Deduction under Section 80 HHC allowable in respect of the addition made on account of the creditors

Deduction under Section 80 HHC allowable in respect of the addition made on account of the creditors Posted: 16 Nov 2011 06:44 PM PST DCIT Vs. Divine International (ITAT Delhi) - The CIT(A) has denied the deduction in respect of the addition on account of the so called sundry creditors on the ground that as per the provisions of Section 80 HHC, it is only the income derived by... [[ This is a content summary only. Visit www.taxguru.in for full article ]] All about Service Tax in Brief and Download Free E-Book updated up to 25.08.2011 Posted: 16 Nov 2011 03:50 AM PST What is meant by Registration‖? Who should apply for registration under Service Tax law? In terms of Section 69 of the Finance Act,1994 (Chapter V) read with rule 4 of the Service Tax Rules,1994 – Every person who has provided a taxable... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Reflection in the P/L a/c towards income not determinative; Entries in books of account do not decide the nature of receipts -HC Posted: 16 Nov 2011 12:33 AM PST CIT v. M/s State Urban Development Society (P&H High Court ) - It has been held that reflection in the profit and loss account towards the income is not determinative. The entries in the books of account do not decide the nature of receipts.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Tax U/s. 195 not deductible on consideration for live broadcasting Posted: 15 Nov 2011 11:57 PM PST As the consideration for live broadcasting does not fall either u/s 9(1)(i) or u/s 9(1)(vi), in our considered opinion, such amount is not chargeable to tax under the provisions of this Act in the hands of non-resident. As such there is no question... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Procedure for rectification in the case where assessee has filed ST3 return mistakenly for the future period instead of current period Posted: 15 Nov 2011 10:58 PM PST Instances have been reported by some field formations to this Directorate-General that some assesses had indvertently filed ST3 Returns online in ACES for a future period. As a result, when they tried filling the returns for the same period, when it... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Regarding Mandatory E filing of ST3/ST3A Return by Every Assessee Posted: 15 Nov 2011 10:36 PM PST A service tax assessee can file return electronically by accessing ACES Web Portal www.aces.gov.in. The said website has hosted LMS (Learning Management System) on the home page. The broad features are given below:- [[ This is a content summary only. Visit www.taxguru.in for full article ]] Procedure and documents required in respect of Centralized registrations under Rule 4(2)(iii) of Service Tax Rules,1994 Posted: 15 Nov 2011 10:15 PM PST The existing procedure and documents required to be filed along with application for Centralized Registration has been reviewed. In order to simplify the procedure and to follow the uniform practice in all the Divisions, a new procedure has been... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Service Tax Department to send ST-2 Certificate by Post only unless specified otherwise in ST-1 Posted: 15 Nov 2011 09:51 PM PST It has been brought to our notice that some of the Superintendents are asking for printout of ST-2 Registration Certificate from assessee for signature and affixing stamp. The procedure has been reviewed. All the officers in this Commissionerate... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Email Hacking is punishable under Information Technology Act, 2000 Posted: 15 Nov 2011 08:36 PM PST Respondent No. 1 has violated Section 43 of IT Act, and made unauthorized access to Gmail accounts of her husband and her father-in law, and unauthorisedly downloaded/forwarded/printed their emails and chat sessions with others, thus committing... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt amends Export-Import Bank Act to increase credit to exporters and importers Posted: 15 Nov 2011 08:28 PM PST The government on Wednesday approved amendments to the Export-Import Bank Act to improve its ability to increase credit to exporters and importers and said it would now be tabled in parliament. The Export-Import Bank of India (Amendment) Bill, 2011... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Mandatory use of jute in packaging foodgrains and Sugar for the Jute Year 2011-12 Posted: 15 Nov 2011 08:25 PM PST In pursuance of the Jute Packaging Material (JPM) Act, the Cabinet Committee on Economic Affairs has approved the packaging of 90% of the production of foodgrains and 90% of the production of sugar in the jute packaging material for the Jute Year... [[ This is a content summary only. Visit www.taxguru.in for full article ]] PFRDA Bill 2011 – Govt allows 26 percent FDI in pension Posted: 15 Nov 2011 08:24 PM PST The government today approved amendments to the PFRDA Bill 2011 while agreeing to the proposed 26% foreign investment in the pension sector but refrained from providing assured returns to subscribers in the proposed law. The government had decided... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Government may impose stamp duty of Rs 300 per crore on transactions in commodities, stocks and other derivatives Posted: 15 Nov 2011 08:22 PM PST The government may impose a stamp duty of Rs 300 per crore (0.003%) on transactions in commodities, stocks and other derivatives, with the finance ministry moving a proposal to Cabinet for taking the final call, sources said. Despite strong... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Financial Regulation for Growth, Equity and Stability in the Post-Crisis World Posted: 15 Nov 2011 08:17 PM PST Failure of regulation, by wide agreement, was one of the main causes of the 2008 global financial crisis. It is unsurprising therefore that reforming regulation has come centre stage post-crisis. The progress in regulatory reforms over the last... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Payment of Cheques/Drafts/Pay Orders/Banker's Cheques by Regional Rural Banks beyond the period of three months from the date of such instrument Posted: 15 Nov 2011 08:16 PM PST Reserve Bank hereby directs that with effect from April 1, 2012, RRBs should not make payment of cheques/drafts/pay orders/banker's cheques bearing that date or any subsequent date, if they are presented beyond the period of three months from the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] FDI – Reporting of Issue / Transfer of 'Participating Interest/Right' in Oil Fields to a Non-Resident as an FDI Transaction Posted: 15 Nov 2011 08:15 PM PST It has now been decided, in consultation with the Government, to treat the issue / transfer of 'participating interest/ rights' in oil fields to a non- resident as Foreign Direct Investment (FDI) transaction under the extant FDI policy and the FEMA... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Empowering Deposit Insurance Entities to Face Challenges posed by an Emerging Financial Landscape – Global and Indian experience Posted: 15 Nov 2011 08:14 PM PST Recent global financial crisis has revealed that financial systems around the world rely on safety nets to reduce the adverse impact of financial crisis as also to prevent the re-occurrence of the crisis. During the global crisis, uncertainty... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Union Finance Minister Shri Pranab Mukherjee's Address on the Conclusion of 150 Years Celebrations of the C&AG of India Posted: 15 Nov 2011 08:10 PM PST The C&AG's role in the audit of social sector spending is particularly crucial. While the Government is committed to allocate the required resources for socio-economic development programmes for creating improved employment opportunities,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]