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Archive: 01 March 2012

Posts in 01 March 2012

Clarification – Establishment of Branch Offices (BO) / Liaison Offices (LO) in India by Foreign Entities – Delegation of Powers

March 1, 2012 651 Views 0 comment Print

In terms of which powers have been delegated to the AD Category-I bank regarding submission of Annual Activity Certificate by BO / LOs, extension of the validity period of LOs and closure of BO / LOs of foreign entities in India.

Share brokers eligible to claim deduction of entire amount due to him from his client as bad debt

March 1, 2012 1604 Views 0 comment Print

In a major relief to equity brokers, the conflicts arising on their bad debt claims have been put to rest by the Bombay High Court. Affirming to a ruling by Mumbai ITAT special bench In the case of DCIT vs. Shreyas S. Morakhia 40 SOT 432, the court on Tuesday said stock brokers were eligible to claim deduction of the entire amount due to them from clients as a bad debt, even though only the brokerages is offered as income.

Know Your LIC Policy Status on Mobile

March 1, 2012 2693 Views 0 comment Print

If you are holding a LIC policy, you might want to check the status of the same and may also be looking to know other information on the same i.e. Installment premium under policy, If policy is lapsed Revival amount payable, Amount of Bonus vested, Amount available as Loan, Details of Nomination etc.. The good news is that now, you can check all the information on your mobile phone by SMS. This is free service but your mobile operator may charge per short code sms as per your tariff plan. SMS inquiry will give the required information in seconds on your mobile phone.

Transfer Fees received from Members in excess of those provided in by law by a plot society not taxable

March 1, 2012 856 Views 0 comment Print

Undisputed facts are that the assessee is a plot society and not a flat society. Thus, notification dated 9th August 2001, issued by Govt. of Maharashtra, does not apply to the facts of the case. The first appellate authority had followed the judgment of Hon’ble Jurisdictional High Court in Sind Co. Operative Housing Society, [2009] 26 DTR 149 (Bom.), and granted relief to the assessee. As all the receipts are admittedly from the members, we have to necessarily uphold the order of the first appellate authority and dismiss the appeal of the Revenue.

Wealth Tax on Incomplete or under Construction Building?

March 1, 2012 7973 Views 0 comment Print

Incomplete or under Construction Building not liable to wealth tax- Incomplete building of the assessee neither falls within the definition of a building, as contemplated under section 2(ea) of the Act, nor within the purview of urban land as excluded by Explanation 1(b) of the Wealth Tax Act.

Whether assessee entitled to deduction u/s 80HHC on sale made to UNICEF in India?

March 1, 2012 924 Views 0 comment Print

Hon’ble High Court held that provisions of Section 80-HHC required two conditions to be satisfied before an assessee could claim deduction there under. The two conditions being:- (i) the goods being export out of India and (ii) Sale proceeds of goods or merchandise exported out of India are receivable in convertible foreign exchange. The above conditions are satisfied cumulatively. Here sale made to UNICEF in India would not amount to export of goods. Accordingly the assessee is not entitled to deduction U/s 80-HHC of the Act.

Registration of Companies or LLPs to carry the business of banking, Insurance, Architect, CA, CS Needs Approval

March 1, 2012 1336 Views 0 comment Print

I am directed to say that at the time of incorporation of companies where one of the objects is to carry on the business of Banking, Insurance or to practice the profession of Chartered Accountancy, Cost Accountancy & Company Secretaries, then the concerned Registrar of Companies shall incorporate the same only on production of in-principle approval / NOC from the concerned regulator/professional Institutes.

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