"09 July 2010" Archive

Co-op sugar appeals govt to stop insistence on TDS on the income of cane harvesting and transport contractors

Cooperative sugar mills in Maharashtra have appealed to the Union finance ministry to stop the insistence on tax deduction at source on the income of cane harvesting and transport contractors. The Federation of Cooperative Sugar Mills in Maharashtra says the income tax authorities refuse to recognise that these labour contractors don’t ...

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Posted Under: Income Tax |

Supreme Court rules taxpayers can legally reduce their liability through dividend-stripping

In a significant ruling, the Supreme Court has ruled that taxpayers can legally reduce their liability through dividend-stripping, a term used for selling mutual fund units at a discount post-dividend. An apex court bench headed by Chief Justice SH Kapadia has said there is nothing wrong in dividend-stripping after getting the tax benefit...

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Posted Under: Income Tax |

Investment in Bonds of IFCI, IDFC, LIC and NBFCs (Classified as Infra Finance Company) Eligible for Tax Exemption under Section 80CCF

The Central Government have specified bonds to be issued by (i) Industrial Finance Corporation of India; (ii) Life Insurance Corporation of India; (iii) Infrastructure Development Finance Company Limited; and (iv) a Non-Banking Finance Company classified as an infrastructure finance company by the Reserve Bank of India; as “Long-term In...

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Posted Under: Income Tax |

RBI guideline on Credit Card Operations of Banks covering disclosure of interest and fees charged by them

RBI/2010-11/109, DBOD. FSD.BC.No. 25 /24.01.011/2010-11 (09/07/2010)

The guidelines on credit card operations cover various aspects such as issue of credit cards, interest rates and other charges, wrongful billing, use of Direct Sales Agents (DSAs)/Direct Marketing Agents (DMAs) and other agents, protection of customer rights covering among other things right to privacy, customer confidentiality and fair p...

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Results of the Chartered Accountants Final and Final (New Course) Examinations held in May, 2010 and Common Proficiency Test (CPT) held in June, 2010 are likely to be declared on Monday, the 19th July, 2010

July 9, 2010 The results of the Chartered Accountants Final and Final (New Course) Examinations held in May, 2010 and Common Proficiency Test (CPT) held in June, 2010 are likely to be declared on Monday, the 19th July, 2010 around 2:00 PM and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto...

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Posted Under: Income Tax | ,

Audit of Urban Co-operative banks – Important Announcement

The Commissioner Co-operation, Pune has intimated to the WIRC, vide letter dated 19th May, 2010 to prepare fresh panel for the Audit of Urban Co-operative Banks having deposit exceeding Rs.25 Crores. The Division-wise and District-wise panel shall be prepared by September, 2010 and the Co-operative Department will notify the panel by Nove...

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Posted Under: Income Tax |

Taxability of Free ESOP announced by Infosys to its staff

One can feel the excitement in Infoscian Yojita Pai's voice. This 23-year-old will soon be the proud owner of seven shares of Infosys Technologies. Last week, the company, to mark its 30th anniversary, allocated a minimum five equity shares to every eligible employee. In addition, every employee will get an incremental share for each year...

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Posted Under: Income Tax |

Cabinet likely to consider changes in new Foreign Trade Bill

The Cabinet is likely to consider the changes in the new Foreign Trade Bill to give a leg-up to exports. The Foreign Trade (Development and Regulation) Amendment Bill, which was introduced in the Rajya Sabha in 2009, was later referred to the standing committee of commerce....

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Posted Under: Income Tax |

For Section 5(2) of Income Tax Act, income receivable in kind, received at place where goods delivered

Kanchanganga Sea Foods Vs CIT (Supreme Court of India)

The assessee, a fishing company, obtained two fishing vessels on charter from a foreign company based in Hong-Kong. The charter fee of $ 600,000 was payable from the earning from the sale of fish and for that purpose 85% of the gross earnings from the sale of fish was to be paid to the foreign company. The trawlers were delivered to the ...

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Transfers of Commissioners of Income-tax vide Order No. 81 of 2010 dated 9th July 2010

Order No. 81 of 2010 (09/07/2010)

The following Order No. 81 of 2010 dated 9th July 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Commissioner of income-tax. Order No. 81 of 2010 dated 9.7.2010 issued by CBDT for transfer / posting of CITs (18 Pages)...

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