 22 Jan 2012 07:59 PM PST

Profits or gains arising from the transfer of a capital asset during the previous year are taxable as Capital Gains under section 45(1) of the Income Tax Act. The taxability of capital gains is in the year of transfer of the capital asset.

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CBI Files Chargesheet against Addl. Commissioner Income Tax, ACIT and a Businessman in A Bribery Case Of Rs. Two Crore

Posted: 22 Jan 2012 07:58 PM PST

The Central Bureau of Investigation Mumbai has filed a chargesheet against an Additional Commissioner of Income Tax (an IRS Officer of 1992 Batch); her husband (a Chemical Engineer & a businessman of Mumbai) and an Asst. Commissioner of Income...

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Overview of Income from House Property

Posted: 22 Jan 2012 07:58 PM PST

Under the Income Tax Act what is taxed under the head 'Income from House Property' is the inherent capacity of the property to earn income called the Annual Value of the property. The above is taxed in the hands of the owner of the property.

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HC upholds decision to levy service tax on flat, shop construction

Posted: 22 Jan 2012 07:56 PM PST

In a decision that might have an impact on realty prices, the Bombay High Court has upheld the decision of the Union government to levy service tax on construction of flats and shops. A division bench held by Justice DY Chandrachud and Justice Amjad...

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Retrospective amendment no basis to reopen beyond 4 years – HC Disapproves AO's Practice to Delay Passing Objection Orders

Posted: 22 Jan 2012 09:17 AM PST

Doshion Ltd. Vs. ITo (Ahmedabad HC) - Having thus heard learned counsel for the parties and having perused the documents on record, it clearly emerges that the assessment previously framed after scrutiny is sought to be reopened beyond the period of...

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Bank wants TDs limit to increase to Rs. 50000/-, should be allowed to float infrastructure bonds

Posted: 22 Jan 2012 07:33 AM PST

High-value term deposits in banks may not be subjected to tax deducted at source (TDS) if the finance ministry agrees to proposals made by banks on Thursday. In a pre-budget meeting with Finance Minister Pranab Mukherjee, bankers proposed that the...

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Punitive charges paid by the assessee to Railways for overloading of the wagons is compensatory in nature, therefore, the same cannot be disallowed

Posted: 22 Jan 2012 07:27 AM PST

Taurian Iron & Steel Co. Pvt. Ltd. Vs. Ad. CIT (ITAT Mumbai) - . In the case of Haji Aziz And Abdul Shakoor Brothers (supra) it was held that fine paid to the Custom Authorities was in fact penalty u/s 167 (8C) of the Customs Act. It was held...

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Need for Appropriate Policy Instruments to Address Areas of Concern in the Economy – FM

Posted: 22 Jan 2012 06:03 AM PST

The Union Finance Minister Shri Pranab Mukherjee has said that on account of the global impact, the Indian economy was facing areas of concern and to address them appropriate policy instruments were required. The Finance Minister Shri Mukherjee was...

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The Company Secretaries (Amendment) Act, 2011- (No. 4 of 2012)

Posted: 21 Jan 2012 09:09 PM PST

An Act further to amend the Company Secretaries Act, 1980. Be it enacted by Parliament in the Sixty-second Year of the Republic of India as follows:— Short title and commencement. 1. (1) This Act may be called the Company Secretaries (Amendment)...

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ICSI – Schedule for the year 2012 with regard to various Cut-Off Dates

Posted: 21 Jan 2012 08:38 PM PST

ICSI – Schedule for the year 2012 with regard to various Cut-Off Dates   Particulars of  Cut-off Dates   Actual  Cut-off Date   Revised  Cut-off Date   Reason for Extension Acceptance of Applications for Admission to Executive/ Professional ...

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Competition Advocacy is a Critical Function of Competition Agencies- Ashok Chawla, Chairman CCI

Posted: 21 Jan 2012 08:36 PM PST

The Competition Commission of India (CCI) Chairman Shri Ashok Chawla has pointed out that competition advocacy is a critical function of competition agencies as it has a very important role to play in creating 'competition culture' in the economies....

