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Section 14A has within it implicit notion of apportionment in the cases where the expenditure is incurred for the composite/indivisible activities in respect of which taxable and non-taxable income is received. But when it is possible to determine...

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The Cabinet Committee on Economic Affairs today approved the scheme for Financial Restructuring of State Distribution Companies (Discoms). The scheme contains various measures required to be taken by State Discoms and State Governments for achieving the financial turnaround of the Discoms by restructuring their debt with support through a transitional finance mechanism by the Central Government....

 It has also been argued that under the provisions of tenancy agreement, assessee had right to bequeath the flat, sub-let/lease it and was also entitled to raise loan against the flat. The assessee had also right to make alteration in the flat and...

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It has now been decided that in addition to the reporting prescribed in terms of aforesaid circulars, all the new entities setting up LO/BO/PO shall also: submit a report containing information as per Annex within five working days of the LO/BO/PO becoming functional to the DGP of the state...

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 It is observed that the development rights in the property i.e. plot of land No. 257 owned by the assessee were agreed to be sold to M/s Dipti Builders as per the development agreement dated 16-06-2006 for a total consideration of Rs.16.11 crores...

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If hike in diesel prices and controlled supply of subsidized cooking gas cylinders created a political furor all over, the other reform measures such as allowing FDI in retail, substantial reduction in taxes on overseas borrowings by Indian Companies from 20% to 5% and final announcement of Rajiv...

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The Appellate Tribunal was right in law and facts in holding that the value of silver bars which stood confiscated under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 could not be added to the wealth of the...

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Companies (Central Government’s) General Rules and Forms (Fifth Amendment) Rules, 2012 – (Form 23AC & 23ACA) NOTIFICATION [f.no.17/160/2012-clv], dated 21-9-2012 In exercise of the powers conferred by sub-section (1) of section 642...

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Statutory forms like C, E-1, E-2, F, H and I plays vital role in availing the concessional rate under the Interstate Transactions. After long hue and cry, Punjab Govt. has issued a notification no. GSR.33/CA.74/ 1956/S.13/Amd(17)/2012 dated 04-07-2012 by virtue of which Statutory forms are...

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Master Guide To Tax Deduction At Source And Tax Collection At Source Book Description

 (this offer is Valid up to 11.59 PM 24.09.2012)

About the Book :

A desk referencer on TDS the book which covers the Income tax compliance & Information Technology aspect of TDS.

In this book:

Each type of tax deduction is dealt in a separate chapter

The law and procedural aspects...

In view queries received on Rule 7 of the Point of Taxation Rules, 2011, regarding the Accounting Treatment under Reverse Charge, that if Service Receiver has not made the payment to the service provider within the period of six months from the date of Invoice, as prescribed under Rule 7 of Point...

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PAN is Permanent Account Number issued by Income Tax department to Indian /foreign Citizen. It is like a photo identity card that carries ten digit alphanumeric.

We receive lost of questions regarding disclosure of Preliminary Expenses in Balance Sheet as per Revised Schedule VI. Every one have different opinion on how to disclose the same in revised schedule VI. In our view Miscellaneous / Preliminary Expenditure should be disclosed as follows in revised...

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The Depositories are advised to:- (a) make amendments to the relevant bye-laws, rules and regulations for the implementation of the above, as may be applicable/necessary ; (b) bring the provisions of this circular to the notice of their DPs and also to disseminate the same on their website.

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Loan Agreements / Long Term Infrastructure Bonds and Rate of Interest for the Purpose of Section 194 LC of the Income-Tax Act, 1961 Approved; 

Interest Income of a Non-Resident Investor to be taxed at the reduced rate of 5 per cent instead of the existing rate of 20 per cent and withhold Tax on such Income to be also at the Reduced Rate of 5 per cent 

In order to enable low cost...

Section 80-IB(10) as amended by inserting clause (d) with effect from April 1, 2005 should be applied retrospectively is also without any merit, because, firstly, clause (d) is specifically inserted with effect from April 1, 2005

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Loan Agreements / Long Term Infrastructure Bonds and Rate of Interest for the Purpose of Section 194LC of the Income-Tax Act, 1961 Approved; Interest Income of a Non-Resident Investor to be taxed at the reduced rate of 5 per cent instead of the existing rate of 20 per cent and withhold Tax on such...

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Scheme is open to new retail investors, identified on the basis of their PAN numbers. This includes those who have opened the Demat Account but have not made any transaction in equity and /or in derivatives till the date of notification of this Scheme and all those account holders other than the...

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An Income Tax Department Officer at Guntur was on Thursday arrested by CBI while allegedly taking a bribe. G. Venkatswara Rao was arrested by the CBI, Visakhapatnam branch when he accepted Rs 25,000 from a person for not demanding a tax payment, the central agency said.

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The assessee company was engaged in the business of finance and leasing. The assessing authority disallowed the depreciation claimed on the vehicles leased on the ground that, the vehicles which were purchased were under financial assistance and the assessee was not the owner, therefore, he was not entitled to depreciation. Both CIT(A) and Tribunal confirmed [...]

The Union Finance Minister Shri P. Chidambaram approved a new tax saving scheme called “Rajiv Gandhi Equity Saving Scheme“(RGESS),exclusively for the first time retail investors in Securities Market. This Scheme would give tax benefits to new investors who invest up to Rs. 50,000 and whose annual income is below Rs. 10 lakh. 

The Scheme not only encourages the flow of savings and...

I am speaking to you tonight to explain the reasons for some important economic policy decisions the government has recently taken. Some political parties have opposed them. You have a right to know the truth about why we have taken these decisions.

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There is A Need to Reduce Negative Connotation of Vigilance and to Promote Preventive, Predictive and Pro-Active Vigilance to Ensure offenders are Caught before Commission of the offence: says Vigilance Commissioner

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FDI up to 100 per cent is now permitted in Single–Brand Product Retail Trading by only one non-resident entity, whether owner of the brand or otherwise, under the Government route subject to the terms and conditions as stipulated in Press Note No. 4 (2012 Series) dated September 20, 2012 issued by...

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