Commission to Directors as per Companies Act, 1956 authorised by Shareholders allowable

Change in Tariff Value of Silver Notified Posted: 21 Mar 2012 08:50 PM PDT Silver, in any form in respect of which the benefit of entry at Sr. No. 322 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed 1036 per kilogram [[ This is a content summary only. Visit www.taxguru.in for full article.]] S. 80IB(10) Once the project is approved by the local authorities, then deduction has to be allowed on the whole of the project Posted: 21 Mar 2012 07:36 PM PDT Clause (d) inserted in section 801B[10) with effect from April 1, 2005, is prospective and not retrospective and hence could not be applied for the period prior to April 1, 2005. Since deduction under section 801B[1Oj were on the profits derived... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Commission to Directors as per Companies Act, 1956 authorised by Shareholders allowable Posted: 21 Mar 2012 07:29 PM PDT The Ld. Counsel submits that company has been paying the Directors remuneration as a profit commission as per the provisions of the Companies Act, 1956, after determination of the profits. The assessee-company also is performance incentives to the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Excel Tips – How to insert comment in a cell and how to change the user name in cell comment Posted: 21 Mar 2012 07:18 PM PDT Suggest what is to be entered in a cell? (Cell Comment) Cell Comment Suggest the user as regards what is to be entered in the cell 1. Select the cell wherein you wish to see the message, 2. Right click and select . 3. Type the instruction in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SBI offers new, lower rates to old home loan borrowers Posted: 21 Mar 2012 07:09 PM PDT State Bank of India has decided to allow its old home loan borrowers, paying high interests, to move to the new lower rates, which were offered to other borrowers later, by paying 1% of the outstanding amount as conversion fee. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Profits from participation of cargo under 'Slot Arrangement' not eligible for benefit of Article 8 of India-Germany tax treaty Posted: 21 Mar 2012 06:55 PM PDT ITAT held that profits from participation of cargo under 'Slot Arrangement' are not eligible for benefit of Article 8 of the India-Germany tax treaty (the tax treaty) in case the mother vessels are not owned, hired or chartered by the taxpayer. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Shares held by the nominees cannot be considered as held by assessee – S. 47(iv) relief not available if Assessee do not hold 100% of subsidiary Posted: 21 Mar 2012 06:42 PM PDT S. 46A, which provides that in the case of a buyback, the difference between the consideration and the cost of acquisition shall be deemed to be capital gains is a special provision and prevails s. 45. S. 47 overrides s. 45 but not s. 46A. There is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Online Empanelment with Central Bank of India for Concurrent Audit Assignments Posted: 21 Mar 2012 06:28 PM PDT Central Bank of India has invited Application for Online Empanelment of CA firms for Concurrent Audit Assignments of its Branches. Online Application can be submitted upto 25/03/2012 only and fees for online application is based on Deposits and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] S.148 notice after 4 years not valid if Assessee disclosed full & true particular of claim at the time of original assessment proceeding Posted: 21 Mar 2012 06:16 PM PDT Assessee had disclosed full and true particular relating to claim of depreciation at time of original assessment then assessing officer has no jurisdiction to issue notice under section 148 of the Act, after the period of four year from the end of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Change in Name of Bombay, 'Calcutta Madras High Court under govt consideration Posted: 21 Mar 2012 08:45 AM PDT The Law & Justice Minister has said that the proposals to change the names of 'Bombay High Court' as the 'Mumbai High Court', the 'Calcutta High Court' as the 'Kolkata High Court' and the 'Madras High Court' as the 'Chennai High Court' have been... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deduction U/s. 10(10D) available on Life Insurance Policy sum received from foreign Insurance Company Posted: 21 Mar 2012 06:40 AM PDT It is pertinent to note that the term 'insurer' has not been used in sec. 10(10D) and as it is clear that as per provisions of sec. 10(10D) any sum received under Life Insurance Policy including the benefit on such policy is eligible for the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ATM is a computer equipment depreciation allowable at 60% Posted: 21 Mar 2012 06:35 AM PDT AR invited our attention to the observations of the revenue authorities, wherein, they had observed that the ATMs were just cash dispenser and projector and not a computer aided peripheral. The A.R. has placed certain photographs alongwith short... