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ICAI announced Last date for Application for permission to vote by post

ELECTION – 2009 : PERMISSION TO VOTE BY POST
Last date for request of application complete in all respect is 1st October, 2009. Application is to be made in prescribed form of “Application for permission to vote by post”. The said form is enclosed herewith for ready reference. Those members who are eligible to apply for [...] Related posts:

  1. CPT Online Examination date, Center, Registration date, Eligibility date, last date announced The next Common Proficiency Test (CPT) ( Paper-Pencil Mode) of the Institute will...
  2. What mode to use to send ITR to Bangalore-Speed post, Registered Post , Courier, Ordinary Post? Dear Taxpayers, Please furnish the Form ITR-V to the Income Tax Department,...
  3. ICAI announced Schedule for ISA ET to be held in the month of November 2008 Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems...

ICWAI to be renamed as Institute of Cost and Management Accountants of India (ICMAI)

Cost accounting body The Institute of Cost and Works Accountants of India (ICWAI) will soon be known as “Institute of Cost and Management Accountants of India (ICMAI)” with the government agreeing for a change of name of the body.
“The request for the name change to Institute of Cost and Management Accountants of India has been [...] Related posts:

  1. ICWAI urges government for more regulatory powers Shri Salman Khurshid, Minister for Corporate Affairs, has expressed confidence that under...
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  3. ICWAI will develop 39 cost accounting standards The government is considering a proposal to do away with the current...

Dos and Dont’s for printing and submitting of ITR-Vs to ITD-CPC Bangalore

One of my clients is a charitable society having more than twelve various activities like schools, charitable clinics, naturopathy centres, creches, old age homes, pension for widows, library, Masala Centre where various spices are prepared by poor ladies. Spices prepared by these ladies are sold over the counter which results in some income to the society. Besides sometimes a hall in building of the society is also given on rent to some commercial organisation for sale purposes.Pl confirm whether in light of the latest amendments in the Income tax Act, the activities like sale of spices and rent receipt will be liable for taxation ? Mahesh Kumar, New Delhi.Before , I answer your specific question, it is important to clarify the position of taxation of charitable entities post Finance Act 2008 , because the govt has brought in an amendment which has far reaching consequences on the charitable entities of the country.The income of an entity whose object is charitable are allowed exemption u/s 11 or 10(23C) of the I T Act. The definition of Charitable Purpose is given in section 2(15) to include following

  1. Relief of the poor
  2. Education
  3. Medical relief
  4. The advancement of any other object of general public utility.

The government vide Finance Act 2008 has tried to fill up the loop whole in the last limb of the definition of “charitable purpose” i.e a provisio has been insterted to state that “advancement of any other object of general public utility” shall not be charitable purpose if it involves the carrying of –

  • Any activity in the nature of trade ,commerce or business
  • Any activity of rendering any service in relation to any trade ,commerce, or business

For a cess or fee or any other consideration irrespective of nature of use or application or retention of the income from such activity.What it means?It means that the amendment is not affecting any entity with charitable purpose- relief of the poor, education or medical relief- even if the activity can be said to be business activity.However, amendment will affect only if the entity has objectives “advance of any other object of general public utility” i.e 4th objective.Answer to your specific queryThe last para of the CBDT circular NO 11/2008 issued on the new proviso to Section 2(15) states as under

3. The newly inserted proviso to section 2(15) will apply only to entities whose purpose is advancement of any other object of general public utility i.e. the fourth limb of the definition of charitable purpose contained in section 2(15). Hence, such entities will not be eligible for exemption under section 11 or under section 10(23C) of the Act if they carry on commercial activities. Whether such an entity is carrying on an activity in the nature of trade, commerce or business is a question of fact which will be decided based on the nature, scope, extent and frequency of the activity.

3.1. There are industry and trade associations who claim exemption from tax u/s 11 on the ground that their objects are for charitable purpose as these are covered under any other object of general public utility. Under the principle of mutuality, if trading takes place between persons who are associated together and contribute to a common fund for the financing of some venture or object and in this respect have no dealings or relations with any outside body, then any surplus returned to the persons forming such association is not chargeable to tax. In such cases, there must be complete identity between the contributors and the participants.

Therefore, where industry or trade associations claim both to be charitable institutions as well as mutual organizations and their activities are restricted to contributions from and participation of only their members, these would not fall under the purview of the proviso to section 2(15) owing to the principle of mutuality. However, if such organizations have dealings with non-members, their claim to be charitable organizations would now be governed by the additional conditions stipulated in the proviso to section 2 (15).

