Firm is not entitled to exemption – A firm is not entitled to exemption under section 54 – CIT v. K. Gangiah Chetty & Sons [1995] 214 ITR 548 (Mad.). Tax authorities must determine extent of appurtenant land – The expression ‘land appurtenant thereto’ under section 54 has also a secondary meaning as equivalent to ‘usually enjoyed or occupied with’. There is no indication that the Legislature used the above expression in section 54 limiting its sense and meaning artificially to any particle extent.
In this Article we are discussing below the frequently asked question by taxpayers on Income Tax related to Taxable Income, General Question, Tax on Income, Return of income, PAN, Salary Income, Income from House property, Income from business and Profession, Capital Gains, Tax Deduction at Source and Assessment which will provide an insight to the laymen on income tax provisions.
CIRCULAR NO. 145/14/2011-ST It is well known that in our country, Chambers of Commerce, Export Promotion Councils (EPC), some Trade Associations have been authorised by the Government to issue COOC to the exporters. General practice followed is that the exporter makes an application to the Chamber or any authorised agency for issuance of COOC, in the prescribed form, along with a copy of commercial invoice and other documents and pays the prescribed fees. On the basis and verification of the information provided in the application for COOC and the supporting documents with reference to the goods sought to be exported, the Chamber or the authorised agency issues a COOC.
While it is ideal to have a unified admission test for admission to higher education for all students, it is a great challenge, considering the huge diversity of education systems in the country. The underlying principle for having such a common admission test system is motivated by the principle of inclusion for collaborative excellence rather than exclusion through competitive excellence.
1. Presently, deposit of Rs. 25,000 made at the time of registration is allowed to be adjusted against tax liability of the period in which registration was granted and in the subsequent year. 2. From 1 May 2011 such adjustment will not be allowed and the dealer is required to file claim for refund of such deposit.
The Finance Ministry has set up a Directorate of Income Tax (Criminal Investigation) to investigate criminal offences under direct tax laws, the Parliament was informed today. The Directorate of Income Tax (Criminal Investigation) is mandated to perform functions in respect of criminal matters having any financial implication punishable as an offence under any direct tax law, Minister of State for Finance SS Palanimanickam said in a written reply in the Lok Sabha.
IRDA (Protection of Policyholders’ Interests) Regulations, 2002 – Point of sale issues, free look provision, time-limits for underwriting and servicing matters including claims etc.
The Ministry of Minority Affairs has extended the last date for receipt of applications from students by States / UTs for fresh cases of Pre-matric and Post-matric Scholarship Schemes up to 31st August, 2011. As per the time-line for Pre-matric and Post-matric Scholarship Schemes 2011-12 issued earlier to all the States / UTs, the last […]
Guidelines on NAV Process -Note: In supersession of earlier provisions issued vide Circular No. 24/IRDA/ACTL/2009-10, Dt. 5th Aug, 2009 with respect to calculation of NAV, the NAV shall, henceforth, be computed without appropriation/expropriation price as required under the said Circular under Unit Pricing Methodology. The same shall be applicable for all existing policies effective from the date immediately following the date of issue of this Circular.
Campus Placement at ICSI-CCGRT, Navi Mumbai The Placement Cell of the ICSI is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Tuesday, the 30th August 2011 at 10.00 A.M. at ICSICCGRT, Plot NO.101, Sector-15, Institutional Area, CBD Belapur, Navi Mumbai- 400614. For Members Members admitted on or after 1st June 2011 and forwarded their CVs by 23rd August 2011 are eligible to participate in the event. As per the eligibility criteria indicated above 73 members are eligible to participate in the event. Names of the eligible members are as under :-
