Share brokers eligible to claim deduction of entire amount due to him from his client as bad debt

FEMA – Compilation of R-Returns – Reporting under FETERS Posted: 29 Feb 2012 07:40 PM PST A.P. (DIR Series) Circular No. 84 In terms of A.P.(DIR Series) Circular No.77 dated March 13, 2004 and A.P. (DIR Series) Circular No. 30 dated February 25, 2008, the Reserve Bank of India had issued guidelines to all AD Category-I banks for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Share brokers eligible to claim deduction of entire amount due to him from his client as bad debt Posted: 29 Feb 2012 07:28 PM PST In a major relief to equity brokers, the conflicts arising on their bad debt claims have been put to rest by the Bombay High Court. Affirming to a ruling by Mumbai ITAT special bench In the case of DCIT vs. Shreyas S. Morakhia 40 SOT 432, the court... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Know Your LIC Policy Status on Mobile Posted: 29 Feb 2012 07:17 PM PST If you are holding a LIC policy, you might want to check the status of the same and may also be looking to know other information on the same i.e. Installment premium under policy, If policy is lapsed Revival amount payable, Amount of Bonus... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transfer Fees received from Members in excess of those provided in by law by a plot society not taxable Posted: 29 Feb 2012 06:49 PM PST Undisputed facts are that the assessee is a plot society and not a flat society. Thus, notification dated 9th August 2001, issued by Govt. of Maharashtra, does not apply to the facts of the case. The first appellate authority had followed the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Incomplete or under Construction Building not liable to wealth tax Posted: 29 Feb 2012 06:37 PM PST Incomplete building of the assessee neither falls within the definition of a building, as contemplated under section 2(ea) of the Act, nor within the purview of urban land as excluded by Explanation 1(b) of the Wealth Tax Act. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Whether assessee entitled to deduction u/s 80HHC on sale made to UNICEF in India? Posted: 29 Feb 2012 06:20 PM PST Hon'ble High Court held that provisions of Section 80-HHC required two conditions to be satisfied before an assessee could claim deduction there under. The two conditions being:- (i) the goods being export out of India and (ii) Sale proceeds of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Undesirable haste in passing assessment order results in miscarriage of justice – Delhi HC Posted: 29 Feb 2012 06:04 AM PST The petitioner assessee had filed an appeal against the reassessment order as it was mandated and required to be filed within the period of limitation. They have, however, withdrawn the said appeal. Looking into the factual background of the present... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Form 16 preparation Excel Based Utility alongwith Synopsis to fill Form 24Q Posted: 29 Feb 2012 04:05 AM PST The attached excel utility can be used by the organizations having less then 50 employees or by those who are liable to deduct TDS on salaries of less then 50 employees. In this utility once you enter the salary and TDS payment detailsit... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Format of Advance Tax Reminder to be sent to clients Posted: 29 Feb 2012 03:53 AM PST Your attention is drawn towards your legal liability for estimating income for the current year and payment of Advance Tax under the Income Tax Act 1961. THE LAST DATE FOR PAYMENT OF FOURTH & FINAL INSTALEMNT OF 25% OF ESTIMATED TAX LIABILITY... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to get Errors and Omissions in form 26AS rectified Posted: 29 Feb 2012 03:15 AM PST What are the conditions under which advance tax/self assessment tax paid in the bank may not reflected in Part C of Form 26AS. What if amount of advance/self assessment tax paid in the bank is incorrectly reflected in Part C of Form 26AS? [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income Tax Scrutiny Criteria for F.Y. 2011-12 / A.Y. 2012-13 Posted: 29 Feb 2012 01:45 AM PST 1. Where value of international transaction as defined u/s. 92B exceeds Rs.15 Crore. 2. Cases where there was addition of Rs.10 Lacs or more in earlier assessment year and question of law or fact is confirmed in appeal or pending before appellate... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Critical Analysis of New Section 44AD Posted: 29 Feb 2012 12:19 AM PST What do you mean by Total Turnover/Gross Receipts? Total Turnover / Gross Receipts are amount received/receivable from clients in respect of sale of Previous Year. Section 145 relating to Method of Accounting applicable to Section 44AD As per... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Notified Reporting activities of liaison offices Posted: 28 Feb 2012 11:18 PM PST Foreign companies or firms or an association of individuals does not file a return of income with regard to its liaison office on the ground that no business activity is allowed to be carried out in India. In order to inquire about regular... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Online Application for Reprint of PAN Card – Documents to be Submitted Posted: 28 Feb 2012 07:58 PM PST Citizen of India/ Foreign Citizens located in India / Located Outside India at the Time of Application for PAN. For Categories other than Individuals i.e. Firm, BOI, HUF, AOP, AOP(Trust), Local Authority, Company, Artificial Juridical Person -... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Do's and Don'ts while applying online for Reprint of PAN Card Posted: 28 Feb 2012 07:58 PM PST Important information for persons making application for a new PAN card / corrections (Request for Reprint of PAN Card or/ And Changes Or Correction in PAN Data). Do not overwrite or make corrections by canceling any data in the application. Do not... