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4 New Categories of payment been added to the existing list of 32 categories. Revised List is follows :- 193 – Interest on Securities 194 – Dividend 195 – Other sums payable to a non-resident 4BB – Winning from Horse race 4EE – Payments in respect of Deposits under National Saving Schemes 4LB – Income […]
The crucial issue is, whether at the time of marketing of sugar, the same could be treated to retain the character of agricultural produce [sugarcane] grown by members of the Society or does it represent an independent commercial commodity which no longer has the character of agricultural produce?
In the present case, if the closing stock of incentive sugar was to be valued at any figure, above the levy price, the direct consequence of such a valuation would have been that the excess amount over the levy price would be reflected as part of business income which would run counter to the judgment of this Court in Ponni Sugars and Chemicals Ltd. (supra).
In the instant case, ‘R’ has created these trusts and was depositing the amount in cash to be given to the company as loans. He did not produce the trust deeds, the author of the trusts or beneficiaries of the trusts. The method and manner in which the amounts were deposited in the bank accounts of the trusts and was transferring the same on the same day by way of cheques to the company clearly established that he was playing a fraud with the revenue.
We are mentioning even at the cost of repetition that in order to treat any person as permanent establishment within the meaning of paras 5 and 6 of Article-5 of the DTA, it is of utmost importance that such person should first answer to the description of ‘dependent agent’ and then such dependent agent must perform either of the three activities as mentioned in para 5 of Article 5 of the DTA
Notification No. 41/2012-Income Tax It is hereby notified for general information that the organization National Law School of India University, Bangalore has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2011-12 onwards in the category of “University, College or Other Institution”, engaged in research in social science research subject to the following conditions, namely
With a view to prevent channelisation of unaccounted money to these institutions by way of anonymous donations, a new section 115BBC has been inserted to provide that any income of a wholly charitable trust or institution by way of any anonymous donation shall be included in its total income and taxed at the rate of 30 per cent.
File validation Utility (FVU) version 3.6 for FY 2010-11 onwards and version 2.133 for upto FY 2009-10 released (17/09/2012). Key features of File Validation Utility (FVU) version 3.6 Import of challan file (.csi file): Import of challan file downloaded from the TIN website (Challan Status Inquiry) has been made mandatory at the time of validating […]
The tax audit report filed by the assessee was as per Form No. 3CA which was applicable to the assessees carrying on business or profession. In the audit report, the nature of business was referred to as investment company and the method of valuation of closing stock was stated to be the lower of cost or market value which method is applicable in case of business stock only.
Quarterly TDS/TCS statement file format updated. Update file format available at download section (17/09/2012). Revised Formats can be downloaded from the following link :- https://www.tin-nsdl.com/etds-etcs/eTDS-steps.php
