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Oct 11, 2012

No Section 14A disallowance against expenses incurred to earn income eligible for deduction

No Section 14A disallowance against expenses incurred to earn income eligible for deduction

Posted: 11 Oct 2012 08:46 PM PDT

Disallowance u/s 14A is contemplated in respect of exempt income and not which is eligible for deduction under any relevant provision. It is impermissible to mix both the deduction and exemption provisions and then take them in one stride for computing disallowance u/s 14A.

Whether section 2(22)(c) applies to a 'deeming shareholder'?

Posted: 11 Oct 2012 08:41 PM PDT

As far as the provisions of the Act is concerned, now it has been streamlined that deemed dividend includes any payment by a company, not being a company in which the public are substantially interested, of any sum by way of advance or loan to a shareholder being a person who is the beneficial...

Low Tax Effect Circular not applies to pending appeals – Karnatka HC

Posted: 11 Oct 2012 08:12 PM PDT

When Clause 11 of the instruction No.3/11 dated 09.02.2011 issued by the Board, specifically says that it will be applicable to the cases filed on or after 9.2.2011, the courts holding that it is applicable to the pending cases is against the provision under Section 268A of the Act, Public Interest...

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LIC Jeevan Ankur – Plan to Meet educational & other needs of your child

Posted: 11 Oct 2012 07:58 PM PDT

LIC's Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years, LIC's Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met...

Purchase Tax On Minerals

Posted: 11 Oct 2012 07:32 PM PDT

Minerals like Granite, Limestone, etc are being extracted from mines by various corporates and others for use in the manufacture of other goods like cement etc for sale or otherwise. Though the mines may be owned by the corporates or may have been taken on long lease, the minerals lying below the...

Deduction u/s. 80-IB(10) not available for housing complexes constructed after 31-3-2008

Posted: 11 Oct 2012 05:47 PM PDT

Since the housing project was completed after 31.3.2008, the assessee has not fulfilled the second requisite condition for claiming deduction under section 80IB(10) of the Act and therefore the assessee is not entitled for deduction under section 80IB(10) of the Act.

Indian office having not incurred any head office expenses, no income could be attributed to it on that ground

Posted: 11 Oct 2012 11:46 AM PDT

The finding of the AO is that expenditure incurred by the head office will have to be allocated to the Indian offices. There has been no allocation made by the assessee. The income is being offered for tax on cost plus basis, therefore, the general and administrative expenditure incurred by the...

Cost Accountant can also certify DGFT documents under Foreign Trade Policy

Posted: 10 Oct 2012 09:28 PM PDT

Under the EXIM Policy and Procedure, wherever certification by a Chartered Accountant was required, the exporters would be able to get certification done by a Cost Accountant also. PUBLIC NOTICE No. 22(RE-2012)/2009-14

Guideline for Online Issue of Bank Realisation Certificate (BRC)

Posted: 10 Oct 2012 09:25 PM PDT

Policy Circular No. 06(RE- 2012)/2009-14 Issuance of physical copy of BRCs by banks has been dispensed with for the purpose of DGFT use. Banks will, now,transmit BRC data electronically to DGFT server.

DGFT Notification No. 7 (RE – 2012)/2009-2014 dated 23.7.2012 is effective from 17.03.2012

Posted: 10 Oct 2012 09:20 PM PDT

The Notification No. 7 (RE – 2012)/2009-2014 issued on 23.7.2012 incorporated the changes in the descriptions of tariff lines in Chapters 24,26,74,75,76,78 and 79 in accordance with the changes in the Finance Bill 2012-13. This notification was silent on the date on which these changes were to take...

Amendment in ITC (HS) 2012 Schedule 1 – Import Policy with Customs Tariff Schedule-2012

Posted: 09 Oct 2012 09:24 PM PDT

Certain items with their attendant ITC (HS) codes were omitted in the ITC(HS) published vide Notification No. 111 dated 18.4.2012.These have been incorporated with a view to align with Customs Tariff Schedule 2012. NOTIFICATION NO. 22 (RE-2012)/2009-2014

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