"January, 2010" Archive - Page 19

Tax Gurus failed to find Potholes in Wealth Tax under DTC

The direct tax code is unique in its approach in so far it prescribes a threshold limit of Rs.50 Crore. But it is to be understood only in respect of two taxable entities namely: 1.Individuals and 2. Hindu Undivided Family. However, the third taxable entity which is private discretionary trust is not treated at par for this limit of basic...

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Posted Under: Income Tax |

New perquisite valuation rules to hit employees with company cars

New perk rules :- Under the new perquisite rules, a distinction is to be made between the car owned by the employer and the car owned by the employee, as the value of the tax perquisite in the two scenarios varies considerably. Even though there could be different permutation and combination, under which the car benefit could be provided ...

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Posted Under: Income Tax |

IT-Department wants to tax inter-corporate loans given to unrelated companies, but with common shareholders as deemed dividend

Inter-company loans, known as ‘deemed dividends’, are used by companies to route dividend in the form of loans to companies which have common shareholders — both in the company giving the loan and the one borrowing it. It is done to avoid paying dividend tax, otherwise paid by the company before it is distributed among shareholders ...

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Posted Under: Income Tax |

AEDS announced Scholarship Scheme for CA Students

Accounting Education and Development Society (AEDS) has promoted the accounting and financial management studies and in a step forward has announced the scholarship for the meritorious students of accounting profession. To start with the SOCIETY has launched the first scholarship scheme sponsored by a family of Chartered Accountants....

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Posted Under: Income Tax | ,

ICAI asked government to defer the implementation of GST by one year

The Institute of Chartered Accountants of India (ICAI) has asked the government to defer the implementation of Goods and Services Tax (GST) from April 1, 2010 by an year to allow for a smoother transition to the new indirect tax framework....

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Posted Under: Income Tax |

ICAI announcement on Counting of Votes pertaining to 21st Council from Central India Regional Constituency

counting of votes, without giving effect to the Order dated 30th December, 2009 issued by the undersigned as Returning Officer during the counting process pertaining to the 21st Council from Central India Regional Constituency shall be held at 11.00 A.M. on 18th January, 2010 in the premises of the Institute at ICAI Bhawan, Indraprastha M...

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Posted Under: Income Tax | ,

Shares activity treated as investment in earlier years cannot be treated as business in subsequent years if facts are the same

CIT Vs. Gopal Purohit (Bombay High Court)

The income from investment activity was offered as capital gains while the income from dealing activity was offered as business income. This position was accepted by the AO in the earlier years. In AY 2005-06, the AO took a different view and held that even the shares held on investment account had to be assessed as business income...

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One circular- many solutions

In these CHA services, during the import or export of goods, apart from the service of CHA there are various other services which are involved like the port services, terminal handling service, cargo handling service, cleaning or fumigation of containers services etc. In most cases, it is the CHA who is dealing with the service providers ...

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Posted Under: Income Tax |

Income Tax dept asks tax payers to avoid fraud mails

The I-T department has asked tax payers not to give out personal details like PAN card number and information about their credit cards on the internet in the wake of mushrooming fake e-mails hitting users' inboxes. Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal internet addresses of many people, ...

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Posted Under: Income Tax |

Documents, books of accounts found after the search could be used to ascertain the true income of assessee

Those trying to evade the taxman may find that showing a lower income has just got tougher. The Bombay high court on Thursday, in a significant ruling, held that the income-tax department can rely on any relatable document when it comes to a block assessment. A bench headed by Justice D Y Chandrachud essentially made it easier for the tax...

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Posted Under: Income Tax |

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