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Aug 28, 2012

Basic & Faq on Taxation of Construction Developers

Companies need Central Govt approval to pay over 10% of net profit to directors

Posted: 27 Aug 2012 07:35 PM PDT

Registered companies in India can't pay more than 10% of net profit as remuneration to board-level directors overall without the government's approval, the Ministry of Corporate Affairs said today.

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CBDT aims faster & accurate Income Tax refunds

Posted: 27 Aug 2012 07:12 PM PDT

The Income Tax department will aim to issue faster and accurate refunds this financial year and introduce new taxpayer friendly services. In her maiden interaction with the top IT brass, newly-appointed CBDT Chairperson Poonam Kishore Saxena has asked officials to ensure timely refunds and...

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Basic & Faq on Taxation of Construction Developers

Posted: 27 Aug 2012 06:58 PM PDT

The Government of Maharashtra has amended the definition of Sale under the Maharashtra Value Added Tax Act, 2002 with effect from 20th June 2006 thereby including in the said definition the transfer of property in goods involved in the execution of works contract, including an agreement for...

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Shipping Profits Under DTAA & taxation of Income from slot charter

Posted: 27 Aug 2012 01:13 PM PDT

There is no distinction in principle between a slot charter and a voyage charter of a part of a ship. They are both in a sense charterers of a space in a ship. The phrase "operation of ships" in Article 9 must be understood in the context of the phrase "the business of operation of ships" in s....

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In fresh assessment passed pursuant to remand by ITAT income cannot be enhanced

Posted: 27 Aug 2012 12:59 PM PDT

It is now a settled proposition of law that the Appellate Tribunal under section 254(1) of the Act, had no power to take back the benefit conferred by the Assessing Officer or enhance the assessment. Once the matter has been restored by the Tribunal, the income cannot be enhanced from what was...

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SEBI requires all DPs to make available basic services Demat Account

Posted: 27 Aug 2012 12:16 PM PDT

With a view to achieve wider financial inclusion, encourage holding of demat accounts and to reduce the cost of maintaining securities in demat accounts for retail individual investors, it has been decided that all depository participants (DPs) shall make available a Basic Services Demat Account...

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Rationalization of process relating to surrender of registration by sub-brokers

Posted: 27 Aug 2012 11:39 AM PDT

Considering the present role of sub-broker where he is not permitted to deal with funds and securities of the investors, in consultation with the major stock exchanges and stock brokers' associations, it has been decided to rationalize the procedure for surrender of sub-broker registration, as...

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FM to Address Chief Commissioners/DGs of Customs, Excise & Service Tax Tomorrow

Posted: 27 Aug 2012 09:11 AM PDT

The Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax will be held in New Delhi tomorrow. The Union Finance Minister, Shri P. Chidambaram will inaugurate the Conference and also interact with the tax officials in the open house discussions.

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If claim not considered by AO, there is no change of opinion

Posted: 27 Aug 2012 12:21 AM PDT

Assessee put forth his claim for exemption under section 10(23G) of the Act with respect to three different incomes, namely, (1) interest from SSNNL bonds, (2) interest from GIPCL bonds, and (3) capital gain from sale of shares by GPEC. Such claim was supported by the notes forming part of the...

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Regarding issue of 'proper officer' under the Customs Act, 1962

Posted: 26 Aug 2012 07:20 PM PDT

Notification No. 76/2012-Customs (N.T.) Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 40/2012-Customs (N.T.), dated the 2nd May, 2012, published in the Gazette...

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