Indirect tax amendment sheet for CA Student

Just click here to download http://www.ziddu.com/download/7023834/20_idt_ammendments.pdf.html  Posted at www.taxmannindia.blogspot.com Get Free Quality SMS updates from my blog on your MOBILE:http://labs.google.co.in/smschannels/subscribe/ca_taxmannindia OR Send a message JOIN ca_taxmannindia to 9870807070 thru ur mobile nd receive upda...

Read rest of entry

OFFSHORE—CONCEPTS & TAXABILITY

  OFFSHORE—CONCEPTS & TAXABILITY Going offshore nowadays is the most popular way of starting or managing your business. Offshore companies do not only offer tax exemption. That's surely what made them famous and popular. More important however is the freedom of operations, confidentiality and ease of running your business. There will be no paperwork, no hassle with filings and auditing. RECENT VODAFONE-HUTCH CASE WAS OF THIS KIND WHICH COMPANY HAS FOUGHT AGAINST INCOME TAX DEPARTMENT-BUT...

Read rest of entry

Article on incorporation of company

Friends, Just click here to download the article on incorporation of the company http://www.ziddu.com/download/7144413/incorporationprocedurecompany.pdf.html Posted at www.taxmannindia.blogspot.com Get Free Quality SMS updates from my blog on your MOBILE:http://labs.google.co.in/smschannels/subscribe/ca_taxmannindia OR Send a message JOIN ca_taxmannindia to 9870807070 thru ur mobile nd receive upda...

Read rest of entry

Direct tax & indirect tax case laws (Chapter wise)--Students

Friends, Hereby i m uploading herewith the direct & indirect tax case laws in (PDF format) Hope this will help you to score well in exams just click here to download 1.http://www.ziddu.com/download/7144294/directtaxcaselaws.pdf.html 2.http://www.ziddu.com/download/7144297/indirecttaxcaselaws.pdf.html  Contributed by Pappu mishra  Posted at www.taxmannindia.blogspot.com Get Free Quality SMS updates from my blog on your MOBILE:http://labs.google.co.in/smschannels/subscribe/ca_taxmannindia OR...

Read rest of entry

Important aspects of new MVAT audit form 704.

I owe this information to Western indian regional council (WIRC of ICAI) and speaker sir CA C.B.THAKAR Friends,                On October 29 2009 at IMC Churchgate, Mumbai there was a seminar on Important aspects of new MVAT audit form 704 by Speaker CA C.B.Thakar. So hereby i am giving the details what was discussed and attaching a very good sheet which was compiled and given to us at that seminar I hope this will help you a lot The important details...

Read rest of entry

AS-22: ACCOUNTING FOR TAXES ON INCOME

AS-22: ACCOUNTING FOR TAXES ON INCOME Meaning and Glance to Its Recognition, Presentation & Disclosures. MEANING:              Taxable income is calculated in accordance with tax laws. In some circumstances, the requirements of these laws to compute taxable income differ from the accounting policies applied to determine accounting income. The effect of this difference is that the taxable income & accounting income may not be the...

Read rest of entry

ITAT, ‘H’ BENCH Assessability of capital gains on transfer of shares

Assessability of capital gains on transfer of shares Sale as contemplated u/s 2(47)(i) and extinguishment of rights as contemplated u/s 2(47)(ii) are not mutually inter-changeable; if a particular transaction is the transaction of sale then unless the sale is complete, no transfer can be said to have taken place because there will always be extinguishment of rights in case of sale and if a single right out of the entire bundle of property in capital asset is extinguished, then, the transfer would...

Read rest of entry

NEW TDS rate chart applicable from 1st october 2009 (Rectified)

Enclosing herewith the new tds rate chart effective from 01.10.2009 (rectified) I regret the error and after verfiying from the finance bill Interest other than interest on securites (sec 194A) when recipent is a company the TDS rate was shown as 10% and it is correct and so was uploaded first Just click here to download the tds rate chart http://www.ziddu.com/download/7049526/TDSRATECHART.pdf.html THE ERROR IS REGRETTED Posted at www.taxmannindia.blogspot.com Get Free Quality SMS updates from...

Read rest of entry

NEW TDS rate chart applicable from 1st october 2009 (Rectified)

Hi Friends, The NEW TDS chart uploaded on 3rd october 2009 has an error Interest other than interest on securites (sec 194A) when recipent is a company the TDS rate was shown as 10% BUT THE CORRECT RATE IS 20%. Therefore the correct rate chart is being uploaded click here to download: http://www.ziddu.com/download/7037344/TDSRATECHART.pdf.html  Sorry for the Inconvenience.   Posted at www.taxmannindia.blogspot.com Get Free Quality SMS updates from my blog on your MOBILE:http://labs.google.co.in/smschannels/subscribe/ca_taxmannindia OR...

Read rest of entry

Revised procedure for acceptance of proof Address.(PAN)

Kindly go through the revised procedure for acceptance of proof Address. > > AS per the circular no 321 the additional procedure for acceptance of proof > of address alongwith PAN applications received from Individuals and HUF are > as under: > > 1. While accepting “Application for allotment of PAN (Form 49A)” if both > the addresses (residence and office) are mentioned in the application form > and office address has been selected as communication address, then POA has >...

