"21 March 2010" Archive

Amount falling u/s. 44BB of Income Tax Act have been excluded from the purview of the royalty

Wave field Inseis ASA, In re (Authority for Advance Rulings)

Once Section 44BB is attracted, it is common ground that the computation has to be made in accordance with that provision and no other special provision, viz., Section 44DA or Section 115A would come into play in view of the fact that the payment is being made by a non-resident to another non-resident....

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Indo-US Treaty: Orientation towards business and inculcation of entrepreneurial outlook does not really amount to "making available" technical knowledge, experience or skills of experts of an American IC2 Institute

Federation of Indian Chambers of Commerce and Industry (FICCI), In Re- (Authority for Advance Rulings)

The applicant, Federation of Indian Chambers of Commerce and Industry ("FICCI") is a company registered under the Companies Act, 1956. It is stated that for meeting several objects, the applicant maintains a liaison with the Government of India/State Governments on the one hand and several corporations and other members on the other...

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Payment for VSAT/Transaction charges made by a Stock Broker to Stock Exchange is not fee for technical services u/s 194J

DCIT Vs Sonal Shares & Stock Brokers Pvt. Ltd. (ITAT Mumbai)

VSAT Charges- Members of the stock exchanges trade (purchase and sell) on behalf of their clients. As a part of infrastructure provided to the members a trading system, known as on screen trading is provided by stock exchanges. Such trading facilities are established by Stock exchanges to enable trading anywhere in the territory of India....

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Assessment made on the basis of time barred notice u/s 143(2) is not legal

DCIT Vs. National Refinery Pvt. Ltd. (ITAT Mumbai)

Section 158BC(b) provides that where any search has been conducted u/s.132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person, then the Assessing Officer shall proceed to determine the undisclosed income of the block period in the manner laid down in section 158BB and the provisi...

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Computation of perquisite value as per the rule is based on the annual salary and not on the basis of salary from one employer

Pratim B. Mukerjea Vs. ACIT (ITAT Mumbai)

It has also been argued that while computing the perquisite value the salary from only one employer should be considered. We are however unable to accept the argument. The computation of perquisite value as per the rule is based on the annual salary and not on the basis of salary from one employer...

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The VAT Forms under PVAT Act amended to provide for increase in rates and additional surcharge

The VAT forms i.e VAT 15 form has been updated in view of the change in the rate in the PVAT Act on schedule B goods from 4% to 5% and additional surcharge levied @ 10%. The next quarterly VAT Return under the PVAT Act 2005 is due to be filed in the next month of April....

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Posted Under: Income Tax |

Mahindra Satyam seek Income Tax refund of Excess tax Paid on inflated profit in earlier years

Mahindra Satyam, which is in the process of restating the accounts of the last few years that preceded the major financial crisis, has reportedly written to the Ministries of Company Affairs and Finance to refund the huge taxes the company had paid on the inflated financials of the company. Sources in the company said the amount could be ...

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Posted Under: Income Tax |

What is Pin code and How it is structured?

Postal Index Number (PIN) is a 6 digit code. There are 8 PIN regions in the country. The first digit indicates one of the regions. The first 2 digits together indicate the sub region or one of the postal circles. The first 3 digits together indicate a sorting / revenue district. The last 3 digits refer to the delivery Post Office....

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Posted Under: Income Tax |

Us regulator taken action against Satyam auditors while ICAI yet to Act

While the Public Company Accounting Oversight Board (PCAOB), the regulator for auditors in the US, on March 16 barred Siva Prasad Pulavarthi and Chintapatla Ravindernath — senior executives with PricewaterhouseCoopers’ associate Lovelock & Lewes, the former auditor for Satyam Computers — in the IT firm’s Rs 7,000-crore fraud, the ...

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Posted Under: Income Tax | ,

Download Compilation of Suggested Answers Professional Competence Course (PCC) – Financial Management

Compilation of Suggested Answers is a subject-wise compilation of answers to questions set in the Institute’s examinations over a number of years. This compilation in the subject of “Financial Management” covers a period of three years – May, 2007 to November, 2009 and contains compilation of suggested answers of six examinations....

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Posted Under: Income Tax |

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