COMMISSION

The government has hiked petrol and diesel prices by a marginal Rs 0.27 a litre and Rs 0.15 per litre respectively following increase in the commission paid to petrol pump dealers. The government approved raising dealer's commission paid on petrol from Rs 1.218 per kilolitre to Rs 1,499 per kl, resulting in a Rs 0.27 per litre increase in retail price with effect from midnight, an official said here. Full Article

Commonwealth Games overlays suppliers — questioned by Income Tax investigation in connection with irregularities in Games contracts — have alleged that an average 15% commission was paid to Organising Committee officials, besides payoffs to project e Full Article

Salary is chargeable to tax on due or receipt basis whichever is earlier and includes wages, annuity or pension, gratuity, fees, commission, perquisites or profits in lieu of salary, advance salary, leave encashment, etc. Full Article

The ITAT answered the question in favour of the tax payer by holding that an appeal can be filed against the order of the AO giving effect to the MAP resolution. Further, ITAT held that the percentage of 10% be applied to net income after reducing the commission paid to the Indian agent. Full Article

51. Whether expenditure incurred during in-house employee training would be considered as conference expense and liable to FBT? The FBT is not envisaged for levy on the expenditure incurred for the purposes of imparting in-house training to employees. However, FBT would be payable on any expenditure incurred towards food and beverage, tour and travel, and [...] Full Article

In a twist to the Satyam fraud case, a global IT research firm has revealed details which may point to a collusion between Price Waterhouse Coopers and Satyam Computers. The report, by Gartner, indicates that PwC was in a strategic partnership with Satyam till last year, even as its Indian arm was auditing the firm headed [...] Full Article

The Central Government has notified from on 20th May, 2009, the provisions of the Competition Act, 2002 relating to anti-competitive agreements (section 3) and abuse of dominant position (section 4) alongwith other related and miscellaneous provisions. This will enable the Competition Commission of India to enforce these provisions of the Competition Act, 2002. The Central Government has also notified the [...] Full Article

CASE LAW DETAILS Decided by: ITAT, INDORE BENCH, INDORE, In The case of: J. C. Bansal v. TRO, Appeal No. : ITA Nos. 115 to 117/Ind/2005, Decided on: May 23, 2008  RELEVENT PARAGRAPH  20. On examination of the license agreement and schedule attached with the same, we find that entire factory building along with plant [...] Full Article