All about taxability of Income From house property

All about taxability of Income From house property Posted: 11 Dec 2011 06:47 PM PST Determination of Annual Value of Self-occupied property. Annual Value of one house away from work place.Determination of Annual Value of Let out house properties. Other Permissible Deductions from Annual Value in cases of let out properties.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Deductions under Section 80C in Relation to Investment in New Residential House Property Posted: 11 Dec 2011 05:47 PM PST Deduction under section 80C of the Income tax Act is available for investment in house property subject to the satisfaction of the conditions of that section in regard to qualifying amounts in the following circumstances to the individuals/Hindu... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Download Free XBRL Software – Apex Xbrl Maker Free Edition Posted: 11 Dec 2011 05:35 PM PST We recently come through a company which providing free software for creation XBRL file. While in Market all companies are charging from Six thousand to thirty Thousand for one year for the software. Software Name is 'Apex Xbrl Maker Free Edition'... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] How to check PAN furnished or not for filing DIN 4 from Posted: 11 Dec 2011 04:33 PM PST As all of us are aware about the MCA has made it compulsory vide General Circular No.11/2011, New Delhi Dated 07.04.2011 to inform PAN of every Director/Person holding Director Identification Number (DIN) up to 31st May, 2011 if not... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Expenditure can be disallowed only in the event of non-deduction of tax at source, and not in the cases involving short deduction, TDS not required to be deducted on exchange rate difference if TDS already been deducted at the time of credit of amount Posted: 11 Dec 2011 06:56 AM PST Sandvik Asia Ltd. Vs.JCIT (ITAT Mumbai)- Assessee was liable to pay Swiss Kroner 38,58,000/- to M/s A B Sandvik Coromant, Sweden and in the account books for the previous year relevant to the assessment year 1991-92, the said income was credited to... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Income-tax Act Benefit u/s. 47(xiv) of the cannot be denied in case there is a delay in allotment of shares to the proprietor on conversion of a proprietary concern into a company Posted: 11 Dec 2011 06:31 AM PST Income-tax Act Benefit u/s. 47(xiv) of the cannot be denied in case there is a delay in allotment of shares to the proprietor on conversion of a proprietary concern into a company [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Full exemption available under Section 54F of the Income-tax Act, 1961 even if the investment is made under joint name with spouse Posted: 11 Dec 2011 06:17 AM PST CIT Vs. Ravinder Kumar Arora (Delhi HC)- Section 54F mandates that the house should be purchased by the assessee and it does not stipulate that the house should be purchased in the name of the assessee only. Here is a case where the house was... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Sale of Software without granting right to duplicate, amounts to sale of copyrighted article and not the transfer of copyright and therefore not taxable as 'Royalty' Posted: 11 Dec 2011 05:47 AM PST Novel Inc. Vs. DDIT (Intl. taxation) - The proceeds from sale of Software to Distributors, without granting the right to duplicate / alter / modify the software, cannot be construed as 'Royalty', regardless of the fact that the taxpayer choose to... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Section 194I – TDS not deductible on transmission and wheeling charges paid by power trading companies as same in not rent Posted: 11 Dec 2011 05:26 AM PST GRIDCO Limited Vs. ACIT (ITAT Cuttack)-The Tribunal observed that Circular No.5 and Circular No.736 had given restricted meaning to the word 'rent'. However, in view of the decisions relied by the tax department, the word 'rent' is to be given a... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] No functions, assets and risks analysis is required before AY 2002-03 for determination of profits attributable to dependent agent permanent establishment; no further attribution if dependent agent paid arm's length commission Posted: 11 Dec 2011 04:57 AM PST DIT Vs. BBC Worldwise Ltd. (Delhi HC)- Bombay High Court in Set Satellite (Singapore) Pvt. Ltd. (supra) held that if correct ALP is applied and paid, nothing further rwould be left to be taxed in the hands of the foreign enterprise. In the said... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] TPO cannot take cognisance suo moto of any international transaction for adjustment in ALP Posted: 11 Dec 2011 04:37 AM PST CIT Vs. Amadeus India Pvt Ltd (Delhi HC) - Role of Transfer Pricing Officer (TPO) is limited to determination of the Arm's Length Price (ALP) in relation to the international transaction(s) referred to him by the Assessing Officer (AO). The TPO, on... