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	<title>TaxGuru</title>
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	<link>http://taxguru.in</link>
	<description>Complete Tax Solution</description>
	<lastBuildDate>Sat, 26 May 2012 17:57:16 +0000</lastBuildDate>
	<language>en</language>
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		<title>A Negative List in Service Tax Levy- Impact on Construction Industry</title>
		<link>http://taxguru.in/service-tax/negative-list-service-tax-levy-impact-construction-industry.html</link>
		<comments>http://taxguru.in/service-tax/negative-list-service-tax-levy-impact-construction-industry.html#comments</comments>
		<pubDate>Sat, 26 May 2012 17:57:16 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Service Tax]]></category>
		<category><![CDATA[Service Tax on Construction]]></category>

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		<description><![CDATA[It was 18 years ago when the levy of service tax was introduced with a meagre three services which has now grown manifold to 119 services. The scope of services has widened during the period of time. At present the levy of service tax is based on positive list. That is, only those services are taxable which are specifically mentioned in taxable category of service under Section 65(105) of the Finance Act, 1994. Service Sector enjoys considerable 55.6% of GDP whereas it contributes only 7 % in tax revenue to the Government. Further in order to facilitate transition to GST in near future, A concept of negative list has been introduced in the Budget 2012 presented on 16.03.2012 by inserting some proposed new sections in Finance Act, 1994 which will come into effect by way of notification after the Finance Bill gets presidential assent.  Once this concept is given effect the scope of service will be expanded drastically since under this concept every activity which meets the new definition of ‘service shall be leviable to service tax except those which are proposed in negative list and exempted by way of Suitable Notification. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Copyright Board cannot grant interim relief</title>
		<link>http://taxguru.in/corporate-law/copyright-board-grant-interim-relief.html</link>
		<comments>http://taxguru.in/corporate-law/copyright-board-grant-interim-relief.html#comments</comments>
		<pubDate>Sat, 26 May 2012 17:44:53 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Corporate Law]]></category>
		<category><![CDATA[supreme court judgements]]></category>

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		<description><![CDATA[In the instant case, the power being sought to be attributed to the Copyright Board involves the grant of the final relief, which is the only relief contemplated under Section 31 of the Copyright Act. Even in matters under Order XXXIX Rules 1 and 2 and Section 151 of the Code of Civil Procedure, an interim relief granting the final relief should be given after exercise of great caution and in rare and exceptional cases. In the instant case, such a power is not even vested in the Copyright Board and hence the question of granting interim relief by grant of an interim compulsory licence cannot, ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Charity should not become a façade to promote business interest or secure advantage of persons mentioned in section 13(3)</title>
		<link>http://taxguru.in/income-tax-case-laws/charity-faade-promote-business-interest-secure-advantage-persons-mentioned-section-133.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/charity-faade-promote-business-interest-secure-advantage-persons-mentioned-section-133.html#comments</comments>
		<pubDate>Sat, 26 May 2012 17:19:49 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[high court judgments]]></category>

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		<description><![CDATA[What is prohibited and barred is application of income or use of the property of the institution directly or indirectly for benefit of a person mentioned in Section 13(3) i.e. he is paid beyond what is reasonable, adequate, commensurate and justified for the services rendered or goods supplied. The said person should not profit at the expense of the trust/institution. Charity should not become the primary or important source of business profits and a façade to promote business interest or secure advantage, for persons mentioned in Section 13(3) in the name of charity. The word "benefit" need not be restricted to direct material benefit, but is of wide significance comprehending whatever would be beneficial in any respect, materially or otherwise. Benefit can be pecuniary or non pecuniary. This would be the correct legislative intent.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Office of CA or of a firm of a CA is neither a shop nor a commercial establishment.</title>
		<link>http://taxguru.in/chartered-accountant/office-ca-firm-ca-shop-commercial-establishment.html</link>
		<comments>http://taxguru.in/chartered-accountant/office-ca-firm-ca-shop-commercial-establishment.html#comments</comments>
		<pubDate>Sat, 26 May 2012 17:08:06 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[high court judgments]]></category>
		<category><![CDATA[ICAI]]></category>

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		<description><![CDATA[Once it is held that the office of a chartered accountant or of a firm of chartered accountants does not come within the expression of  shop or commercial establishment as defined in the Act of 1961, the corollary would be that the provisions of the Act of 1961 cannot be applied to the office of a chartered accountant or of a firm of chartered accountants. ]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/office-ca-firm-ca-shop-commercial-establishment.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Profession of CA is neither a trade nor a business</title>
		<link>http://taxguru.in/chartered-accountant/profession-ca-trade-business.html</link>
		<comments>http://taxguru.in/chartered-accountant/profession-ca-trade-business.html#comments</comments>
		<pubDate>Sat, 26 May 2012 16:52:31 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[high court judgments]]></category>
		<category><![CDATA[ICAI]]></category>

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		<description><![CDATA[The Principal Judge, Small Causes Court, Pune, and thereafter the District Judge, Pune, negatived the contention of the Corporation holding that profession of Chartered Accountant is neither a  trade nor a business. Advocate for the Respondents drew my attention to the judgment reported in Current Tax Reporter Volume 80 Phillipos &#038; Company, Chartered Accountants &#038; Ors. versus State. This is the Judgment of the Karnataka High Court, wherein it is held that Office of the Chartered Accountant or of a firm of a Chartered Accountant is not an establishment within the meaning of Section 2(i) of the Karnataka Shops and Commercial Establishments Act, 1961, it is neither a shop nor a commercial establishment.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Commission Agent Services provided prior to 10.09.2004 also taxable services under BAS</title>
		<link>http://taxguru.in/service-tax/commission-agent-services-prior-10092004-taxable-services-bas.html</link>
		<comments>http://taxguru.in/service-tax/commission-agent-services-prior-10092004-taxable-services-bas.html#comments</comments>
		<pubDate>Sat, 26 May 2012 16:40:46 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Service Tax]]></category>
		<category><![CDATA[Cestat judgments]]></category>

