Carriages which run under public transport system fall under category of stage carriages where passengers have a right to board or alight according to their choice and convenience and pay fares for the journey individually, do not fall under definition of ‘tourist vehicle’ under Section 2(43) of the Motor Vehicles Act.
As many as 85 lakh tax payers will benefit from the government’s decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said. The decision, which will come into effect from June 1, 2011, will reduce the compliance burden about 85 lakh small taxpayers, he said.
Desperate to curb the flow of blackmoney into the country’s economy, the Income Tax department has now begun to track all fliers and visitors who travel to tax havens like Switzerland, Virgin Islands and Bahamas for personal or business purposes secretly. The department has focussed its intelligence and investigation scanner on all such travellers who have visited tax haven nations last year and have not disclosed the expenditure and instances of such tours in their Income Tax returns.
The new company law will make it mandatory for companies to disclose details of social sector initiatives, called CSR, in addition to money spent, to shareholders in their annual reports. Not just how much, but companies will also have to disclose to their shareholders where they have spent the 2 per cent of net profit earmarked for corporate social responsibility (CSR) initiatives, once the Companies Bill 2009 is passed by Parliament.
Silver prices plunged across the world market keeping every one on the table of quest of what made the fall of silver prices. Base metal prices were very much over leveraged or over brought in the past couple of months on a continuous basis. Silver is expected to have another correction from the last weeks closing by another 5% to 10%.
Sapient Corporation Pvt Ltd vs. DCIT (ITAT Delhi) – When loss making companies have been taken out from the list of comparables by the TPO, Zenith Infotech Ltd. which showed super profits should also be excluded. The fact that assessee has himself included in the list of comparables, initially cannot act of estoppel particularly in light of the fact that the AO had only chosen the companies which are showing profits and had rejected the other companies which showed loss (Quark System vs. DCIT 38 SOT 307 (SB) followed).
ACIT vs. Clough Engineering Ltd (ITAT Delhi – Special Bench)- Under Article 11(4) of the DTAA, interest from indebtedness “effectively connected” with a PE of the recipient is taxable under Article 7 and not under Article 11. Though the interest was connected with the PE in the sense that it has arisen on account of TDS from the receipts of the PE, it was not “effectively connected” with the PE either on the basis of asset-test or activity-test. The payment of tax was the responsibility of the foreign company and the fact that it was discharged by way of TDS did not establish effective connection of the indebtedness with the PE. In order to be “effectively connected”, it is not necessary that the interest income has to be necessarily business income in nature. Even interest assessable under “other sources” can qualify.
Any association granted prior permission or registered with the Central Government under Section 6 or under the repealed FCRA, 1976, shall be deemed to have been granted prior permission or registered, as the case may be, under FCRA, 2010 and such registration shall be valid for a period of five years from the date on which the new Act has come into force.
A Ficci Committee recently said it will suggest ideas to the aviation industry on how the proposed Goods & Services Tax (GST) would affect them, along with other recommendations to give the sector a boost. The Ficci Civil Aviation Committee has also set for itself a wide-ranging agenda to give the civil aviation industry a fillip and make air travel safer, secure, cheaper and hassle-free.
At present, the information regarding goods being brought into and moving out of the state of Punjab (Inter-state transactions) is furnished at the Information Collection Centers (I.C.Cs)/ Check Posts by the dealers and consumers. Now, this process of collection of information from dealers will be extended to intra-state transactions also (within Punjab) i.e. goods moving from one part of the State to other part. Hence, all the dealers making intra-state transactions shall compulsorily upload the information about the goods on the department’s website i.e. www.pextax.com before leaving the vehicle from the premises of a dealer. It shall be in the form of a self-declaration format/Performa; which shall be prescribed shortly by the department.
