Thursday, June 30, 2011

ITAT case:HUF is a “relative” for gifts exemption u/s 56(2)(v), (vi) & (vii)


CASE OF: Vineetkumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot)

The assessee received a gift of Rs.60 lakhs from his HUF. The AO & CIT(A) held that as HUF was not covered by the definition of “relative”, the gift was chargeable to tax u/s 56(2)(v). The alternate submission that gift was exempt u/s 10(2)was rejected on the basis that s. 10(2) applied only to amounts received “out of income of the estate” on partial or total partition of the HUF. On appeal by the assessee, HELD allowing the appeal:

(i) S. 56(2)(v) exempts gifts from a “relative”. Though the definition of the term “relative” does not specifically include a Hindu Undivided Family, a ‘HUF” constitutes all persons lineally descended from a common ancestor and includes their mothers, wives or widows and unmarried daughters. As all these persons fall in the definition of “relative”, an HUF is ‘a group of relatives’. As a gift from a “relative” is exempt, a gift from a ‘group of relatives’ is also exempt since the singular will include the plural;

(ii) The gift was also exempt u/s 10(2) because the two conditions required to be satisfied for relief viz (1) that the assessee is a member of the HUF and (2) that he receives the sum out of the income of such HUF (may be of an earlier Year) were satisfied.


1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 3.Posted www.taxpertindia.blogspot.com 4.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en 5.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 updates
Read rest of entry

Registration Of Lawyers For Service Tax Stayed By Madras High Court

The Revenue Bar Association, Madras, filed a Writ Petition in the Madras High Court challenging the validity of levy of service-tax on “legal consultancy services”. The Court has passed an order of interim injunction dated 24.06.2011 restraining the Ministry of Finance from compelling the members of the Petitioner from registering themselves with the service tax authorities andcollecting service-tax from them until further orders.

Click here to download Madras HC order dated 24.06.11 staying service-tax on lawyers:

Details regarding stay orders passed by other High courts-
AP High Court-Pursuant to a Writ Petition challenging the imposition of service tax on lawyers and the prayer seeking interim relief by way of “restraining the Respondents from giving effect to directly or indirectly or acting upon the impugned provisions or collecting any service tax on the assistance provided as an officer of the Court by an advocate“, the Andhra Pradesh High Court vide order dated 18.5.2011 has ordered “Since it is represented that the other High Courts have already granted stay in similar circumstances, there shall be interim stay, until further orders

Delhi High Court-The Delhi Bar Association has filed a Writ Petition in the Delhi High Court being WP No. 2792 of 2011 to challenge the levy of service-tax on “Legal Consultancy Services”. The High Court has today (29th April 2011) issued notice on the Writ Petition and stayed the application of the impugned provision till the next date of hearing being 23rd May 2011.

Gauahati High Court-The Bar Association of Gauhati has filed a Writ Petition in the Gauhati High Court to challenge the levy of service-tax on “Legal Consultancy Services”. The High Court has on 29th April 2011 said the matter requires in-depth scrutiny and directed that service-tax would not be recovered till the next date of hearing being 25th May 2011.


1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 3.Posted www.taxpertindia.blogspot.com 4.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en 5.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 updates
Read rest of entry

New services at NSDL website

Two new services started at NSDL website
 
PAN view - Taxpayer view for TDS/TCS credit (from F. Y. 2005-06 onwards) at https://onlineservices.tin.nsdl.com/TIN/JSP/form16A/LinkToUnauthorizedPanView.jsp
To know whether your deductor/collector has filed quarterly TDS/TCS statement and provided your PAN, provide details as below.
PAN of the Deductee:
TAN of the Deductor:
Financial Year:
 Verification of Forma16A generated by TIN website by Tax Payer at https://onlineservices.tin.nsdl.com/TIN/JSP/form16A/LinkToUnauthorizedView.jsp
verification of Form 16A generated from TIN website issued by Deductor to the deductee.
Financial Year:
Quarter:
TAN of the Deductor:
PAN of the Deductee:
Certificate Number:
Total Amount Deducted:


1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 3.Posted www.taxpertindia.blogspot.com 4.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en 5.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 updates
Read rest of entry

Extension in date of Package scheme of incentives-2007 to 31/08/2011

Forwarded MSG attached.

