| Section 14A of IT Act applicable in respect of share of profit from partnership firm Posted: 11 Nov 2009 07:34 PM PST A partnership firm is a separate entity than that of its partners under the Income-tax Act and therefore, partners vis-à-vis partnership firm would stand on the same footing of shareholders vis-à-vis company; accordingly , income charged in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment in Wealth-tax rule 3A related to Jurisdiction of Valuation Officers Posted: 11 Nov 2009 07:31 PM PST Where the valuation of any asset, being building or land or any right in any building or land, referred to the District Valuation Officer, the Valuation Officer or the Assistant Valuation Officer, as the case may be, is pending with him on the 13th... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Power of AO to extend period for completion of special audit u/s 142(2A) of IT Act, 1961 Posted: 11 Nov 2009 07:12 PM PST The power to suo motu extend the period for completion of the special audit was available to the AO only w.e.f. 1-4-2008 and before such date, the extension can be made only at the request of the assessee on an application made in this behalf by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Determination of charge under section 115JB of Income Tax Act, 1961 for Zero tax companies Posted: 11 Nov 2009 07:09 PM PST Charge under section 115JB is to be determined with reference to 7.5 per cent of book profits; the process of determination of book profit is to be preceded with the comparison of liability for income-tax under normal provisions of income-tax which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Terminal allowance under clause (iii) of section 32(1) available only to power generating units Posted: 11 Nov 2009 07:06 PM PST Everything revolves around clause (iii) of section 32(1). The said clause provides that in case any of the assets specified therein on which depreciation is claimed and allowed under clause (i), is sold, discarded, demolished, and if the monies... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Allowability of exemption u/s. 54F if builder does not complete construction of house within three Years? Posted: 11 Nov 2009 06:32 PM PST Mr. Sanghai had sold a commercial property, which was a long term asset and invested the same in purchase and construction of a flat in a apartment in Mumbai, within the one year of sale of asset and claimed deduction u/s 54F of income tax act, but... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| SEBI allowed companies to auction their shares in a FPO to QIBs at differential prices above the floor Posted: 11 Nov 2009 05:42 PM PST Markets regulator SEBI has decided to allow companies to auction their shares in a follow-on public offer (FPO) to qualified institutional buyers (QIBs) at differential prices above the floor, while retail investors will get shares at the floor... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI asked candidates to desist from using the name of the Institute in their election campaign Posted: 11 Nov 2009 05:37 PM PST The Institute's attention has been drawn today to an SMS purportedly sent from a code source viz. `TM-ICAI ELC' which tends to give an impression that the same has linkage to the Institute of Chartered Accountants of India and its election in an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI appealed candidates not to disturb voters much Posted: 11 Nov 2009 05:14 PM PST During the last few days, the number of requests to intervene and bring halt to the issuance of SMSs and emails to voters at large has been on the increase. The general complaint of the voters is that the receipt of enormous mails and SMSs â€" many... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Assessee liable to pay interest u/s 234B & 234C even if income is computed u/s 115JA Posted: 11 Nov 2009 08:43 AM PST The Tribunal had to consider whether an assessee liable to pay Minimum Alternate Tax u/s 115JA was also liable to pay interest u/ss 234B & 234C for short-fall in payment of advance tax. The Judicial Member followed the judgement of the Bombay... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| How to file return in ACES- Part-III Posted: 11 Nov 2009 07:49 AM PST Now it's time to do act online like: File claims and Submit intimations, case portfolio, export related documentations, provisional assessment, file the refund claim, complete/amend/ surrender the registration certificate, file all types of returns... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| India will renegotiate double tax avoidance treaties with 77 countries Posted: 10 Nov 2009 09:19 PM PST India today said it will renegotiate with all the 77 countries with which it has double tax avoidance treaties to track tax evasion following allegations of black money being stashed by many Indians in Swiss banks. Related posts:CBDT set up... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| 1st Discussion Paper On Goods and Services Tax In India Posted: 10 Nov 2009 09:07 PM PST If the Value Added Tax (VAT) is considered to be a major improvement over the pre-existing Central excise duty at the national level and the sales tax system at the State level, then the Goods and Services Tax (GST) will be a further significant... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Instruction regarding judgement of Delhi High Court in respect of Service Tax on "Renting of immovable property" Posted: 10 Nov 2009 09:01 PM PST Kind attention is invited to the recent judgement of the Honourable High Court of Delhi in the matter of Home Solutions Retail India Ltd and Others Vs Union of India [2009] 20 STT 129 (Delhi) , wherein it is held (Para 36 of the order) that,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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