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Archive: 15 January 2012

Posts in 15 January 2012

Assessment of Charitable Trusts and Institutions

January 15, 2012 26610 Views 0 comment Print

Article discusses about Structure of atx Authorities, Charitable Purpose, Charity, Advancement Of Any Other Object Of General Public Utility, Advancement Of Any Other Object Of General Public Utility, Assessment Of A Charitable Trust Or Institution, Forfeiture Of Exemption, Approval U/S 80G(5), Notification Under Section 10(23), Notification/Approval Under Section 10(23C), Notification Under Section 35(1)(ii)/(iii).

Income Tax on Co Operative Credit Society & Pat Pedhis

January 15, 2012 53489 Views 2 comments Print

In In terms of sub-section (2) of Section 22 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), the primary (urban) cooperative banks existing in the country as on March 1, 1966, (when some banking laws were applied to UCBs), were required to apply to the Reserve Bank of India. They were given three months to obtain a licence to carry on banking business. Similarly, a primary credit society which becomes a primary (urban) cooperative bank by virtue of its share capital and reserves reaching Rs. one lakh (Rs.1,00,000) and above was to apply to the Reserve Bank of India for a licence within three months from the date on which its share capital and reserves reach Rs. one lakh. The existing unlicensed primary (urban) cooperative banks can carry on banking business till they are refused a licence by the Reserve Bank of India.(SOURCE : Brochure explaining RBI role and functions in brief under the title Urban Bank Department of RBI)

Salary income – Taxation of Perquisites

January 15, 2012 5349 Views 0 comment Print

Perquisites taxable in the hands of the employee as a part of salary income Broadly, in this system, the perquisites taxable in the hands of the employee as a part of salary income include: 1) Value of rent-free or concessional rent accommodation provided by the employer.2) Value of any benefit/amenity granted free or at concessional rate to specified employees, etc. Specified employees are company directors, employees with substantial interest in the company and any other employee whose salary income exclusive of non-monetary benefits and amenities exceeds Rs. 50,000/-.

Income Tax Ombudsman Origins, Current Status, Procedure, Power, Duties, Nature of Proceedings – Awards, Check List and Grievance you can Complain

January 15, 2012 1531 Views 0 comment Print

As a taxpayer, you may have some very legitimate grievances relating to your income-tax matters or settlement of your claims. You may, for example, feel that the Income-tax Department owes you a certain refund of tax but it is not doing enough to hear your grievance or complaint nor taking action to redress it. You may also be aggrieved about the rude behaviour of officials or their failure to follow instructions and circulars of the Board. In all such cases, you can approach your Income tax Ombudsman. Before you do so, however, you have to ensure that certain conditions are fulfilled. The Ombudsman is governed by, and has to act within, the framework of the Income Tax Ombudsman Guidelines, 2006. This brochure tries to explain to you these guidelines in a simple manner, so that you can approach the Ombudsman for help whenever you need it.

No Excise Duty Exemption if conditions mentioned in Exemption Notification of Excise Rules not complied – SC

January 15, 2012 4870 Views 0 comment Print

Indian Oil Corporation Ltd Vs CCE (SC) – The language of Rule 192 of Chapter X of the Central Excise Rules, 1944 is clear that for availing concession from excise duty on excisable goods used in a specified industrial process, a person must obtain a registration certificate from the Collector and that “the concession shall, unless renewed by the Collector, cease on the expiry of the registration certificate”. Admittedly, the registration certificate of the appellant expired on 31.12.1995. Hence, the exemption granted under the notification ceased on 31.12.1995. The fresh registration certificate in favour of the Ahmedabad Electricity Company Ltd. was issued on 26.06.1996 and we find on a reading of the copy of the CT-2 certificate annexed as Annexure P5 that the registration certificate was not for any period prior to 26.06.1996. As the procedure laid down in Rule 192 of Chapter X of the Rules has not been complied with, the appellant is not entitled to avail the exemption of excise duty under the exemption notification during the period from 01.01.1996 to 25.06.1996.

Excise Duty – Tailor made machines – Manufacture not complete till it meets the contractual specifications and subjected to individual testing

January 15, 2012 1050 Views 0 comment Print

Flex Engineering Limited Vs CCE (SC) – , If a product is not saleable, it will not be marketable and consequently the process of manufacture would not be held to be complete and duty of excise would not be leviable on it. The corollary to the above is that till the time the step of manufacture continues, all the goods used in relation to it will be considered as inputs and thus, entitled to Modvat credit under Rule 57A of the Rules. In the present case, as aforesaid, each machine is tailor made according to the requirements of individual customers. If the results are not in conformity with the order, then the machine loses its marketability and is of no use to any other customer. Thus, the process of manufacture will not be said to be complete till the time the machines meet the contractual specifications and that will not be possible unless the machines are subjected to individual testing.

Excise Duty – Process of mixing polymers and additives with bitumen does not amount to manufacture

January 15, 2012 2206 Views 0 comment Print

CCE Vs M/S Osnar Chemical Pvt. Ltd. (SC) -Process of mixing polymers and additives with bitumen does not amount to manufacture. Both the lower authorities have found as a fact that the said process merely resulted in the improvement of quality of bitumen. Bitumen remained bitumen. There was no change in the characteristics or identity of bitumen and only its grade or quality was improved. The said process did not result in transformation of bitumen into a new product having a different identity, characteristic and use. The end use also remained the same, namely for mixing of aggregates for constructing the roads.

Govt asks I-T officials to file immovable property returns by month-end

January 15, 2012 931 Views 0 comment Print

After IAS and IPS officers, the government has now turned its heat on Indian Revenue Service (Income Tax) officers asking them to mandatorily furnish their immovable property returns by this month-end failing which they would be denied promotions. Citing a Department of Personnel and Training (DoPT) order in this regard, the Central Board of Direct Taxes has said those officers who fail to submit their IPRs within the prescribed time “would be denied vigilance clearance and will not be considered for promotion and empanelment for senior level posts and deputation, among others (service benefits).

EU officials criticise downgrade of Credit ratings

January 15, 2012 303 Views 0 comment Print

The top economic official of the European Union has criticised a decision by Standard and Poor’s to downgrade the credit ratings of nine euro zone countries. Economic Affairs Commissioner Olli Rehn said the move was inconsistent as the euro zone was taking decisive action to end the debt crisis. Other senior European officials have also hit out at the move.

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