All about Section 269SS & 269T of Income Tax Act,1961

All about Section 269SS & 269T of Income Tax Act,1961 Posted: 07 Jul 2012 05:36 PM PDT Section 269SS - No Person shall, take or accept from any other person (herein after called "depositor)any loans or deposits otherwise than by an account payee cheque or account payee draft if:- (a) The amount of such loan or the aggregate amount of such loan and deposit, is Rs.20,000/- or more,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.57 do not provide for deduction of any expenditure from salary income of an MLA Posted: 06 Jul 2012 08:31 PM PDT This finding of the Tribunal in the case of Jaswant Singh (supra), clearly upholds the view that the provisions of section 57 do not provide for any deduction of expenditure from such salary income, etc. of an MLA. Only those exemptions as laid out as per the provisions of section 10(14), read with... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Period of holding to be reckoned from 'date of purchase' & not from date of demat Posted: 06 Jul 2012 08:30 PM PDT In case of securities the 'date of purchase' has to be taken from the broker's note/contract note and the period of holding is also to be reckoned from the 'date of purchase' and not from the 'date of dematerialization'. Since the holding period of the shares as per the broker's note and its... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Payment by agent of assessee for purchases/ upgrades of software cannot be reimbursement Posted: 06 Jul 2012 08:20 PM PDT A plain reading of document on records demonstrate that FADV-US is acting as an agent of the assessee for various purchases/ upgrades. This cannot be a reimbursement. It is purchase on behalf of the assessee. In other words, what can be said is that the assessee has routed its purchases through... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]