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Jan 5, 2013

CBDT Grants Exemption from TDS on the Payments of Certain Categories

CBDT Grants Exemption from TDS on the Payments of Certain Categories

Posted: 04 Jan 2013 07:41 PM PST

CBDT Grants Exemption from TDS on the Payments of Certain Categories to Mitigate Compliance Burden on Businesses Held by Individuals, Firms or Corporate Etc Who are Using the Financial Services Offered by Banks To mitigate compliance burden on businesses held by individuals, firms or corporate etc...

MAT payable on Loan admitted as income by the Assessee

Posted: 04 Jan 2013 05:45 PM PST

Whether this agreed addition is to be added while calculating book profit under section 115JB of the Act. Section 115JB provides that where in the case of an assessee being a Company, the income tax payable on total income as computed under this Act is less than 10% (applicable in the impugned...

Filing of return electronically is a directory provision and not a mandatory provision

Posted: 04 Jan 2013 05:37 PM PST

Statute consisting of Act and Rules speak of filing of return before due date and contents of that must be furnished in that return. The format has been prescribed by the Rules and also the contents have been prescribed by the Rules. Filing of the return also has been prescribed by the Act. Nowhere...

Disallowance U/s. 40A(2) is not required to be made for TP adjustments

Posted: 04 Jan 2013 05:34 PM PST

The Explanation to section 92(1) of the Act clarifies that the allowance for any expense or interest arising from an international transaction shall also be determined having regard to the ALP and therefore the disallowance is made under section 92(1) and not under section 40A(2) of the Act.

In the absence of finding by AO Regarding Mich-statement / Non Disclosure, penalty order not justified

Posted: 04 Jan 2013 05:31 PM PST

As per Explanation 7; no penalty is leviable if the assessee proves that the price charged or paid in such transaction was computed in accordance with the provisions contained in Sec. 92C and in the manner prescribed under section in good faith and with due diligence.

No addition u/s 68 for gift from close relative who confirms the gift and was man of means

Posted: 04 Jan 2013 05:29 PM PST

Assessee had received a gift of Rs. 22,76,750/-in U.S. dollars from an NRI, N.Mohan and the assessee had filed two confirmation letters, one in December 2006 and another on 10-07-2007 given by the donor stating that he had gifted the above amount to the assessee, that the assessee is his close...

Addition u/s. 68 justified if creditworthiness of creditor & genuineness of transaction not proved

Posted: 04 Jan 2013 05:26 PM PST

The principle is that the assessee has to prove the identity of the creditor, the genuineness of the transaction and the creditworthiness of the creditor in order to discharge the burden cast on him, that a particular cash credit found in his books is genuine having regard to the nature and the...

Interest on fixed deposit with banks cannot be claimed as exempt by a club on principal of mutuality

Posted: 04 Jan 2013 05:24 PM PST

In the instant case, the contributors, namely, the members of the assessee made contributions, which have been kept in fixed deposit with third party banks and those third party banks have contributed to the members fund. Accordingly, the members fund have been expanded not by the...

What is acceptance of Service for the chargeability of Service Tax

Posted: 04 Jan 2013 04:42 PM PST

Recently, TRU has issued Circular No. 166/1/2013 dated January 1, 2013 which is summarised for your easy digest: This Circular is being issued upon representation made by life insurance companies that in terms of the practice followed, reminder notices/letters are being issued to the policy holders...

Whether assessee's failure to get its accounts audited on ground that its entire income was exempt constitutes a reasonable cause?

Posted: 04 Jan 2013 11:51 AM PST

Having been served with a legal notice for the levy of penalty u/s. 271B, it was incumbent on the assessee to cause to comply with the provision, at least for the second year and, in any case, seek legal opinion in its respect. Rather, it could have, on its own, requested the AO not levy the...

Direct Tax Collections for April-December 2012-13 Up by 13.70 Percent

Posted: 04 Jan 2013 11:42 AM PST

Net Direct Tax Collections Figures for April-December 2012-13 Up by 13.70 Percent at Rs. 3,68,322 Crore as Against Rs. 3,23,956 Crore in the Same Period Last Year Gross Direct Tax collections during April-December of the Financial Year 2012-13 was up by 8.01 percent and stood at Rs. 4,28,278 crore...

No Tax payable by Canadian Company on fees for included services by virtue of article 12(5)(a) of DTAA

Posted: 04 Jan 2013 10:45 AM PST

In so far as the DTAA between India and Canada is concerned, it is observed that article 12(4) thereof gives the definition of the term fees for include services while article 12(5)(a) provides that notwithstanding the said definition given in article 12(4), fees for included services does not...

Dutch Company not eligible for benefits under India-Netherlands treaty, if it charters a ship from a company domiciled in Iran

Posted: 04 Jan 2013 10:41 AM PST

As stated earlier, the risk and liabilities undertaken by the charter M/s Puyvast, the Netherlands entity, is limited only to a situation where the tonnage carried by the vessel is less than 19500 tonnes. Therefore, the substantial freight beneficiary is the owner of the ship, the Iranian entity...

S. 10B Set-off of eligible unit's loss against income of non-eligible unit during tax holiday period cannot be allowed

Posted: 04 Jan 2013 10:37 AM PST

During the period when the eligible unit enjoys exemption u/s.10B of the Act , if it suffers a loss then the same will be quarantined and carried forward to the assessment years immediately following the last of the assessment years for which the Assessee is entitled to claim exemption u/s.10B of...

Presumption as to validity of document wouldn't discharge burden of proof cast on assessee U/s. 68, 69, 69A etc.

Posted: 03 Jan 2013 08:48 PM PST

Assessee's argument that the document itself explains the source of the money with it (as on the relevant dates), so that the mandate of the section is satisfied, and no addition could be made. That is, the Department cannot take a contrary stand, accepting the document as true, yet overlooking the...

SEBI – Intermediaries may verify QFI's PAN from IT website instead of verification from physical card

Posted: 03 Jan 2013 07:34 PM PST

2. With a view to bring about operational flexibility and in order to ease the PAN verification process, the intermediaries may verify the PAN of their clients online at the Income Tax website without insisting on the original PAN card, provided that the client has presented a document for Proof of...

SEBI issues Consultative Paper on review of Corporate Governance norms in India

Posted: 03 Jan 2013 07:26 PM PST

SEBI has, today, placed a consultative paper on the SEBI website on 'Review of Corporate Governance Norms in India'. Comments on the discussion paper have been solicited on or before January 31, 2013.

SEBI – Information which have a bearing on performance of listed Co. needs to be first disclosed to stock exchange

Posted: 03 Jan 2013 07:02 PM PST

It has been brought to our notice that certain listed companies have been giving monthly disclosure of their sales/turnover/production figures to their respective trade bodies/industry associations and the same is not disclosed to the stock exchanges.

DGFT Clarification regarding export of cotton through Wagah border

Posted: 03 Jan 2013 06:56 PM PST

It has been brought to the notice of the Government that delay is being experienced at Wagah Land Customs Port in clearing of consignments due to heavy congestion. The issue has been examined. The matter has been raised with the concerned authorities.

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