"01 September 2012" Archive

CBDT Press Release explaining Advance Pricing Agreement Scheme & its benefits

CBDT Explains APA through a press release. Indian APA Scheme Notifies Three Types of APA unilateral, bilateral and multilateral. Press Release clarifies that the choice is on the applicant to choose a particular type of APA at the time of making the application....

Posted Under: Income Tax |

Free Book on New System of Taxation of Services

Taxation of services in India has been a learning experience for not only the tax payers but also the tax administrators. The gradual expansion of the list of taxable services from an initial three to more than one hundred has posed its own challenges. The Finance Act, 2012 has started to change this all and usher in a new system of taxat...

Section 54 – Two flats on different floors cannot constitute one house

Smt. Myrtle D'Souza Vs Income-tax Officer (ITAT Mumbai)

In the present case, the assessee was allotted two flats on two different stories which he claimed as eligible for exemption u/s 54. Admittedly there is no unity of construction between such flats. The Special Bench of the Tribunal in the case of Sushila M. Jhaveri (supra) has categorically held that the exemption u/s 54 is available only...

Section 10A deduction can be claimed by filing revised return u/s. 139(5)

VNS Makro Technologies (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Hyderanad)

Reason behind disallowance of claim made by the assessee was that since the assessee had not claimed deduction under section 10A in the return filed under section 139(1), the proviso to section 10A debarred him from making any such claim in revised return. At this stage, it would be relevant to take note of the proviso under section 10A. ...

Revised Procedure for validating, upload & print of Form 15CA

Steps to download and install File Validation Utility (FVU). Procedure for preparation of Form 15CA file for bulk upload: Procedure for validating Form 15CA file. Procedure for upload of successfully validated Form 15CA file. ...

Posted Under: Income Tax | ,

Revised Guidelines for filling Form 15CA Bulk Upload

File Based (Bulk) Upload of Form 15CA Facility for upload of multiple Form 15CA records in single file is available to registered TANs at www.tin-nsdl.com . Pre-requisites for bulk upload of Form 15CA records: ...

Posted Under: Income Tax | ,

CBDT Releases Transfer Pricing ‘Advance Pricing Agreement Scheme’ (APA)

Vide Notification No. 36 of 2012, in exercise of the powers conferred by sub-section (9) of section 92CC read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes releases Advance Pricing Agreement Scheme. The advance pricing agreement scheme shall be governed by Rules 10F to Rule 10T. ...

Posted Under: Income Tax |

ICAI President’s Message – September 2012

Direct Entry to the CA Course: The Ministry of Corporate Affairs has given its final approval to the Amendments to Chartered Accountants Regulations, 1988 which have been notified on 1st August, 2012. Amongst other provisions, the amendments also stipulate Direct Entry Scheme to CA Course. ...

Posted Under: Income Tax |

CMA President Communique September, 2012

In the current economic scenario the members of the Institute are required to emerge as true friends of the Consumers by correctly pricing the natural resources, product and services on one side and assisting the Regulators on the other. The responsibility cast upon the members of the institute is a challenging one and we are taking it as...

Posted Under: Income Tax |

Deduction u/s.35(2AB) on expenditure in respect of patent filing in foreign countries & on foreign consultancy

USV Ltd. Vs Deputy Commissioner of Income-tax (ITAT Mumbai)

The consultancy charges had been paid by the assessee in providing technical services regarding the patents, obtaining patent information from innovator companies and obtaining innovator samples for research and development purposes. The payments have been accepted towards research and not towards registering the patents....

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