"25 June 2011" Archive

Now file Income tax returns from your mobile phone

Online income tax return filing company TaxSpanner today announced launch of mobile version of its solution that would enable users to file income tax returns (ITR) from their handset. After introducing the eFile by eMail option where customers need to just send us an email with a few details, e-filing of taxes through mobile is the next ...

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Posted Under: Income Tax |

No Penalty for mere making of a claim which is not sustainable

ACIT Vs M/s Seaways Shipping Ltd. (ITAT Hyderabad)

ACIT vs M/s Seaways Shipping Ltd. (ITAT) (ITAT Hyderabad) - Non deduction of TDS by the assessee was resulted in disallowance of expenditure u/s 40(a) (ia), that itself cannot be construed as furnishing inaccurate particulars of income or concealment of income. The assessee has failed to deduct TDS which resulted in disallowance of expend...

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Claim of interest simpliciter not appeallable order before the CIT(A) under section 246A

Shantaben Karshanbhai Patel Vs Dy. CIT (ITAT Ahemdabad)

Shantaben Karshanbhai Patel v Dy. CIT (ITAT Ahemdabad) - Merely because the AO passed the order u/s 154 of the IT Act would not make it appealable before the learned CIT(A) u/s 246A of the IT Act. The claim of interest simpliciter is not appeallable order before the learned CIT(A) as per section 246A of the IT Act. The crux of the matter ...

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SEBI Informal Guidance holds Call / Put Option in private agreement amongst shareholders as invalid

Recently, SEBI in an informal guidance to Vulcan Engineers Limited vide Informal Guidance Letter No. CFD/DCR/16403/11, DATED 23-5-2011, opined that a pre agreed purchase of shares of a listed company through call / put option is not valid under the Securities Contract (Regulation) Act, 1956 (SCRA). ...

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Posted Under: Income Tax |

ITAT Mumbai – For ‘Equipment Royalty’ u/s 9(1)(vi), control of equipment by payer essential

Yahoo India P. Ltd. Vs. DCIT (ITAT Mumbai)

Assessee company in the present case is a fully owned subsidiary of Yahoo Inc, USA, which is engaged in the business of providing consumer services such as search engine, content and information on wide spectrum of topics, e-mail, chat, etc. It filed the return of income for the year under consideration on 30.10.2004 declaring total incom...

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UIDAI – Aadhaar No is now valid ID proof for LPG gas connection

Applicants for new domestic LPG cooking gas connections can now produce the letters of allotment of Aadhaar numbers issued by Unique Identification Authority of India (UIDAI) as proof of identity and proof of address. State-owned fuel retailers have advised their 'LPG distributors to include the letter of issue of Aadhaar numbers with pho...

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Posted Under: Income Tax |

Clarification on Ensuring Corporate Governance and Proper Compliance of Provisions of the Companies Act, 1956 and Rules made there Under

The Ministry of Corporate Affairs has clarified that its Circular No.33/2011 issued on June 01, 2011 shall be applicable to those defaulting companies and their Directors which have not filed their Balance Sheet and Annual Return for any of the financial year’s 2006-07, 2007-08, 2008-09 and 2009-10 with the Registrar of Companies as re...

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Posted Under: Income Tax |

Commission received by foreign company for assistance in arranging cargo transportation was taxable in India on account of ‘business connection’

ACIT Vs. ACM Shipping India Ltd (2011) (ITAT Mumbai)

Recently, ITAT Mumbai (the Tribunal) in case of ACIT v. ACM Shipping India Ltd (2011) ITA No. 5085/MUM/2009 held that the commission received by the UK company for assisting the taxpayer in arranging cargo transportation was taxable as business income by virtue of their business connection in India. The Tribunal observed that reliance can...

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Posted Under: Income Tax |

Draft Rules for mandatory dematerialisation of share certificate by Public Companies

The Ministry of Corporate Affairs (MCA) has issued a draft of Companies Dematerialisation of Certificates) Rules, 2011 (Draft Rules) on 6 June 2011 for public comments. Comments are to be sent to MCA latest by 30 June 2011. The Draft Rules are proposed to be made effective from 1 October 2011. The Draft Rules will be applicable to all pub...

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Posted Under: Income Tax |

Govt hikes Diesel Price by Rs 3 per liter / kerosene Rs 2/lt, LPG Rs 50 per cylinder

The Empowered Group of Ministers on fuel headed by Finance Minister Pranab Mukherjee has decided to up diesel prices by Rs 3 per litre, confirmed oil minister Jaipal Reddy. While addressing the press post the EGoM meet, he said kerosene prices have been hiked by Rs 2 per litre while LPG rates have been raised by Rs. 50 per cylinder. The p...

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Posted Under: Income Tax |

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