| Power of acquirer to nominate its one director on board of directors consisting of ten directors does not result in giving any effective control Posted: 21 Mar 2010 08:31 PM PDT No acquirer shall acquire shares or voting rights which (taken together with shares or voting rights, if any, held by him or by persons acting in concert with him), entitle such acquirer to exercise fifteen per cent or more of the voting rights in a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Society not liable to deduct TDS on payments made to the truck owners who are also members of the society Posted: 21 Mar 2010 08:26 PM PDT The concept of sub-contract is intrinsically linked with section 194C(2); if there is no sub-contract then the person making payment is not liable to deduct tax at source even if payment is being made to a resident. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Where consideration received by applicant-German company under a contract with Tamilnadu Government Posted: 21 Mar 2010 08:22 PM PDT The amount received by the applicant from the Government of Tamil Nadu under the contract is essentially in the nature of `fees for technical services' within the meaning of Explanation 2 to section 9(1)(vii) of the IT Act, 1961 read with Article... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Commission paid to whole time working directors of company is allowable expenditure Posted: 21 Mar 2010 08:16 PM PDT Supreme Court in the case of Shahjada Nand & Sons v. CIT [1997] 108 ITR 358 in which the apex court held that commission paid to the employees is allowable and there is no need for any contractual obligation or extra services performed by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Loss of non-eligible unit can not be set off against profit of eligible unit for calculation of deduction u/s. 10A Posted: 21 Mar 2010 08:05 PM PDT The deduction under section 10A is not an exemption but only a deduction under Chapter III of the Income-tax Act and the provisions of section 80AB of Chapter VIA would not be applicable to such deduction under section 10A, and also deduction under... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Interest earned by co-operative credit society on surplus funds invested in short-term deposits with banks and in govt. securities not eligible for deduction u/s. section 80P Posted: 21 Mar 2010 07:59 PM PDT The words "the whole of the amount of profits and gains of business" in section 80P(2)(a) emphasise that the income in respect of which deduction is sought must constitute the operational income and not the other income which accrues to the Society. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax not applicable on sale component of consideration for photography service Posted: 21 Mar 2010 07:51 PM PDT The photography films, printing papers, chemicals and envelopes are the integral and essential ingredients to complete the process of photography. Meaning thereby, the components of sale of photography, developing and printing etc. are clearly... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| TDS not applicable when an advertising agency reimburses advertising charges to the accredited advertising agency for release of its advertisements in newspapers Posted: 21 Mar 2010 07:49 PM PDT Even on a close reading of the Circular makes it very clear that the term "advertising" has not been defined in the Act. During the course of the consideration of the Finance Bill, 1995, the Finance Minister clarified on the floor of the House that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amount falling u/s. 44BB of Income Tax Act have been excluded from the purview of the royalty Posted: 21 Mar 2010 10:08 AM PDT Once Section 44BB is attracted, it is common ground that the computation has to be made in accordance with that provision and no other special provision, viz., Section 44DA or Section 115A would come into play in view of the fact that the payment is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Indo-US Treaty: Orientation towards business and inculcation of entrepreneurial outlook does not really amount to "making available" technical knowledge, experience or skills of experts of an American IC2 Institute Posted: 21 Mar 2010 10:03 AM PDT No income-tax is liable to be paid by IC2 Institute on the payments received by it from FICCI for implementation of India Innovative Growth Programme and FICCI is not required to deduct tax at source from such payment. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Payment for VSAT/Transaction charges made by a Stock Broker to Stock Exchange is not fee for technical services u/s 194J Posted: 21 Mar 2010 09:47 AM PDT VSAT Charges ;- Members of the stock exchanges trade (purchase and sell) on behalf of their clients. As a part of infrastructure provided to the members a trading system, known as on screen trading is provided by stock exchanges. Such trading... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Assessment made on the basis of time barred notice u/s 143(2) is not legal Posted: 21 Mar 2010 09:42 AM PDT Section 158BC(b) provides that where any search has been conducted u/s.132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person, then the Assessing Officer shall proceed to determine the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Computation of perquisite value as per the rule is based on the annual salary and not on the basis of salary from one employer Posted: 21 Mar 2010 09:34 AM PDT It has also been argued that while computing the perquisite value the salary from only one employer should be considered. We are however unable to accept the argument. The computation of perquisite value as per the rule is based on the annual salary... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| The VAT Forms under PVAT Act amended to provide for increase in rates and additional surcharge Posted: 21 Mar 2010 05:20 AM PDT The VAT forms i.e VAT 15 form has been updated in view of the change in the rate in the PVAT Act on schedule B goods from 4% to 5% and additional surcharge levied @ 10%. The next quarterly VAT Return under the PVAT Act 2005 is due to be filed in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Mahindra Satyam seek Income Tax refund of Excess tax Paid on inflated profit in earlier years Posted: 21 Mar 2010 05:13 AM PDT Mahindra Satyam, which is in the process of restating the accounts of the last few years that preceded the major financial crisis, has reportedly written to the Ministries of Company Affairs and Finance to refund the huge taxes the company had paid... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| What is Pin code and How it is structured? Posted: 21 Mar 2010 05:09 AM PDT Postal Index Number (PIN) is a 6 digit code. There are 8 PIN regions in the country. The first digit indicates one of the regions. The first 2 digits together indicate the sub region or one of the postal circles. The first 3 digits together indicate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Us regulator taken action against Satyam auditors while ICAI yet to Act Posted: 21 Mar 2010 05:05 AM PDT While the Public Company Accounting Oversight Board (PCAOB), the regulator for auditors in the US, on March 16 barred Siva Prasad Pulavarthi and Chintapatla Ravindernath — senior executives with PricewaterhouseCoopers' associate Lovelock &... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Download Compilation of Suggested Answers Professional Competence Course (PCC) – Financial Management Posted: 21 Mar 2010 12:26 AM PDT Compilation of Suggested Answers is a subject-wise compilation of answers to questions set in the Institute's examinations over a number of years. This compilation in the subject of "Financial Management" covers a period of three years – May, 2007... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Reference Material on Bank Branch Audit for Financial Year 2009-2010 Posted: 21 Mar 2010 12:23 AM PDT Download Reference Material on Bank Branch Audit (2009-2010) [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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