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		<description><![CDATA[The Appellants are dealers of Ford Motor vehicles and they had entered into agreements with different banks and also with Non-Banking Financial Companies to market car-loan to potential customers. For loan taken by the customers, these appellants got commission from the banks and NBFCs. The issue in this appeal is whether service tax is to be paid on such commission categorizing the activity of the Appellants as “business auxiliary service”.  Definition of BAS services had been substituted wef 10.09.2004 and in substituted definition services of commission agent were expressly included and since then only assessee started paying service tax. Assessee also contended that services provided by them were taxable under Business Support Services and not under Business Auxiliary Services ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Revised CBDT Instruction on Grant of TDS Credit For AY 2011-12</title>
		<link>http://taxguru.in/income-tax/revised-cbdt-instruction-grant-tds-credit-ay-201112.html</link>
		<comments>http://taxguru.in/income-tax/revised-cbdt-instruction-grant-tds-credit-ay-201112.html#comments</comments>
		<pubDate>Sat, 26 May 2012 15:23:35 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Income Tax Notifications]]></category>

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		<description><![CDATA[Instruction No. 4/2012 (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. Five thousands, the TDS claim may be accepted without verification. (ii) Where there is zero TDS matching, TDS credit shall be allowed only after due verification. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Payment of PF accumulations after closure of establishment, in absence of Form 3A/6A</title>
		<link>http://taxguru.in/corporate-law/payment-pf-accumulations-closure-establishment-absence-form-3a6a.html</link>
		<comments>http://taxguru.in/corporate-law/payment-pf-accumulations-closure-establishment-absence-form-3a6a.html#comments</comments>
		<pubDate>Sat, 26 May 2012 04:29:45 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Corporate Law]]></category>
		<category><![CDATA[government notification]]></category>

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		<description><![CDATA[May kindly refer to the subject cited above. As you are aware that the establishments covered under the EPF and MP Act, 1952 are required to remit provident fund contribution on monthly basis in respect of all the eligible employees. However, till 31.03.2012 (Before introduction of ECR) the contributions were reflected in the member's account only after receiving details of subscription in Annual Returns i.e. 3A and 6A. At times, these returns were not submitted by the employers of the closed establishments although the PF office was in receipt of contributions by way of monthly remittances or recovery of the amount in default. The compliance measures initiated against such establishments to procure the returns, many a times did not yield result due to non-traceability of either the employers or the records. This finally results in non-payment of PF accumulations to the members.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Regarding Compliance in respect of International Workers</title>
		<link>http://taxguru.in/corporate-law/compliance-respect-international-workers.html</link>
		<comments>http://taxguru.in/corporate-law/compliance-respect-international-workers.html#comments</comments>
		<pubDate>Sat, 26 May 2012 04:23:23 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Corporate Law]]></category>
		<category><![CDATA[government notification]]></category>

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		<description><![CDATA[Special Provisions in respect of International Workers included in the Employees' Provident Funds Scheme, 1952 as well as Employees' Pension Scheme, 1995 have been given effect from 15t October, 2008. Subsequently, certain amendments have also been carried out vide notification dated 11th September, 2010 and the same were circulated vide Head Office letter No. Coord/5(15)/2009/IW/07733 dated 25/26th November, 2010. In pursuance of these amendments detailed instructions were issued vide this office letter No.IWU/7(6)2007/41959 dated 8th September, 2009 and No.IWU/7(11)/Compliance dated 30thAugust, 2011.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Exemption from furnishing return of income for A.Y. 2012-13 to salaried taxpayer</title>
		<link>http://taxguru.in/income-tax/exemption-furnishing-return-income-ay-201213-salaried-taxpayer.html</link>
		<comments>http://taxguru.in/income-tax/exemption-furnishing-return-income-ay-201213-salaried-taxpayer.html#comments</comments>
		<pubDate>Sat, 26 May 2012 03:46:58 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[salary income]]></category>

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		<description><![CDATA[In the case of a salaried taxpayer, entire tax liability is discharged by the employer through deduction of tax at source. Complete details of such taxpayers are also reported by the employer through Tax Deduction at Source (TDS) statements. Therefore, in cases where there is no other source of income, filing of a return is a duplication of existing information.]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Ordinary profits’ referred to in Section 80IA is different from &#8216;ALP’</title>
		<link>http://taxguru.in/income-tax-case-laws/ordinary-profits-referred-section-80ia-alp.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/ordinary-profits-referred-section-80ia-alp.html#comments</comments>
		<pubDate>Sat, 26 May 2012 03:39:13 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>

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		<description><![CDATA[The Tribunal placed reliance on the Chennai Tribunal ruling in the case of Tweezerman (India) Private Limited v. Addl. CIT, [2010] 4 ITR (Trib.) 130 (Chennai) which ruled that provisions of Section 80-IA(10) of the Act do not give an arbitrary power to the AO to determine the profits of the taxpayer. It is incumbent on the AO to show how ordinary profits were computed based on similar comparable case.  The phrase ‘more than ordinary profits’ referred in Section 80-IA(10) of the Act is different from ‘ALP’.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Section 54F benefit remains intact even if Assessee transfer New house acquired to claim S. 54F to acquire another house</title>
		<link>http://taxguru.in/income-tax-case-laws/section-54f-benefit-remains-intact-assessee-transfer-house-acquired-claim-54f-acquire-house.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/section-54f-benefit-remains-intact-assessee-transfer-house-acquired-claim-54f-acquire-house.html#comments</comments>
		<pubDate>Sat, 26 May 2012 03:38:50 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>
		<category><![CDATA[Section 54F]]></category>