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Payments received by a non-resident for Value Added Services (VAS) is partly treated as 'Royalty' and partly as 'Fees for Technical Services' under India-UK tax treaty Posted: 11 Dec 2011 04:17 AM PST De Beers UK Limited Vs. DCIT (ITAT Mumbai)- The Tribunal held that the payment for VAS has to be considered partly as royalty under para 3(a) of Article 13 of the tax treaty being the payment for various types of information of commercial nature... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] National Savings Certificates-IX Issued specified as class of Savings Certificates to which Government Savings Certificates Act, 1959 will apply Posted: 11 Dec 2011 12:55 AM PST In exercise of the powers conferred by sub-section (3) of section 1 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby specifies that the National Savings Certificates-IX Issue shall be the class of Savings... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Indirect tax collection rises 16.8 percent during the first eight months of the current fiscal Posted: 11 Dec 2011 12:06 AM PST Indirect tax collections rose 16.8% during the first eight months of the current fiscal to Rs 2,52,544 crore, prompting the Central Board of Excise and Customs (CBEC) to express "optimism" in achieving the revised Budget estimate target.However,... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Taxes paid by the employer is treated as perquisites included in the salary and cannot be consider monetary payment to employee Posted: 11 Dec 2011 12:01 AM PST The decision of CIT Vs. America Counting Corporation 123 ITR 513, noted above also supports the view that taxes paid on behalf of the assessee is a perquisite or a benefit, but not income from business. It could not be taxed except under clause (iv)... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Delhi HC stays CIC Order asking RBI to reveal name of defaulters Posted: 10 Dec 2011 11:44 PM PST The Delhi High Court today stayed the direction of the Central Information Commission (CIC) asking the Reserve Bank of India to provide details of industrialists who have defaulted in repayment of loans taken from nationalised banks. A bench of... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Voluminous info received on black money, informs IT Dept Posted: 10 Dec 2011 08:30 PM PST The Income Tax Department has received more than 30,000 pieces of information from various countries on stashed black money under the Double Taxation Avoidance Agreement, DTAA. The Financial Intelligence Unit (FIU), under the Finance Ministry has... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Instructions regarding strict compliance of Rule 3(2)(ii) to (iv) of CCS (Conduct) Rules in respect of directions issued by superior officers to their subordinate officers Posted: 10 Dec 2011 08:29 PM PST It has been observed during the processing of vigilance complaints wherein Assessing Officers have claimed that the particular action/decisions were taken after discussion with and as per the directions of their controlling Range Head, though, no... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICSI Foundation Day Celebrations Vision of Professional Body Like The ICSI and its Members Should Capture Expectations of its Various Stakeholders-RPN Singh Posted: 10 Dec 2011 08:26 PM PST The professionals like Company Secretaries have been playing an important role in shaping modern Corporate India .He appreciated the efforts of the Institute of Company Secretaries of India and said that the ICSI and its members have made a name for... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] IFCI to raise over Rs 100 crore via tax-saving infra bonds Posted: 10 Dec 2011 08:25 PM PST IFCI is in the process of raising more than Rs 100 crore from tax saving infrastructure bonds to fund infra projects. According to the offer document, the issue comprises of Rs 100 crore plus unspecified green shoe option. These bonds are of two... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] RBI Board meets at Kolkata; State Govt., Banks and RBI to work together for meaningful Financial Inclusion Posted: 10 Dec 2011 08:25 PM PST The Central Board of Directors of the Reserve Bank of India met today at Kolkata. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Directors Sarva Shri Dr. Anil Kakodkar, Kiran Karnik, M.V.Rajeev Gowda, Y.H.Malegam, Azim Premji,... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] I-T Dept invites fresh bids for Manesar, Pune centralised processing centres (CPCs) Posted: 10 Dec 2011 08:19 PM PST The Income Tax Department has invited fresh bid for setting up centralised processing centres (CPCs) for bulk processing of I-T returns at Manesar and Pune, as the earlier tender received no interest. Two new CPCs, announced in the Budget 2011-12,... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] No service tax on late payment charges by stock investors if shown separately in the account statement Posted: 10 Dec 2011 08:16 PM PST Stock market investors would not have to pay any service tax on any late payment charges paid by them to their brokers, provided such fines are shown separately in the account statement. The Ministry of Finance has clarified the matter to the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]]