Section 80HHC – SC reverses Bomaby HC judgment in Kalpataru Colours and Chemicals, DEPB Face value covered U/s. 28(iiib)

Meaning of the expression 'gross amount' appearing in Rule 3(1) of the Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007, as it stood prior to 07th day of July 2009 – regarding Posted: 08 Feb 2012 07:50 PM PST Circular No. 150/1/2012-ST - Reference has been received from a field formation seeking clarification as to whether 'gross amount', for the purpose of payment of service tax under the Works Contract Composition Scheme, included the value of free of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 80HHC – SC reverses Bomaby HC judgment in Kalpataru Colours and Chemicals, DEPB Face value covered U/s. 28(iiib) Posted: 08 Feb 2012 06:55 PM PST CIT vs Kalpataru Colours and Chemicals (SC) - In an unconfirmed report from Our one of Lawyer friend it come to our knowledge that SC has on 08.02.2012 revered Bombay High Court Judgment in the case of CIT vs Kalpataru Colours and Chemicals and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SEBI amends Equity Listing Agreement – Amendment in Clause 40A, 43, 43A Posted: 08 Feb 2012 06:55 PM PST a. Amendment to Clause 40A -In addition to the existing methods which listed company can adopt to achieve minimum public shareholding, the listed company may also achieve the minimum level of public shareholding through Institutional Placement... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Correction in OLTAS / Income Tax / TDS / Direct Tax Challan, Type of Correction and Period for correction Posted: 08 Feb 2012 05:54 PM PST Correction in OLTAS challan i.e. in Challan No. ITNS 280 related to payment of Income tax and Corporation tax, ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates , ITNS 282 for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Loss from windmill business can be set off against other heads of income Posted: 08 Feb 2012 02:48 PM PST DCIT Vs. M/s. Bellad & Co. (ITAT Bangalore) - The assessee is a partnership firm dealing in automobiles and Sony products and also into generation of electricity from windmills. The assessee filed its return of income for AY 2007-08 declaring... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Bank Guarantee Commission not liable to TDS U/s. 194H as it is is not a transaction between principal and agent Posted: 08 Feb 2012 02:40 PM PST Kotak Securities Limited vs. DCIT (ITAT Mumbai) - When we look at the connotations of expression 'commission or brokerage' in its cognate sense, as in the light of the principle of noscitur a sociis as we are obliged to, in our considered view,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Once tax has not been deducted and even if such tax has been paid by the deductee, disallowance u/s.40[a][ia] can still be made. Posted: 08 Feb 2012 09:16 AM PST ACIT vs. DICGC Ltd (ITAT Mumbai) - Sec.201 deals with the mode of recovery of taxes and once tax due has already been paid then the same demand cannot be enforced again. However, sec.40[a][ia] deals with the disallowance of expenditure itself.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] For section115JA/JB Deduction U/s. 80HHC to be computed with reference to the net profits in the profit and loss account – SC Posted: 08 Feb 2012 09:03 AM PST Al-Kabeer Exports Ltd vs. CIT (Supreme Court)- Reversing the High Court Decision and restoring the Tribunal Special bench Decision ,  It was held that in view of  SC Court's Order in the case of Commissioner of Income-Tax vs. Bhari Information... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CIT (A) Guilty of 'Contempt' For Not Following ITAT Verdict Posted: 08 Feb 2012 08:46 AM PST Cargo Handling Private Workers Pool vs. DCIT (ITAT Vizag) - Since the Income tax Appellate Tribunal is exercising judicial functions, it is now settled that it has all powers of Court, i.e. it can issue summons and exercise all the powers vested in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Book Rail Tickets 120 day in advance w.e.f. March 10, 2012 Posted: 08 Feb 2012 06:24 AM PST The Ministry of Railways has decided to increase the advance reservation period for booking reserved train tickets from existing 90 days to 120 days on experimental basis (excluding the date of journey) w.e.f. March 10, 2012. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Prepare Form-16 for Fy 2011-2012 of upto 100 or 25 employees in one file Posted: 08 Feb 2012 03:00 AM PST Master Form-16 New FY 11-12 for Up to 100 Employees. Download File to Prepare Form 16 of upto 25 Employees with Indian Rupee Font. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Can excess TDS Paid for last Financial year can be adjusted against current financial year Posted: 08 Feb 2012 01:15 AM PST The answer is 'NO' there is no such provisions in the Income tax Act /rules to adjust the same by assesee himself. If the excess is related to perriod up to 31.03.2010 then Assesssee can claim refund of the same as per the provisions of CIRCULAR... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CBEC Achieves Nearly 80.74% of Budget Estimate Up-to January, 2012 in the Current Fiscal Posted: 07 Feb 2012 08:02 PM PST The Central Board of Excise and Customs (CBEC) has been able to achieve nearly 80.74% of Budget Estimate up-to the month of January, 2012 in the current fiscal year. At the present rate of growth, CBEC should be able to achieve the target of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Direct Tax Collection During April-January of the Current Fiscal up by 14.57 Percent Posted: 07 Feb 2012 08:01 PM PST Gross direct tax collection during April-January of the current fiscal was up by 14.57 percent at Rs.4,25,274 crore as against Rs.3,71,188 crore in the same period last fiscal. While gross collection of corporate taxes was up 11.87 percent... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Sebi to give MCA list of over 500 cos who violated Collective Investment Scheme (CIS) rules Posted: 07 Feb 2012 07:25 PM PST Market regulator Sebi has decided to share with the Ministry of Corporate Affairs the names of over 500 companies, which have garnered money from investors in violation of its Collective Investment Scheme (CIS) rules. Sebi would also give the names... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 39/96-Customs, dated the 23rd July, 1996 Posted: 07 Feb 2012 07:06 PM PST Notification No.5 /2012 - Customs - 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 is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article.]] External Commercial Borrowings – Reduction in amount,all-in-cost of ECB and Changes/modifications in the drawdown schedule, Posted: 06 Feb 2012 07:58 PM PST As per the extant ECB procedures, requests for reduction in the amount of ECB, changes in the drawdown schedule where the original average maturity period is not maintained and reduction in the all-in-cost of the ECB after obtaining the Loan... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deregulation of Savings Bank Deposit Interest Rate – Clarification – UBD.BPD.(PCB) CIR No. 18 /13.01.000/2011-12 Posted: 06 Feb 2012 07:10 PM PST RBI/2011-12/391 - We clarify that the revised guidelines issued vide our circular referred to above would be applicable to domestic savings bank deposits held by residents in India. Further, the interest rates applicable on the domestic savings... [[ This is a content summary only. Visit www.taxguru.in for full article.]]