Salary Income – Valuation of residential accommodation provided by the employer:

Salary Income – Valuation of residential accommodation provided by the employer: Posted: 04 Mar 2012 07:41 PM PST Valuation of residential accommodation provided by the employer:-(a) Union or State Government Employees- The value of perquisite is the license fee as determined by the Govt. as reduced by the rent actually paid by the employee. (b) ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Valuation of Perquisite of motor car provided by the employer Posted: 04 Mar 2012 07:38 PM PST W.e.f. 1-4-2008, if an employer providing such facility to his employee is not liable to pay fringe benefit tax, the value of such perquisite shall be : a) Nil, if the motor car is used by the employee wholly and exclusively in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Tax planning by conversion of stock in trade into capital asset Posted: 04 Mar 2012 07:19 PM PST When a capital asset is converted into stock in trade then capital gain u/s 45(2) of Income Tax Act arises in the year of sale and not in the year of conversion. But in vice versa situation i.e conversion of stock in trade into capital asset there... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Tax treatment of Capital gain on sale of Assets by Charitable Trust/NGO Posted: 04 Mar 2012 07:09 PM PST The definition of income under section 2(24) includes Capital Gains and therefore for the purposes of section 11, Capital Gains should form part of the income and consequently it should be treated at par with any other income under section 11.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Union Budget 2012-13 on March 16, Railway Budget 2012-13 on March 14 Posted: 04 Mar 2012 06:56 PM PST The Union Budget 2012-13 date is out. Finance Minister Pranab Mukherjee will address Parliament on March 16, a minister said on Tuesday. Parliamentary affairs minister Pawan Kumar Bansal said the Budget session of Parliament will start on March 12,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 Recommendations – Exemption 3 lakh, 10 to 20 lakh 20%, Above 20L 30%, increase in 80C Limit Posted: 04 Mar 2012 06:52 PM PST Key recommendations of the Parliament Standing Committee on Finance Raise annual income limit for I-T from Rs 1.8 lakh to Rs 3 lakh. 10% I-T on annual income beyond Rs 3 lakh and up to Rs 10 lakh. 20% on annual income beyond Rs 10 lakh and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] All about carry forward and set off of losses under the Income Tax Act Posted: 04 Mar 2012 05:30 PM PST Set off of loss under the same head of income.(section 70) (Intra-head set off) -Income of a person is computed under five heads. 'Sources' of income derived by an individual may be many but yet they could be classified under the same head. For... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Duty paid mistakenly on exempted goods not make goods liable to duty – SC Posted: 04 Mar 2012 07:56 AM PST It was held by Honorable SC that merely because assessee, may be, by mistake, paid duty on goods which were exempted from such payment, did not mean that goods would become goods liable for duty under Act and it was Further held that merely because... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Prior to amendment, withholding tax proceedings under Section 201 of the Income-tax Act have to be initiated within a reasonable period of four years Posted: 04 Mar 2012 07:02 AM PST Withholding tax proceedings under Section 201 of the Income-tax Act, 1961 (the Act) were barred by limitation, since it has been initiated beyond a reasonable period of four years. Further the Tribunal held that in the absence of period of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Consideration received for technical services rendered in connection with prospecting for or extraction or production of mineral oil taxable us 115A Posted: 04 Mar 2012 06:19 AM PST In this case, the issue which arose before the Honorable Delhi Tribunal was that whether income received by the assessee for provisioning of technical services in connection with prospecting or extraction or production of mineral oil would be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] IT support services provided by foreign company using hardware in India taxable as business profits – AAR Posted: 04 Mar 2012 06:07 AM PST The payments under the IT agreement were not in the nature of reimbursement as the preamble stated that the French company had the capacity and resources to provide and co-ordinate IT services. There was nothing on record from which it could be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Court order sanctioning a scheme of amalgamation or demerger is an instrument and