"November, 2009" Archive - Page 2

Rent income from subleasing can not be taxed under income from house property’

Prestige Estate Projects Pvt. Ltd. Vs. DCIT (ITAT Bangalore)

As per the lease agreement, the assessee agreed to create a laase in favour of the tenant m respect of the premises, which is part of the building known as 'The Forum'. The tenant as well as its bonafide visitors, guests, customers, clients, employees have a right of ingress to and egress from the premises by use of entrances, landings, p...

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AO not empowered to select head of income for computation of permissible deductions U/s 40(b)

S. P. Equipment & Services Vs ACIT (ITAT Jaipur)

A golden rule of interpretation is the contextual interpretation. A word has always to be interpreted only with the context with which, one is seized. Here we are concerned with the provisions of Sec.40(b) hence, the interpretation has to be done accordingly. Interpretation of the provisions otherwise or the way the Id. AO has done, if a...

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RBI Circular on Up-gradation of PDO-NDS application to Windows 2008

RBI/2009-10/237, DIT(CO) Circular NO. 6/09.61.002/2009-10 30/11/2009

You are requested to initiate the activity for migrating the PDO NDS application at your end to work in this new environment. We will be uploading the new setup and the installation document in the PDO NDS link available on the RBI Secured Websitebe (https://secweb.rbi.org.in) in due course of time. A broadcast to this effect will be made...

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Taxability of ESOP up to 31.03.2000

ACIT Vs Tripti Sharma (ITAT Mumbai)

In respect of shares acquired under stock option scheme, the difference between the price of shares at the time of exercise of option and the predetermined price is liable to tax as perquisite under s. 17(2)(iii) up to 31st March, 2000....

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Sec. 195 of Income-tax Act – Remittances of Consular receipts

Circular No. 9/2009 - Income Tax 30/11/2009

Circular No. 9/2009 - Income Tax In view of the above, while remitting consular receipts abroad, diplomatic missions in India will be required to submit only a self certified undertaking in Form No 15CA to the remitter bank. They are not required to obtain a certificate from an accountant/ certificate of Assessing officer (Form 15CB). Th...

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I-T relief for welfare contributions

Granting Income Tax relief to companies for deductions for contributions to provident fund (PF), the Supreme Court (SC) on Wednesday dismissed over 60 appeals by the commissioner of income tax. The Finance Act 2003, which operated from April 1, 2004, deleted a provision relating to deduction against PF and other welfare funds. According t...

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Posted Under: Income Tax |

Life insurance policy and Protection to policyholders

The prospectus of any insurance product should state the scope of benefits, the extent of insurance cover and in an explicit manner explain the warranties, exceptions and conditions of the insurance cover and, whether the product is participating (with-profits) or non-participating (without-profits). The allowable rider or riders on the p...

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Posted Under: Income Tax |

Need for Life Insurance

Life Insurance provides risk cover which no other investment option offers. Following are the advantages of Life Insurance: It provides full protection against risk of death. Encourages and forces compulsory savings as the saved money cannot be withdrawn and premium has to be paid regularly. Provides loan to tie over a temporary difficult...

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Posted Under: Income Tax |

History of General Insurance, Reform in the sector, General Insurance Products, Non –Life Insurance companies and IRDA

Insurance probably made a beginning in the ancient land of Babylonia In the 18th century B.C., Babylonian king Hammurabi developed a code of law, known as the Code of Hammurabi, which codified many specific rules governing the practices of early risk-sharing activities. For instance, the code dictated that traders had to repay merchants w...

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Posted Under: Income Tax |

Mere Expression of Regret Cannot Be Interpreted As Admission Of Guilt

Justice KK Sasidharan, directing the reinstatement of three industrial workers dismissed from service 17 years ago, said: Admission (of guilt), to be used against the maker, should be clear, unambiguous, unequivocal and without any scope for two interpretations. It should lead to a clear conclusion of admission....

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Posted Under: Income Tax |

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