All FII transactions in debt-oriented mutual fund units which were previously reported as Equity transactions should be reported as debt on February 15, 2008, through the existing reporting system.
All mutual fund schemes shall now meet the sales, marketing and other such expenses connected with sales and distribution of schemes from the entry load.
15. In so far as the assessee’s contention that as the remuneration paid to the directors were increased in a properly called meeting of the Board of Directors, such payment is to be considered as reasonable and not excessive, we are of the view that this contention of the assessee would be of no much assistance to the assessee as discussed hereafter. There is no dispute in the fact that the Board of Directors
Applications for compounding ought to be disallowed if there are such contradictions, inconsistencies or incompleteness. The reason is obvious. If the applicant is trying to hoodwink the Authority such applications would not be maintainable. That aspect is required to be kept in mind by the Compounding Authority. The test is as follows :
ANY business is a tricky ‘business’ for its doers ! It is tricky because of the presence of many parameters beyond the control of the doers. Under such circumstances, what is to be treated as normal expenditure of business is the sum of compensation which a business-doer has to incur as expenditure for paying damages in case of non-fulfilment of certain obligations under a contract. Now, the major question is whether such an expenditure can be treated as wholly and exclusively for the purposes of business as mandated by the provision of the Sec 37(1) of the Income Tax Act?
Taxi and bus fleet owners and contractors providing raw materials, electrical work and furniture in civil construction are likely to come under the presumptive income tax net from 2008-09.An announcement in this regard is likely in the coming Budget.Presumptive tax is a procedure for computing profits of contractors that supply labour for civil construction or are in the business of plying, hiring and leasing transport for goods.
The Income Tax Department here has put on its website the list of income tax refunds of all salary tax payers which could not be sent to the concerned persons for want of correct address. Salary taxpayers who have not received refunds for assessment years 20034 to 20067 can long on to the website (www.incometaxindia.gov.in (mumbai region) and query using the PAN number and assessment year whether any refund due to them has been returned undelivered from the menu `undelivered salary refund management system’, an official release said on Monday.
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.123/2007(NT)-CUSTOMS, dated the 26th December, 2007 vide number S.O. 2184(E), dated the 26th December, 2007, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st February, 2008 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
THE assessee company was incorporated during the financial year 1997-98. Originally, there was a company jointly promoted by Tatas and IBM , which were known as Tata IBM. During the financial year 1997-98, it was mutually agreed between the two promoters to bifurcate the business activities into separate entities viz. IBM Global Services India Private Limited (the assessee company) and Tata IBM . As per the agreement entered into, various assets of the erstwhile Tat IBM were transferred to the assessee company has paid amounts of Rs. 9,38,57,925/ – and Rs. 5.3 Crore on account of transfer of certain employees to the assessee company and on account of transfer of the data base of the domestic business. The assessee company actually paid a sum of Rs. 18.4 crore for the transfer of the employees to the assessee company but claimed an expenditure of Rs. 9,38,57,925/ – as the remaining sum of around Rs. 9.01 crore was attributable to STP Unit, income of which was exempt.
The assessee is a partnership firm constituted by the Deed of Partnership dated 22.1.1980 and consisted of two partners, viz., Ms. J. Jayalalitha and Ms. V Sasikala . In terms of the Deed of Partnership, the Assessee carries on the business of all types of printing and publishing of newspapers, magazines, periodicals etc. and such other business or businesses as may be mutually agreed to between the partners. On 30.4.1990, the Assessee purchased a factory shed consisting of ‘ 3650 sq.ft. along with a factory building from Shri K. Viswanathan as per the sale deed dated 30.4.1900. It was the contention of the Counsel that the Assessee had installed a printing press in the factory premises and started its business of printing and publishing the political newspaper titled ‘ Namadu MGR ‘ for circulation among public and various agencies. While completing the original assessments the Assessee ‘ s claim was not fully allowed by the Assessing Officer. The Assessee went in appeal before the C.I.T.(Appeals) and he set aside the same. Since the Assessee failed to produce the contemporaneous primary evidence relating to the issue, he restricted the claim of the Assessee in all these years