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Single transaction cannot be accepted in part as speculative transaction and part in non speculative transaction Posted: 21 Mar 2012 06:29 AM PDT In our considered opinion, the Assessing Officer has to consider the composite transaction. The first appellate authority was wrong in his finding on applicability of explanation to section 43(5). Thus, we vacate this finding. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Addition on the basis of Diffrence in TDS and Commission – Reimbursed expenditure cannot be taken as income Posted: 21 Mar 2012 06:18 AM PDT We have heard the learned Departmental Representative, whereas assessee was not represented, hence decided exparte. Considering the order of the Assessing Officer and the CIT (A) and various explanations filed before the authorities, we do not see... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Expenditure on addition or augmentation of profit making apparatus the nature of the expenditure would be capital Posted: 21 Mar 2012 06:01 AM PDT If the expenditure was incurred for operation and work of existing profit making apparatus, it would be revenue in nature, but in case expenditure was on addition or augmentation of profit making apparatus the nature of the expenditure would be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Post Finance Bill approval Vodafone have to pay tax – Finmin Posted: 21 Mar 2012 05:54 AM PDT Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today.As per finance Ministry official Vodafone have to automatically pay the tax after... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Impact of Cancellation of 2G Licenses Posted: 21 Mar 2012 05:51 AM PDT On the issue of whether the Government has assessed the likely impact of cancellation of 2G licenses by the Supreme Court, and Foreign Direct Investments ( FDI) in the sector, the Government has said that FDI decisions are based on totality of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Fair Rent, Actual Rent Received and Standard rent – ITAT referred back to AO to verify additional evidence Posted: 21 Mar 2012 05:09 AM PDT The ld AR has submitted that the actual rent received by the assessee is not more than the standard rent of the property in question as per Maharashtra Rent Control Act 1999. He has filed the paper book containing 32 pages and submitted that the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Highlights of Finance Bill 2012 – Service Tax Posted: 21 Mar 2012 04:13 AM PDT The Union Budget 2012-13 presented by the Finance Minister Shri Pranab Mukherjee in LokSabha on 16.03.2012 has made an effort to widen the service tax base, strengthen its enforcement and bring it as close as possible to the central excise. Clauses... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Highlights on Union Budget 2012 – 2013 – A corporate glance Posted: 21 Mar 2012 02:26 AM PDT The Union Budget of India, referred to as an annual Financial Statement in Article 112 of the Constitution of India is an annual budget of theRepublicofIndia, which is presented each year by the Finance Minister ofIndiain the Parliament. The Union... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amount of wife deposited in the assesses account with can not be treated as unexplained Posted: 20 Mar 2012 09:37 PM PDT Facts, in brief, as per relevant orders are that on the basis of information received from the office of Addl.DIT (Investigation), Ghaziabad that the assessee deposited cash in his bank account No.785 in Punjab National Bank, BB Nagar, Ghaziabad... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Loan against Only Gold can not be more then 60 percent of Value Posted: 20 Mar 2012 09:36 PM PDT It is observed that NBFCs that are predominantly engaged in lending against the collateral of gold jewellery have recorded significant growth in recent years both in terms of size of their balance sheet and physical presence. This in turn, has led... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Foreign Exchange Management (Deposit) Regulations, 2000 – Credit to Non Resident (External) Rupee Accounts Posted: 20 Mar 2012 09:32 PM PDT A. P. (DIR Series) Circular No.95 it has been decided that AD Category-I banks may allow repayment of such loans to NRE / Foreign Currency Non-Resident (Bank) [FCNR(B)] account of the lender concerned subject to the condition that the loan to the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Supply to non mega power projects shall not be entitled to any deemed export benefit Posted: 20 Mar 2012 09:30 PM PDT Notification No. 107 (RE-2010) /2009-2014 As per Notification No.92 (RE-2010)/2009-2014 dated 28.12.2011, supplies to non mega power projects were entitled to benefits for Deemed Exports only under Para 8.3(a) of FTP, viz., Advance Authorisation /... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Notification No.S.O.406(E), dated 9-3-2012 Posted: 20 Mar 2012 09:25 PM PDT Notification No.S.O.406(E), dated 9-3-2012 In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Seeks to amend Notification 12/2012 – Customs, dated 17-03-2012 Posted: 20 Mar 2012 11:25 AM PDT Notification No.23 /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. 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