Deemed let Out property – ALV cannot exceed standard rent under Rent Control Act Posted: 25 Mar 2012 08:03 PM PDT The dispute is regarding determination of ALV of second house property at Ahmedabad which was self occupied by the assessee. Income from one SOP is exempt under the provisions of section 23 but the income from the second SOP is taxable and for this... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Finance Bill 2012-13- Service Tax Highlights Posted: 25 Mar 2012 06:10 PM PDT Rate of Service Tax, Introduction of Negative List approach, Changes in Valuation Rules, CENVAT Credit Rules, Retrospective changes, Point of Taxation, Small Service Providers(SSI), Changes With respect to Appeals, Change in Rate of Taxable... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Finance Bill 2012-13 – Direct Tax Highlights Posted: 25 Mar 2012 05:56 PM PDT Increase in slab rate in case of Individual Tax Payers.No change in corporate tax rates. Alternate Minimum Tax (AMT) on all persons other than companies.Interest up to Rs. 10,000 from saving bank account will now be exempt from tax. Exemption from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Excel Tips – alternative to Cell comment Posted: 25 Mar 2012 07:49 AM PDT Yes, there is. It's called Data validation Input message. Select the cell(s) in which you want to see the message. On the ribbon, click the tab then click . Click the [Input Message] tab .Check the option 'Show input message when cell is selected'.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Baseline Report on Efforts of Government in Tackling Black Money Posted: 25 Mar 2012 07:45 AM PDT There is no reliable information about the money of Indians in undisclosed bank accounts outside the jurisdiction of the country. There are various estimations based on various assumptions and presumptions which may not be correct. Further there is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| CBEC Clarifies On Levy of Excise Duty on Precious Metal Jewellery Posted: 25 Mar 2012 07:35 AM PDT Press reports after the presentation of the budget on 16.03.2012 indicate that the full import of the provisions contained in the legislation related to the levy of excise duty of 1% on precious metal jewellery are not clear to the trade. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Download Outcome Budget 2012-13 Posted: 25 Mar 2012 07:20 AM PDT The Outcome Budget reflects the endeavour of the Government to convert Outlays into Outcomes by planning expenditure, fixing appropriate targets and quantifying deliverables of each scheme. The Outcome Budget is an effort of the Government to be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| IASB issues amendments to IFRS 1 Posted: 25 Mar 2012 07:05 AM PDT The International Accounting Standards Board (IASB) today issued amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Deposit of award amount into court is nothing but payment to credit of decree holder – SC Posted: 25 Mar 2012 07:01 AM PDT Learned counsel for the parties are ad idem that the Arbitrator has not exercised any discretion in the matter pertaining to the interest for the post-award period. Obviously, in absence thereof, by virtue of Section 31(7)(b) of the Act, the award... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| In fraud cases despite settlement court can prosecute offenders for criminal offence -SC Posted: 25 Mar 2012 06:56 AM PDT In the instant case the dispute between the petitioners and the Banks having been compromised, we have to examine whether the continuance of the criminal proceeding could turn out to be an exercise in futility without anything positive being... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Grant of family pension to next eligible member in the family in the case of missing family pensioners Posted: 25 Mar 2012 06:45 AM PDT Grant of family pension to next eligible member in the family in the case of missing family pensioners - HO No. HRD/12(4) 2011/ Family Pension/21046 dated 20/03/2012 [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Banker Defrauds Chartered Accountant Posted: 25 Mar 2012 06:09 AM PDT AN INVESTMENT banker has found himself in the grip of the law for allegedly defrauding a chartered accountant to the tune of GH¢182,500 under the pretext of supporting him to purchase 25,000 metric tonnes of sugar. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| I-T department will not act like a policeman, DTC to to be made operational by 2013 -FM Posted: 24 Mar 2012 10:44 PM PDT The government on Sunday said it has no vindictive intention in retrospectively amending tax laws and has no plans to re-open a large number of old cases, while assuring India Inc that the I-T department will not act like a policeman [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Management, Maintenance Or Repair Service – Application of Service Tax on Tyre Retreading Activity Posted: 24 Mar 2012 10:04 PM PDT Please refer to your letter dated 30.8.2011 on the above mentioned subject addressed to the Chairman, Central Board of Excise & Customs. In the said letter you have represented that Service Tax may not be charged on the activity of retreading... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| IF applicant has taxable income in India he is required to file tax return and tax need to be withhold on payment to him -AAR Posted: 24 Mar 2012 09:31 PM PDT XYZ Ltd. (AAR) - The payment received / receivable by the applicant in connection with IVTC Services are taxable as FTS under section 9(1)(vii) of the Act. The exception provided under section 9(1)(vii)(b) of the Act is not available to the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| No tax withholding on remittance by Indian head office to foreign branch; Tax holiday available on sales made by Indian head office to foreign branch Posted: 24 Mar 2012 09:31 PM PDT ITAT held that tax withholding provisions under section 195 of the Income-tax Act, 1961 (the Act) are not applicable to payments made by the Indian head office to its foreign branch, as both are 'residents' according to the Indian Income-tax Act,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Denefit of S.10A attaches to undertaking & not to assessee who owns undertaking Posted: 24 Mar 2012 09:30 PM PDT The Tribunal in the present case has come to the conclusion that where a running business is transferred lock, stock and barrel by one assessee to another assessee the principle of reconstruction, splitting up and transfer of plant and machinery... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Expenditure having no nexus with the earning of tax free income can not be disallowed u/s. 14A Posted: 24 Mar 2012 09:28 PM PDT The Ld. Counsel relied on the order of Co-ordinate Bench in the case of Nivi Trading Ltd. Vs DCIT in ITA No. 5455/M/2010 dt. 12.10.2011 to submit that assessee does not have any other expenditure except to maintain day today activity and the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Genuineness of advances received towards booking by the various persons in the earlier years Posted: 24 Mar 2012 09:08 PM PDT It is not in dispute by either of the parties that the provisions of section 41(1) are not applicable. The issue here now remains as to whether advances received towards booking by the various persons in the earlier years and as reflected in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Dismantling of Indian Motor Third Party Insurance Pool [IMTPIP] Loss Reserve, Solvency and Accounting issues Posted: 23 Mar 2012 10:04 PM PDT The Authority has in terms of its Order IRDA/NL/ORD/MPL/277/12/2011, dated 23-12-2011 and IRDA/NL/ORD/MPL/003/01/2012, dated 3rd January, 2012 directed dismantling of the existing IMTPIP with effect from March 31, 2012 and has specified inter alia...
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