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Instructions for Filling the Form for online application for Reprint of PAN Card Posted: 28 Feb 2012 07:58 PM PST Instructions for Filling the Form 1. Full Name Please select appropriate title. Individuals must state full expanded name. If Last Name and Middle Name are entered, then applicant must enter First Name also. Do not use abbreviations and initials For... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to apply online for Reprint of PAN Card Posted: 28 Feb 2012 07:58 PM PST STEPS FOR ONLINE APPLICATION-a. Online PAN Change Request is not available for: * Government Organisations b. Applicant will fill PAN Change Request Form online and submit the form. c. If the data submitted fails in any format level... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Discount cannot be denied solely on the ground that the discount amounts were not shown in the sale invoices – SC Posted: 28 Feb 2012 07:57 PM PST SC held that So far as the special discount is concerned, all that the authorities have to look into whether as a matter of fact, the petitioner received only the sum originally charged less the discount. It is the look out of the traders to see... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 53rd National Cost Convention- 2012 Posted: 28 Feb 2012 07:54 PM PST For the last couple of years many Corporate have been reporting on Sustainability and Sustainability Performance which includes social, environmental and economic results, which determines the overall stakeholder value. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transfer pricing – Non-charging of interest in the controlled transactions is comparable with that of non-charging from the uncontrolled transactions, no transfer pricing adjustment can be made on this count Posted: 28 Feb 2012 07:50 PM PST Even if we accept the contention of the ld. DR that the non-charging of interest from AEs in the transaction of sale could in itself be construed as an international transaction, then also going by the CUP method, no such adjustment can be made... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Gold Prices and Financial Stability in India – RBI Working Paper Series Posted: 28 Feb 2012 07:49 PM PST There has been an almost unabated rise in the international gold prices in recent months. As gold is an integral part of savings of a large number of savers, this has raised apprehensions whether any correction in gold prices will have destabilising... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Toppers of Company Secretaries Examination, December 2011 Posted: 28 Feb 2012 07:49 PM PST COMPANY SECRETARIES EXAMINATIONS, DECEMBER 2011                                                       LIST OF TOPPERS Stage of Exam FIRST RANK SECOND RANK THIRD RANK PROFESSIONAL  PROGRAMME EXAMINATION       Shruti Goyal (ROLL No:138089) Anubhuti... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ECBs for Infrastructure facilities within National Manufacturing Investment Zone (NMIZ) Posted: 28 Feb 2012 07:42 PM PST A. P. (DIR Series) Circular No. 85 - As per the extant guidelines, developers of Special Economic Zones (SEZ) are allowed to avail of External Commercial Borrowings (ECBs) under the approval route for providing infrastructure facilities, as defined... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Delhi Court Jails CA for bribing Sales tax Officer Posted: 28 Feb 2012 07:40 PM PST A former woman sales tax officer and a chartered accountant, who gave her Rs 1,500 in bribe to settle a case, were sentenced to upto three years in jail by a Delhi court which said professionals like doctors and CAs are held in high esteem and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DGFT – procedure for 'on-line' filing of PRC requests Posted: 28 Feb 2012 07:38 PM PST Policy Circular No. 56, Dated: 29.02.2012 Applications seeking relaxation of Foreign Trade Policy/Procedure are to be filed 'on-line' on DGFT's server (dgft.gov.in) using their digital signature/existing IEC + password combination. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Conditionality for Import of Erythromycin Thiocyanate under Advance Authorization Scheme: Applicability of Policy Circular No.9 dated 30.6.2003 and PC 15 dated 17.9.2003 Posted: 28 Feb 2012 07:35 PM PST Policy Circular No. 55 (RE-2010)/2009-14 Conditionality for Import of Erythromycin Thiocyanate under Advance Authorization Scheme: Applicability of Policy Circular No.9 dated 30.6.2003 and PC 15 dated 17.9.2003 [[ This is a content summary only. Visit www.taxguru.in for full article.]] DGFT – Expression Handmade includes Braided Posted: 28 Feb 2012 07:32 PM PST Public Notice No. 101(RE-2010)/2009-14 Amendment in Appendix 37D, Handbook of Procedure, Vol.I -In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby make the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] How to know whether our deductor/collector filed quarterly TDS/TCS statement and provided our PAN Posted: 28 Feb 2012 07:30 PM PST We are always worried about the fact that whether our TDS deductor/collector has filed quarterly TDS/TCS statement and provided our PAN while filing the TDS/TCS return. NSDL has recently launched a facility to enable deductee to know whether or not... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No Income Tax Scrutiny of Senior Citizens and Small Tax payers Having Gross Income less then 10 Lakh Posted: 28 Feb 2012 04:54 PM PST The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. "It has been decided that during the... [[ This is a content summary only. Visit www.taxguru.in for full article.]]