section 17

Cause of Action to Appeal to DRT continues at various stages under SARFAESI Act, 2002?

Fema / RBI - It is felt that enormous powers are conferred on Banks or Public Financial Institutions under SARFAESI Act, 2002 from the stage of determination of outstanding due, entertaining objections, taking possession of the property and selling the property through private treaty at times and in public auctions very often. The borrower too has got...

Read More

Collusion between Bank Officials and Builders – SARFAESI Act – a Case Study

Fema / RBI - I strongly believe that implementing the provisions of the SARFAESI Act, 2002 making a good balance between the object and the interests of the borrower is a very complicated exercise. There are so many judgments on the provisions of the SARFAESI Act, 2002 and still certain areas remain complicated. I would like to share a typical case pr...

Read More

High court upheld the levy of higher rate of tax on superior kerosene oil (white kerosene oil)

Fema / RBI - Levy of sales tax on a higher percentage on ‘superior kerosene oil' (SKO) (also called white kerosene oil) and also levy of resale tax and surcharge on it by Tamil Nadu Government have been upheld by the Madras High Court. The attack by dealers that levy of different rates for same commodity was discriminatory was turned down by the Cou...

Read More

Valuation of Perquisites other then accommodation, motor car and ESOP for financial year 2009-2010

Fema / RBI - For the sake of convenience, the attached tables summarises the valuation rules for all perquisites prescribed in the new rule 3 except the valuation of perquisites in respect of accommodation, motor car and ESOP which are mentioned separately by us and link for the same is been given below . It may be noted that for most perquisites the...

Read More

Increase in Registration Fees is unconstitutional and without any reasons

Fema / RBI - As per section 17 of the Indian Registration Act, 1908 any documents related to immovable property exceeding worth Rs.100/- needs to be compulsorily registered. This being a central Act and is being implemented by the state government as per the special power given to the state government. Further, the state government is also empowered t...

Read More

Income tax department withdrawn the approval granted under Section 17(2) to Hospital in Chandigarh

Fema / RBI - A dozen private nursing homes and hospitals today lost their approval granted under Section 17(2) of the Income Tax Act on the basis of an assessment conducted by the Department of Income Tax, Chandigarh. According to Chief Commissioner (Chandigarh region) P K Chopra, this has been done after it came to the notice that hospitals and nursi...

Read More

Taxability of ESOP up to 31.03.2000

ACIT Vs Tripti Sharma (ITAT Mumbai) - In respect of shares acquired under stock option scheme, the difference between the price of shares at the time of exercise of option and the predetermined price is liable to tax as perquisite under s. 17(2)(iii) up to 31st March, 2000....

Read More

Voluntary retirement compensation and chargeability to tax if payment is stretched over a period of years

ITO Vs Dhan Sai Srivas (Chhattisgarh High Court) - Benefit in lieu of salary payable to an employee opting for voluntary retirement is exempted from being charged to tax to the extent of Rs. 5 lakhs by reason of section 10(10C); even if the payment is stretched over a period of years, the same would not become chargeable to tax in any subsequent ass...

Read More

Taxability as perquisite of Transport facility provided to an employee from his residence to office and vice- versa

WNS Global services Pvt. Ltd. Vs ITO (ITAT Mumbai 'G' Bench) - Section 10 provides for the incomes which do not form part of total income, and cl.[i] of sub-sec.[14] of sec. 10 provides that any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause [2] of sec. 17, specifically granted to meet expenses wholly, ne...

Read More

Gratuity payment under the Payment of Gratuity Act, 1972 or otherwise exempt to the extent covered under the Income Tax Act

North West Karnataka Road Transport Corporation Vs Deputy Labour Commissioner (High Court of Karnataka) - No doubt, section 192 of the Income-tax Act requires the employer to deduct the income-tax from the salary and the salary is defined under section 17 of the Income-tax Act, which includes wages, any annuity or pension, any gratuity, any fees, commissions, perquisites or profits in lieu of or in addi...

Read More

Valuation of residential accommodation provided by PSU to its employees

Canara Bank Vs ITO (ITAT Nagpur) - 48. Section 17(2)(ii) as it stood prior to amendment in 2007 did not contain any 'deeming clause' to deem rent paid less than 10% or 7.5% as a concession or that the employees is deemed to have received that concession. An employer may provide residential accommodation to his employees for several r...

Read More

Circular on adjustment of Advance FBT Paid for Assessment Year 2010-11

Circular No. 2/2010-Income Tax - (29/01/2010) - Circular No. 2/2010-Income Tax The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abol...