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		<description><![CDATA[Assessee has invested in purchase of new residential house at Rs. 70,80,620/- within the period of two years in which the transfer took place and therefore, the assessee was eligible for deduction u/s 54F(1) of the Act in respect of the said investment out of this deemed long term capital gains. In our considered opinion, the Assessing Officer was not justified in not granting exemption u/s 54F with reference to this investment made by the assessee in computing long term capital gains of the year under consideration.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Mere Sale &amp; Lease Back cannot lead to conclusion that transaction is sham</title>
		<link>http://taxguru.in/income-tax-case-laws/mere-sale-lease-lead-conclusion-transaction-sham.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/mere-sale-lease-lead-conclusion-transaction-sham.html#comments</comments>
		<pubDate>Sat, 26 May 2012 03:38:20 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[high court judgments]]></category>

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		<description><![CDATA[It cannot be said that all tax planning is illegal/ illegitimate/impermissible. Applying the rationale of this decision to the case on hand, in the absence of any material to pronounce on the genuineness of the transaction herein, the mere fact that what had been purchased had been leased out to the vendor or that vendor had undertaken to pay the hire charges on behalf of the assessee to the hire purchase company, per se, cannot lead to a conclusion that the transaction is a sham one. In the circumstances, even invoking the decision in McDowell case, we do not find any ground to accept the plea of the Revenue that the claim of the assessee has to be rejected as a sham one.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Even in a case where no expenditure is incurred, AO has to apply Rule 8D</title>
		<link>http://taxguru.in/income-tax-case-laws/case-expenditure-incurred-ao-apply-rule-8d.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/case-expenditure-incurred-ao-apply-rule-8d.html#comments</comments>
		<pubDate>Sat, 26 May 2012 03:20:25 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>
		<category><![CDATA[section 14a]]></category>

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		<description><![CDATA[The taxpayer contended that the AO may invoke provisions of the Section 14A of the Act only after conducting necessary enquiries into the factual aspects. However, the Chennai Tribunal held that even in a case where the taxpayer claims that no expenditure was incurred in relation with the exempt income, the statute had provided for a presumptive expenditure which has to be disallowed by force of the statute. It means that even in a case where no expenditure is stated to have been incurred, the AO had to apply Rule 8D of the Rules. Therefore, the statutory presumption under Section 14A of the Act substitutes the requirement of factual evidence and the question of enquiry does not arise.]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>S. 14A In case net interest is income, no part of interest paid can be disallowed for earning tax free dividend</title>
		<link>http://taxguru.in/income-tax-case-laws/14a-case-net-interest-income-part-interest-paid-disallowed-earning-tax-free-dividend.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/14a-case-net-interest-income-part-interest-paid-disallowed-earning-tax-free-dividend.html#comments</comments>
		<pubDate>Sat, 26 May 2012 03:13:12 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>
		<category><![CDATA[section 14a]]></category>

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		<description><![CDATA[The taxpayer adjusted the interest expenditure against the interest income earned. After such adjustment no interest expenditure remained to be disallowed. The taxpayer offered expenditure other than interest of Rs.  111,521 for disallowance under Section 14A of the Act on the estimated basis. The Kolkata Tribunal held that there was no interest expenditure remaining after adjusting the interest credited to the Profit and Loss Account. Therefore, no part of interest paid can be disallowed for earning tax free dividend. Further, expenditure other than interest had been offered for disallowance by the taxpayer under Section 14A of the Act. Therefore, no further disallowance shall be made.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Interest free loan is subject to arm’s length test irrespective of commercial expediency</title>
		<link>http://taxguru.in/income-tax-case-laws/interest-free-loan-subject-arms-length-test-irrespective-commercial-expediency.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/interest-free-loan-subject-arms-length-test-irrespective-commercial-expediency.html#comments</comments>
		<pubDate>Sat, 26 May 2012 02:53:59 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>

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		<description><![CDATA[The Tribunal dismissed the taxpayer’s proposition that only real income should be taxed and noted that these arguments could not be accepted in the context of Chapter X - Special Provisions relating to Avoidance of Tax, of the Act. In this regard, reliance was placed on the decision of Perot System TSI (India) Limited. The Tribunal observed that RBI's approval was not sufficient from an Indian transfer pricing perspective as the character and substance of the transaction needs to be judged in order to determine whether the transaction has been done at arm’s length.  The Tribunal dismissed the taxpayer’s contention that the loans granted were commercially expedient and economic circumstances did not warrant the charging of interest. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ALP cannot be applied to determine &#8216;ordinary profits&#8217; for computing S.10A deduction</title>
		<link>http://taxguru.in/income-tax-case-laws/alp-applied-determine-ordinary-profits-computing-s10a-deduction.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/alp-applied-determine-ordinary-profits-computing-s10a-deduction.html#comments</comments>
		<pubDate>Sat, 26 May 2012 02:40:58 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>

