"05 March 2010" Archive

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

Notification No. 13/2010-Income Tax (05/03/2010)

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 Inco...

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

Notification No. 14/2010-Income Tax (05/03/2010)

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...

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

SEBI/CFD/DIL/LA/1/201 0/05/03 (05/03/2010)

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....

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

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 applicabil...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

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 li...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

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," reven...

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Posted Under: Income Tax |

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

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...

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Posted Under: Income Tax |

Model questions and answers which may be asked during the course of search operations

The sources of income should be stated irrespective of whether the income there from is taxable or not. The answer be given with regard to the sources as exist on the date of recording of the statement including the source which might have come into existence after the last return was filed. If any such source is not disclosed and evidenc...

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Posted Under: Income Tax |