Valuation of residential accommodation provided by the employer:-(a) Union or State Government Employees- The value of perquisite is the license fee as determined by the Govt. as reduced by the rent actually paid by the employee. (b) Non-Govt. Employees- The value of perquisite is an amount equal to 15% of the salary in cities having population more than 25 lakh, (10% of salary in cities where population as per 2001 census is exceeding 10 lakh but not exceeding 25 lakh and 7.5% of salary in areas where population as per 2001 census is 10 lakh or below). In case the accommodation provided is not owned by the employer, but is taken on lease or rent, then the value of the perquisite would be the actual amount of lease rent paid/payable by the employer or 15% of salary, whichever is lower. In both of above cases, the value of the perquisite would be reduced by the rent, if any, actually paid by the employee.
In terms of circular IDMD.DOD.11/11.08.36/2009-10 dated June 30, 2010, all RBI-regulated entities are mandated to report their OTC transactions in CDs and CPs on the FIMMDA reporting platform within 15 minutes of the trade for online dissemination of market information. Such trades, however, are being settled between the counterparties on a bilateral basis.
We advise that, on March 5, 2012, we have issued ‘Certificate of Registration’ to Credit Information Bureau (India) Limited (CIBIL) to carry on the business of credit information. The address of the company is as follows:
Notification No.18/2012 – Customs (N.T.) These Rules may be called the Publication of Daily Lists of Imports and Exports (Amendment) Rules, 2012. (2) They shall come into force on the date of their publication in the Official Gazette.
It was held by Honorable SC that merely because assessee, may be, by mistake, paid duty on goods which were exempted from such payment, did not mean that goods would become goods liable for duty under Act and it was Further held that merely because assessee had not claimed any refund on duty paid by him would not come in way of claiming benefit of Notification.
Withholding tax proceedings under Section 201 of the Income-tax Act, 1961 (the Act) were barred by limitation, since it has been initiated beyond a reasonable period of four years. Further the Tribunal held that in the absence of period of limitation under Section 201 of the Act prior to an amendment2, a reasonable time period was to be read into it, which was within 4 years from the end of the relevant Financial Year
In this case, the issue which arose before the Honorable Delhi Tribunal was that whether income received by the assessee for provisioning of technical services in connection with prospecting or extraction or production of mineral oil would be taxable under section 9(1)(vii) read with section 115A of the Income Tax Act,1961(‘the IT Act’) or section 44BB of the IT Act.
The payments under the IT agreement were not in the nature of reimbursement as the preamble stated that the French company had the capacity and resources to provide and co-ordinate IT services. There was nothing on record from which it could be inferred that the transaction was in the nature of reimbursement. For providing services under both, the wide area network as well as the messaging system, some hardware was to be utilised.
In Commissioner of Central Excise, Delhi v. Ishaan Research Lab (P) Ltd. (Supra), the issue before this Court was whether the products manufactured by the assessee would fall under Sub-Heading 3003.30 as medicament or under Chapter 33 as cosmetics. The assessee contended that each of the products was having ayurvedic medicinal herbs in it and even the labels on these products claim specifically the medicinal properties of the product. The assessee further urged that even if the user of product leads to improvement in appearance of a person that by itself cannot bring it into the category of “cosmetics” if otherwise the product is having a medicinal value and is marketed as such.
The Income Tax Department has decided to bring its over two-lakh strong staff under biometric monitoring system to ensure strict adherence to working hours. In an ambitious project rolled out by the Central Board of Direct Taxes (CBDT), I-T’s administrative authority, the department has invited tenders for ‘purchase, installation and monitoring of biometric based attendance monitoring system’.