3.2. In the final analysis, however, whether the assessee has for its object the advancement of any other object of general public utility is a question of fact. If such assessee is engaged in any activity in the nature of trade, commerce or business or renders any service in relation to trade, commerce or business, it would not be entitled to claim that its object is charitable purpose. In such a case, the object of general public utility will be only a mask or a device to hide the true purpose which is trade, commerce or business or the rendering of any service in relation to trade, commerce or business. Each case would, therefore, be decided on its own facts and no generalization is possible. Assessees, who claim that their object is charitable purpose within the meaning of Section 2(15), would be well advised to eschew any activity which is in the nature of trade, commerce or business or the rendering of any service in relation to any trade, commerce or business.

In your case, prima facie it seems that all the activities of your society are the first three prescribed under the definition of "charitable purpose" so no part of your income , prima facie , is taxable .However , as the CBDT circular suggests , one must find the fact of the case and then decide ,if the objectives are the first three -relief of poor or medical or education- then whatever you do , even business activity for the purpose of the those objectives , the income will not be taxed.From the circular itself, it appears that the said amendment has been brought to check the practice of evasion of tax by industry and other business association on income generated out of business activity conducted with all and sundry and then claiming that the income out of such activity is exempt as the activity is for the benefit of society.

Inconsistency in TDS/TCS Return& Solution

One of my clients is a charitable society having more than twelve various activities like schools, charitable clinics, naturopathy centres, creches, old age homes, pension for widows, library, Masala Centre where various spices are prepared by poor ladies. Spices prepared by these ladies are sold over the counter which results in some income to the society. Besides sometimes a hall in building of the society is also given on rent to some commercial organisation for sale purposes.Pl confirm whether in light of the latest amendments in the Income tax Act, the activities like sale of spices and rent receipt will be liable for taxation ? Mahesh Kumar, New Delhi.Before , I answer your specific question, it is important to clarify the position of taxation of charitable entities post Finance Act 2008 , because the govt has brought in an amendment which has far reaching consequences on the charitable entities of the country.The income of an entity whose object is charitable are allowed exemption u/s 11 or 10(23C) of the I T Act. The definition of Charitable Purpose is given in section 2(15) to include following

  1. Relief of the poor
  2. Education
  3. Medical relief
  4. The advancement of any other object of general public utility.

The government vide Finance Act 2008 has tried to fill up the loop whole in the last limb of the definition of “charitable purpose” i.e a provisio has been insterted to state that “advancement of any other object of general public utility” shall not be charitable purpose if it involves the carrying of –

  • Any activity in the nature of trade ,commerce or business
  • Any activity of rendering any service in relation to any trade ,commerce, or business

For a cess or fee or any other consideration irrespective of nature of use or application or retention of the income from such activity.What it means?It means that the amendment is not affecting any entity with charitable purpose- relief of the poor, education or medical relief- even if the activity can be said to be business activity.However, amendment will affect only if the entity has objectives “advance of any other object of general public utility” i.e 4th objective.Answer to your specific queryThe last para of the CBDT circular NO 11/2008 issued on the new proviso to Section 2(15) states as under

3. The newly inserted proviso to section 2(15) will apply only to entities whose purpose is advancement of any other object of general public utility i.e. the fourth limb of the definition of charitable purpose contained in section 2(15). Hence, such entities will not be eligible for exemption under section 11 or under section 10(23C) of the Act if they carry on commercial activities. Whether such an entity is carrying on an activity in the nature of trade, commerce or business is a question of fact which will be decided based on the nature, scope, extent and frequency of the activity.

3.1. There are industry and trade associations who claim exemption from tax u/s 11 on the ground that their objects are for charitable purpose as these are covered under any other object of general public utility. Under the principle of mutuality, if trading takes place between persons who are associated together and contribute to a common fund for the financing of some venture or object and in this respect have no dealings or relations with any outside body, then any surplus returned to the persons forming such association is not chargeable to tax. In such cases, there must be complete identity between the contributors and the participants.

Therefore, where industry or trade associations claim both to be charitable institutions as well as mutual organizations and their activities are restricted to contributions from and participation of only their members, these would not fall under the purview of the proviso to section 2(15) owing to the principle of mutuality. However, if such organizations have dealings with non-members, their claim to be charitable organizations would now be governed by the additional conditions stipulated in the proviso to section 2 (15).

3.2. In the final analysis, however, whether the assessee has for its object the advancement of any other object of general public utility is a question of fact. If such assessee is engaged in any activity in the nature of trade, commerce or business or renders any service in relation to trade, commerce or business, it would not be entitled to claim that its object is charitable purpose. In such a case, the object of general public utility will be only a mask or a device to hide the true purpose which is trade, commerce or business or the rendering of any service in relation to trade, commerce or business. Each case would, therefore, be decided on its own facts and no generalization is possible. Assessees, who claim that their object is charitable purpose within the meaning of Section 2(15), would be well advised to eschew any activity which is in the nature of trade, commerce or business or the rendering of any service in relation to any trade, commerce or business.

