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Archive: 22 March 2010

Posts in 22 March 2010

Society not liable to deduct TDS on payments made to the truck owners who are also members of the society

March 22, 2010 1166 Views 0 comment Print

The concept of sub-contract is intrinsically linked with section 194C(2); if there is no sub-contract then the person making payment is not liable to deduct tax at source even if payment is being made to a resident.

Where consideration received by applicant-German company under a contract with Tamilnadu Government

March 22, 2010 516 Views 0 comment Print

The applicant is a Company incorporated under the laws of Germany and is engaged in the business of architectural designs and drawings. In response to a tender invited by the Govt. of Tamil Nadu for preparation of designs and rawings

Commission paid to whole time working directors of company is allowable expenditure

March 22, 2010 3597 Views 0 comment Print

Supreme Court in the case of Shahjada Nand & Sons Vs CIT [1997] 108 ITR 358 in which the apex court held that commission paid to the employees is allowable and there is no need for any contractual obligation or extra services performed by the assesses We therefore are of the opinion that the commission payment of Rs. 30 lacs

Loss of non-eligible unit can not be set off against profit of eligible unit for calculation of deduction u/s. 10A

March 22, 2010 2347 Views 0 comment Print

The deduction under section 10A is not an exemption but only a deduction under Chapter III of the Income-tax Act and the provisions of section 80AB of Chapter VIA would not be applicable to such deduction under section 10A, and also deduction under section 10A is undertaking specific.

Interest earned by co-operative credit society on surplus funds invested in short-term deposits with banks and in govt. securities not eligible for deduction u/s. section 80P

March 22, 2010 4746 Views 0 comment Print

The words the whole of the amount of profits and gains of business in section 80P(2)(a) emphasise that the income in respect of which deduction is sought must constitute the operational income and not the other income which accrues to the Society.

TDS not applicable when advertising agency reimburses advertising charges to advertising agency

March 22, 2010 17838 Views 0 comment Print

Even on a close reading of the Circular makes it very clear that the term “advertising” has not been defined in the Act. During the course of the consideration of the Finance Bill, 1995, the Finance Minister clarified on the floor of the House that the amended provisions of tax deduction at source would apply when a client makes payment to an advertising agency

Custom duty Notification No. 36 /2010 amending Notification 107/2008 – Customs, dated 6th October, 2008

March 22, 2010 492 Views 0 comment Print

Notification No. 36 /2010-Customs – Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.107/2008-Customs, dated the 6th October, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 718 (E), dated the 6th October, 2008, namely:-

Customs Notification No 25/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s Uttam Trading Company

March 22, 2010 520 Views 0 comment Print

to exercise the powers and discharge the duties conferred or imposed on the Deputy Commissioner of Custom (Imports) / Assistant Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Uttam Trading Company, Bhatinda and others, issued vide, DRI F.No. 856(22) LDH/2006/Pt-VIII/166-169, dated the 20th January, 2010, by the Additional Director, Directorate General of Revenue Intelligence, Ludhiana Regional Unit, Ludhiana.

Customs Notification No 24/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s J. Universal Impex

March 22, 2010 327 Views 0 comment Print

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s J. Universal Impex, Jodhpur and others, issued vide, F.No. 840/DRI/JPR/19-XVI/2009/Pt./1791, dated the 18th December, 2009, by the Additional Director General, Directorate General of Revenue Intelligence, Delhi Zonal Unit, New Delhi.

Customs Notification No 23/2010 (NT), Appointing Common Adjudicating Authority in the case of M/s Metro Impex

March 22, 2010 289 Views 0 comment Print

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Metro Impex, New Delhi and others, issued vide, DRI F.No. 23/48/2006-DZU, dated the 25th March, 2008, by the Additional Director General, Directorate General of Revenue Intelligence, Delhi Zonal Unit, New Delhi.

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