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Mar 12, 2013

Scope of Tax on Transfer of Agricultural Land May widened

S. 54F Exemption not available for addition / Modification / Extension made to existing house

Posted: 12 Mar 2013 08:37 PM PDT

Sec. 54F provides that capital gains on transfer of capital assets shall not be charged in cases of investment in residential house. The section pointedly says that such eligibility would be available if the assessee has, within the period prescribed, constructed, a residential house. For the...

Scope of Tax on Transfer of Agricultural Land May widened

Posted: 12 Mar 2013 08:18 PM PDT

 The Finance Bill 2013 has proposed to increase the base for taxation for transfer of agricultural land as defined under the provisions of section 2(14)(iii) of the Income Tax Act. So far by virtue of the above provision, tax on transfer of agricultural land had been excluded from the ambit of...

Special Income Tax Cell to trace bankrupt or missing assesses for recoveries

Posted: 12 Mar 2013 08:01 PM PDT

The Inccome Tax Department has constituted a special cell to deal with the recovery of arrears where the assessee is not traceable or has gone bankrupt. Stating this in a written reply in the Rajya Sabha, Finance Minister P.Chidambaram said the IT department has made recoveries of over 16 thousand...

Know About Payment of Gratuity Act 1972

Posted: 12 Mar 2013 02:56 AM PDT

It is lump sum payment made by an employer to an employee in consideration of his past service when the employment is terminated. It is paid for long and meritorious services rendered by an employee. With enactment of Payment of Gratuity Act, 1972, gratuity payment has become mandatory and in case...

How the Budget is Prepared

Posted: 12 Mar 2013 02:43 AM PDT

COUNTDOWN TO THE BUDGET DAY Preparing the annual Union Budget is a laborious and lengthy exercise that takes over five months, and is accompanied, in the final stages, by an obsessive emphasis on secrecy.  1. END SEPTEMBER Preparations for a detailed estimate of the government's expenses for...

On failure to deduct TDS on web charges amount is disallowable U/s. 40(a)(ia)

Posted: 11 Mar 2013 09:53 PM PDT

Indisputably, payment of Rs. 29,857/- has been made to M/s Network Solutions for downloading software and provisions of sec. 194J of the Act are attracted. The provisions of said sec. 194J lay down that any person, not being an individual or a Hindu undivided family, who is responsible for paying...

BCCI guilty of abusing its dominant position in the sport of cricket

Posted: 11 Mar 2013 09:41 PM PDT

The role and functioning of BCCI have already been examined in detail earlier in this order. An analysis of the position clearly brings out that there is an overlap between the way BCCI is discharging its regulatory and commercial roles respectively, and the modus operandi/decision making process...

Director General of Civil Aviation Issues Guidelines for FDI in the Civil Aviation Sector

Posted: 11 Mar 2013 08:25 PM PDT

The Civil Aviation sector, inter-alia, includes Airports, Scheduled and Non-Scheduled domestic passenger airlines sector, cargo airlines, Helicopter services/ Seaplane services, Ground Handling Services, Maintenance and Repair organizations, Flying training institutes, and Technical training...

'Write-off' of unrealized export bills – Export of Goods and Services – Simplification of procedure

Posted: 11 Mar 2013 12:22 PM PDT

AD banks are advised to put in place a system under which their internal inspectors or auditors (including external auditors appointed by authorised dealers) should carry out random sample check / percentage check of write-off outstanding export bills.

Amendments in the Customs Notification No. 61/1994(NT) dated 21/11/1994 regarding CUSTOMS AIRPORTS

Posted: 11 Mar 2013 10:10 AM PDT

Notification No. 29/2013-Customs (N.T.) – New Delhi, the 11th March, 2013 S.O……..(E). – In exercise of the powers conferred by clause (a) of sub-section (1) of Section 7 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following further amendments in the...

SEBI (Certification of Associated Persons In The Securities Markets) Regulations, 2007 – Obtainment Of Requisite Certification(S) By Associated Persons

Posted: 10 Mar 2013 08:39 PM PDT

In terms of sub-regulation (1) of regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (the Regulations), the Board may require, by notification, any category of associated persons as defined in the Regulations...

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