In your case, prima facie it seems that all the activities of your society are the first three prescribed under the definition of "charitable purpose" so no part of your income , prima facie , is taxable .However , as the CBDT circular suggests , one must find the fact of the case and then decide ,if the objectives are the first three -relief of poor or medical or education- then whatever you do , even business activity for the purpose of the those objectives , the income will not be taxed.From the circular itself, it appears that the said amendment has been brought to check the practice of evasion of tax by industry and other business association on income generated out of business activity conducted with all and sundry and then claiming that the income out of such activity is exempt as the activity is for the benefit of society.

Extension of time limit for filing ITR-V form

One of my clients is a charitable society having more than twelve various activities like schools, charitable clinics, naturopathy centres, creches, old age homes, pension for widows, library, Masala Centre where various spices are prepared by poor ladies. Spices prepared by these ladies are sold over the counter which results in some income to the society. Besides sometimes a hall in building of the society is also given on rent to some commercial organisation for sale purposes.Pl confirm whether in light of the latest amendments in the Income tax Act, the activities like sale of spices and rent receipt will be liable for taxation ? Mahesh Kumar, New Delhi.Before , I answer your specific question, it is important to clarify the position of taxation of charitable entities post Finance Act 2008 , because the govt has brought in an amendment which has far reaching consequences on the charitable entities of the country.The income of an entity whose object is charitable are allowed exemption u/s 11 or 10(23C) of the I T Act. The definition of Charitable Purpose is given in section 2(15) to include following

  1. Relief of the poor
  2. Education
  3. Medical relief
  4. The advancement of any other object of general public utility.

The government vide Finance Act 2008 has tried to fill up the loop whole in the last limb of the definition of “charitable purpose” i.e a provisio has been insterted to state that “advancement of any other object of general public utility” shall not be charitable purpose if it involves the carrying of –

  • Any activity in the nature of trade ,commerce or business
  • Any activity of rendering any service in relation to any trade ,commerce, or business

For a cess or fee or any other consideration irrespective of nature of use or application or retention of the income from such activity.What it means?It means that the amendment is not affecting any entity with charitable purpose- relief of the poor, education or medical relief- even if the activity can be said to be business activity.However, amendment will affect only if the entity has objectives “advance of any other object of general public utility” i.e 4th objective.Answer to your specific queryThe last para of the CBDT circular NO 11/2008 issued on the new proviso to Section 2(15) states as under

3. The newly inserted proviso to section 2(15) will apply only to entities whose purpose is advancement of any other object of general public utility i.e. the fourth limb of the definition of charitable purpose contained in section 2(15). Hence, such entities will not be eligible for exemption under section 11 or under section 10(23C) of the Act if they carry on commercial activities. Whether such an entity is carrying on an activity in the nature of trade, commerce or business is a question of fact which will be decided based on the nature, scope, extent and frequency of the activity.

3.1. There are industry and trade associations who claim exemption from tax u/s 11 on the ground that their objects are for charitable purpose as these are covered under any other object of general public utility. Under the principle of mutuality, if trading takes place between persons who are associated together and contribute to a common fund for the financing of some venture or object and in this respect have no dealings or relations with any outside body, then any surplus returned to the persons forming such association is not chargeable to tax. In such cases, there must be complete identity between the contributors and the participants.

Therefore, where industry or trade associations claim both to be charitable institutions as well as mutual organizations and their activities are restricted to contributions from and participation of only their members, these would not fall under the purview of the proviso to section 2(15) owing to the principle of mutuality. However, if such organizations have dealings with non-members, their claim to be charitable organizations would now be governed by the additional conditions stipulated in the proviso to section 2 (15).

3.2. In the final analysis, however, whether the assessee has for its object the advancement of any other object of general public utility is a question of fact. If such assessee is engaged in any activity in the nature of trade, commerce or business or renders any service in relation to trade, commerce or business, it would not be entitled to claim that its object is charitable purpose. In such a case, the object of general public utility will be only a mask or a device to hide the true purpose which is trade, commerce or business or the rendering of any service in relation to trade, commerce or business. Each case would, therefore, be decided on its own facts and no generalization is possible. Assessees, who claim that their object is charitable purpose within the meaning of Section 2(15), would be well advised to eschew any activity which is in the nature of trade, commerce or business or the rendering of any service in relation to any trade, commerce or business.

