Invitation to join taxguru.in panel of esteemed authors Posted: 26 Dec 2011 06:49 PM PST TAXGURU.IN would like to invite Authors to join our esteemed panel of Authors. The Authors who like to be Part of TAXGURU.INand get their article published on our website can mail their article to us and we will publish the same with due credit to th [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| SAHAJ (ITR-I) in Excel for the Assessment Year 2012-2013(Automated) alongwith Auto fill Form 16 and TDS Calculation Posted: 26 Dec 2011 06:46 PM PST This Utility automatically do the TDS Calculation, Fill the Form-16 and SAHAJ(ITR-I). The Sahaj excel Utility can be used by tax payers who's Taxable Income is below Rs. 5 Lakh & also by those whose income is above Rs. 5,00,000/-. The Tax... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Profits From offshore Supply of Hardware and Software Not Taxable – Delhi High Court Posted: 26 Dec 2011 06:05 PM PST DIT vs. Ericsson AB (Delhi High Court) It was argued that the Explanation as initially inserted in the year 2007 after subsection (2) of section 9 sought to clarify as to when income received by way of interest, royalty or fees for technical... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Non-Compete Fees paid for acquisition of business is Capital Expenditure – Delhi HC Posted: 26 Dec 2011 04:59 PM PST Pitney Bowes India Pvt Ltd vs. CIT (Delhi High Court) - Assessee itself treated the expenditure as capital in the books of accounts. However, at the same time, it was maintained that since it was paid for loss of business that KOAL would suffer for... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| In penalty proceedings assessee have right to contest levy of penalty independently, apart from the findings recorded in the assessment order Posted: 26 Dec 2011 04:39 PM PST Shri A.S. Bindra Vs ACIT (ITAT Delhi) - In the assessment order, it has been mentioned that due to non-availability of evidence, the assessee has offered this amount as his income. That fact cannot go against the assessee in penalty proceedings as... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| If interest received on accrual basis the addition qua this year interest can be made in this year and not of entire interest Posted: 26 Dec 2011 04:33 PM PST Sri Suman Bose Vs ITO (ITAT Kolkata) In respect to accrued interest, it is not clear whether the interest is received by assessee on accrual basis or on receipt basis. If the interest received on accrual basis the addition qua this year interest... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Expenditure on leased telephone lines has been excluded from the purview of Fringe benefit Tax Posted: 26 Dec 2011 04:16 PM PST ACIT Vs M/s Global Vantedge (P) Ltd. (ITAT Delhi)- Expenses incurred on use of telephone (including mobile phone) shall not include the expenditure on leased telephone lines. In other words, the expenditure on leased telephone lines has been... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Rule 8D r.w. section 14A can not be applied for years prior to A.Y. 2008-09 so invoking of provision of section 263 of the IT Act not justified Posted: 26 Dec 2011 04:10 PM PST Since the assessment year involved in this appeal is 2005-06 Rule 8D of the IT Rules is not applicable in the present case keeping in view of the decision of the Hon'ble Bombay High Court in the case of Godrej and Boyce Mfg. Pvt. Ltd. In this case... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Toll collection on behalf of NHAI would come under the category of Business Auxiliary Service ; NHAI only a statutory authority and not a constitutional authority Posted: 26 Dec 2011 07:59 AM PST Hon'ble Apex court in the case of P.C.PAulose vs. Commissioner of Central Excise & Customs, reported in. In that case the appellant was collecting entry fee at the airport on behalf of Airport Authority of India in terms of a licence agreement... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Intermediary transactions emanating from original transaction is immune from double taxation when the intermediary is not recipient of service Posted: 26 Dec 2011 04:54 AM PST If intermediary service is subservient to the original transaction, mere break of the original transaction in transit does not bring out a different transaction. It may be stated that nature, character and terms of a contract decides incidence of... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Banking Services Set to Improve Posted: 26 Dec 2011 01:07 AM PST With a lot of uncertainty and lack of direction in the Indian banking sector in 2011, more so on regulatory front, the services are expected to improve, as banks tend to become customer centric. The bankers have started feeling the need provide... