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)

---

• Download, know and FAQ on Form 15G & Form 15H
• 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
• A.O. can rectify the intimation u/s 143(1) only to determine tax payable by assessee or any refund due to the assessee
• Penalty u/s 271(1)(c) can not be levied on ground of disallowance of deduction u/s 80HHC of IT Act, 1961
• Contractor not eligible for deduction u/s. 80-IA
• Confirmation of addition by tribunal does not mean concealment of income or inaccurate furnishing of particulars of income
• When CIT cannot exercise jurisdiction u/s 263 of Income Tax Act, 1961
• Allowability of interest expenditure on borrowed funds
• Company wise list of 70 cases handled by SFIO with Present status of investigation
• Assocham asked Centre to bring uniformity in entertainment tax rates
• Government may expand the scope of the existing tax refund scheme to Gold jewellery, glass art ware and handicraft exporters
• GST unnecessary criticism and genuine concerns
• CBI arrested Satyam's Internal Auditor
• Questions we should ask to ICAI candidate seeking our vote: BCAS President
• Notification on Income-tax (Dispute Resolution Panel) Rules, 2009
• Exposure Draft on Financial Instruments: Amortised Cost and Impairment
• ICAI announcement regarding Receipt of wrong Bio-data of candidates

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited.blogspot.com/