In your case, prima facie it seems that all the activities of your society are the first three prescribed under the definition of "charitable purpose" so no part of your income , prima facie , is taxable .However , as the CBDT circular suggests , one must find the fact of the case and then decide ,if the objectives are the first three -relief of poor or medical or education- then whatever you do , even business activity for the purpose of the those objectives , the income will not be taxed.From the circular itself, it appears that the said amendment has been brought to check the practice of evasion of tax by industry and other business association on income generated out of business activity conducted with all and sundry and then claiming that the income out of such activity is exempt as the activity is for the benefit of society.

Property Law: Frequently Asked question (FAQ)

1. Question: What is “property”? Answer: Property implies a bundle of rights over a thing. The scope of such rights is variable and can extend to excluding everyone else from interfering with his enjoyment of that thing.
2. Question: Can “trade...

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UTN not mandatory for filing Income Tax Return of AY 2009-10

One of my clients is a charitable society having more than twelve various activities like schools, charitable clinics, naturopathy centres, creches, old age homes, pension for widows, library, Masala Centre where various spices are prepared by poor ladies. Spices prepared by these ladies are sold over the counter which results in some income to the society. Besides sometimes a hall in building of the society is also given on rent to some commercial organisation for sale purposes.Pl confirm whether in light of the latest amendments in the Income tax Act, the activities like sale of spices and rent receipt will be liable for taxation ? Mahesh Kumar, New Delhi.Before , I answer your specific question, it is important to clarify the position of taxation of charitable entities post Finance Act 2008 , because the govt has brought in an amendment which has far reaching consequences on the charitable entities of the country.The income of an entity whose object is charitable are allowed exemption u/s 11 or 10(23C) of the I T Act. The definition of Charitable Purpose is given in section 2(15) to include following

  1. Relief of the poor
  2. Education
  3. Medical relief
  4. The advancement of any other object of general public utility.

The government vide Finance Act 2008 has tried to fill up the loop whole in the last limb of the definition of “charitable purpose” i.e a provisio has been insterted to state that “advancement of any other object of general public utility” shall not be charitable purpose if it involves the carrying of –

  • Any activity in the nature of trade ,commerce or business
  • Any activity of rendering any service in relation to any trade ,commerce, or business

For a cess or fee or any other consideration irrespective of nature of use or application or retention of the income from such activity.What it means?It means that the amendment is not affecting any entity with charitable purpose- relief of the poor, education or medical relief- even if the activity can be said to be business activity.However, amendment will affect only if the entity has objectives “advance of any other object of general public utility” i.e 4th objective.Answer to your specific queryThe last para of the CBDT circular NO 11/2008 issued on the new proviso to Section 2(15) states as under

3. The newly inserted proviso to section 2(15) will apply only to entities whose purpose is advancement of any other object of general public utility i.e. the fourth limb of the definition of charitable purpose contained in section 2(15). Hence, such entities will not be eligible for exemption under section 11 or under section 10(23C) of the Act if they carry on commercial activities. Whether such an entity is carrying on an activity in the nature of trade, commerce or business is a question of fact which will be decided based on the nature, scope, extent and frequency of the activity.

3.1. There are industry and trade associations who claim exemption from tax u/s 11 on the ground that their objects are for charitable purpose as these are covered under any other object of general public utility. Under the principle of mutuality, if trading takes place between persons who are associated together and contribute to a common fund for the financing of some venture or object and in this respect have no dealings or relations with any outside body, then any surplus returned to the persons forming such association is not chargeable to tax. In such cases, there must be complete identity between the contributors and the participants.

Therefore, where industry or trade associations claim both to be charitable institutions as well as mutual organizations and their activities are restricted to contributions from and participation of only their members, these would not fall under the purview of the proviso to section 2(15) owing to the principle of mutuality. However, if such organizations have dealings with non-members, their claim to be charitable organizations would now be governed by the additional conditions stipulated in the proviso to section 2 (15).

3.2. In the final analysis, however, whether the assessee has for its object the advancement of any other object of general public utility is a question of fact. If such assessee is engaged in any activity in the nature of trade, commerce or business or renders any service in relation to trade, commerce or business, it would not be entitled to claim that its object is charitable purpose. In such a case, the object of general public utility will be only a mask or a device to hide the true purpose which is trade, commerce or business or the rendering of any service in relation to trade, commerce or business. Each case would, therefore, be decided on its own facts and no generalization is possible. Assessees, who claim that their object is charitable purpose within the meaning of Section 2(15), would be well advised to eschew any activity which is in the nature of trade, commerce or business or the rendering of any service in relation to any trade, commerce or business.