conveyance liable to stamp duty Posted: 04 Mar 2012 05:50 AM PST The Court held that an order sanctioning a scheme under section 394 of the Companies Act falls within the description of the words 'instrument' and `conveyance' within the meaning of the West Bengal Stamp Act, 1964. Accordingly, it is subject to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Central Excise – Classification – Povidone Iodine Cleansing Solution USP and Wokadine Surgical Scrub classifiable under Chapter sub-heading 3003 – SC Posted: 04 Mar 2012 05:30 AM PST In Commissioner of Central Excise, Delhi v. Ishaan Research Lab (P) Ltd. (Supra), the issue before this Court was whether the products manufactured by the assessee would fall under Sub-Heading 3003.30 as medicament or under Chapter 33 as cosmetics.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] MVAT Circular 4T of 2012 – Special measures for revival of sick/closed co-operative sugar factories in the state Posted: 04 Mar 2012 04:32 AM PST VAT Circular 4T of 2012 - Special measures for revival of sick/closed co-operative sugar factories in the state - Download Notification [[ This is a content summary only. Visit www.taxguru.in for full article.]] Highlights of upcomig REC Tax Free Bonds Posted: 03 Mar 2012 10:34 PM PST REC – Tax Free Bonds- Issue is likely to open on 6th March 2012.Likely Coupon for 10 years series 7.93% & for 15 years series 8.12% with a step up additional coupon of 0.20% for Retail Investors in both the series. Tax benefits u/s 10 (15)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] I-T dept to install system to monitor working hours of its staff Posted: 03 Mar 2012 08:21 PM PST The Income Tax Department has decided to bring its over two-lakh strong staff under biometric monitoring system to ensure strict adherence to working hours. In an ambitious project rolled out by the Central Board of Direct Taxes (CBDT), I-T's... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Unless there is a findings that assessee's investments is not business activity and the funds are not utilized for the purpose of business, disallowance u/s. 36(1)(iii) does not arise Posted: 03 Mar 2012 08:19 PM PST Unless there is a finding that assessee's investment is not business activity and the funds are not utilized for the purpose of business, disallowance under section 36(1)(iii) does not arise. There is no disallowance under section 14A in this year... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Draft notification to provide Exemption from 'Common Proficiency Test' Posted: 03 Mar 2012 08:18 PM PST As per the Notification issued on 23rd February 2012 as required by section 30(3) of the Chartered Accountant Act 1949 it was decided that exemption from 'Common Proficiency Test' is given subject to certain condition… i) all graduate and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] When AO has conducted an enquiry and taken a possible view u/s 263, then CIT cannot take a different view Posted: 03 Mar 2012 08:12 PM PST The facts in the case before Hon'ble High Court (supra) are identical to the facts in hand because the assessment order was passed by the AO as per the discussion with CIT and as per the office note dt. 28/12/2006 then the subsequent CIT cannot... [[ This is a content summary only. Visit www.taxguru.in for full article.]] decision' does not merely mean the conclusion, It embraces within its fold the reasons forming basis for the conclusion Posted: 03 Mar 2012 08:10 PM PST Indisputably, the documents placed at sl. no. 3 on page no.15-20 of the paper book viz. affidavit of Ms. Anjana Vohra, her confirmation and PAN details were never considered by the AO, having been submitted before the AO after the conclusion of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Withholding tax not applicable on interest payable to Company having no Permanent Establishment in India under the India-Sweden Protocol Posted: 03 Mar 2012 08:07 PM PST The applicant approached this Authority with the present application seeking an Advance Ruling on a plea that all the agreements relating to this transaction were negotiated and concluded outside India. It takes the stand, that the loan having been... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Payments for sale of software products to the end users / customers through its independent reseller in India will be royalty under Article 12 of the India-Japan DTA Posted: 03 Mar 2012 07:59 PM PST We had occasion to consider the ruling in Dassault, the ruling in P.No.30 of 1999 in re.(AAR/821/2009) of this Authority, the other relevant rulings and the ruling in Millenium, in our recent ruling in Citrix Systems Asia Pacific Pty. Ltd. (AAR/822... 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