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Companies Bill 2011 provides for refund of remuneration by company officials in case the accounts are re-stated Posted: 25 Dec 2011 09:43 PM PST In order to deter chief executives and other senior functionaries from indulging in Satyam type accounting fraud, the Companies Bill 2011 stipulates that such officials will have to refund the remuneration received in case the accounts are re-stated. [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Black Money Abroad – I-T department decides to reopen old tax returns of some individuals in Mumbai and Delhi Posted: 25 Dec 2011 09:37 PM PST Move aimed at unearthing black money stashed in bank accounts abroad. The income-tax department, which is facing a number of cases of denial of secret foreign bank account holdings, has decided to re-open past tax returns of some individuals in... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Cestat remit the matter to the original authority In the absence of clear finding about the nature of service tax demand Posted: 25 Dec 2011 09:17 PM PST There is no clear finding whether the entire tax demanded falls in the category of tax collected from the customers but not deposited with the Government. We notice that provisions of Section 12D of Central Excise Act read with Section 83 of Finance... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| GAIL gets Top ICSI National award for Excellence in Corporate Governance Posted: 25 Dec 2011 08:33 PM PST GAIL (India) Limited received the coveted ICSI National Award for Excellence in Corporate Governance for adopting excellent practices in Corporate Governance. Mr. B C. Tripathi Chairman and Managing Director GAIL (India) Limited received this award... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Tax Agreement between France and Isle of Man Comes Into Force Posted: 25 Dec 2011 08:33 PM PST The Isle of Man's agreement with France for the avoidance of double taxation with respect to enterprises operating ships or aircraft in international traffic will enter into force on 14 January 2012. The agreement was one of two tax co-operation... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| DGFT extends ban on import of milk from China Posted: 25 Dec 2011 08:26 PM PST India has extended ban on import of milk and its products from China for another six months, according to the foreign trade office. The ban was in effect till December 24. "Prohibition on import of milk and milk products (including chocolates and... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| SEBI to launch toll-free helpline Posted: 25 Dec 2011 08:23 PM PST Market regulator SEBI would launch a toll-free helpline as part of educating investors on the securities market, Chairman U K Sinha said today. With the launch of helpline, an investor can ask any question regarding the securities market which... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| RBI issues guideline to Guidelines on deregulation of Savings Bank Deposit Interest Rate Posted: 25 Dec 2011 08:20 PM PST RPCD.CO.RCB.BC.No.47/ 07.38.01/2011-12 Interest rate on Non-Resident (External) Accounts Scheme and Ordinary Non-Resident Deposit under savings account, which has been prescribed at 4 per cent per annum at present, will continue to be regulated... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| RBI asks NBFCs to accept Letter issued by UIDAI containing details of name, address and Aadhaar number as KYC document Posted: 25 Dec 2011 08:20 PM PST It has been decided to accept the letter issued by the (UIDAI) as an officially valid document for opening of accounts. Attention is also invited to Annex VI para 3 of Master Circular No 231 dated July 1, 2011 on KYC/AML/PMLA dealing with customer... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| RBI prohibits Money Masters Leasing & Finance Limited (MMLFL) from accepting deposits Posted: 25 Dec 2011 08:18 PM PST The Reserve Bank of India in exercise of powers vested in it under Section 45MB (1) and 45 MB (2) of the Reserve Bank of India Act, 1934, has prohibited with immediate effect Money Masters Leasing & Finance Limited, having its registered... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
 |
| Amends Notification No. 8/2011-Customs, dated the 14th February, 2011 Posted: 25 Dec 2011 08:15 PM PST Notification No.114 /2011 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby...
[[ This is a content summary only. Visit www.taxguru.in for full article. ]] |