In your case, prima facie it seems that all the activities of your society are the first three prescribed under the definition of "charitable purpose" so no part of your income , prima facie , is taxable .However , as the CBDT circular suggests , one must find the fact of the case and then decide ,if the objectives are the first three -relief of poor or medical or education- then whatever you do , even business activity for the purpose of the those objectives , the income will not be taxed.From the circular itself, it appears that the said amendment has been brought to check the practice of evasion of tax by industry and other business association on income generated out of business activity conducted with all and sundry and then claiming that the income out of such activity is exempt as the activity is for the benefit of society.

Comparison between SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 vis-à-vis the SEBI (Disclosure and Investor Protection) Guidelines, 2000

A comparison between Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 vis-à-vis the SEBI (Disclosure and Investor Protection) Guidelines, 2000 The main highlights / significant changes incorporated in the new Regulations as compared to the old Guidelines are herein given below along with proposed implications of the suggested changes: Sr. No.
Subject [...] Related posts:

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EPF Transfer and Opening PPF Account

Today’s post is response to question received from our reader. The topic is how to transfer the PF balance and opening the PPF account. Please write your questions here.
Question : 001
Hi,
This query is regarding the PF transfer. When i left my previous employer, it was in integration with another company. Hence out of [...] Related posts:

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Sharekhan demat account | login for online trading | B4tea.com

Pan Card is now mandatory in order to open a Demat Account. Your recent photographs. Two or three. A cancelled check. This may or may not be required. But carry your bank passbook and check book when you go to open a Sharekhan Demat ...

Deduction under section 80E for Interest on education Loan taken for self and relatives

Have you taken an education loan to support higher studies of yourself or of your spouse, Children or for the student of whom you are legal guardian and you are not aware of the tax benefits that you are entitled to. Then here is a guide that will assist you to know tax benefits on education [...] Related posts:

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  3. CALCULATORS FOR WEALTH TAX, HOME LOAN INTEREST AND HOME LOAN INTEREST BENEFIT, RATIO, IRR, MIRR, FINANCIAL, EMI, PT, ESIC, PF, WORLD TIME & OTHERS WEALTH TAX CALCULATOR Easy to Calculate and Understand. Specify the Circumstances...

Mahindra Finance Fixed Deposits

Mahindra Finance Fixed Deposit
Earlier I have written about the mahindra deposit schemes and its interest rates. This blog post presents the table with latest interest rates for Mahindra Finance Fixed Deposit. Below this table I have posted the contact person for opening the fixed deposit with mahindra finance. If you have any problem please post [...] Related posts:

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Rescission of Notification No. 28/2009 – Service Tax, dated 31-8-2009

Notification No. 36/2009-Service Tax, dated 9-9-2009 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the [...] Related posts:

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  2. Amendment in the notification No. 1/2006- Service Tax, dated the 1st March, 2006 – Transport of goods by rail NOTIFICATION No. 29/2009 – Service Tax, Dated: August 31, 2009 In exercise...
  3. Amendments in Notification No. 1/2002 – Service Tax, dated the 1st March, 2002. By notification No. 1/2002–ST dated 01.03.2002 the Central Government exempts the taxable...

Income Tax (IT) raid at HDIL , admitted tax evasion of more than 300 crore

The Income Tax (I-T) department has raided 12 Housing Development and Infrastructure (HDIL) premises, reports CNBC-TV18 quoting sources. The raided premises include residences of two HDIL directors. HDIL’s shares dropped 3.85% on the Bombay Stock Exchange on Thursday to Rs308.65. The benchmark 30-stock Sensex rose 0.21% to close at 16,216.86 points. HDIL is listed on both the BSE and the National [...] Related posts:

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ICWAI urges government for more regulatory powers

Shri Salman Khurshid, Minister for Corporate Affairs, has expressed confidence that under the present scenario, the Cost and Management Accounting professionals can play a major role in government initiative to control the inflation and make...

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Stock Exchange card is not an intangible asset eligible for depreciation U/s. 32 (1) of the Income Tax Act 1961

In A judgment that could have a bearing on the tax outgo of many stock brokers, the Bombay High Court on Friday ruled that depreciation cannot be claimed on stock exchange membership cards, while calculating tax liabilities. The I-T Department’s contention was that a membership card is not capable of diminishing in value due to its [...] Related posts:

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SEBI appointed committee recommended limiting the period for participation by QIBs in the IPO to 2 or 3 days

THE Securities and Exchange Board of India (Sebi)-appointed primary market advisory committee (PMAC), which met on Thursday, has recommended limiting the period for participation by qualified institutional buyers (QIBs) in the subscription process of an IPO. Currently, the subscription process is anywhere between 3-5 days and QIBs can put in their bids till the last [...] Related posts:

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Air India AI-7210 operated by Singapore airlines? - exploreanswer ...