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		<description><![CDATA[The provisions of Transfer Pricing regulations contained in Section 92 belong to a separate code enacted for computing income from international transactions having regard to Arm’s Length Price (ALP) so as to confirm that there is no tax avoidance by the taxpayer. Operation of Transfer Pricing provisions ends when the Transfer Pricing Officer passes an order holding that the operating profit of the taxpayer is compatible with ALP norms and no adjustment is necessary.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/alp-applied-determine-ordinary-profits-computing-s10a-deduction.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Payments for purchase of Software not Royalty &#8211; ITAT Mumbai</title>
		<link>http://taxguru.in/income-tax-case-laws/payments-for-purchase-of-software-not-royalty-itat-mumbai.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/payments-for-purchase-of-software-not-royalty-itat-mumbai.html#comments</comments>
		<pubDate>Sat, 26 May 2012 02:25:05 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50343</guid>
		<description><![CDATA[AAR in the case of Dassault (supra) was a case of sale of shrink wrap software and the AAR has held that reproduction and adaptation envisaged by section 14(a)(i) and (vi) can contextually mean only reproduction and adaptation for the purpose of commercial exploitation. The ruling of the AAR in the case of Dassault (supra) was approved by the Hon'ble Delhi High Court in the case of DIT Vs. Ericsson AB,New Delhi (supra). It can therefore be said that the Hon'ble Delhi High Court has held that consideration paid merely for right to use cannot be held to be royalty. This ratio laid down by the Hon'ble Delhi High Court would also apply when shrink wrap software is sold.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>S. 80-IB(10) deduction available to taxpayer who is not merely a land owner but carries on activities along with promoter for developing &amp; building approved housing project</title>
		<link>http://taxguru.in/income-tax-case-laws/80ib10-deduction-taxpayer-land-owner-carries-activities-promoter-developing-building-approved-housing-project.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/80ib10-deduction-taxpayer-land-owner-carries-activities-promoter-developing-building-approved-housing-project.html#comments</comments>
		<pubDate>Sat, 26 May 2012 01:51:29 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[high court judgments]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50341</guid>
		<description><![CDATA[CIT  v. Shravanee Constructions (Karnataka High Court) Section 80-IB(10) of the Act is applicable not for merely building housing project but for developing and building housing project.  In terms of the agreement, the taxpayer not only undertook the development activities on the land in question, but in fact the taxpayer entered into an agreement of sale with the owners of the land, paid the entire consideration. However, it did not execute a registered sale deed in its name. Thus, the Assessee contributed the land.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Severance benefits (including Leave Encashment) received outside India from former employer for services rendered outside India  not taxable in the hands of an individual who is a Not Ordinary Resident</title>
		<link>http://taxguru.in/income-tax-case-laws/severance-benefits-including-leave-encashment-received-india-employer-services-rendered-india-taxable-hands-individual-ordinary-resident.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/severance-benefits-including-leave-encashment-received-india-employer-services-rendered-india-taxable-hands-individual-ordinary-resident.html#comments</comments>
		<pubDate>Sat, 26 May 2012 01:39:08 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[high court judgments]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50340</guid>
		<description><![CDATA[Receipt of the impugned amount was on account of part services rendered by the assessee to his previous foreign employer outside India. Under section  5 of the I.T. Act, the total income of any previous year of a person who is a resident includes all incomes from whatever source derived, which is received or deemed to be received in India in such year by or on behalf of such person; or accrues or arises or is deemed to accrue or arise to him in India during such year; or accrues or arises to him outside India during such year.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/severance-benefits-including-leave-encashment-received-india-employer-services-rendered-india-taxable-hands-individual-ordinary-resident.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Insertion of New Rule 10AB &#8211; Determination of arm&#8217;s length price</title>
		<link>http://taxguru.in/income-tax/insertion-rule-10ab-determination-arms-length-price.html</link>
		<comments>http://taxguru.in/income-tax/insertion-rule-10ab-determination-arms-length-price.html#comments</comments>
		<pubDate>Fri, 25 May 2012 09:12:53 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Income Tax Notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50336</guid>
		<description><![CDATA[Notification No. 18/2012 10AB. For the purposes of clause (f) of sub-section (1) of section 92C, the other method for determination of the arms' length price in relation to an international transaction shall be any method which takes into account the price which has been charged or paid, or would have been charged or paid, for the same or similar uncontrolled transaction, with or between non-associated enterprises, under similar circumstances, considering all the relevant facts.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/insertion-rule-10ab-determination-arms-length-price.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Charitable trust is not invalid merely because settlor or Poor Relative of settlor is one of the beneficiary</title>
		<link>http://taxguru.in/income-tax-case-laws/charitable-trust-invalid-settlor-poor-relative-settlor-beneficiary.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/charitable-trust-invalid-settlor-poor-relative-settlor-beneficiary.html#comments</comments>
		<pubDate>Fri, 25 May 2012 07:02:21 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>
		<category><![CDATA[section 12a]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50329</guid>
		<description><![CDATA[A charitable trust is not invalid merely because that settlor is one of the beneficiaries as long as he is not the sole beneficiary. If settlor is the sole beneficiary, then the trust would be invalid on account of non-divesting of party. Where dominant object of the trust was to help the poor Parsis and to donate to educational institutions, registration u/s 12A was not deniable merely because preference was to be given to poor relatives of the settlor so long as it did not make the poor relatives of the settlor the only beneficiaries.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>India and Netherlands sign Protocol Amending DTAC</title>
		<link>http://taxguru.in/income-tax/india-netherlands-sign-protocol-amending-dtac.html</link>
		<comments>http://taxguru.in/income-tax/india-netherlands-sign-protocol-amending-dtac.html#comments</comments>
		<pubDate>Fri, 25 May 2012 05:23:01 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[DTAA]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50337</guid>
		<description><![CDATA[The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend the Article 26 of the DTAC concerning Exchange of Information to bring it in line with the international standards. ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/india-netherlands-sign-protocol-amending-dtac.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Requirements for requesting information under the India-Switzerland tax treaty relaxed</title>
		<link>http://taxguru.in/income-tax/requirements-requesting-information-indiaswitzerland-tax-treaty-relaxed.html</link>
		<comments>http://taxguru.in/income-tax/requirements-requesting-information-indiaswitzerland-tax-treaty-relaxed.html#comments</comments>
		<pubDate>Fri, 25 May 2012 05:04:30 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[DTAA]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50346</guid>
		<description><![CDATA[India has entered into a tax treaty with Switzerland; Article 26 of the tax treaty which deals with exchange of information between the two countries was reworded by agreement between the two countries and simultaneously a new paragraph 10 was inserted in the Protocol to clarify the understanding of the operation of Article 26 (Notification No. 62/2011 dated 27 December 2011). India and Switzerland have now entered into a Mutual Agreement regarding the interpretation of paragraph 10(b) of the Protocol to the tax treaty to provide as under:-]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/requirements-requesting-information-indiaswitzerland-tax-treaty-relaxed.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>S.68 If assessee fails to prove identity &amp; credit worthiness of creditor than AO can treat the loan as income</title>
		<link>http://taxguru.in/income-tax-case-laws/s68-assessee-fails-prove-identity-credit-worthiness-creditor-ao-treat-loan-income.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/s68-assessee-fails-prove-identity-credit-worthiness-creditor-ao-treat-loan-income.html#comments</comments>
		<pubDate>Fri, 25 May 2012 05:00:39 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>
		<category><![CDATA[Section 68]]></category>

