The assessee claimed that its entire receipts were exempt from tax u/s 10 (29). The AO took the view that only income “derived” from warehousing was exempt and not other income. The AO’s stand was confirmed by the ITAT. The AO levied penalty u/s 271 (1) (c) for concealment of income which was deleted by the Tribunal with the finding that though the claim was wrong, the assessee
Dear Taxpayers, Please furnish the Form ITR-V to the Income Tax Department, CPC, Post Bag No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka BY ORDINARY POST ONLY within thirty days after the date of transmitting the data electronically. ITR-V sent by Speed post, Registered Post or Courier will not be accepted. No […]
In India the contribution of service sector to the GDP is about 55% and is a major driver of economic growth. However it was very difficult to define export of services and therefore many multinationals were wary of exploring opportunities for cross-border trade with India. Unlike goods which are defined to be exports when they physically cross the Indian territory it was very complex to define the export of services given that they were mostly intangible assets with no direction of movement or unique or definable place of their consumption or use. This left the question of defining the export of services.
The Madras High Court has ruled that tax planning as opposed to tax evasion has legal sanction, and if a dealer plans his transactions in such a manner that he pays less tax, it is not open to the revenue to subject him to a conscience audit or moral assessment. The power to lift the veil has to be exercised with great care and caution. Justice V Ramasubramanian on Friday allowing petitions by a registered dealer
The logo of an organization packs in both heritage and brand DNA. Not to mention trivia gems. Think the swoosh and you’ll think Nike. The genial, bearded and bow-tied Colonel Sanders is the KFC mainman. MontBlanc’s snow-tipped mountain-top and McDonald’s golden arches are as well-known as the brands themselves. Nestle’s ‘small nest’ bird family has stood for baby food, milk and […]
Form 15CA should be used for furnishing information of remittances in e-mode in accordance with the provisions of section 195 (6) of the Income-tax Act, 1961. The information should be furnished after obtaining a certificate in Form 15CB from an accountant as defined in the Explanation to section 288 of the Income-tax Act, 1961.
Transfer/Termination of Articleship – (01-07-2009) [Regulation 56(1)] In accordance with the decision of the Council, the transfer/termination of articleship in terms of Regulation 56(1) of the Chartered Accountants Regulations, 1988 shall be permissible to an articled assistant on satisfying any one or more of the conditions as stated below: – Medical grounds requiring discontinuance of […]
The government is considering a proposal to disallow the depreciation allowance that charitable organisations claim, following a recommendation by the income-tax department. Officials close to the development said the I-T department’s suggestion is to amend Section 11, which specifies the manner in which income from charitable bodies is exempt from income tax. The I-T department has […]
The ICAI investigation focused on the financial reporting, accounting and auditing aspects of the $1 billion fraud at technology service provider Satyam, and is expected to include recommendations on the plugging loopholes to prevent similar fraud. UP Agarwal, president of the ICAI, told Indian news agency PTI that the report would be finalized by the […]
Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force. The Reserve Bank of India has also mandated that except in the case of certain personal remittances which have been specifically exempted, no remittance shall be made to a non-resident unless a no objection certificate has been obtained from the Income Tax Department.