TEL, Mobile 20 % & Emails 20 %,Etc.45,00000 D Mat A/C Holders (NSE-BSE) Mumbai,Name, Add, Phone, Bank Name, Bank Add., Pan Card noVisit. bengal1-crore, india, luxury, media, mobile, mumbai-mumbai8, personal, pradesh40-lakh, sms, ...

India-aaagh: Indian finance-aaagh!

For the former you require a raft of documents which will generally include proof of address, proof of income, proof of being an actual living being (like a passport, or PAN card or Voter's ID card for instance), photographs, ...

Renting of Immovable Property

Renting of Immovable Property – Delhi High Court Decision
The Division Bench of the Delhi High Court comprising of Justice Badar Durrez Ahmed and Justice Rajiv Shikader gave a milestone judgment on 18th April, 2009, in the case of Home...

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Principle of mutuality applicable when there is complete identity between the contributors and the participators

CASE LAW DETAILS
Decided by: ITAT, MUMBAI BENCHES `E’, MUMBAI, In The case of: The Jai Hind Co-op Housing Society Ltd. V.ITO, Appeal No.: ITA NO. 88/Mum/2006, Decided on: December 17, 2008 RELEVENT PARAGRAPH
7. We have the rival submissions...

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Allowability of expenses towards penalty and damages in compensatory nature

SUMMARY OF CASE LAW
The payment which is punitive, is not allowable and in case the payment is compensatory, then the payment to the extent the same is of compensatory nature is to be allowed.
CASE LAW DETAILS Decided by: ITAT, BANGALORE BENCH...

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Deduction U/s. 80HHF available on sale not on Production or mere allotment

SUMMARY OF CASE LAW
Deduction under section 80HHF does not hinge upon production of film software, but it essentially involves the element of export or transfer by any means of film software, outside India; mere allotment of IEC does not ipso facto...

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Notice of Non-functioning ITAT Mumbai Benches for the period from 14.09.09 to 17.09.09

Notice of Non-functioning Benches from period of 14.09.09 to 17.09.09 The Following Benches will Not function during the period from 14.09.2009 to 17.09.2009“H”, “I”, “K”, & “WT”The cases are adjourned to respective dates. Related posts:ITAT mumbai benches not functioning during the period 24.08.09 to 28.08.09 The following Benches will not function during the period 24.08.09 to [...] Related posts:

  1. ITAT mumbai benches not functioning during the period 24.08.09 to 28.08.09 The following Benches will not function during the period 24.08.09 to 28.08.09:-...
  2. ITAT Mumbai Benches not functioning during the period 31.08.09 to 03.09.09 The following Bences will not function during the period 31.08.09 to 03.09.09”...
  3. ITAT Mumbai benches not functioning during the period 27.07.09 to 31.07.09 The following benches will not function during the period 27.07.09 to 31.07.09...

Liability can not be added to income just because they are old or not proved genuine

SUMMARY OF CASE LAW
Section 41(1) concerns with only trading liability and not with any other type of liability; every liability standing in the balance sheet cannot be presumed to be a trading liability; where the assessee has not written off a...

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Allowability of depreciation on non-compete fee u/s. 32 of the Income Tax Act, 1961

CASE LAW DETAILS Decided by: ITAT, BENCH `C’, CHENNAI,In The case of: Srivatsan Surveyors Pvt. Ltd. v. ITO,Appeal No.: ITA No. 1899 (Mds.)/2007, Decided on: December 12, 2008 RELEVENT PARAGRAPH
3. We have heard the rival submissions in...

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No addition could be made solely on the basis of material found in the possession of third party

SUMMARY OF CASE LAW
There must be a direct nexus between the material found in the course of search at the assessee’s premises as well as other material gathered by the Assessing Officer from extraneous sources; if there is no such nexus then...

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Scheme for Filing of Statutory Documents and other Transactions by Companies in Electronic Mode

[PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART – II, SECTION 3, SUB-SECTION (ii)]
Government of India, Ministry of Corporate Affairs, New Delhi
Notification Dated : 7th September, 2009.
S.O. 2276 (E) – In exercise of the powers conferred...

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Empanelment with ROC for Technical Scrutiny of Balance Sheets & Format of Agreement

Circular Issued by: – Government of India, Ministry of Corporate Affairs, Office of Registrar of Companies.
Issued to: Local Chapter, ICAI/ICSI/ICWAI
Sub: - Panel for outsourcing of work of Technical Scrutiny of Balance Sheets. This office (ROC Office) is in process of preparing a panel of professionals for outsourcing the work of Technical scrutiny of Balance sheets filed with this [...] Related posts:

  1. ROC work may be outsourced to professionals such as chartered accountants and company secretaries To ensure higher accountability and transparency in auditing company books, the government...
  2. Empanelment of firms of Chartered Accountants with National Highways Authority of India Expression of interest from firms of Chartered Accountants for inclusion of their...
  3. Satyam auditors who signed the Balance Sheet were not Partner in PWC The two auditors of Satyam Computer Services, appointed by PWC to audit...