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		<description><![CDATA[The dispute is regarding addition of Rs.14,60,052/- made by AO on account of unsecured loans from Shri Balwantbhai Grewal. There is no dispute that the said amount had been shown as loan in books of account of the assessee. Assessee could not produce any evidence to prove the identity and creditworthiness of Shri Balwantbhai Grewal who lived in UK and genuineness of transaction. Subsequently before CIT(A), assessee submitted that the amount had been wrongly entered in books and the same related to transaction of Shri Balwantbhai Grewal with the sister concern M/s. Kaypan Vanijya Pvt. Ltd. ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Agent not liable for tax on income earned on behalf of principal but only for charges received for his service</title>
		<link>http://taxguru.in/income-tax-case-laws/agent-liable-tax-income-earned-behalf-principal-charges-received-service.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/agent-liable-tax-income-earned-behalf-principal-charges-received-service.html#comments</comments>
		<pubDate>Fri, 25 May 2012 04:39:57 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50339</guid>
		<description><![CDATA[Assessee is an agent of Government of Maharashtra and also considering the fact that Hon’ble High Court granted stay to the assessee for the recovery of the demand when the appeal was pending before ld CIT(A), we hold that the assessee has a prima facie case for grant of stay for recovery of the dues pending disposal of appeal before the Tribunal. Hence, we grant stay for recovery of the demand for A.Y. 2006-07 for a period of 6 months or till disposal of the appeal whichever is earlier. ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/agent-liable-tax-income-earned-behalf-principal-charges-received-service.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>I-T department working on strategy to prevent corruption</title>
		<link>http://taxguru.in/income-tax/department-working-strategy-prevent-corruption.html</link>
		<comments>http://taxguru.in/income-tax/department-working-strategy-prevent-corruption.html#comments</comments>
		<pubDate>Fri, 25 May 2012 04:23:10 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[CBDT]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50327</guid>
		<description><![CDATA[The Income Tax Department is working on a comprehensive strategy to deal with corruption within the organisation.  The work relating to identification of potential areas of corruption related to the organisational activities and development of an action plan for its mitigation has commenced, the Central Board of Direct Taxes (CBDT) said. ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/department-working-strategy-prevent-corruption.html/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>SEBI Amendment to the Consent Circular dated 20th April 2007</title>
		<link>http://taxguru.in/sebi/sebi-amendment-consent-circular-dated-20th-april-2007.html</link>
		<comments>http://taxguru.in/sebi/sebi-amendment-consent-circular-dated-20th-april-2007.html#comments</comments>
		<pubDate>Fri, 25 May 2012 04:06:17 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[SEBI]]></category>
		<category><![CDATA[SEBI notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50334</guid>
		<description><![CDATA[SEBI had issued Circular No.EFD/ED/Cir.-01/2007 dated 20th April 2007, providing the framework for passing of consent orders and for considering requests for composition of offences. On the basis of the experience gained and with the purpose of providing more clarity on its scope and applicability, the circular has been modified.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Amends Notification No. 68/2011-Customs (N.T.), dated 22nd September, 2011</title>
		<link>http://taxguru.in/custom-duty/amends-notification-682011customs-nt-dated-22nd-september-2011.html</link>
		<comments>http://taxguru.in/custom-duty/amends-notification-682011customs-nt-dated-22nd-september-2011.html#comments</comments>
		<pubDate>Fri, 25 May 2012 04:02:17 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Custom Duty]]></category>
		<category><![CDATA[Custom Duty Notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50333</guid>
		<description><![CDATA[Notification No. -  46/ 2012 - Customs (N.T.) entral Government, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.68/2011-Customs(N.T.), dated the 22nd September, 2011 published vide number G.S.R. 712 (E) dated the 22nd September, 2011, namely:- ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Rate of exchange of conversion of each of foreign currency wef 25th May, 2012</title>
		<link>http://taxguru.in/custom-duty/rate-exchange-conversion-foreign-currency-wef-25th-2012.html</link>
		<comments>http://taxguru.in/custom-duty/rate-exchange-conversion-foreign-currency-wef-25th-2012.html#comments</comments>
		<pubDate>Fri, 25 May 2012 04:00:06 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Custom Duty]]></category>
		<category><![CDATA[Custom Duty Notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50332</guid>
		<description><![CDATA[Notification No. 45/2012 - Customs (N.T.) In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise &#038; Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 38/2012-CUSTOMS (N.T.) dated the 26th April, 2012 published in the Gazette Of India, Part-II, Section 3, Sub-Section (ii), Extraordinary vide number S. O. 924 (E) dated, the 26th April, 2012, namely:- ]]></description>
		<wfw:commentRss>http://taxguru.in/custom-duty/rate-exchange-conversion-foreign-currency-wef-25th-2012.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Regarding inclusion of Sea Port KARAIKAL (Union territory of Puducherry) in the list of ports permitted for exports and imports under Export Promotion</title>
		<link>http://taxguru.in/custom-duty/inclusion-sea-port-karaikal-union-territory-puducherry-list-ports-permitted-exports-imports-export-promotion.html</link>
		<comments>http://taxguru.in/custom-duty/inclusion-sea-port-karaikal-union-territory-puducherry-list-ports-permitted-exports-imports-export-promotion.html#comments</comments>
		<pubDate>Fri, 25 May 2012 03:57:53 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Custom Duty]]></category>
		<category><![CDATA[Custom Duty Notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50331</guid>
