"13 July 2010" Archive

Director’s Responsibility for Dishonour of Cheques?

We need not go into the background concerning the usage of cheque and it is a reality now that the payments through cheque have become an indispensable part of the mercantile community and even the public in general. In fact, payments through cheque is encouraged and made mandatory in view of certain regulations and as a best accounting p...

Posted Under: Company Law |

Section 37(1) of Income-tax Act – Expenditure incurred for imparting technical know-how to assessee’s personnel has to be deducted under section 37(1) and it does not fall under section 35AB

CIT Vs. Molex (India) Ltd. (Karnataka High Court)

The Tribunal was correct in holding that consideration paid by the assessee to certain American Company for providing technicians to train assessee's personnel in manufacturing, testing, inspection and quality control of its products and to impart know-how and technical data and suggest improvements thereto, did not fall under section 35A...

Display at Airports / LCS about prohibition of import / export of Indian currency notes of denomination of above Rs.100 in India and in Nepal

Circular No. 19/2010-Custom Duty 13/07/2010

As you may be aware, the export and import of currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case) is not allowed to and from Nepal and Bhutan in terms of Notification No. FEMA 6 / RB-2000 dated 3.5.2000...

Routers and switches should be classified as part of computers and be eligible for 60% depreciation

DCIT Vs Data craft India Ltd. (ITAT Mumbai)

In a recent decision Special Bench (SB) of the Mumbai Income Tax Appellate Tribunal in the case of Datacraft India Ltd. (Taxpayer) [ITA No.7462 & 754/ Mum/ 2007]on the issue of whether routers and switches can be classified as computer entitled to depreciation at 60% or have to be classified as general plant and machinery entitled to de...

Mandatory for all Companies to File I-T Returns Electronically in Form No. ITR-6 with Digital Signature

PRESS RELEASE NO. 402/92/2006 - MC (35 OF 2010) 12/07/2010

PRESS RELEASE NO. 402/92/2006 - MC (35 OF 2010) The Central Board of Direct Taxes (CBDT) has amended the Rules relating to electronic filing of income tax returns vide Notification No.49/2010 dated 9th July 2010. The amended Rules will apply with effect from the date of notification in the official gazette....

24th July to be celebrated as Income Tax Day

Income Tax department has decided to celebrate 24th July, as the annual Income Tax Day from this year, to mark 150 years of existence of this levy. "Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of that year, it is proposed to celebrate this day as the Income Ta...

Posted Under: Company Law |

Taiwan and India’s DTA negotiations look positive, says Envoy

Taiwan’s ongoing negotiations with India on a Double Taxation Agreement (“DTA”) look set to be concluded in the near future. “I can only say that things are moving very well. We are finalizing the details in the very, very near future,” said Pradeep Kumar Rawat, the director-general of the India-Taipei Association. He did not sa...

Posted Under: Company Law |

Former CCIT Dave exits KPMG, Will advice income tax department in Vodafone case

A former chief commissioner of the income-tax department, who was instrumental in preparing the revenue department's case for levying a tax on the $11-billion Vodafone-Hutch Essar deal, has resigned from professional services firm KPMG that has Vodafone as its client. Girish Dave, the former chief commissioner, had joined KPMG after his ...

Posted Under: Company Law |

Infrastructure finance companies can issue only 25 percent of incremental investment as tax-free infra bonds in a year

An infrastructure finance company can issue only 25 percent of its incremental investment as tax-free infra bonds in a year, says the finance ministry. "The volume of issuance (of tax free bonds) during this financial year will be restricted to 25 percent of the incremental infrastructure investments made by the issuer during the fiscal 2...

Posted Under: Company Law |

CBI to reveal how it successfully investigated Satyam fraud

A high-level team of CBI sleuths, led by director Ashwini Kumar, will reveal how it successfully investigated India's biggest corporate fraud, involving the Hyderabad-based Satyam Computers. The disclosure will be made during the three-day conference of senior CBI officials that begins on Saturday....

Posted Under: Company Law |

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