Basic and Useful Information about Cat 2009, the IIM examination

Acceptable forms of photo identification are Driver's license, Passport, PAN Card, Voter ID, College ID, Employee identification card, or a notarized Affidavit with Photo, Signature, Date of Birth and Residential Address. ...

Arun the Stock Guru -Stocks,Trading Tips and Investment Ideas ...

PAN Card zerox 2.Address proof(Voter card/Passport/telephone bill/Ration card/driving license/Latest Bank Statement with Bank seal) 3.Two Photos 4.One cancel cheque(A cheq which you need to criss-cross or simple write cancelled) ...

Arun the Stock Guru -Stocks,Trading Tips and Investment Ideas ...

PAN Card zerox 2.Address proof(Voter card/Passport/telephone bill/Ration card/driving license/Latest Bank Statement with Bank seal) 3.Two Photos 4.One cancel cheque(A cheq which you need to criss-cross or simple write cancelled) ...

Arun the Stock Guru -Stocks,Trading Tips and Investment Ideas ...

PAN Card zerox 2.Address proof(Voter card/Passport/telephone bill/Ration card/driving license/Latest Bank Statement with Bank seal) 3.Two Photos 4.One cancel cheque(A cheq which you need to criss-cross or simple write cancelled) ...

Arun the Stock Guru -Stocks,Trading Tips and Investment Ideas ...

PAN Card zerox 2.Address proof(Voter card/Passport/telephone bill/Ration card/driving license/Latest Bank Statement with Bank seal) 3.Two Photos 4.One cancel cheque(A cheq which you need to criss-cross or simple write cancelled) ...

Kerala rolled out e-payment facility for VAT dealers

Having achieved 100 per cent e-filing of returns, the State Government has taken the next logical step of introducing ‘e-payment’ to all its registered VAT dealers. e-payment has been made mandatory for all TIN dealers from September 1. It was...

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Generate Audit Report in 3CD form with Tally.ERP 9 – Auditors’ Edition

Tally.ERP 9 – Auditors’ Edition provides you, as a CA, the facility to print Form 3CD with the required Annexure, to file Tax Audit returns under section 44AB. Using Tally.ERP 9 – Auditors’ Edition, you can now directly print Form 3CD. You can print the Form after completing the Tax Audit from within Tally.ERP 9 – [...] Related posts:

  1. FAQ ON DATA MIGRATION IN TALLY Q1. What is the Tally Data Migration Tool? How does it help?...
  2. Recycle Bin for Tally 7.2 and Tally 9 br />Enables you to retrieve Voucher entries that you may have...
  3. ICAI considering Proposal for Mandatory Audit by Mutiply Auditors Companies may soon have to get their financial statements vetted by more...

Cost Inflation Index for Financial Year 2009-10 and Assessment year 2010-11 notified

NOTIFICATION NO : 67/2009, Dated: September 9, 2009
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central [...] Related posts:

  1. COST INFLATION INDEX FOR FINANCIAL YEAR 2008-09 IS 582 *SECTION 48, EXPLANATION (V) OF THE INCOME-TAX ACT, 1961 – NOTIFIED COST...
  2. Cost Inflation Index for F. Y. 2007 – 08 notified by CBDT is 551 Section 48, Explanation (v) of the Income-tax Act, 1961 – Notified Cost...
  3. Cost Inflation Index meaning and Index for all the years What is Cost Inflation Index(CII)? It is a measure of inflation that...

Evidence gathered during a 1992 I-T raid at premises of Bhupen and Milan Dalal goes missing

The accused, Bhupen Dalal (l) and his son Milan. As per standard procedure, the cupboard had been kept in one of their offices by Income Tax officials. Seventeen years since they started their investigations against Big Bull Harshad Mehta’s...

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RBI circular on Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account

RBI/2009-10/ 148 —RPCD.CO.RF.BC. No.18 /07.38.03/2009- 10 Dated: September 7, 2009
All State Co-operative Banks (StCBs) and District Central Co-operative Banks (DCCBs)
Dear Sir,
Collection of Account Payee Cheques – Prohibition on...

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Cost Inflation Index for the Financial Year 2009-2010

NOTIFICATION NO. 67/2009, Dated: September 9, 2009 (Cost Inflation Index for Financial Year (F.Y) 2009-2010) In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the [...]