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Pranab, Khurshid meet over Vodafone tax ruling issue

Posted: 21 Jan 2012 08:30 PM PST

Government went into a huddle following a far-reaching Supreme Court judgement in the Vodafone case having revenue implications of about Rs 11,000 crore.Immediately after pronouncement of the SC ruling, Finance Minister Pranab Mukherjee and Law...

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Rajini Power – Rajinikanth website really runs without internet

Posted: 21 Jan 2012 08:28 PM PST

It may sound like another Rajinikanth joke, but a new website dedicated to the superstar runs 'without an internet connection'! Visitors to www.allaboutrajni.com are greeted with a warning that 'He is no ordinary man, this is no ordinary website. It...

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If assessee failes to furnish the complete facts relating to the claim before the Assessing Officer then penalty u/s. 271(1)(c) can be imposed

Posted: 21 Jan 2012 08:19 PM PST

Kanchenjunga Advertising P.Ltd. Vs. CIT (Delhi HC) - It is a well settled position that assessment proceedings and penalty proceedings are different in nature and that the findings given in the assessment proceedings, though may constitute good...

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SEBI – Call auction in pre-open session for Initial Public Offering (IPO) and other category of scrips – Circular No. MRD/DP/ 01/2012, Dated 20-01-2012

Posted: 19 Jan 2012 06:55 PM PST

CIRCULAR No. MRD/DP/ 01/2012, dated 20-1-2012 -SEBI, vide circular no. CIR/MRD/DP/21/2010, dated July 15, 2010, introduced Call Auction in Pre-open session (hereinafter referred to as "pre-open session") for the scrips forming part of Sensex and...

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SEBI Mandates Circuit Limit for Cos on Listing Day Itself

Posted: 19 Jan 2012 06:52 PM PST

SEBI vide circular no. SMD/SED/RCG/271/96, dated January 19, 1996, inter-alia, prescribed no price bands for scrips on the first day of trading pursuant to IPO. Further SEBI vide circular no. SEBI/Cir/ISD/1/2010, dated September 2, 2010, inter-alia,...

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SEBI – Investor Grievance Redressal Mechanism at Stock Exchanges – Circular No. MRD/DSA/03/2012, Dated 20-01-2012

Posted: 19 Jan 2012 06:50 PM PST

SEBI, vide circular Ref. No. SMD/POLICY/CIR-32/97, dated December 03, 1997 had mandated all stock exchanges to open/maintain at least one investor service centre for the benefit of the public/Investors. Such centres are required to inter alia...

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SEBI – Composition of Arbitration Committee – CIRCULAR NO. MRD/DSA/04/2012, DATED 20-01-2012

Posted: 19 Jan 2012 06:49 PM PST

1. SEBI, vide its various communications has mandated all stock exchanges that not be more than twenty per cent of the members of the arbitration committee shall be trading members. 2. It has now been decided to do away with the representation of...

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RBI clarifies Small savings interest rates will remain fixed

Posted: 19 Jan 2012 06:34 PM PST

The Reserve Bank of India (RBI) has clarified that interest rates on small savings schemes, except the PPF, will remain fixed throughout the term of schemes. In a circular, RBI said interest rate for small savings will be declared on April 1 every...

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Master Circular on External Commercial Borrowings and Trade Credits – Updated as on January 20, 2012

Posted: 19 Jan 2012 06:20 PM PST

Master Circular No.8 /2011-12 - The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under...

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Master Circular on Compounding of Contraventions under FEMA, 1999 -Updated as on January 20, 2012

Posted: 19 Jan 2012 04:46 PM PST

Master Circular No.8 /2011-12 - The compounding of contraventions under Foreign Exchange Management Act (FEMA), 1999 is a voluntary process by which an applicant can seek compounding of an admitted contravention of any provision of FEMA, 1999 under...

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