		<description><![CDATA[Notification No. 37/2012-CUSTOMS Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following  amendments in each of the notifications of the  Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table below, shall be amended or further amended, as the case may be, in the manner  specified in the corresponding entry in column (3) of the said Table, namely :- ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>How To Recover TAN Registration Number (TRN) if Forgotten or lost?</title>
		<link>http://taxguru.in/income-tax/tan-registration-number-forgotten-lost.html</link>
		<comments>http://taxguru.in/income-tax/tan-registration-number-forgotten-lost.html#comments</comments>
		<pubDate>Fri, 25 May 2012 01:01:03 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[TAN]]></category>
		<category><![CDATA[tax deducted at source]]></category>
		<category><![CDATA[TDS]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=44182</guid>
		<description><![CDATA[What is the procedure  to retrieve TAN -     A written request on the letter head  has to be sent to NSDL mentioning name of Deductor, TAN and requesting for retrieving TRN.  The letter should be signed by ‘Managing Director’ or ‘Chief Financial Officer’ or authorized signatory in the organization along with name and designation and should be preferably digitally signed]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/tan-registration-number-forgotten-lost.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Who is a First Stage Dealer &amp; Concept of Transit Sale</title>
		<link>http://taxguru.in/excise-duty/who-is-a-first-stage-dealer.html</link>
		<comments>http://taxguru.in/excise-duty/who-is-a-first-stage-dealer.html#comments</comments>
		<pubDate>Thu, 24 May 2012 20:01:02 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Excise Duty]]></category>
		<category><![CDATA[Advocate Rajesh Kumar]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=14805</guid>
		<description><![CDATA[First Stage Dealer means a dealer, who purchases the goods directly from (i) the manufacturer under the cover of an invoice issued in terms of the provisions of Central Excise Rules, 2002 or from the depot of the said manufacturer, or from premises of the consignment agent of the said manufacturer or from any other premises from where the goods are sold by or on behalf of the said manufacturer, under cover of an invoice.]]></description>
		<wfw:commentRss>http://taxguru.in/excise-duty/who-is-a-first-stage-dealer.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Stamp Papers valid even after six month of Purchase</title>
		<link>http://taxguru.in/finance/stamp-papers-are-valid-even-after-six-month-of-purchase.html</link>
		<comments>http://taxguru.in/finance/stamp-papers-are-valid-even-after-six-month-of-purchase.html#comments</comments>
		<pubDate>Thu, 24 May 2012 19:18:10 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[supreme court judgements]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=9660</guid>
		<description><![CDATA[The Indian Stamp Act, 1899, nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp paper for which he has no immediate use (which is not spoiled or rendered unfit or useless), can seek refund of the value thereof by surrendering such stamp paper to the Collector provided it was purchased within the period of six months next preceding the date on which it was so surrendered. The stipulation of the period of six months prescribed in Section 54 is only for the purpose of seeking refund of the value of the unused stamp paper, and not for use of the stamp paper. Section 54 does not require the person who has purchased a stamp paper, to use it within six months. Therefore, there is no impediment for a stamp paper purchased more than six months prior to the proposed date of execution, being used for a document.]]></description>
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		<slash:comments>9</slash:comments>
		</item>
		<item>
		<title>How to Enable Macros in Microsoft Excel For Income Tax Return (ITR)</title>
		<link>http://taxguru.in/income-tax/enable-macros-microsoft-excel-income-tax-return-itr-preparation-utility.html</link>
		<comments>http://taxguru.in/income-tax/enable-macros-microsoft-excel-income-tax-return-itr-preparation-utility.html#comments</comments>
		<pubDate>Thu, 24 May 2012 17:06:54 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[ITR]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50323</guid>
		<description><![CDATA[It is necessary to ENABLE the execution of macros in Return-Preparation-Utility in order to enter, validate and generate an .XML file for upload. Follow these steps to ENABLE execution of macros depending on the version of [Microsoft Office Excel] being used to open the Return-Preparation-Utility :]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/enable-macros-microsoft-excel-income-tax-return-itr-preparation-utility.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Amendments in DTAA between India &amp; Japan</title>
		<link>http://taxguru.in/income-tax/amendments-dtaa-india-japan.html</link>
		<comments>http://taxguru.in/income-tax/amendments-dtaa-india-japan.html#comments</comments>
		<pubDate>Thu, 24 May 2012 16:41:59 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Income Tax Notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50321</guid>
		<description><![CDATA[Notification No. 19/2012 Whereas the Convention between the Government of the Republic of India and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on income has come into force on the 29th day of December, 1989 after the exchange of Instruments of Ratification as required by paragraph 1 of Article 28 of the said Convention;]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/amendments-dtaa-india-japan.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ITAT Asks CBDT to take notice of Mistakes in Central processing of Returns</title>
		<link>http://taxguru.in/income-tax-case-laws/itat-asks-cbdt-notice-mistakes-central-processing-returns.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/itat-asks-cbdt-notice-mistakes-central-processing-returns.html#comments</comments>
		<pubDate>Thu, 24 May 2012 16:18:26 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50319</guid>
