"December, 2010" Archive - Page 5

NC Notification No. 88/2010-Income Tax Dated 30/12/2010

NC Notification No. 88/2010-Income Tax (30/12/2010)

NC Notification No. 88/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 466(E), dated 29th March, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 2...

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NC Notification No. 87/2010-Income Tax Dated 30/12/2010

NC Notification No. 87/2010-Income Tax (30/12/2010)

NC Notification No. 87/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 611(E), dated the 23rd August, 1994, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government ...

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NC Notification No. 86/2010-Income Tax Dated 30/12/2010

NC Notification No. 86/2010-Income Tax (30/12/2010)

NC Notification No. 86/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 466(E), dated 29th March, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 1...

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Revised AS 7 – ‘Construction Contract’ is applicable to only contractors and not to builders and real estate consultants

Unique Enterprises Vs ITO (ITAT Mumbai)

Revised Accounting Standard 7 – Construction Contract is applicable to only contractors and not to builders and real estate consultants. Accordingly, the Project Completion Method consistently followed by the taxpayer for recognising revenue in the books of accounts cannot be regarded as an unreasonable....

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Gujarat High Court decision on the demerger scheme between Vodafone Essar group companies

Vodafone Essar Gujarat Ltd. (Gujarat High Court)

In a recent ruling Gujarat High Court (HC) in the case of Vodafone Essar Gujarat Ltd (hereinafter referred to as VEG/ Transferor/ Tax Payer) [Company petition no. 183 of 2009] on the issue of whether a scheme of demerger of infrastructure assets between group companies for 'Nil' consideration could be sanctioned under the provisions of t...

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Chartered Accountant’s Casino Empire in Nepal may crumble

A billion-dollar gambling industry built up in Nepal by a chartered accountant from New Delhi, which encompassed seven casinos and employed nearly 7,000 people, has been left tottering with lawmakers Tuesday ordering the government to scrap their li...

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Posted Under: Income Tax |

Wipro asked to deposit Rs 24 crore as tax on re-export of software

The Karnataka high court has directed IT bellwether Wipro Ltd to deposit Rs 24 crore (Rs 240 million) by Wednesday evening in a case of tax on re-export of software, a company official admitted. As the company did not comply with the court's order of...

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Posted Under: Income Tax |

Government mandates cost audits for over 100 companies for financial year 2010-2011

The government has mandated cost audits for over 100 companies, covering a host of sectors including pharmaceuticals , fertilisers , steel and petroleum . Cost audit, which is a system of government scrutiny into a company's production cost and profi...

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Posted Under: Income Tax |

Display of logo for promoting a brand not taxable under ‘Business Auxiliary Services’

M/s Jetlite (India) Limited Vs CCE (CESTAT Delhi)

Display of logo for promoting a brand not taxable under Business Auxiliary Services but Promotion of Brand of Goods, services, events, business entity, etc. w.e.f. 01.07.2010....

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ICAI not happy with corporate sector's demand for deferring implementation of IFRS

The accounting regulator, Institute of Chartered Accountants of India (ICAI), has taken strong exception to the corporate sector's demand for deferring the implementation of the International Financial Reporting Standards (IFRS). It feels that the ac...

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Posted Under: Income Tax |