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Wednesday, November 25, 2009

Re: UPDATES FROM TAX GURU (in this message: 17 new items)



On Tue, Nov 24, 2009 at 9:41 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 17 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Download, know and FAQ on Form 15G & Form 15H

Posted: 23 Nov 2009 07:49 PM PST

Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form...

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Applicability of penalty u/s. section 269T of IT Act, 1961, when payment was made in cash but not exceeded Rs.20,000/- on a single day

Posted: 23 Nov 2009 06:23 PM PST

On perusal of the aforesaid account, it is seen that the assessee had to pay sum of Rs. 2,00,000/- to M/s. Ram Kumar Krishan Kumar as on 01.04.2002. Thus, the total amount payable by the assessee was of Rs. 2,00,000/-. Thereafter, the assessee has...

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A.O. can rectify the intimation u/s 143(1) only to determine tax payable by assessee or any refund due to the assessee

Posted: 23 Nov 2009 06:19 PM PST

With effect from 1-6-1999, section 143(1) does not contain any provision for any adjustment to the returned income shown by the assessee in the return of income, and no room is left for any intimation to the assessee except making arithmetical...

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Penalty u/s 271(1)(c) can not be levied on ground of disallowance of deduction u/s 80HHC of IT Act, 1961

Posted: 23 Nov 2009 06:16 PM PST

Section 271(1)(c) provides that if the AO or the Commissioner (Appeals) or the Commissioner, in the course of proceedings in this Act is satisfied that any person has concealed the particulars of his income or furnish inaccurate particulars of...

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Contractor not eligible for deduction u/s. 80-IA

Posted: 23 Nov 2009 06:14 PM PST

The use of word "developing' in juxtaposition to infrastructure facility in section 80-1A(4) indicates that what is eligible for deduction under this sub-section is the profits and gains derived from the development of infrastructure facility and...

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Confirmation of addition by tribunal does not mean concealment of income or inaccurate furnishing of particulars of income

Posted: 23 Nov 2009 06:10 PM PST

The penalty proceedings and the assessment proceedings both are different. Explanation 1to section 271(1)(c) in respect of any fact relating to the computation of total income states that the amount added or disallowed in computing the total income...

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When CIT cannot exercise jurisdiction u/s 263 of Income Tax Act, 1961

Posted: 23 Nov 2009 06:06 PM PST

The second ground for passing provisional order by the CIT under Section 263 of the Act relates to the provision for doubtful debts. As per the CIT, the provision for doubtful debts at Rs.818.03 lacs debited in the Profit and Loss account was not...

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Allowability of interest expenditure on borrowed funds

Posted: 23 Nov 2009 06:01 PM PST

In our considered opinion, no prudent businessman would borrow funds on interest and keep his own funds idle. Besides, (he transaction of loan is also not third party transaction but the funds borrowed from the Indian Overseas Bank by the sister...

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Company wise list of 70 cases handled by SFIO with Present status of investigation

Posted: 23 Nov 2009 05:48 PM PST

In reply to an unstarred question in the Lok Sabha today, Minister of Corporate Affairs, Shri Salman Khurshid said that generally, the cases referred to the SFIO for investigation are characterized by having substantial involvement of public...

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Assocham asked Centre to bring uniformity in entertainment tax rates

Posted: 23 Nov 2009 05:41 PM PST

"Entertainment industry is anticipated to grow at a rate of nearly 10 per cent for the next five years and would reach a level of Rs 1,000 billion…(however) uneven entertainment tax which is already in excess would curb its growth," the industry...

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Government may expand the scope of the existing tax refund scheme to Gold jewellery, glass art ware and handicraft exporters

Posted: 23 Nov 2009 05:38 PM PST

The government is considering expanding the scope of the existing tax refund scheme to include exports sectors that have been hit by demand slowdown in the developed markets. The finance ministry is soon likely to issue a notification in this...

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GST unnecessary criticism and genuine concerns

Posted: 23 Nov 2009 05:03 PM PST

Threshold:Different thresholds have been proposed, Rs 10 lakh for SGST (lower for some underdeveloped states), Rs 1.5 crore for CGST for goods and a lesser amount (not indicated as yet) for services. Thus, there will be four thresholds which has...

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CBI arrested Satyam's Internal Auditor

Posted: 23 Nov 2009 04:55 PM PST

The Central Bureau of Investigation (CBI) today arrested Satyam's Internal Auditor V S Prabhakar Gupta for his alleged role in fudging of books of accounts of the software major for several years. The CBI, which had filed its charge sheet within 90...

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Questions we should ask to ICAI candidate seeking our vote: BCAS President

Posted: 23 Nov 2009 04:53 PM PST

As you are aware, the ICAI elections are scheduled in the first week of December, 2009. The BCAS once again exhorts you to cast your vote and make a difference in these elections. The future of our profession is at stake. Please do not miss this...

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Notification on Income-tax (Dispute Resolution Panel) Rules, 2009

Posted: 23 Nov 2009 08:40 AM PST

13. Rectification of mistake or error.- After the issue of directions under rule 10, if nay mistake or error is apparent in such direction, the panel may, suo motu, or on an application from the eligible assessee or the assessing officer, rectify...

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Exposure Draft on Financial Instruments: Amortised Cost and Impairment

Posted: 23 Nov 2009 08:22 AM PST

This Exposure Draft on Financial Instruments: Amortised Cost and Impairment, has been issued by the International Accounting Standards Board with the objective to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard,...

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ICAI announcement regarding Receipt of wrong Bio-data of candidates

Posted: 23 Nov 2009 08:17 AM PST

It has been brought to our notice that while some voters from the Eastern India Regional Constituency have received the correct Election Circular, meant for the forthcoming elections to be held in December, 2009, containing the details of Polling...

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Palash Biswas
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