"May, 2009" Archive - Page 3

Interpretation of the words "manufacture or production" for the purpose of deduction U/s. 10B

ITO Vs E-Infochips Ltd. (ITAT Ahmedabad)

In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in respect of production and export of computer software within the meaning of provisions of section 10B of the Act, especially when the AO himself concluded so for the purpose of section 80HHE of the Act. We are a...

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All expenses need to be considered in computing profits and gains of an eligible business under section 80-IA/80-1B of IT Act, 1961

Nitco Tiles Ltd. Vs DCIT (ITAT Mumbai)

12. The provisions of sections 80IB/80IA are the code by themselves as they contains both substantive as well as procedural provisions. Therefore, we need to examine what these provisions prescribe to the issue of the manner of `computation of the profits and gains of the eligible business'. In this regard, the relevant sub-sections ie 80...

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ICAI requested Tamilnadu Government to make VAT Auditing compulsory

Institute of Chartered Accountants of India (ICAI) would submit a representation to Tamil Nadu Government to make VAT Auditing compulsory in the State. By compulsory auditing of VAT, as in Maharashtra, the Government would have lot of advantages, including identifying the revenue leakage, said Mr G Ramaswamy, General Council member....

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Posted Under: Income Tax |

Exchange Rate notification for Import / Export of goods wef 1st June, 2009

Notification No. 54/2009-Customs (N.T.) (27/05/2009)

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. 44/2009-Customs (N. T.), dated the 28th April, 2009 vide number S. O. 1059 (E), dated the 28th April, 2009, except as respects t...

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Budget expected in first week of July, Anti-money Laundering norms may get tougher

IN his first ever formal interaction with media persons today the Finance Minister, Mr Pranab Mukherjee, has said that as per his Party’s manifesto, his Govt is committed to present the Budget 2009 within 45 days and it will be presented in the first week of July. The Budget exercise is already underway in full […]...

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Posted Under: Income Tax |

Know your PNR on SMS

Opening up more options for travellers seeking details of train services, Indian Railways have started an SMS service on the 139 passenger information system. The service would enable one to know the passenger name record status, current train running positions, accommodation and availability and fare enquiry. “All that a passenge...

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Posted Under: Income Tax |

Know If your Income Tax Refund been returned undelivered

MUMBAI: Salaried taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can find out whether their refunds have been returned undelivered from this link: http://www.incometaxindia.gov.in/CCIT/refundsearch.asp You can get the information from the menu `undelivered salary refund management system’, using your ...

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Posted Under: Income Tax |

Analysis of Rule 8D of laying down formula for disallowance of expenses incurred in relation to exempt income

In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax posit...

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Posted Under: Income Tax |

Disallowance of Excise duty, if any, to be made under section 145A

DCIT Vs Hitech Plast Containers (I) Ltd. (ITAT Mumbai)

6. We have verified the orders and heard:the rival contentions. There is no dispute that there was a qualification in the auditors report whereby the auditors had mentioned Rs.27,47,258/ - as the adjustment required u/s. 145A of the Act for the purpose of valuing the closing stock. Copy of the computation statement for the relevant Assess...

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CBI arrested excise Inspector accepting bribe

THE CBI has arrested an Inspector of Customs & Central Excise posted in the office of Commissioner, Central Excise, CR Building, ITO, New Delhi for demanding and accepting a bribe of Rs. 8,000/- from the complainant. The complainant, an Accountant in a private firm had deposited a bank guarantee of Rs.1,00,000/ – with Central Ex...

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Posted Under: Income Tax |