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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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 ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article.]]