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Archive: 21 February 2009

Posts in 21 February 2009

Allowbility of kickbacks/secret commission as business expenditure under section 37(1) of IT Act

February 21, 2009 1521 Views 0 comment Print

“37. (1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid but or expended wholly and. exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head “Profits and gains of business or profession’.

Power of Commissioner under section 263 of Income-tax Act

February 21, 2009 2108 Views 0 comment Print

8. Having carefully examined the entire evidences available on the record in the light of the oral submissions of the parties, with reference to the provisions of law and the precedents relied before us and after giving anxious thought, in the light of the plain words used in section 263 of the Act and in the light of the ratio of the decision of the Hon’ble Supreme Court rendered in the case of Malabar Industries Co. Ltd. v. CIT

Announcement on Admission as Fellow Member – ICAI

February 21, 2009 1029 Views 0 comment Print

The Council in its 283rd meeting considered the difficulties being faced by the members in service while complying with the requirements for admission as fellow member in terms of Regulation 5 (3) and decided that the Members who are not in practice be admitted to Fellow Membership provided the member has been an Associate Member […]

Most Indian companies don't have proper Employee Provident Fund (EPF) provisions

February 21, 2009 1427 Views 0 comment Print

Many Indian companies have not made adequate provisions for employee provident fund (PF) and pension, as per a survey by consulting firm Mercer.  The survey showed that 88% of top Indian companies have not made required provisions for defined benefit PF scheme which is mandatory as per accounting standards laid down by ICAI. Put simply, […]

Cases filed against 110 vanishing companies: MCA

February 21, 2009 777 Views 0 comment Print

Prosecutions have been filed in 110 cases for violations of various provisions of the Companies Act, 1956,” the minister said in a written reply to a question on the issue of vanishing companies. A Coordination and Monitoring Committee (CMC), co-chaired by MCA Secretary and Securities and Exchange Board of India Chairman, is looking into the issue of vanishing companies, their promoters and monitoring the progress of action taken against them.

TRPS authorised to prepare TDS, service tax returns, too

February 21, 2009 637 Views 0 comment Print

The Central Board of Excise and Customs has already amended its Service Tax Act to enable TRPs to prepare and furnish service tax returns on behalf of the tax payers. The training programme for TRPs will be started by the Central Board of Direct Taxes, CBDT said in a release. While the first batch of income tax and TDS training module for the TRPs will be conducted from March 4 to 9 and the second batch from March 13 to 18, training for TRPs on Service Tax will be completed by April 10, it said. After the training completed by April 10, TRPs can prepare and file Service Tax returns due on April 25 this year, it added.

Non Resident Indians' obligation to file Income Tax Return in India

February 21, 2009 5951 Views 0 comment Print

An ‘NRI’ is a citizen of India or a person of Indian origin* who is not a resident in India. Residency for tax purposes is decided based on a person’s physical stay in India. There are three conditions that could trigger non residency for tax purposes. First, when an individual’s stay in India is less than 60 days in a particular tax year. Second when the stay exceeds 60 days but is less than 182 days and the cumulative stay in the four years preceding the year in question is less than 365. Finally, when an individual leaves India for taking up an employment outside India and his/her stay is less than182 days in the year of departure.

MRTPC says consumers can’t be compelled to buy gas stove from a particular dealer

February 21, 2009 333 Views 0 comment Print

Notwithstanding the introduction and continuation of the scheme of channelising of the gas stoves traders / manufacturers through the respondents, the basic right of a customer of making an independent choice of the purchase of stoves for its requirement from a source not limited to the dealers of the respondents shall continue to be upheld and the respondents would renew their instructions to the dealers in appropriate and expeditious form and ensure that the prominent and appropriate display is made at the premises of all dealers of such instructions ;

Exporters seek Sops/Exemptions to tackle strong rupee

February 21, 2009 370 Views 0 comment Print

Mr Rajinder Hinduja, Executive Director (Finance), Gokaldas Exporters, expressed concern over the delay in the refund of taxes linked to levies like service tax and others. Mr Hinduja also pleaded for a clear stand on the 100 per cent export oriented units, which enjoyed tax exemptions. However, with the concession expected to expire in 2009, the exporters would be pushed to dire straits, he said. Mr Ravi Vshwanath, CFO of Sun Microsystems said though the bigger software companies had, to an extent managed the impact of the stronger rupee through costreduction, but smaller units that were reeling under the problem.

Sales tax hounds comb Mumbai for Tax evaders

February 21, 2009 889 Views 0 comment Print

The Department of Sales Tax has issued 1 lakh notices to traders in the last two months for tax evasion. It has also filed 431 FIRs against them for not filing returns. Raids, surveys and business audits have been further intensified. Sources said that hundred of crores of bogus bills and hawala transactions have been unearthed by the department while spreading its dragnet for tax evaders.

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