A view on deductibility of TDS on service tax and other expenses included in Bill amount Posted: 04 Dec 2011 04:55 PM PST There are 18 Sections in Income Tax Act, 1961 that provides for Deduction of Tax at Source. Out of these 18, only 3 sections [194C, 194J and 194L] use that phrase "on income comprised therein". Further these words appear at the end of the taxing... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Frequently asked questions on New Pension Scheme and its deduction u/s 80CCD Posted: 04 Dec 2011 02:11 PM PST Where an assessee, being an individual employed by the Central Government on or after the 1st day of January, 2004, has in the previous year paid or deposited any amount in his account under a pension scheme as notified vide Notification No. F.N.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| View TDS, Income Tax and Self Assessment Tax Credit Free of cost Posted: 04 Dec 2011 12:01 PM PST Now you can view tax credit statement (Form 26AS) without registering at NSDL through www.incometaxindiae filing.gov. in .New facility added in "My Account" for registered E-filers to View the Tax Credit Statement (Form 26AS) to verify if the tax... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Stay of disputed income tax demands-some important points Posted: 04 Dec 2011 11:33 AM PST In scrutiny assessments it is sometimes seen that huge demands are created against the assessee by framing high pitched assessments due to difference in opinion on interpretation of law or interpretation of facts or due to the fact that AO is not... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Clubbing of Income under the Income Tax Act, 1961 Posted: 04 Dec 2011 11:14 AM PST Clubbing of income means Income of other person included in assessee's total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Under the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Companies Bill, 2011 Cleared by Union Cabinet Posted: 04 Dec 2011 07:49 AM PST The Union Cabinet on Thursday cleared the Companies Bill, 2011 and decided to take up the Bill in the Winter Session itself for approval by Parliament. Once approved by Parliament, it will replace half-a-century-old Companies Act. The Cabinet has... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| ITAT President has no authority to record the Annual Confidential Reports (ACRs) of the Members – HC Posted: 04 Dec 2011 02:05 AM PST Uttam Bir Singh Bedi vs. UOI (Madras High Court) - The ITAT is a judicial body and under the provisions of Sections 252 and 255 of the Income-tax Act, statutory powers are conferred on the President, including delegation of powers to the Senior Vice... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Waiver of principal amount of working capital loan not a capital receipt; Amount waived off taxable as deemed business profit u/s 41(1) Posted: 03 Dec 2011 09:03 PM PST The assessee, Rollatainers Ltd was declared as a sick company by Board for Industrial Financial Reconstruction (BIFR) due to poor financial position and erosion of entire net worth. Pursuant to Restructuring Package as approved by Corporate... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Tax On Sales-tax Subsidy – SC asks HC to decide whether sales-tax subsidy is a capital receipt Posted: 03 Dec 2011 08:41 PM PST CIT vs. Reliance Industries Ltd (Supreme Court)- Having heard learned counsel on both sides, we are of the view that the High Court ought not to have dismissed the appeal without considering the following questions, which, according to us, did...
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