"25 July 2012" Archive

Coffee Table Book on Customs to be Released

Tomorrow to Mark 50 Years of Achievements under the Customs Act 1962 The Union Minister of Communication & Information Technology Shri Kapil Sibal will release tomorrow a commemorative Postage Stamp on Indian Customs to commemorate 50 years of achievements under the Customs Act, 1962. Shri S.S. Palanimanickam, Minister of State for Financ...

Read More
Posted Under: Custom Duty |

Deduction u/s. 54 / 54EC cannot be denied for investment in joint names

Director of Income-tax, International Taxation, Bangalore Vs Mrs. Jennifer Bhide (Karnataka High Court)

In the instant case, the assessee has purchased the property jointly with her husband. She has invested the money in rural bonds jointly with her husband. It is nobody's case that her husband contributed any portion of the consideration for acquisition of the property as well as bonds. The source for acquisition of the property and the bo...

Read More

I-T – How to recover Password if we forget Registered email ID

Taxpayer who are registered on E-filing portal of Income Tax department i.e. https://incometaxindiaefiling.gov.in/portal/index.do may sometime forget the password which is required to login on to website. In that case one of the option to retrieve password is that taxpayer opt for send of new password on his Registered Email ID which he s...

Read More

I-T – ‘Register for Home Visit’ and ‘Online Tax Help’

Income Tax Press release (24/07/2012)

In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’. To avail these facilities, a taxpayer must visit the website www.trpscheme.com and take help of trained professionals either on...

Read More

I-T department adds new column in ITR for declaring foreign assets

Taxpayers, who hold foreign bank accounts or properties, will now have to furnish details of their foreign assets which include information like country name, address of the bank, name mentioned in the account and peak balance during the year etc....

Read More
Posted Under: Custom Duty | ,

Manufacture or production of goods – an exemption or litigation in negative list

Exemptions and beneficial amendments are always prone to litigation – whether it is due to ambiguous language or due to creative interpretational skills of Revenue officers. Whatever be the reason, the departmental authorities are always less interested in extending the benefit of exemptions to the assessees. One such beneficial provisi...

Read More
Posted Under: Custom Duty |

Method To Calculate FMV of Unquoted Shares

The fair market value of the shares= (i) as may be determined in accordance with such method as may be prescribed, or (ii) as may be substantiated by the company to the satisfaction of the Assessing Officer, based on the value, on the date of issue of shares...

Read More
Posted Under: Custom Duty |

Investment income of Co-Operative Banks eligible for deduction u/s. 80P(2)(a)(i)

ACIT Vs Bundi Chittorgarh Kshetriya Gramin Bank (ITAT Jaipur)

Section 80P is applicable to regional rural banks. This position is undisputed in the instant case as well. The only question is the exigibility to deduction thereunder of the impugned incomes. The word 'investment' occurring in the definition of 'banking' in section 5(b) of the Banking Regulation Act is of importance. Section 6(1)(a) of ...

Read More

Service tax Market research for management of assessee company is not management consultancy Service

BMD (P.) Ltd. Vs Commissioner of Central Excise (CESTAT Delhi)

As per provisions in Taxation of Services (Provided from Outside India and Received in India), Rules 2006 the question whether the service in question is imported is decided with reference to location of the recipient of service for service specified under section 65(105)(r) but is decided with reference to place of performance for servic...

Read More

Service provided for complying with RBI regulation & filing returns under different statues is not management or business consultant’s service

ERNST & Young (P.) Ltd. Vs Commissioner of Service Tax (CESTAT Delhi)

The decisions of the Tribunal in the case of CCE v. Future Polyesters Ltd. [Final Order No. 782 of 2011, dated 8-7-2011] is clearly to the effect that most of the impugned activities would not fall under the definition of Management Consultancy service. Though compliance with laws is part of the responsibilities of management such respons...

Read More
Page 1 of 3123