		<description><![CDATA[However, we would like to take this opportunity to bring to the notice of CBDT that after the procedure of Central processing of returns, many issues have come before various forums where unnecessary demands have been raised due to non-grant of TDS, wrong computation of income, adjustment of the previous year demand which have already been deleted by the jurisdictional assessing officer. Therefore, we would like to urge the CBDT to take up this matter urgently and establish proper coordination between the assessing authority and Central Processing Authority so that these problems are immediately solved and unnecessary litigation can be avoided. Copy of this order should be forwarded to the Chief Commissioner of Income-tax, Chandigarh and Chairman of CBDT for necessary action. ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/itat-asks-cbdt-notice-mistakes-central-processing-returns.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Whether assessee could book its expenses on accrual basis &amp; receipts on actual receipt basis</title>
		<link>http://taxguru.in/income-tax-case-laws/assessee-book-expenses-accrual-basis-receipts-actual-receipt-basis.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/assessee-book-expenses-accrual-basis-receipts-actual-receipt-basis.html#comments</comments>
		<pubDate>Thu, 24 May 2012 16:06:45 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[high court judgments]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50318</guid>
		<description><![CDATA[The assessee has followed mercantile system of accountancy in regard to the expenditure incurred during that year and results were declared on actual receipt and this method is constantly followed by the assessee since last so many years, therefore, addition of the amount received in the next year in the month of April should not have been added in the previous year merely on the basis of bills issued and expenditure shown in the assessment year.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/assessee-book-expenses-accrual-basis-receipts-actual-receipt-basis.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>When addition itself Set aside, there cannot be penalty for concealment of income</title>
		<link>http://taxguru.in/income-tax-case-laws/addition-set-penalty-concealment-income.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/addition-set-penalty-concealment-income.html#comments</comments>
		<pubDate>Thu, 24 May 2012 15:55:26 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50317</guid>
		<description><![CDATA[The disallowance made by the Assessing Officer and sustained by the learned CIT(A) was challenged by the assessee before the ITAT in an appeal. The ITAT has decided the said appeal in favour of the assessee. Therefore, at present, when the addition itself has been set aside, there cannot be any case for levy of penalty for concealment of income. ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/addition-set-penalty-concealment-income.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Onus on Assessee to Prove bank A/c do not belong to Assessee or is Bogus</title>
		<link>http://taxguru.in/income-tax-case-laws/onus-assessee-prove-bank-ac-belong-assessee-bogus.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/onus-assessee-prove-bank-ac-belong-assessee-bogus.html#comments</comments>
		<pubDate>Thu, 24 May 2012 15:52:03 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[ITAT judgments]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50316</guid>
		<description><![CDATA[Authorities have put the onus on the assessee to prove that the said bank account is bogus. In this regard, assessee has categorically stated that the said account was not opened by the assessee. The bank has not replied to the query of the Assessing Officer. So adverse inference on the assessee cannot be made in this regard. In our considered opinion, interest of justice will be served if the matter is remitted to the file of the Assessing Officer to consider the issue afresh.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/onus-assessee-prove-bank-ac-belong-assessee-bogus.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ICSI Annual Membership &amp; COP Fees for the year 2012-13</title>
		<link>http://taxguru.in/chartered-accountant/icsi-annual-membership-cop-fees-year-201213.html</link>
		<comments>http://taxguru.in/chartered-accountant/icsi-annual-membership-cop-fees-year-201213.html#comments</comments>
		<pubDate>Thu, 24 May 2012 05:11:38 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[ICSI]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50324</guid>
		<description><![CDATA[The Annual Membership and Certificate of Practice fee for the year 2012-13 becomes due for payment w.e.f. 1st April, 2012 and last date for payment of the same will be 30th June, 2012. Members are requested to pay the fee before the last date.  The fee payable is as follows]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/icsi-annual-membership-cop-fees-year-201213.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>GPF and SDS Interest Rates Revised for Financial Year 2012-13</title>
		<link>http://taxguru.in/custom-duty/gpf-sds-interest-rates-revised-financial-year-201213.html</link>
		<comments>http://taxguru.in/custom-duty/gpf-sds-interest-rates-revised-financial-year-201213.html#comments</comments>
		<pubDate>Thu, 24 May 2012 04:51:23 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Custom Duty]]></category>
		<category><![CDATA[EPF]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50322</guid>
		<description><![CDATA[Government of India has revised the Interest Rates for the financial year 2012-13 in respect of State PFs (GPF) and Special Deposit Schemes (SDS) for non-government Provident, Superannuation and Gratuity funds (SDS), 1975, from 8.6% to 8.8%  with effect from 01.04.2012. The funds concerned are:- 1. The General Provident Fund (Central Services). 2. The Contributory Provident Fund (India). 3. The All India Services Provident Fund.]]></description>
		<wfw:commentRss>http://taxguru.in/custom-duty/gpf-sds-interest-rates-revised-financial-year-201213.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Download Free e-filing Excel Software for ITR 1, 2, 3, 4, 4S,5, 6 for A.Y. 2012-13</title>
		<link>http://taxguru.in/income-tax/online-return-preperation-software-itr-1-2-3-4s-ay-201213.html</link>
		<comments>http://taxguru.in/income-tax/online-return-preperation-software-itr-1-2-3-4s-ay-201213.html#comments</comments>
		<pubDate>Thu, 24 May 2012 04:45:55 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[ITR]]></category>
		<category><![CDATA[itr 1]]></category>
		<category><![CDATA[itr 2]]></category>
		<category><![CDATA[ITR 3]]></category>
		<category><![CDATA[ITR 4]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50070</guid>
