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Archive: 10 October 2007

Posts in 10 October 2007

Two interpretations of an Explanation

October 10, 2007 5980 Views 0 comment Print

If a building is taken on lease and expenditure incurred on renovation of the same, Explanation 1 will apply and such expenditure can be capitalised for claiming depreciation. When a company incurs expenditure either by way of construction or renovation to an existing building in leasehold premises, questions arise with regard to the deductibility of […]

All Fools Day rates basis for DEPB II

October 10, 2007 346 Views 0 comment Print

While under the duty draw back scheme, exporters are refunded the customs duties and excise duties paid on inputs, like raw materials, and intermediates after the products are exported, the DEPB scheme, seeks to neutralise the incidence of customs duty on the import content of the export product by way of grant of duty credit against the export product. The DEPB scheme has found disfavour with the World Trade Organization as it is non-transparent and transferable.

IT professional can’t avoid tax on foreign earnings

October 10, 2007 1754 Views 0 comment Print

In a ruling which could affect tax payments of thousands of employees of Indian IT companies earning mega bucks on overseas assignments, the Authority of Advance Rulings (AAR) has said that that there was no escape from paying tax on the amount earned during a stint with the employer’s foreign affiliates.

Appeal to High court – Estimate of income

October 10, 2007 397 Views 0 comment Print

The learned Tribunal has noted that it was common ground between both the parties that the income of the Assessee was liable to be determined on an estimate basis.

SEBI :(Depositories And Participants) (Amendment) Regulations 2007

October 10, 2007 340 Views 0 comment Print

For the purposes of this clause, a Strategic Business Unit shall be an organizational unit of a company with its own mission, objectives and business strategy that is given the responsibility to serve the particular demands of one business area with appropriate technological, financial and other segregations.

Validity of Return-Return signed by General Manager of Company

October 10, 2007 745 Views 0 comment Print

CIT vs Bhiwani Synthetics Ltd.- Citation 199 Taxation 204 Validity of Return – Return signed by General Manager of Company The return of the assessee company was signed by the General Manager (Finance). The CIT(A) and the Tribunal directed the A.O. to give an opportunity to the assessee to cure the defect. The company had given a power of attorney to the said General Manager to sign the return. The company had not disowned the return. The order of the Tribunal was not prejudiced to Revenue. No question of law arose.

LICs Maiden Health Insurance Product Soon

October 10, 2007 735 Views 0 comment Print

Life Insurance Corporation of India will file its maiden health insurance product with the insurance regulator by next month. The product will be a long-term policy and have a savings element, said Mr D.D. Singh, Executive Director (Health), LIC. It will have a unit-linked component and be issued as a family floater policy.

FAQs by NGOS, Queries related to Income Tax Act, 1961

October 10, 2007 35201 Views 18 comments Print

Q1 : Whether the Income-tax Act, 1961 is applicable to all the Voluntary Organisations who are engaged in socio-economic development programmes in India ? Please clarify. Ans : The Income Tax Act, 1961, is applicable to Voluntary Organisations which are engaged in public charitable or religious activity. Hence, Voluntary Organisations which carry out socio-development programmes […]

Data from service tax department and state VAT departments may now come handy for I-T sleuths to catch those evading taxe

October 10, 2007 369 Views 0 comment Print

Data from service tax department and state value-added tax (VAT) departments may now come handy for the I-T sleuths to catch those evading taxes. Traders have to register with the state VAT departments once their annual turnover crosses Rs 5 lakh. Similarly, service providers register themselves once they reach Rs 7 lakh in annual turnover. […]

Confusion in the AIR

October 10, 2007 868 Views 0 comment Print

Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit’ relating to financial transactions for AIR, specified in one of the `frequently asked’ questions, posted recently on www.incometaxindiaefiling.gov.in. Question number 64, the last in the list, reads: “In schedule of AIR of all ITRS relating to financial transactions whether the limit fixed is for aggregate or single in each category as shown in the following transactions:

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