Read rest of entry

Y.V. Reddy advocates Tobin Tax

Dr Y.V. Reddy, former Governor of RBI, advocated the need for a ‘Tobin Tax’ (a tax on short term speculation in currencies) for India while delivering the S.Guhan Memorial Lecture 2009, in Chennai on Thursday. Pointing out that the idea was considered retrograde and unpractical till recently — both in India and globally, he drew attention to its acceptance by eminent persons such as Mr Paul Volcker, former US Fed Chief, and Lord Turner, current chief of UK’s FSA. He said that the idea could be examined...

Read rest of entry

ITAT, ‘A’ BENCH Allowability of expenditure incurred for compliance of law

Allowability of expenditure incurred for compliance of law If the payment is incidental to the carrying on the business then the same has to be allowed; the compliance of law is incident of every business carried on by a person; therefore, any payment made for the purpose of compliance of the provisions of law would tantamount to payment incidental to the carrying on the business. ITAT, ‘A’ BENCH, MUMBAI Kaira Can Company Ltd. v. DCIT ITA No. 820/Mum./05 & 3452/Mum/2006 January 9,...

Read rest of entry

ITAT, HYDERABAD BENCH ‘B’ Allowability of deduction under section 80-IB of IT Act, 1961 to a manufacturer and trader of wheat products

Allowability of deduction under section 80-IB of IT Act, 1961 to a manufacturer and trader of wheat products Milling of wheat into Rawa, bran, Atta, and Maida has to be considered as amounting to manufacture or production and as such, the assessee-manufacturer of such items is entitled for deduction u/s 80-IB. ITAT, HYDERABAD BENCH ‘B’ HYDERABAD DCIT v. Sri Sai Roller Flour Mills Pvt. Ltd. ITA No. 1440/Hyd/08 January 30, 2009 RELEVANT EXTRACTS: ** ** ** ** ** ...

Read rest of entry

ITAT, HYDERABAD BENCH ‘B’ Allowability of deduction under section 80-IB of IT Act, 1961 to a manufacturer and trader of wheat products

Availability of depreciation under section 32(1)(iii) of IT Act, 1961 to a manufacturer of pistons Terminal allowance as allowed under clause (iii) of section 32(1) is available only to power generating units and not to other assessees like the one in question. ITAT, HYDERABAD BENCH ‘B’, HYDERABAD DCIT v. SAMKRG Pistons & Rings Ltd. ITA No. 304/Hyd/2006 January 23, 2009 RELEVANT EXTRACTS: ** ** ** ** ** ** ** ** ** ** **...

Read rest of entry

ITAT, ‘I’ BENCH Determination of charge under section 115JB of IT Act, 1961

Determination of charge under section 115JB of IT Act, 1961 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 may be nil also; the income-tax payable cannot be circumscribed by positive figure only and, therefore, to say that those companies where income-tax payable being Rs. 1/- would be covered and...

Read rest of entry

ITAT, LUCKNOW BENCH ‘B’ Substitution of valuation as per SVA in place of sale consideration without reference to DVO

Substitution of valuation as per SVA in place of sale consideration without reference to DVO Where fair market value of the capital asset under transfer is less than the valuation as per SVA and such valuation as per SVA becomes final under Stamp Duty Act then the assessee is left with no choice and has to pay tax on the notional sale consideration on the valuation as per SVA. ITAT, LUCKNOW BENCH ‘B’ : LUCKNOW Mohd Shoib v. DCIT ITA No. 431/Luc./08 November 21, 2008 RELEVANT EXTRACTS: **...

Read rest of entry

(ITAT Delhi Special Bench)Fee for use of satellite is “royalty” under Act & DTAA

New Skies Satellites vs. ADIT (ITAT Delhi Special Bench)   Fee for use of satellite is “royalty” under Act & DTAA The assessee, a foreign company, was engaged in operating geostationary telecommunication satellites with transponder capacity which were provided to telecasting companies in India for a fee. The question arose whether the said fee was “consideration for … the use of any … secret formula or process …” so as to constitute “royalty” under Expl. 2 to s. 9 (1)(vi) and corresponding...

Read rest of entry

No “succession of business” u/s 170 even on 100% sale of shares

CIT vs. Panchratan Hotels (HP High Court) No “succession of business” u/s 170 even on 100% sale of shares S. 170 provides that where there is a “succession of business”, the predecessor has to be assessed in respect of the income upto the date of succession and the successor has to be assessed thereafter. 100% of the assessee’s shares were sold by the existing shareholders to another person. The CIT in revision took the view that the result of the said transfer of shares was that there was a...

Read rest of entry

Affidavit must for gift in kind, over Rs. 50,000, from kin

It must affirm that donor is related to donee New Delhi: From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have a sworn affidavit declaring the donor your kin. The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriage or by way of inheritance. On-the-spot verification “The donee has to get an affidavit affirming...

Read rest of entry

ITAT, DELHI BENCES ‘A’ Jurisdiction of AO to proceed with assessment under section 147 of IT Act, 1961

Jurisdiction of AO to proceed with assessment under section 147 of IT Act, 1961 If the AO has cause or justification to know or suppose that income has escaped assessment it can be said to have a reason to believe that an income had escaped assessment; at the time of recording reasons for initiating proceedings u/s 147 it is not necessary that the Assessing Officer should have finally ascertained the fact by legal evidence or conclusion; at the initial stage what is required is ‘reason to believe’...

Read rest of entry