Read More

Revised rules for valuation of perquisites for F.Y. 2009-10 & amp; onwards

Notification No. 94/2009 - Income Tax - (18/12/2009) - Notification No. 94/2009 - Income Tax For the purpose of computing the income chargeable under the head Salaries, the value of perquisites provided by the employer directly or indirectly to the assessee (hereinafter referred to as employee) or to any member of his household by reason of his employm...

Read More

Recent Posts in "section 17"

Cause of Action to Appeal to DRT continues at various stages under SARFAESI Act, 2002?

It is felt that enormous powers are conferred on Banks or Public Financial Institutions under SARFAESI Act, 2002 from the stage of determination of outstanding due, entertaining objections, taking possession of the property and selling the property through private treaty at times and in public auctions very often. The borrower too has got...

Read More
Posted Under: Income Tax |

Collusion between Bank Officials and Builders – SARFAESI Act – a Case Study

I strongly believe that implementing the provisions of the SARFAESI Act, 2002 making a good balance between the object and the interests of the borrower is a very complicated exercise. There are so many judgments on the provisions of the SARFAESI Act, 2002 and still certain areas remain complicated. I would like to share a typical case pr...

Read More
Posted Under: Income Tax |

Circular on adjustment of Advance FBT Paid for Assessment Year 2010-11

Circular No. 2/2010-Income Tax (29/01/2010)

Circular No. 2/2010-Income Tax The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Sections 115 W to 115 WL) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115 WM was inserted to abolish the FBT with effect from Assessment ...

Read More

Income tax department withdrawn the approval granted under Section 17(2) to Hospital in Chandigarh

A dozen private nursing homes and hospitals today lost their approval granted under Section 17(2) of the Income Tax Act on the basis of an assessment conducted by the Department of Income Tax, Chandigarh. According to Chief Commissioner (Chandigarh region) P K Chopra, this has been done after it came to the notice that hospitals and nursi...

Read More
Posted Under: Income Tax |

High court upheld the levy of higher rate of tax on superior kerosene oil (white kerosene oil)

Levy of sales tax on a higher percentage on ‘superior kerosene oil' (SKO) (also called white kerosene oil) and also levy of resale tax and surcharge on it by Tamil Nadu Government have been upheld by the Madras High Court. The attack by dealers that levy of different rates for same commodity was discriminatory was turned down by the Cou...

Read More
Posted Under: Income Tax |

Valuation of Perquisites other then accommodation, motor car and ESOP for financial year 2009-2010

For the sake of convenience, the attached tables summarises the valuation rules for all perquisites prescribed in the new rule 3 except the valuation of perquisites in respect of accommodation, motor car and ESOP which are mentioned separately by us and link for the same is been given below . It may be noted that for most perquisites the...

Read More
Posted Under: Income Tax |

Revised rules for valuation of perquisites for F.Y. 2009-10 & amp; onwards

Notification No. 94/2009 - Income Tax (18/12/2009)

Notification No. 94/2009 - Income Tax For the purpose of computing the income chargeable under the head Salaries, the value of perquisites provided by the employer directly or indirectly to the assessee (hereinafter referred to as employee) or to any member of his household by reason of his employment shall be determined in accordance wi...

Read More

Taxability of ESOP up to 31.03.2000

ACIT Vs Tripti Sharma (ITAT Mumbai)

In respect of shares acquired under stock option scheme, the difference between the price of shares at the time of exercise of option and the predetermined price is liable to tax as perquisite under s. 17(2)(iii) up to 31st March, 2000....

Read More

Increase in Registration Fees is unconstitutional and without any reasons

As per section 17 of the Indian Registration Act, 1908 any documents related to immovable property exceeding worth Rs.100/- needs to be compulsorily registered. This being a central Act and is being implemented by the state government as per the special power given to the state government. Further, the state government is also empowered t...

Read More
Posted Under: Income Tax |

Voluntary retirement compensation and chargeability to tax if payment is stretched over a period of years

ITO Vs Dhan Sai Srivas (Chhattisgarh High Court)

Benefit in lieu of salary payable to an employee opting for voluntary retirement is exempted from being charged to tax to the extent of Rs. 5 lakhs by reason of section 10(10C); even if the payment is stretched over a period of years, the same would not become chargeable to tax in any subsequent assessment year...

Read More
Page 1 of 212

Browse All Categories

CA, CS, CMA (3,481)
Company Law (3,399)
Custom Duty (6,603)
DGFT (3,446)
Excise Duty (4,043)
Fema / RBI (3,249)
Finance (3,454)
Income Tax (25,017)
SEBI (2,733)
Service Tax (3,280)

Search Posts by Date

September 2017
M T W T F S S
« Aug    
 123
45678910
11121314151617
18192021222324
252627282930