Central Board of Direct Taxes has notified rules to regulate the procedure of the Dispute Resolution Panel (DRP) constituted under section 144C of the Income Tax Act, 1961 inserted by the Finance Act 2009. The rules came into effect from 20th November 2009. DRPs will be constituted at Delhi, Mumbai, Ahmedabad, Kolkata, Chennai, Hyderabad, Bengaluru and Pune.
Circular No. 8/2009-Income Tax payments made by Third Party Administrators (TPAs) to hospitals on behalf of insurance companies for settling medical/insurance claims etc. with the hospitals. 2. The matter was examined by the Board. As per provisions of section 194J(1) ‘Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of—
Attention is invited to erstwhile scheme for setting up private/public bonded warehouse in SEZ/DTA for import and re-exports of cut & polished diamonds, cut & polished colored gems stones, uncut & unset precious & semi precious gemstones, subject to achievement of minimum value addition of 5% under paragraph 4A.18 of the Foreign Trade Policy 2004-09. This scheme has now been deleted from the Foreign Trade Policy 2009-14 announced on 27.08.2009 by DGFT.
The income-tax department last week sent notices to six Mumbai-based third party administrators (TPAs), who process insurance claims, askingthem to cough up Rs 117 crore for two consecutive financial years, beginning 2008-09.
The use of Electronic/Online Payment modes for payments to merchants for goods and services like bill payments, online shopping etc. has been gaining popularity in the country. With a view to safeguard the interests of the customers and to ensure that the payments made by them using Electronic/Online Payment modes are duly accounted for by the intermediaries receiving such payments and remitted to the accounts of the merchants who have supplied the goods and services without undue delay
A plain reading of language used in the definition of `loan or deposit’ in section 269T clearly provides loan or deposit means any loan or deposit of any nature. Thus, there is no question of excluding current loan for the purpose of section 269T of the Act.
. In this case, the assessee filed his return of income on 29.06.1999 declaring total income at Rs. 15,77,534/-, wherein the arrears of rent was included while computing the income under the head “income from house property”. The A.O. processed the return of income u/s 143(1) at a returned total income of Rs. 15,77,534/-.
Section 271(1)(c) provides that if the AO or the Commissioner (Appeals) or the Commissioner, in the course of proceedings in this Act is satisfied that any person has concealed the particulars of his income or furnish inaccurate particulars of income, he may direct that such person shall pay by way of penalty a sum which shall not be less than but which shall not exceed three times the amount of tax sought to be evaded by a reason of the concealment of particulars of his income.
The use of word developing’ in juxtaposition to infrastructure facility in section 80-1A(4) indicates that what is eligible for deduction under this sub-section is the profits and gains derived from the development of infrastructure facility and not something de hors it; so in order to be eligible for deduction the development should be that of the infrastructure facility as a whole and not a particular part of it; it may be possible that some part of development work is assigned by the developer to some contractor for doing it on his behalf; that will not put the doer of such work into the shoes of a developer; therefore, a mere contractor cannot be conferred with the benefit as provided in section 80-IA.
The penalty proceedings and the assessment proceedings both are different. Explanation 1to section 271(1)(c) in respect of any fact relating to the computation of total income states that the amount added or disallowed in computing the total income of an assessee shall be deemed to be the income in respect of which particulars have been concealed. This deeming provision for concealment is not absolute one.
