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Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay.The Income Tax Act allows for deduction in respect of the HRA paid to employees. The exemption on HRA is covered under Section 10(13A) of the Income Tax Act and Rule 2A of the Income Tax Rules. It is to be noted that.. Full Article

Chapter XIX-A is a complete Code in itself as regards settlement of cases for having provided a complete mechanism other than procedure provided under the IT Act. Legislature conferred all powers upon Settlement Commission being vested in IT authority under the Act as provided U/s 245-F and what is being decided by settlement commission is conclusive providing no remedy of revision/review or appeal to the assessee or revenue, envisaged in S.245-I of the Act. Full Article

It is, therefore, advised that all AIFIs should also follow extant guidelines on `Prudential Norms on Creation and Utilization of Floating Provisions' issued to banks. Accordingly, we advise that guidelines issued to banks vide our circular No. DBOD.BP.BC.89/ 21.04.048/ 2005-06 dated June 22, 2006 and circular No. DBOD.BP.BC.68/ 21.04.048 / 2006-07 March 13, 2007 (copy enclosed) shall mutatis mutandis apply to AIFIs. Full Article

The learned counsel for the assessee has vehemently argued that in this case interest from deposit was offered as business income and was also assessed as business income and therefore, automatically once it is assessed as business income then the same becomes eligible for deduction u/s.10B. Full Article

The Financial Action Task Force (FATF) has issued a further Statement on October 16, 2009 on the subject (copy enclosed). UCBs are accordingly advised to take into account risks arising from the deficiencies in AML / CFT regime of Iran, Uzbekistan, Pakistan, Turkmenistan and Sao Tome and Principe. Full Article

In the case of Mayawati v. CIT [2009] 222 CTR 117 (Delhi), it is nowhere mentioned that for drawing the presumption u/s 27 of the General Clauses Act, there is necessity of acknowledgment due. Full Article

The prospectus of any insurance product should state the scope of benefits, the extent of insurance cover and in an explicit manner explain the warranties, exceptions and conditions of the insurance cover and, whether the product is participating (with-profits) or non-participating (without-profits). The allowable rider or riders on the product shall be clearly spelt out with regard to their scope of benefits, and in no case, the premium relatable to all the riders put t.. Full Article

During the last few days, the number of requests to intervene and bring halt to the issuance of SMSs and emails to voters at large has been on the increase. The general complaint of the voters is that the receipt of enormous mails and SMSs – many a time repeated mails from the same persons causes disturbances to their professional as well as personal life. Full Article