Notification No. 60/2009 – Income Tax , dated 31-7-2009 It is hereby notified for general information that the organization Institute of Rural Management, Anand, Gujarat has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from assessment year 2008-09 onwards in the category of ‘other institution’ partly engaged in research activities subject to the following conditions, namely :–
Over 200 public sector undertakings (PSUs) do not have a company secretary on their rolls even though they are mandated to have one, the government informed Parliament on Thursday. “As per information available, 233 PSUs have not appointed a company secretary,” Salman Khursheed, minister for corporate affairs, said in the Lok Sabha on Thursday.
Introduction The Board of Directors of a Company play a fiduciary role in protecting the interest of shareholders by providing adequate information on the company’s management and its functioning. They are the custodian of the money that the shareholders have invested in the company. Duty is cast upon the Board of directors to prepare and […]
The services availed by a manufacturer for outward transportation of final products from the place of removal should be treated as an input service in terms of Rule 2(1)(ii) of the Cenvat Credit Rules, 2004 and thereby enabling the manufacturer to take credit of the service tax paid on the value of such services.
It is apparent from the perusal of section 80IB(10) that this section has been enacted with a view to provide incentive for businessmen to undertake construction of residential accommodation for smaller residential units and the deduction is intended to be restricted to the profit derived from the construction of smaller units and not from larger residential units.
It is a matter of record that the assessee had not been allowed the cross examination of the party whose statement has been used against him in making the assessment the addition us thus in violation of principles of natural justice. Not allowing cross examination is a defect of procedural in nature. It is to be allowed in order to make the assessment by using the principal statement, the examination in chief tested on cross examination.
Brokerage could be claimed as collection charges if as per the agreement, it is the responsibility of the broker to collect the rent but provision relating to deduction on account of collection charges in sub-clause (viii) of section 24 stand deleted from Assessment year 1993-94 and collection charges are included in the lump-sum deduction of 1/4th of annual value allowable as deduction under sub-clause (i).
