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Archive: 21 May 2011

Posts in 21 May 2011

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 4698 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4131 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Income Tax – Charges for data processing not ‘royalty’

May 21, 2011 2544 Views 0 comment Print

Recently ITAT Mumbai in the case of Standard Chartered Bank (Taxpayer) (ITA No. 3827/ MUM/ 2006) on the issue whether data processing charges paid by the Taxpayer would constitute ‘royalty’ under the Indian Tax Laws (ITL) and the India – Singapore Tax Treaty (Tax Treaty) held that the payments were made for use of a facility and not any process. Furthermore, in the absence of control or physical access to any equipment, it cannot be said that the payment was made for any use or right to use the equipment. Hence, payment would not amount to ‘royalty’ under the ITL and the Tax Treaty and would be business income not chargeable to tax in absence of PE.

Validity of sale deed executed by de facto guardian on behalf of minor without permission of court

May 21, 2011 5941 Views 0 comment Print

This appeal by special leave has been filed by the appellant Tmt. Rangammal against the order dated 11.07.2002 passed by the learned single Judge of the High Court of Judicature at Madras in Second Appeal No. 703/1992 by which the appeal was dismissed by practically a summary order although the substantial question of law which was formulated at the time of admission of the appeal was as follows: “Whether the sale deed executed by the de facto guardian on behalf of the minor without the permission of the court could be held to be valid ?

Download online ICSI Admit Cards June 2011 Session

May 21, 2011 1919 Views 1 comment Print

ICSI Admit Cards June 2011 Session – The Institute of Company Secretaries of India . Click on the link below and enter your Registration Number to download your online Admit card for June 2011 Session

Center approves 42K annual plan of maharashtra

May 21, 2011 757 Views 0 comment Print

Maharashtra’s Rs.42,000 crore annual plan – an increase of over Rs.4,084 crore over last year’s Rs.37,916 crore – for 2011-12 has been approved by the central government, an official said Friday. The plan was finalised at a meeting between Chief Minster Prithviraj Chavan and Planning Commission Deputy Chairman Montek Singh Ahulwalia in New Delhi Thursday, the official said,

Dr. Moily Addresses Round Table in St. Petersburg on ‘Legal Security of Business Transactions, Investments and Financial Instruments-New Challenges of the Global Crisis’

May 21, 2011 522 Views 0 comment Print

Impact Of Global Financial Crisis On India, Incidents Of Financial Crisis, Creation Of Cibil, Tax Re-Forms, Need To Regulate Foreign Investment , International Investments Treaties Vis-À-Vis India, The Commercial Division Of High Courts Bill, 2009, Introduction Of The Regulation Of Factor (Assignment Of Receivables) Bill, 2011, Amendments To The Arbitration And Conciliation Act, 1996, Role Of International Private Law In Providing Stability For International Dealings, Role Of International Institutions Guarantee The Security Of Investments

ITR-4- ITR-4S Download Free Online Software for A.Y. 2011-12

May 21, 2011 24843 Views 0 comment Print

Income Tax department on 20.05.2011 releases official downloadable Online Income Tax Return Preparation / Filing Software- ITR-4 and ITR 4-5 Applicable for Assessment year 2011-12 / Financial Year 2010-11. Income Tax Department has already released software in repsct of IT -1, ITr-2 and ITR-3. Download ITR 4 and ITR-4S Excel Utility for A.Y. 2011-12

Form 16 & 16A for FY 2010-11 / A.Y. 2011-12

May 21, 2011 36051 Views 8 comments Print

Download Form 16A and form 16 (Salary Certificate as applicable for A.Y. 2011-12 F.Y. 2010-11) and onwards in Excel Format alongwith Annexures for Government and non Government Employers.

Maharashtra Vat On Fabric – Fresh Confusion Part – II – VAT @ 4% / 5% is Chargeable On Fabric w.e.f. 1st April 2010- Know How?

May 21, 2011 6488 Views 0 comment Print

While the intentions of the State Government are clear as to non levy of VAT on Fabric, but due to some misdrafting of the rules and notifications, the general public is put under severe confusion as to whether a specific levy is applicable to it or not. In the case of Fabric, the same is the situation. After all amendments, the position of law that remains on the statute book. This situation has first arrived when Entry-45 of Schedule A which contains Fabric was amended in such a way that declared goods were removed from Schedule A and shifted to Schedule “C” by bifurcating the existing entry 101 into two parts

Circular on interpretation of the term ‘used outside India’ under Export of Services Rules for the period upto 27 February 2010

May 21, 2011 3909 Views 0 comment Print

The Central Board of Excise and Customs (‘CBEC’) has issued a clarification vide Circular No 141/10/2011 – TRU dated 13 May 2011 (‘Present Circular’) with regard interpretation of the term used outside India under the Export of Services Rules, 2005 (‘Export Rules’) for the period upto 27 February 2010. Under the Service tax legislation for certain specified taxable services1 (Category 3 services), one of the conditions to be satisfied for qualifying as export (under the erstwhile Export Rules), was that the said services should be used outside India.

CBDT permits issue of TDS certificate for non-salary (Form 16A) income with digital signature

May 21, 2011 14087 Views 3 comments Print

CBDT has recently vide Circular No. 3/2011 [F.No. 275/34/2011-IT(B)] (Circular) dated 13 May 2011 permitted issue of certificate for tax deducted at source (TDS certificate) with digital signature for TDS from income other than salary income (non-salary TDS) in Form 16A. The extant rules provide an option to persons withholding tax (deductors) to issue TDS certificate with digital signature only for TDS from salary income (in Form 16). Non-salary TDS certificates in Form 16A are required to be issued in hard copy format with authentication by manual signature. The Circular now extends the option of digital signature to Form 16A also. The deductors exercising this option need to download Form 16A from the Tax Information Network (TIN) website.

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