Hero Exports vs. CIT (Supreme Court) -Though section 80HHC does not provide so, an assessee is entitled, in computing the indirect cost of goods exported, to claim deduction at 10% as indirect expenses incurred for earning export incentives, misc income and brokerage etc. The deduction is allowed on estimate basis and as per the underlying principles of apportionment.
Provident fund contributions need not be deducted from the payment made towards annual leave encashment, the Madurai Bench of the Madras High Court has ruled. Allowing a batch of writ petitions filed by various factories, Justice K. Chandru said leave encashment could not be considered part of the basic wage for deducting provident fund contributions. Employees usually did not exhaust their earned leave; they chose to encash them at the time of retirement, or the sum was paid to their heirs in case of contingency such as the death of an employee. Hence, they would not be benefited at all by provident fund deduction from the encashment of annual leave.
Latest Advance Ruling may impact billion-dollar Vodafone takeover case; Capital gains – Transfer of shares between two non-resident entities abroad – Since situs of income is located here, it is taxable in India. TAXING capital gains has always been a tricky subject for the Revenue. If it ever involved two non-resident entities, it always proved to be a much trickier and harder nut to crack. Then came the insertion of the most crucial clause in the statute – the situs of the capital asset, a step to iron out the hiatus in the relevant provisions of the Income Tax Act. This was designed to take care of the transactions between two non-residents over the capital assets situated in India.
The Supreme Court has upheld the revised accounting standards AS 22 issued by the Institute of Chartered Accountants of India which has been made mandatory for all the companies listed in the stock exchanges since the financial year 2001-02. Dismissing the appeals of a large number of companies that opposed the new policy, the bench headed by Justice SH Kapadia said AS 22 sought to arrive at the true accounting income.
THE assessees were the Directors of M/s Hotel AMS Pvt. Ltd., Kondalapatti, Salem. During the course of survey conducted on 16.11.1999 under Section 133A of the Income Tax Act, it was noticed that the company had constructed the hotel with the share capital funds said to have been floated by the Directors. On enquiry with the assessees, the assessees offered a sum of Rs.12,00,000/ – as income, out of which Rs 2,00,000/- each in the name of the assessees and remaining in the name of other members in Hindu Undivided Family.
Whether, a Provision for Non Performing Assets (‘NPA’) debited to profit and loss account and claimed as a deduction in accordance with the prudential norms issued by the RBI in exercise of powers conferred on it under section 45JA of the RBI Act, 1934, called the Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998, should be allowed as deduction while computing income from business under the provisions of the Income-tax Act, 1961?
Winners of festive mall promotions face high taxes, with a flat rate of 33.99% on prizes, as highlighted by a recent case involving a car winner.
1. MONITOR LED IS BLINKING- Check all the connections like Monitor Cable, Data cables,RAM, Display Card , CPU connections. 2. CONTINUOUS THREE BEEPS- Problem in RAM Connection. 3. THREE BEEPS ( 1 Long 2 Short)- Problem in Display Card Connection.
Companies Act, 1956 -· A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. · A s. 25 company is required to maintain its books of account and vouchers for a period of not less than 4 years. · The books and papers of the Amalgamated/Transferor Company must be not be disposed of without the prior permission of the Central Government
We have identified and appropriately classified all such payments/expenditures, which are subject to fringe benefit tax in terms of sections 115WA and 115WB of the Income-tax Act, 1961. There are no unrecorded payments/expenditure which would have otherwise qualified for being subjected to the fringe benefit tax. We acknowledge that we are responsible for the compilation of information in Annexure-II to Form No.3CD. We shall not hold you liable, in case if we incur any tax liability on account of any errors/omissions/mistakes taken in the Annexure-II to Form No.3CD.
