Asst. Director of Income Tax Vs. Shri Ranjay Gulati (ITAT Delhi)– Under section 48 of the Income Tax Act, 1961 the income chargeable under the head “Capital gains” shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following […]
The Supreme Court on Tuesday sought explanation from the Uttar Pradesh government for granting tax exemption to the company organising Formula 1 event in Greater Noida. A bench headed by Justice D K Jain also issued notice to Jaypee Group, organiser of the sporting event, and asked them to file their response by Friday on why the event was given exemption from entertainment tax.
Goods Transport Operators (GTO) is no more a service existing. However, while registering through ACES website, an option is provided to select Goods Transport Operators Service (entry number 51) even if the service does not exist at all. Additionally, entry number 117 provides selection of Goods Transport Agency Service (GTA) for registration (which is a correct selection for GTA registration). The blunder does not end at registration only.
As regards first objection, from the finding of the Director (Exemption) it is undisputed that the assessee was carrying on charitable activity through another trust. Once the evidence produced disclose that the funds of the trust is applied for carrying on charitable activities, the purpose of establishing the trust is fully satisfied.
Information given to Income Tax authorities by assesses does not come under fiduciary relationship and cannot be denied to an RTI applicant on that ground, the Central Information Commission has held. The transparency panel while hearing the plea of Rakesh Kumar Gupta, who had sought to know about estimated tax evasion figure, rejected the contention of Income Tax department that the information is held in fiduciary relationship.
Companies wanting to migrate to international auditing norms, the International Financial reporting Standard (IFRS), may be spared from maintaining two books of accounts — one under the Companies Act and the other for taxation purposes, if a Finance Ministry proposal gets implemented. The proposal, which was floated in a Discussion Paper on Tax Accounting Standards (TAS) issued by the ministry today, aims at ‘reducing the complinace burden on businesses’.
As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act, 1956. It has been brought to the Institutes’ notice that during October, 2011, filing of Balance Sheet and Annual Return is less as compared to last year during the same time. You are therefore kindly requested to motivate the corporates to file their Balance Sheet and Annual Return as early preferably well before the festival time of Diwali to avoid last minute rush and system congestion in MCA21.
The globalisation and the emerging scenario of the corporate world require specialized professionals who can provide service with excellence, professionalism & objectivity to deal with various aspects of the corporate affairs. Technicalities of Corporate laws, accounting and auditing have undergone and are undergoing important changes. Members and other stakeholders need guidance on various areas of corporate laws and practice.
On the initiative of Shri Jyotiraditya M. Scindia, Minister of State for Commerce and Industry (MoS-C & I), the Task Force on Transaction Cost was constituted by the Department of Commerce under the orders of Hon’ble Commerce & Industry Minister Shri Anand Sharma in October 2009, with a mandate to identify and suggest ways to achieve significant improvement in efficiency of our export processes in order to reduce money and time spent in exports by the exporters and to improve the ease of business and ultimately the competitiveness of Indian exports.
Press Information Bureau is organizing its two-day Annual Economic Editors’ Conference in the National Media Centre, Shastri Bhawan, New Delhi which will be inaugurated by the Finance Minister Shri Pranab Mukherjee tomorrow.
