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Archive: 28 August 2011

Posts in 28 August 2011

Service Tax on Assistance Provided For Processing Visa Applications

August 28, 2011 7946 Views 0 comment Print

In respect of the issue as to whether service tax liability would arise on the assistance provided by visa facilitators, to individuals directly, for processing of visa applications, the CBEC has clarified vide CIRCULAR NO 137/6/2011-ST, Dated: April 20, 2011 that:

Return of Income to Be Filed Electronically Under The Digital Signature

August 28, 2011 12079 Views 0 comment Print

The Income Tax (Sixth Amendment) Rules, 2011 are notified with effect from 1 July 2011 to provide that, a firm required to furnish the return of income in Form ITR-5, or an individual or Hindu Undivided Family (HUF) required to furnish the return of income in Form ITR-4 and to whom provisions of section 44AB of the Act are applicable, shall furnish the return of income electronically under the digital signature, with effect from AY 2011-12.

Exemption From Furnishing Return of Income In Respect of Certain Class Of Persons

August 28, 2011 11288 Views 0 comment Print

An individual, whose total income for the relevant assessment year (AY) does not exceed Rs. 5,00,000 and consists of only income chargeable under Salary Income from other sources, by way of interest from a savings account in a bank, not exceeding Rs. 10,000

Whether royalty paid for use of brand names and trade marks is to be treated as capital expenditure?

August 28, 2011 20849 Views 0 comment Print

CIT Vs V. R.V. Breweries & Bottling Industries Ltd. (Delhi High Court)- The observation made in paragraph 58 at page 414 of the aforementioned judgement, on which reliance has been placed by the learned counsel for revenue seeks only to emphasise that the assessee in that case, had only acquired access to technology which was not related to any secret process or patent rights and thus in continuum it is mentioned that not even a right to use the trademark or brand name had inhered in the assessee.

Computer peripherals entitled to depreciation at 60% and advertisement, ad film and website expenses are revenue in nature

August 28, 2011 18572 Views 0 comment Print

The expenditure was incurred by the assessee on ad films in respect of an ongoing business and there was no enduring benefit on the same. Hence, it was asses-sable as revenue expenditure, An expenditure incurred on advertisements and websites for sales promotion is revenue in nature. Computer peripherals are entitled to depreciation at 60%.

The expression ‘may also be taxed’ used in Article 7 permits only the State of Source to tax such income and the State of Residence is precluded from taxing such income

August 28, 2011 1128 Views 0 comment Print

DCIT Vs. M/S. Essar Oil Limited (ITAT Mumbai)- Whether the profits of Oman PE and the loss of Qatar PE of the taxpayer are to be excluded for tax purposes in India, as per Article 7 of respective DTAAs?

CIT(A) cannot dismiss the assessee’s appeal without adjudicating upon the question as to whether the law to s 248, as amended with effect from 1 June 2007, was applicable or not

August 28, 2011 7494 Views 0 comment Print

Jet Air (P) Ltd. Vs CIT (ITAT Mumbai)- The matter was remitted to the CIT(A) for disposal afresh since the CIT(A) had dismissed the assessee’s appeal without adjudicating upon the question as to whether the law to s 248, as amended with effect from 1 June 2007, was applicable or not merely on the ground that it had never approached the AO for a certificate under s 195(2) for the remittance of the amount without the deduction of tax.

Merely because assessee does not produce copy of agreement to AO but does so before CIT(A), ITAT cannot delete relief granted by CIT(A)

August 28, 2011 16767 Views 0 comment Print

Status Home and Enclaves (P) Ltd. Vs CIT (Calcutta High Court)- Whether the Tribunal was justified in law in withdrawing the relief granted by the Commissioner of Income Tax (Appeals) merely because the Development Agreement was not produced before the Assessing Officer when the said agreement was duly submitted before the considered by the Commissioner of Income Tax (Appeals) and no objection in that regard was raised by the Department either in the ground of appeal or in course of argument nor the Tribunal require production of the agreement?

Striving For Freedom in Independent India

August 28, 2011 6373 Views 0 comment Print

While India celebrated it 64th independence day early this month, independent India still struggles for freedom in more than many ways. It is indeed time for one and all to introspect in retrospect and prospect as to what we have achieved and what we ought to be, as an individual , as society and as a nation, particularly in backdrop of the famous speech – ‘Tryst with Destiny’ of our first Prime Minister on 15th August 1947. Social values, national character and mutual respect on one hand and selfish wealth accumulation, mass and massive corruption and gross mis governance are the two extremes of the divide and we ought to travel from one end to other.

CBDT circular on refund procedure for excess TDS on payments to residents pertaining to the period up to 31 March 2010

August 28, 2011 4377 Views 0 comment Print

Circular NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 of Central Board of Direct Taxes (CBDT) on refund procedure for excess tax deducted at source (TDS) on payments to residents.The new Circular is applicable for refunds pertaining to the period up to 31 March 2010. The procedure for refunds for the period from 1 April 2010 is governed by a specific provision in the Indian Tax Laws dealing with centralized processing of quarterly TDS statements. The refund for the period after 1 April 2010 will be granted based on data furnished in the statements, subject to rectification of apparent inconsistencies, without the requirement of a separate claim for refund.

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August 2011