Have you made nomination for your bank account?

Have you made nomination for your bank account? Posted: 13 Dec 2012 05:48 AM PST I recently read a news item on the referring to the answer given in the Parliament on the question of unclaimed money is lying with the Indian Banks as on December, 2011. It amounted to whopping sum of approx. Rs. 2481.39. I could not stop myself relating to the death of my friend's family... Your car is stolen? Pray God the police never finds it! Posted: 13 Dec 2012 05:43 AM PST My friend's wife was recently the victim of a chain snatching incident when she was out for an evening walk. Fortunately for her the gold chain around her neck broke and fell on the ground and the thief tried to escape without the chain. She raised an alarm and managed to get the thief nabbed with... The beauty of 'Law of Amalgamation' Posted: 13 Dec 2012 05:31 AM PST Its known to all that the law of amalgamation, mergers & acquisition is little bit complicated and cumbersome. In this write-up an attempt is made to ease the law to reach the readers and to highlight the beauty of the relevant legal provisions. Write up on definition of serivce Posted: 13 Dec 2012 05:24 AM PST Basically what the provisions of service tax contained in finance act 1994 lack was the definition of service. What the service actually is? Answer to this question has also became important because now all the services are being taxable except those which has been provided in negative list or are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rent Control Act applies only to bona fide letting out of properties & not to a colourable transaction Posted: 13 Dec 2012 03:17 AM PST The provisions of Rent Control Act can be applied only in case of bonafide letting out of properties and not in case of colourable transactions which are only an arrangement to reduce tax liability. In this case the company had let out the property to the daughter of the director who controlled... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt. Justifies reduction in Commission to Small saving Scheme Agents Posted: 13 Dec 2012 02:55 AM PST The recommendation of Shyamala Gopinath Committee regarding agents' commission was to reduce commission of 0.5% on Senior Citizens Saving Scheme (SCSS) and 1% on Public Provident Fund (PPF) to zero, reduce 4% commission under Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) to 1% in a phased manner... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Proposal to Operationalise DTAAs with 12 More Countries Under Process Posted: 13 Dec 2012 01:59 AM PST India has entered into Double Taxation Avoidance agreements (DTAAs) with 84 countries. In addition, DTAAs have been signed with 3 countries, viz. Colombia, Uruguay & Ethiopia and will enter into force after completion of necessary formalities in these countries. Proposal to sign DTAAs with 12... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] France Provided CD of Indian Account Holders Posted: 13 Dec 2012 01:57 AM PST On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France. Based on this information,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt. Examining possibility of Tax Evasion by Private Insurance Companies Posted: 13 Dec 2012 01:00 AM PST The Central Government has given the notice in view of the possibility of tax evasion by some insurance companies of private sector. The names of the companies which have been served upon Show Cause Notices in 2012-13 (upto October 2012) are as follows: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxes or Surcharge Collected by Assessee from tenants will form part of Gross Rent Posted: 13 Dec 2012 12:28 AM PST Moment the commercial surcharge is recovered irrespective of the provisions of the agreement entered into by and between the landlord and tenant it immediately become exigible to tax as rental income from house property for agreement binds the parties thereto and it becomes irrelevant the moment it... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If Assessee claims highe deduction in revised return, AO must consider the same Posted: 13 Dec 2012 12:12 AM PST It is obvious that when the assessee revised its return and claimed deduction under section 44C at higher level than that claimed in the original return, it was the duty of the Assessing Officer to consider the higher claim under section 44C and not to restrict himself to the claim made in original... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CIT (A) cannot admit additional evidence without complying with Rule 46A Posted: 12 Dec 2012 09:47 PM PST The assessee's prime grievance is the non-examination by the Assessing Officer of the material adduced before Commissioner (Appeals) for the first time. At the same time, there has been, without doubt, a clear violation of rule 46A. The question of consideration of the additional evidence/s by the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Applicability of withholding taxes on reinsurance premium paid to Non Resident? Posted: 12 Dec 2012 08:43 PM PST One of the important Supreme Court decisions relied on by the counsels appearing for the assessees is the decision rendered in the case of GE India Technology Cen. (P.) Ltd. v. CIT [2010] 193 Taxman 234, wherein the Hon'ble apex court has considered the question whether merely on account of such... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Allowability of Depreciation on Transfer of Business to wholly owned subsidiary? Posted: 11 Dec 2012 02:11 AM PST Section 170 of the Income Tax Act deals with succession to business, otherwise than on death. On a reading of Section 43(6)(c), Explanation 2 to the Section and Section 170 along with the fourth proviso to Section 32(1), we have no hesitation in agreeing with the assessee's case that when the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]