COST INFLATION INDEX 2009-10 NOTIFIED

NOTIFICATION NO67/2009, Dated: September 9, 2009In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O.709(E), dated the 20th August, 1998, namely :-In the said notification, in the Table, after serial number 28 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-

“292009-10632”
F.No.142/13/2009-TPL(Vijay Kumar Jaiswal)
Under Secretary (TPL-IV)
Note :- The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(ii), vide number S.O.709(E), dated the 20th August, 1998 and was last amended vide number S.O. 2037(E), dated the 13th August, 2008.
FULL CHART OF COST INFLATION INDEX OF 1981-2009 IS GIVEN BELOW

Arun the Stock Guru -Stocks,Trading Tips and Investment Ideas ...

PAN Card zerox 2.Address proof(Voter card/Passport/telephone bill/Ration card/driving license/Latest Bank Statement with Bank seal) 3.Two Photos 4.One cancel cheque(A cheq which you need to criss-cross or simple write cancelled) ...

What about appointment of rights panel chief? Delhi High Court

Place ur bets. jpointon In business to grow your business: UK Recent immigration law http://ow.ly/imii; travel_guide_in Visa & Immigration Services, India: Make Passport Pan Card in Noida : passport pan card fresh renewal tatkal ECN.. ...

Revision under section 263 of IT Act, 1961 is not reassessment

SUMMARY OF CASE LAW
In the revision proceedings, the CIT cannot travel beyond the reasons given by him for revision in the show cause notice.
CASE LAW DETAILS Decided by: ITAT, `G’ BENCH, MUMBAI,In The case of: Geometric Software Solutions Co. Ltd. v. ACIT,Appeal No.: ITA No. 3464/Mum/2008,Decided on: July 10, 2009. RELEVENT PARAGRAPH
3. The brief [...] Related posts:

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Recognition can not be denied U/s. 80G (5) only on the ground that the particulars of donors are not provided by Institution or fund

SUMMARY OF CASE LAW
There is no provision either in the Act or in the Rules made thereunder to refuse recognition under section 80G(5) or continuation thereof only on the ground that the particulars of donors are not provided by Institution or fund.
CASE LAW DETAILS
Decided by: ITAT, LUCKNOW BENCH `A’ : LUCKNOW, In The case of: [...] Related posts:

  1. Extension of time limit for conditions to be satisfied by a provident fund for receiving or retaining recognition under the Income-tax Act Extension of time limit set out in Rule 3 for complying with...
  2. If Assessee shown that the donors are related or are close family friends, then the onus shifted on the AO to show that what is pretended to be a case of natural love and affection is not borne out from facts CASE LAW DETAILS Decided by:. ITAT, LUCKNOW BENCH `A’ LUCKNOW In The...
  3. Educational institutes cannot be denied the benefit of income tax exemption Educational institutes having multiple objectives, including imparting education, cannot be denied the benefit...

Agricultural land which is gifted cannot be taxed as income from other sources

SUMMARY OF CASE LAW
If agricultural land cannot be considered as “any sum of money”; provisions of section 56(2)(v) cannot be applied.
CASE LAW DETAILS Decided by: ITAT, JAIPUR BENCH `A’ JAIPUR,In The case of: ITO v Komal Kumar Bader,Appeal No.: ITA No. 1253/Jp/2008,Decided on: April 24, 2009 RELEVENT PARAGRAPH
2. We have heard the parties. The [...] Related posts:

  1. Sale of agricultural land does not attract any capital gains tax CASE LAW DETAILS Decided by: ITAT, AHMEDABAD `A’ BENCH, In The case of:...
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  3. Whether sale proceeds of plants raised in nursery on land belonging to assessee consti­tutes income from agriculture – Held, yes HIGH COURT OF UTTARAKHAND Commissioner of Income-tax, Meerut v. Green Gold Tree...

Issue decided on merit cannot be construed as decided on the basis of mistake apparent from the record

SUMMARY OF CASE LAW
The issue decided on merit after appreciation of the facts of the case cannot be construed as suffering from patent, self-evident, glaring and mistake apparent from the record as contemplated under section 254(2).
CASE LAW...

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Payment made in cash for purchase from local producers either directly or through their agents and disallowance of expense u/s. 40A(3)

SUMMARY OF CASE LAW
Where the assessee purchased raw hides/skins for the purposes of manufacturing leather and leather products from local producers either directly or through their agents, the payment made in cash for such purchase would be covered by Rule 6DD(f)(ii) and therefore, disallowance cannot be made out of such payments under section 40A(3).
CASE LAW [...] Related posts:

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Eligibility of deduction under section 80P on Profit to society from storing of trading goods

SUMMARY OF CASE LAW
Where the assessee-society was storing the controlled commodities in its godowns as part of its own trading stock, it was not entitled to claim deduction for the margin of profit between issue price and sale price of the...

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