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Archive: 05 March 2010

Posts in 05 March 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Notification No. 13/2010-Income Tax Dated 5/3/2010

March 5, 2010 331 Views 0 comment Print

Notification No. 13/2010-Income Tax S.O. It is hereby notified for general information that the organization Public Health Foundation of India, New Delhi, has been approved by the Central Government for the purpose of clause (ii) 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 2009-2010 onwards

Notification No. 14-Income Tax Dated 5/3/2010

March 5, 2010 310 Views 0 comment Print

Notification No. 14-Income Tax S.O. It is hereby notified for general information that the organization Petroleum Conservation Research Association, New Delhi, has been approved by the Central Government for the purpose of clause (ii) 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 2009-2010

SEBI : Disclosure of details of allottees in Qualified Institutional Placements (QIP) made by issuer company

March 5, 2010 439 Views 0 comment Print

post issue shareholding pattern of the issuer in the format specified in clause 35 of the Equity Listing Agreement shall be made available on the website of stock exchanges along with the final placement document.

A Del Credere Agent is not liable to pay service tax in respect of service rendered by it prior to 16-6-2005

March 5, 2010 927 Views 0 comment Print

The Deputy Commissioner of Central Excise issued a notice calling upon the respondent-assessee to pay the service tax in respect of the service rendered by it as a Dal Credere Agent. The Deputy Commissioner of Central Excise, Bangalore, passed an order in Original No. 28/2003 directing the respondent-assessee to pay the tax and also the penalty. Against which the respondent-assessee filed an appeal before the Commissioner of Central Excise (Appeals) in Order-in-Appeal No. 214/2003, where the Commissioner confirmed the order of levying of service tax on the respondent in regard to service rendered by Del Credere Agent. Being aggrieved by the same, the respondent-assessee filed an appeal before the CESTAT. CESTAT has allowed the appeal holding that Del Credere Agent is not liable to pay service tax. Against which the revenue has come in this appeal.

Taxation of Non-Residents – Income deemed to accrue or arise in India

March 5, 2010 7295 Views 0 comment Print

in the case of Ishikawajima-Harima (Supra) in Para 2 above. We wonder whether the proposed amendment is sufficient to provide the territorial nexus enunciated in the aforesaid decision and override the said decision of the Supreme Court. This amendment could lead to litigation. Further, the amendment is not clear as regards its applicability on income by way of interest or royalty earned by a non-resident outside India, where there is no nexus between such interest and royalty and the Indian state.

Cabinet approves increase in Gratuity limit from Rs 3.5 lakh to Rs 10 lakh

March 5, 2010 32467 Views 146 comments Print

The Cabinet on Thursday approved an amendment to the Gratuity Act to raise the ceiling from Rs 3.5 lakh to Rs 10 lakh. The Bill to amend the Act will now go to Parliament, a government official told.

SC asked Samsung to reply why it is not liable to deduct tax in respect of goods outsourced for manufacturing

March 5, 2010 1177 Views 0 comment Print

The Supreme Court has sought a reply from Samsung India Electronics on the I-T department plea that the firm is liable to deduct tax in respect of goods outsourced for manufacturing. The issue has been raised by the income-tax department saying that consumer electronics and home appliances manufacturer Samsung India Electronics Ltd is liable to deduct tax in respect of goods outsourced for manufacturing to other manufacturers or original equipment manufacturers.

Section 56 amended to cover property received without or inadequate consideration by closely held companies

March 5, 2010 1779 Views 0 comment Print

In a move expected to make family settlements and transfer of shares more taxing, the government plans to tighten anti-abuse provisions in the Income Tax Act, by including share sales in unlisted companies below fair market value under the ambit of regulations.

Income tax slabs may be further raised in direct tax code: Finance Ministry

March 5, 2010 432 Views 0 comment Print

Having altered the income tax slabs in the Budget, the Finance Ministry on Thursday said the next round of widening of the tax slabs is possible when the direct taxes code comes into effect, likely from 2011-12. “A further widening (of tax slabs) is possible. But this will happen when revised (draft direct taxes code) paper comes,” revenue secretary Sunil Mitra told reporters on the sidelines of a CII seminar here today.

Brief note on Income Tax Survey Provisions under the Income Tax Act, 1961

March 5, 2010 10531 Views 0 comment Print

Survey means to inspect or in a wider sense to scrutinize. The object of a survey is to find out, gather information, verify and collate information so as to apprehend a tax dodger or a tax evader. Survey is basically a surprise inspection carried out by the officers of the Income-tax department to verify co-related information, check the cash balance with the books, verify the position of stocks as compared to the position thereof in the books etc.

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