"14 May 2014" Archive

Tax Implication of receiving Gifts

We know that gifts received from relatives are tax-exempt. But what is not widely known, at all, is that gifts received even from non-relatives can also be completely exempt from income tax. Here is the complete run-down. It is very common for people to receive gifts from friends and relatives. In some cases, gifts are […]...

Read More
Posted Under: Income Tax |

Human side of the burning problem of Business World

An Idea and a Movement for Indian Businesses The case:I want to make a different case and discuss a different kind of social problem we are facing today in our developing economy and our businesses. Many people are used to hear talks about different kinds of social problems like poverty, economic crisis, black money, corruption, […...

Read More
Posted Under: Income Tax |

CAG has Constitutional Mandate to Audit Private Firms

Our Long Time Stand that CAG has Constitutional Mandate to Audit Private Firms has been Vindicated by the Hon’ble Supreme Court says Shashi Kant Sharma. CAG is duty bound to Report to Parliament Matters Involving Revenue Sharing : CAG   The recent ruling of the Honorable Supreme Court is a landmark one and has removed, once […]...

Read More
Posted Under: Income Tax |

Why Govt withdraws Conciliation Measures Initiated Earlier with Vodafone

Correct Factual Position and the Circumstances that led to the Government’s Proposal to Withdraw from the Conciliation Measures Initiated Earlier with Vodafone International Holdings B.V.(Vodafone)...

Read More
Posted Under: Income Tax |

Shome comittee Identifies 29 Issues in Direct Taxes & 47 Issues in Indirect Taxes

Forum Chaired by Dr. Parthasarathi Shome for Exchange of Views Between Industry Groups and Government on Tax Related Issues Identifies 29 Issues in Direct Taxes and 47 Issues in Indirect Taxes that Merited Removal of the Obstacles and Issue of Clarifications or Amendment of Procedures. The Finance Minister Shri P. Chidambaram, in his Pres...

Read More
Posted Under: Income Tax |

PMS transactions Gains are capital gains & not business profits – Delhi HC

Radials International Vs ACIT (Delhi High Court)

a. The PMS Agreement in this case was a mere agreement of agency and cannot be used to infer any intention to make profit. b. The intention of an assessee must be inferred holistically, from the conduct of the assessee, the circumstances of the transactions, and not just from the seeming motive at the time of depositing the money...

Read More

Analysis of Section 41(1) of Income Tax Act, 1961

In business there are circumstances where a person might have incurred a liability but later on he need not have to pay it for one or other reason. The Income Tax Act brings to tax such liabilities which are no more payable. ...

Read More
Posted Under: Income Tax | ,

Here Comes The Exam Time

As the CA-intermediate exams are around the corner, many students must be feeling really nervous. I would like to tell all the students who are appearing for the exams that this is the best time of the year, now I know the reaction, all of you must be thinking, “how can exam time be the […]...

Read More
Posted Under: Income Tax | ,

FM urges banks to take Tougher Action Against Wilful Defaulters

Finance Minister Reviews Annual Performance of Public Sector Banks and Financial Institutions for 2013-14; Calls for Tougher Action Against Wilful Defaulters; Highest Ever More than 10,000 New Branches Opened during 2013-14...

Read More
Posted Under: Income Tax |

Dept. tendency of not accepting adverse verdict on facts resulting in frivolous Appeals – HC

Commissioner of Income Tax (Central) Vs Sairang Developers and Promoters Pvt. Ltd. (Bombay High Court)

The tendency not to accept any adverse verdict on facts results in frivolous Appeals being filed in this Court. That causes huge loss to the public ex­chequer and results in wastage of precious judicial time of this Court....

Read More