		<description><![CDATA[Income Tax Department has enabled  online submission of ITR-1 (SAHAJ), ITR-2 &#038; ITR-4S (SUGAM), ITR 5, ITR 6,  for Assessment Year 2012-13.  These software can be used to file Income Tax Return Online. ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/online-return-preperation-software-itr-1-2-3-4s-ay-201213.html/feed/</wfw:commentRss>
		<slash:comments>8</slash:comments>
		</item>
		<item>
		<title>Revised Position Limits for Trading Member (Banks) in Exchange Traded USD &#8211; INR derivative contracts</title>
		<link>http://taxguru.in/sebi/revised-position-limits-trading-member-banks-exchange-traded-usd-inr-derivative-contracts.html</link>
		<comments>http://taxguru.in/sebi/revised-position-limits-trading-member-banks-exchange-traded-usd-inr-derivative-contracts.html#comments</comments>
		<pubDate>Thu, 24 May 2012 04:18:45 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[SEBI]]></category>
		<category><![CDATA[SEBI notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50325</guid>
		<description><![CDATA[Gross open positions of the bank across all contracts (both futures and options contracts) not to exceed 15% of the total open interest or USD 100 million whichever is lower. ]]></description>
		<wfw:commentRss>http://taxguru.in/sebi/revised-position-limits-trading-member-banks-exchange-traded-usd-inr-derivative-contracts.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Zone-shifting of candidates for June &#8211; 2012 CA – CPT Exams</title>
		<link>http://taxguru.in/chartered-accountant/zoneshifting-candidates-june-2012-ca-cpt-exams.html</link>
		<comments>http://taxguru.in/chartered-accountant/zoneshifting-candidates-june-2012-ca-cpt-exams.html#comments</comments>
		<pubDate>Thu, 24 May 2012 03:37:54 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[ICAI]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50320</guid>
		<description><![CDATA[Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Kolkatta and Hyderabad, some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available. In view of this, it is not possible to accede to the requests of the candidates for transfer to an examination centre in a particular zone of the city opted by them.]]></description>
		<wfw:commentRss>http://taxguru.in/chartered-accountant/zoneshifting-candidates-june-2012-ca-cpt-exams.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Post Budget Service Tax on Chartered Accountants</title>
		<link>http://taxguru.in/service-tax/post-budget-service-tax-chartered-accountants.html</link>
		<comments>http://taxguru.in/service-tax/post-budget-service-tax-chartered-accountants.html#comments</comments>
		<pubDate>Thu, 24 May 2012 02:25:43 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Service Tax]]></category>
		<category><![CDATA[chartered accountants]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50297</guid>
		<description><![CDATA[As from 1.4.2012 the determination of point of taxation is on the basis of invoices for large CA firms. For this several representations were made to CBEC requiring clarification of invoices issued on or before 31st March 2012 where the payment has not been received before 1st April 2012. ]]></description>
		<wfw:commentRss>http://taxguru.in/service-tax/post-budget-service-tax-chartered-accountants.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Taxation of HUF &amp; Family Arrangement</title>
		<link>http://taxguru.in/income-tax/taxation-of-hindu-undivided-family-huf-and-family-arrangement.html</link>
		<comments>http://taxguru.in/income-tax/taxation-of-hindu-undivided-family-huf-and-family-arrangement.html#comments</comments>
		<pubDate>Thu, 24 May 2012 02:23:55 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[hindu law]]></category>
		<category><![CDATA[hindu succession act]]></category>
		<category><![CDATA[hindu undivided family]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[taxation laws]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16578</guid>
		<description><![CDATA[Basic requirements for the existence of an HUF are as follows :(i)  Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not lose its character of Joint Family property solely for the reason that there is no other male or female member at a particular point of time. Once the co-parcener marries, an HUF comes into existence as he alongwith his wife constitutes a Joint Hindu Family as held in the case of  Prem Kumar v. CIT , 121 ITR 347 (All.)]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/taxation-of-hindu-undivided-family-huf-and-family-arrangement.html/feed/</wfw:commentRss>
		<slash:comments>7</slash:comments>
		</item>
		<item>
		<title>Budget 2011 &#8211; Income Tax Amendments Applicable for A.Y. 2012-13</title>
		<link>http://taxguru.in/income-tax/budget-2011-income-tax-amendments-applicable-ay-201213.html</link>
		<comments>http://taxguru.in/income-tax/budget-2011-income-tax-amendments-applicable-ay-201213.html#comments</comments>
		<pubDate>Thu, 24 May 2012 02:21:07 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Budget]]></category>
		<category><![CDATA[Income Tax Notifications]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50302</guid>
		<description><![CDATA[Rates for deduction of income-tax at source from certain incomes during the financial year 2011-12. Rates for computation of advance tax, deduction of income-tax at source from Salaries and charging of income-tax in certain cases during the financial year 2011-12.Tax benefits for New Pension System (NPS) . Deduction for investment in long-term infrastructure bonds]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/budget-2011-income-tax-amendments-applicable-ay-201213.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Govt Hikes Petrol price by Rs 7.54 a litre</title>
		<link>http://taxguru.in/finance/govt-hikes-petrol-price-massive-rs-754-litre.html</link>
		<comments>http://taxguru.in/finance/govt-hikes-petrol-price-massive-rs-754-litre.html#comments</comments>
		<pubDate>Thu, 24 May 2012 02:20:59 +0000</pubDate>
		<dc:creator>CA Sandeep Kanoi</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Government Policy]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=50305</guid>
		<description><![CDATA[The petrol price was hiked today by a record Rs 7.54 per litre as rupee had a free fall, an unpopular decision that was attacked by allies of UPA government who demanded its immediate rollback holding it as unacceptable.]]></description>
		<wfw:commentRss>http://taxguru.in/finance/govt-hikes-petrol-price-massive-rs-754-litre.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
	</channel>
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