Dear Friends

The PCI(Maharashtra) 2007 has extended upto 31/08/2011 the GR is attached


1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 3.Posted www.taxpertindia.blogspot.com 4.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en 5.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 updates
Read rest of entry

Tuesday, June 28, 2011

AIR Related scrutiny assessments should be limited to info in AIR

FORWARDED MSG ATTACHED OF MR. Hiten Gada 

Dear All,

Please go through the letter from CBDT in this behalf addressed to all the
CCITs and DGITs.
The assessment for AY 2009-10 are now taken up for hearing. Please make use
of this letter to convey to officer that scope of inquiry should be
restricted to matter reported in AIR If he is extending the scope in its
questionnaire they send, you may reply against the same asking for a copy of
AIR info and please ask him to restrict his scope.
I believe before submitting details as per lengthy questionnaire, it would
be advisable to obtain the copy of AIR info and submitt only the relevant
details.



1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 3.Posted www.taxpertindia.blogspot.com 4.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en 5.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 updates
Read rest of entry

Saturday, June 18, 2011

High Court stay for Service tax on bar attached hotels

It is understood from reliable sources that Kerala High Court has granted stay for two months on service tax on Bar attahced hotels.

Service tax on Air conditioned Restaurent (Bar attached hotel) service was made taxable from 1.5.2011

The order is awaited. will share the copy of the order at the earliest.

This is for your information



With Warm Regards,

CA. TONY.M.P
THRISSUR,KERALA
Mobile: 094470 80631. 

1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 3.Posted www.taxpertindia.blogspot.com 4.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en 5.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 updates
Read rest of entry

Shareholding of promoter / promoter group to be in dematerialized mode

CIRCULAR


Cir/ISD/ 3/2011                                                  June 17, 2011

To,
All Stock Exchanges

Dear Sir / Madam,

Sub: Shareholding of promoter / promoter group to be in dematerialized mode

1) SEBI had vide SEBI/Cir/ISD/1/2010 dated September 02, 2010 issued a circular on “trading rules and shareholding in dematerialized mode”. The said circular was issued in order to moderate sharp and destabilizing price movements in shares of companies, to encourage better price discovery and to increase transparency in securities market. The aforesaid circular inter-alia mandated securities of companies to be traded in normal segment, if and only if, the company has achieved atleast 50% non-promoter shareholding in dematerialized form and maintained the same on a continuous basis.

2) In order to further promote dematerialization of securities, encourage orderly development of the securities market and to improve transparency in the dealings of shares by promoters including pledge / usage as collateral, SEBI in consultation with Stock Exchanges, has decided that the securities of companies shall be traded in the normal segment of the exchange if and only if, the company has achieved 100% of promoter’s and promoter group’s shareholding in dematerialized form latest by the quarter ended September 2011 as reported to the stock exchanges.

3) In all cases, wherein the companies do not satisfy the above criteria, the trading in securities of such companies shall take place in trade for trade segment.

4) For the above purpose the exchanges shall take the latest shareholding pattern as required to be submitted by the listed companies with exchanges in pursuance to the Listing agreement as of the preceding quarter or of any subsequent date.

5) The Stock Exchanges are advised to:

a) put in place the adequate systems and issue the necessary guidelines for implementing the above decision.

b) make necessary amendments to the relevant bye-laws, rules and regulations as applicable for the implementation of the above decision immediately.

c) bring the provisions of this circular to the notice of the listed companies/issuers and member brokers of the Exchange and also to disseminate the same on the website.

d) communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report.

6) This circular is issued in exercise of powers conferred by sub-section (1) of Section 11 of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

7) This circular is available on SEBI website athttp://www.sebi.gov.in/ under the head ‘legal framework’.

Yours faithfully,

S. Ramann
Officer on Special Duty
Integrated Surveillance Department
022-26441450

1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW US ON TWITTER CLICK HERE: http://twitter.com/taxpertindia 3.Posted www.taxpertindia.blogspot.com 4.Get Tax updates from my blog through by joining my google group CA_taxmannindia:http://groups.google.co.in/group/ca_taxmannindia?hl=en 5.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 updates
Read rest of entry
 

My Blog List

Followers

T Copyright © 2009 Gadget Blog is Designed by Ipietoon Sponsored by Online Business Journal