PICK-UP and drop transport facility provided by employers is not a perquisite and hence not liable to tax, according to a recent ruling by a tax tribunal. In a decision that has implications for the sectors such as BPO and IT, the Mumbai Income-Tax Apellate Tribunal (ITAT) has held that companies providing such a facility were not liable to deduct tax on the expenditure incurred on it.
Q.1 What is CIBIL? CIBIL – India’s first credit information bureau- is a repository of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides this information to its Members in the form of credit information reports.
Question Nos. 10 and 11 pertain to assessee’s challenge against levy of interest under section 234B of the Act for non-payment of advance tax. The assessee has relied on the decision of the Supreme Court in CIT V. RANCHI CLUB LTD., 247LT.R, 209 and decision of the Delhi High Court in CIT v. INCHCAPE INDIA (P) LTD.,
Even though standing counsel for the department contended that if the Director of Lottery has made unauthorised deduction it is for the assessee to pursue his remedy elsewhere, we do not think that the assessee can be expected to recover this amount through the litigation against the State Government On the other hand we feel that if the State Government is recovering income tax and retains it for itself payment to the Central Government
The entire focus in the present appeal is to decide whether the returns filed by the assessee were valid or invalid or defective. Whereas the AO, on observing that the return was not properly verified in as much as it was not signed by the right person, declared it to be invalid and non-est. He further intimated the assessee vide para 5 of his communication dated 11.1.2000 that the act of wrong verification is not a rectifiable defect u/s 139(9) which provides that removal of any defect of a valid return of income.
SUMMARY OF CASE LAW Mere allegations contained in a line or two against the directors without specifying the violative act committed by any of the directors would not suffice to make the directors offenders so as to summon them for the offences under SEBI Act; mere bald averments in the complaint do not make the […]
The definition of input brings within its fold, inputs used for generation of electricity or steam, provided such electricity or steam is used within the factory of production for manufacture of final products or for any other purpose.
The assessee, an employee of Johnson & Johnson (“J&J”) India, received from J&J, USA, on 12.7.1989 a “cashless” option to buy 2500 shares at the then prevailing market price of $ 57.88 per share. The options were exercisable in installments over 10 years starting 11.7.1991. On 13.8.1992 (AY 1993-94), the assessee ‘sold’ the options and made a gain of Rs. 5,44,925
Govt. Launched website of Copyright Office providing facility of on-line filing of copyright applications Shri Kapil Sibal, Union Minister of Human Resource Development launched a new Portal of the Copyright Office which includes a facility of on-line filing of copyright applications, here today. Also present on the occasion were Shri R.P. Agrawal, Secretary (HE) and […]
PD/A-32/2009 9th September, 2009 Smt. Usha Thorat Deputy Governor Reserve Bank of India Central Office Building 18th Floor, Shahid Bhagat Singh Road Mumbai-400 001. Madam, Sub: Procedure for allocation of Central Statutory Audits of Public Sector Banks As you are already aware that we have been expressing our serious reservations and concern in respect of […]
