The assessee’s claim of exemption u/s 54 is devoid of merits as the concept of mutuality has not been extended to the assessee besides the constructed houses or the properties of the respective members cannot be deemed to be purchased or construction of the houses belonging to the society. In view thereof, the claim u/s 54 has been rightly denied by AO and CIT(A).
Income Tax Department has today enabled the password reset facility for alternate email ID also in addition to Registered EMail id. So now assessee can request password on alternate Email ID in addition to Registered Email ID. Message Hosted on Incometaxindia.gov.in in respect of Password reset is as follows :- In view of last date approaching and for timely resetting of password, users are advised to use “Forgot Password” utility on homepage for resetting password instead of e-mailing to validate@incometaxindia.gov.in
THE days of the cheap samosa are over. While the savoury little delight is consumed with great relish by Pakistanis around the year, sales of the samosa skyrocket during Ramazan as it is a staple of the iftar spread. However, the Supreme Court has set aside a notification of the Punjab government regulating the price of samosas.
Subsequent to the operationlisation of the Negative List, a number of issues have been raised in relation to the manpower supply or the services provided by the directors of a company or by the employer to the employees. These issues have been examined and are proposed to be clarified as follows:
Tax Implication on Dividend received by Unitholders – Tax Rate on Dividend Distribution , Capital Gain, Income Tax Rates, Securities Transaction Tax (STT) for financial Year 2012-13 or Assessment year 2013-14.
While complying with TCS rules for collection, payment and uploading of TCS information (E-filing of TDS returns), Jewellery dealers have to furnish PAN of customers. For Certain customers,it is not convenient to provide PAN as they may have constraints in explaining the source.In such cases to accommodate high net worth customers,unscrupulous traders have an easy source of benami PAN particulars from reserved railway passengers chart.
The appellants were sending their manager/ employees to hotels run by the subsidiary/ associate companies on deputation. They were recovering costs on actual basis and were not retaining any amount out of the payment made by the hotels run by the subsidiary/ associate companies. The contention of the Department is that the appellants were engaged in manpower supply service as they were supplying their manpower to hotels run by associate companies on a cost recovery basis.
Cloud computing is a technology that uses the internet & central remote servers to maintain data & applications. It allows consumers & businesses to use applications without installation & access their personal files at any computer with internet access. This technology allows for much more efficient computing by centralizing storage, memory, processing & bandwidth. In other words, the delivery of computing and storage capacity as a service to a heterogeneous community of end-recipients. The name cloud computing was inspired by the cloud symbol that’s often used to represent the Internet in flowcharts and diagrams.
Central Board of Excise and Customs is celebrating 2012 as the Golden Jubilee year to commemorate 50 years of the Customs Act, 1962. As a part of these celebrations, a Postage Stamp and a Coffee Table book on Indian Customs -Anything to Declare were released at a function held here today.
Finance Ministry is likely to launch the Rajiv Gandhi Equity Scheme, which is aimed at boosting retail investments in the capital market, by August 15. Officials from the Department of Economic Affairs (DEA) would meet counterparts in market regulator Sebi next week to finalise the details of the scheme, a senior finance ministry official said.
