Share Trading is business activity if High volume, frequency, regularity & systematic Posted: 28 Dec 2012 07:30 PM PST Assessees have made several transactions of purchase of shares during the relevant year under consideration, and if there high volume, frequency and regularity of the activity carried on by the assessees in a systematic manner, it would partake the character of business activities carried on by the...  |
| AO cannot rectify order passed by appellate authorities Posted: 28 Dec 2012 07:19 PM PST In this case, the AO had not only stated that the Tribunal did not have the benefit of the decision of the Supreme Court as it was rendered earlier, but has taken liberty of criticizing the Tribunal stating that the Tribunal granted depreciation 'even though the ITAT was aware that such custom duty...  |
| S. 32 Deduction for depreciation allowable irrespective of treatment in books. Posted: 28 Dec 2012 07:14 PM PST While making assessment of any returns any deduction is sought for it is the duty of the revenue official to examine not only the account but also substantive right of claiming deduction under the Act on the facts and circumstances of this case. It is not a case that the said assets and properties...  |
| HUDCO – Tax Free Bonds – Tax Benefits Posted: 28 Dec 2012 05:54 PM PST Salient features of the bond issue (Tranche I) a. Issue Opens on – January 09, 2013 b. Issue Closes on – January 22, 2013 c. The Bonds are issued in the form of tax-free, secured, redeemable, non-convertible bonds and the interest on the Bonds will not form part of the total income as per...  |
| Responsibility of Professionals Signing MCA Annual Return Posted: 28 Dec 2012 05:18 PM PST W.e.f from Financial Year 2011-12, Professional (CA, CMA, CS) signing MCA Annual Return have to certify whether Cost Accounting Record Rules -2011 (CARR) or Cost Audit Orders (CAO) are applicable on company or not and mention Product or Service Category Code (ITC/ NPCS 4 Digit Code). They have to...  |
| CBI arrest Income Tax officer asking for Bribe to facilitate Refund Posted: 28 Dec 2012 11:27 AM PST The Central Bureau of Investigation has arrested an Income Tax Inspector and an Archivist -in-Charge of National Archives of India in separate cases of bribery. A case was registered against an Inspector of Income Tax (Circle-III), Gaya for demanding a bribe of Rs.15,000/-from the Complainant.  |
| Income Tax Calculator for Govt Employees for FY 2011-2012 / 2012-13 Posted: 28 Dec 2012 10:36 AM PST Download Automatic Income Tax Calculator for Central & State Government Employees for the Financial Year 2011-2012 / 2012-13 and Assessment year 2012-2013/ 2013-2014.  |
| 'Freight beneficiary' in a shipping business to be assessed under normal Income tax provisions and not u/s. 172 Posted: 27 Dec 2012 08:56 PM PST Looking to the magnitude of the voyages undertaken by the freight beneficiary and the fact that the respondent-company has been, as observed by the ld. CIT(A), regularly filing its return of income at Mumbai and being assessed to tax at Mumbai, the finding of the CIT(A) that the freight beneficiary...  |
| Definition of 'Infrastructure Loan' of NBFCs – Harmonisation Posted: 27 Dec 2012 06:21 PM PST Definition of Infrastructure Lending' in terms of which the definition of 'infrastructure lending for the purpose of financing of infrastructure by the banks and Financial Institutions' has been harmonized with that of the Master List of Infrastructure sub-sectors' notified by the Government of...  |
| DGFT – Procedure for Incremental Exports Incentivisation Scheme Posted: 27 Dec 2012 06:19 PM PST An application for grant of benefit under this scheme shall be filed in ANF 3F (this ANF 3F will be notified subsequently) to RA concerned. For the purpose of the scheme, export performance shall not be allowed to be transferred from any other IEC holder. Since the benefit is admissible on... |
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