"27 December 2011" Archive - Page 5

Amendment in General Note No.5 for Textiles (Product Code: J)

Public Notice No. 88/(RE:2010)/2009-2014 (27/12/2011)

The existing ceiling of 14% of FOB value within the overall CIF value of the licence will be enhanced to 26% of FOB value for specialty textile products like Fire Retardant textile product as well as for Water, Oil and Stain repellant textile products. ...

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Exim Bank's Line of Credit to the Government of the Democratic Republic of Congo – A. P. (DIR Series) Circular No.62

RBI/2011-12/319 A. P. (DIR Series) Circular No.62 (27/12/2011)

Export-Import Bank of India (Exim Bank) has concluded an Agreement dated July 11, 2011 with the Government of the Democratic Republic of Congo, making available to the latter, a Line of Credit (LOC) of USD 168 million (USD one hundred sixty eight million) for financing eligible goods, services, machinery and equipment including consultanc...

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Exim Bank's Line of Credit to the Government of the Republic of Maldives -A. P. (DIR Series) Circular No.61

RBI/2011-12/318 A. P. (DIR Series) Circular No.61 (27/12/2011)

The Credit Agreement under the LOC is effective from October 25, 2011 and the date of execution of Agreement is August 12, 2011. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be 48 months from the scheduled completion date(s) of contract(s) in the case of project exports and 72 months (August 11, 2017...

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ITR-I in Excel for A.Y. 2012-2013 + Form 16 with TDS Calculation

This Utility automatically do the TDS Calculation, Fill the Form-16 and SAHAJ(ITR-I). The Sahaj excel Utility can be used by tax payers who's Taxable Income is below Rs. 5 Lakh & also by those whose income is above Rs. 5,00,000/-. The Tax Slab in this Sahaj are not only for Men or Female but it also calculate the income of Senior Cit...

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Profits From offshore Supply of Hardware and Software Not Taxable – Delhi High Court

Director Of Income Tax Vs. Ericsson A.B., New Delhi (Delhi High Court)

DIT Vs Ericsson AB (Delhi High Court)- It was argued that the Explanation as initially inserted in the year 2007 after subsection (2) of section 9 sought to clarify as to when income received by way of interest, royalty or fees for technical services, can be regarded as deemed to accrue or arise in India. The subsequent amendment made in ...

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Notification No. 61/2011 – Income Tax Dated 27/12/2011

Notification No. 61/2011 - Income Tax (27/12/2011)

Notification No. 61/2011 - Income Tax Whereas an Agreement between the Government of the Republic of India and Government of the Cayman Islands for the exchange of information relating to taxes was signed at Cayman Islands on the 21st day of March, 2011 And whereas the date of entry into force of the said Agreement is the 8th day of Nove...

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Non-Compete Fees paid for acquisition of business is Capital Expenditure – Delhi HC

Pitney Bowes India Pvt. Ltd. Vs Commissioner Of Income Tax (Delhi High Court)

Pitney Bowes India Pvt Ltd vs. CIT (Delhi High Court) - Assessee itself treated the expenditure as capital in the books of accounts. However, at the same time, it was maintained that since it was paid for loss of business that KOAL would suffer for non-compete fee, the same was treated as revenue in nature. Likewise, in Schedule 2 to the ...

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In penalty proceedings assessee have right to contest levy of penalty independently, apart from the findings recorded in the assessment order

Shri A.S. Bindra Vs Asst. Commissioner of Income Tax (ITAT Delhi)

Shri A.S. Bindra Vs ACIT (ITAT Delhi) - In the assessment order, it has been mentioned that due to non-availability of evidence, the assessee has offered this amount as his income. That fact cannot go against the assessee in penalty proceedings as the assessee will be having right to contest the levy of penalty independently, apart from t...

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If interest received on accrual basis the addition qua this year interest can be made in this year and not of entire interest

Sri Suman Bose Vs Income-tax Officer (ITAT Kolkata)

Sri Suman Bose Vs ITO (ITAT Kolkata) In respect to accrued interest, it is not clear whether the interest is received by assessee on accrual basis or on receipt basis. If the interest received on accrual basis the addition qua this year interest can be made in this year and not of entire interest. In case, interest is received on receipt...

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Expenditure on leased telephone lines has been excluded from the purview of Fringe benefit Tax

ACIT Vs M/s Global Vantedge (P) Ltd. (ITAT Delhi)

ACIT Vs M/s Global Vantedge (P) Ltd. (ITAT Delhi)-  Expenses incurred on use of telephone (including mobile phone) shall not include the expenditure on leased telephone lines. In other words, the expenditure on leased telephone lines has been excluded from the purview of Fringe benefits as provided in clause (J) of sub-section (2) of sec...

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