"03 February 2012" Archive

Income tax Calculators from A.Y. 2001-2002 to A.Y. 2012-2013

We are uploading herewith Income tax calculators from A.Y. 2001-2002 to A.Y. 2012-13 prepared by Mr. Nithyanand a Software Professional working in Bangalore. ...

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Brief Study of Deduction of tax on Salary U/s. 192

Deduction by ship-owners - Ship-owners are liable to deduct tax at source under section 192(1). For the purposes of determining the rate of tax applicable, the total salary of the seaman for the year may be estimated as the amount of wages due for a period of ten months on the basis of the monthly wages fixed as per articles of agreement....

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Posted Under: Income Tax | ,

Payment under inter-linked contracts for manufacturing attracts TDS u/s 194C

CIT Vs. Nova Nordisk Pharma India Ltd. (Karnataka High Court)

CIT Vs. Nova Nordisk Pharma India Ltd. (HC of Karnataka)- We find that this is not simply a situation of a product manufactured to the specifications of the assessee, being sold to the assessee at the price fixed by the supplier but this is a situation where a product manufactured out of raw materials supplied by a foreign company who ha...

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Genuineness of transaction when identity of the share holders has not been established and notice u/s. 133(6) remained unserved

ACIT Vs. M/s Sikka Papers Mills Ltd. (ITAT Delhi)

ACIT Vs. M/s Sikka Papers Mills Ltd. (ITAT Delhi)- In this case the identity of the share holders has not been established in order to ascertain the genuineness of the transactions, Assessing Officer issued commission u/s. 131(d) to the departmental officers in Lucknow and Agra as well as and asked for information 133(6) of the Act direct...

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For exercise of power U/s. 263, it is mandatory that order passed by AO should be erroneous and prejudicial to interest of Revenue

CIT Vs Software Consultants (Delhi High Court)

CIT Vs. Software Consultants (Delhi High Court)- For exercise of power under Section 263 of the Act, it is mandatory that the order passed by the Assessing Officer should be erroneous and prejudicial to the interest of the Revenue. In the present case, the Assessing Officer did not make any addition for the reasons recorded at the time of...

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FM Holds Meeting with Representatives of Business and Trade as Part of Pre-Budget Consultations

Calls for 9 percent Plus Growth for a Sustainable Period to achieve the Objective of Inclusive Growth; Industry Asks for Improvement in Outcome of Expenditure on Social Programmes, Widening of Tax Net, Shifting to Accrual Based Budgeting from Cash Based, Acceleration in the Disinvestment Process and Boost in Agricultural Growth among Othe...

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Posted Under: Income Tax |

Accepting SMS Sent by IRCTC on Par With Electronic Reservation Slip (ERS) for Undertaking Train Journey on E-Tickets

In a move to further make Train Reservation Ticketing System passenger friendly, the Ministry of Railways has decided to permit Short Messaging Service (SMS) sent by its PSU, Indian Railways Catering & Tourism Corporation (IRCTC) containing vital details as an instrument on par with the Electronic Reservation Slip (ERS). This has come int...

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Posted Under: Income Tax |

Initiatives on Safeguards of Deserted NRI Women

A scheme was launched in 2007 to provide legal /financial assistance to the deserted or divorced overseas Indian women through the Indian Missions/Posts. It was revised and the revised scheme came into effect from November, 2011. The scheme would be available to Indian women who have been deserted by their overseas Indian / foreign husban...

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Posted Under: Income Tax |

India Exempts Essential Commodities to Bhutan from Export Bans

Bhutan has expressed happiness over acceptance of their request of exemption from application of any export bans on essential commodities. The Minister of Commerce, Industry and Textiles, Shri Anand Sharma, during his meeting with Mr. Lyonpo Khandu Wangchuk, Minister for Economic Affairs of Bhutan ,here today, informed that Director Gene...

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Posted Under: Income Tax |

Mahindra Satyam receives provisional attachment order from Income Tax Department

Mahindra Satyam today said it has received a provisional attachment order from the Income Tax Department attaching land and buildings of the company. The company had received a provisional attachment order dated January 30, 2012, from the Additional Commissioner of Income Tax (ACIT), Central Range -- 3, Hyderabad attaching land and buildi...

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Posted Under: Income Tax |