"20 May 2010" Archive

‘Subscription fees’ received by assessee has to be assessed as ‘business income’ as per the provisions of DTAA between India and Singapore

TIS Two Administration (Singapore) Pvt. Ltd. Vs. The Dy. Director of Income Tax (International taxation)2(1) (ITAT Mumbai)

Whether the ld CIT(A) is justified in holding that the amount received by the appellant from the subscribers are in the nature of fees for technical services to the extent of subscription fees received for providing information/data on various products like financial/ forex/ commodity market and ‘royalty’ for use of equipments such a...

SEBI relaxed share-listing norms for small and medium enterprises (SMEs)

The Securities and Exchange Board of India (SEBI) has relaxed share-listing norms for small and medium enterprises (SMEs) by allowing them to disclose their financial results every six months instead of three months, as is the norm for bigger companies....

Sebi fines 2 cos for failing to dematerialise shares

The market regulator Sebi today penalised two companies--BTW Industries and GR Magnet--for delaying dematerialisation of securities for several years. While it imposed a penalty of Rs 40 lakh on BTW Industries, GR Magnet was fined Rs 12 lakh for failing to dematerialise its securities. Dematerialising securities means keeping them in elec...

Posted Under: Income Tax | ,

Govt asked to extend date for e-filing I-T returns to 31st October

Industry players today asked the Finance Ministry to extend the last date for e-filing of returns by a month, to October 31, as listed firms would find it difficult to comply with the existing September 30 deadline....

Posted Under: Income Tax |

Jeevan Akshay-VI approved for Income Tax deduction Under Section 80C

Notification No. 34/2010-Income Tax 19/05/2010

Notification No. 34/2010-Income Tax The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961....

List of tax-exempt port, airport services soon

THE finance ministry will soon put out a small list of essential services that will not be taxed at airports or ports, as it kicks off experimental enclaves of a comprehensive service tax regime that could be extended nation-wide later....

Posted Under: Income Tax |

Mahindra Satyam keeping its investors in dark over details of its performance

Engineering and construction major Larsen &Toubro (L&T) is not happy with Mahindra Satyam (erstwhile Satyam Computer Services) for keeping its investors in the dark over details of its performance. Pune-based Tech Mahindra, the information technology arm of the Mahindra & Mahindra group, owns 42.67 per cent in the company....

Posted Under: Income Tax |

ICAI working to find the possibility to have mandatory classroom teaching plan for CPT, IPCC and Final

ICAI is working to find out the possibility to have mandatory classroom teaching plan for CPT, IPCC & Finals at various locations across the country with an objective to impart CA education. It is proposed to give classroom environment through audio visual technology with mandatory percentage of attendence.Phase -1 ma...y cover the 5 Metr...

Posted Under: Income Tax |

Government intends to introduce direct taxes code in next parliament session

Centralized processing centres for improving tax payer services in two more places. Union Finance Minister Shri Pranab Mukherjee has said that the government intends to introduce the Direct Taxes Code in the forthcoming Monsoon Session of the Parliament. He was addressing the Central Direct Tax Advisory Committee....

Posted Under: Income Tax |

Income Tax e –filing facility restored

The e – filing facility for the assessment year 2010 – 11 has been restored. The taxpayers can now e – file their income tax returns without any difficulty....

Posted Under: Income Tax |

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