The ‘Quick Referencer’ contains the relevant information about cooperatives & NPO sectors in brief such as important acts, accounting standards, auditing standards, important provisions of direct and indirect taxes, registration under different acts, various forms, and other important information about these sectors.
As per the Development Agreement entered into between the parties, the assessee and his brothers have demolished the existing residential building and handed over the vacant space to an extent of 16800 sq ft. to the Developer for construction of the apartment. Since the residential building has already been demolished by the assessee and his brothers themselves, they are not entitled to claim benefit under section 54 of the Act.
Assessing Officer has nowhere held in the impugned order that any concession was given by the employer to its employees and they have provided the accommodation on a concessional rates. Assessing Officer straightway applied Rule 3 without first establishing the case that the appellants have provided any concession in the shape of accommodation to its employees.
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CIT-DR has contended that compensation should be regarded as normal business receipt received in the normal course of business, we find that the same had not been received in lieu of undertaking any negative covenants not to compete with Schneider in India but on the contrary the assessee continues to carry on the same line of business.
Registered companies in India can’t pay more than 10% of net profit as remuneration to board-level directors overall without the government’s approval, the Ministry of Corporate Affairs said today.
The Government of Maharashtra has amended the definition of Sale under the Maharashtra Value Added Tax Act, 2002 with effect from 20th June 2006 thereby including in the said definition the transfer of property in goods involved in the execution of works contract, including an agreement for carrying out for cash or for deferred payment or other valuable consideration, the building , the construction, manufacture, the processing, fabrication, erection, installation, fitting out, improvement, modification, repair or commissioning of any moveable or immoveable property.
Statute consisting of Act and Rules speak of filing of return before due date and contents of that must be furnished in that return. The format has been prescribed by the Rules and also the contents have been prescribed by the Rules. Filing of the return also has been prescribed by the Act. Nowhere in the Act or Rules, there is a mandatory provision that the return must be filed only electronically.
Notification No. 34/2012-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Ninth Amendment) Rules, 2012.
Assessee put forth his claim for exemption under section 10(23G) of the Act with respect to three different incomes, namely, (1) interest from SSNNL bonds, (2) interest from GIPCL bonds, and (3) capital gain from sale of shares by GPEC. Such claim was supported by the notes forming part of the return of income. It is not as if the Assessing Officer did not notice these claims.
