Re: UPDATES FROM TAX GURU (in this message: 24 new items)

On Mon, Dec 21, 2009 at 5:39 PM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 24 new items)

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• Income Tax returns received in financial year 2008-09 will be processed up to March 31 2010
• Interest income from Fixed deposits not eligible for deduction u/s 10A/10B
• Merely because liability is outstanding for the last six years, it cannot be presumed that the same has ceased to exist
• Frequently Asked Questions on Stamp Duty related to Indian Stamp Act, 1899 and Bombay Stamp Act, 1958
• File your Income Tax return for financial year 2008-2009 before 31st March 2010 to avoid penalty
• Incentive on donation under section 80G of the Income Tax Act
• PM panel in favour of one GST slab at central level for both Goods and services
• Goods and Service Tax (GST) from taxman's point of view
• Perquisites for salaried will be taxed from April 2009
• Levy of Stamp Duty in India, Types of Stamp in India, Important Provisions of Stamp Duty and Bombay Stamp Act, 1958
• Provision of section 41(1) not applicable where assessee is still showing some amount as liability in its books and not written off the same
• If Assessee already paid tax then interest can not be recovered further u/s. claimed u/s. 234A or 234B or 234C
• Whether individual asset is put to use in a particular year or not is of no consequence for purpose of allowing depreciation thereon
• In the case of remittances by banking channel the onus on the assessee u/s 69 stands discharged, and therefore, section 5(2)(b) does not apply
• Dismissal of appeal for failure of pre-deposit, Interpretation of Section 35B & 35F of Central Excise Act
• Taxability of Income of a non-resident shipping company can in India
• Terms "any trade, commerce or business" occurring u/s 2(15) refer to trade, commerce or business pursued by recipient to whom service is rendered
• Interest expense cannot be claimed if TDS not deducted
• Merely because the department did not issue a show cause notice within the specified period, supplier of manpower cannot escape the liability
• When assessee cannot be declared as an assessee in default u/s 201 of IT Act, 1961 for non-deduction of TDS
• ACIT or DDIT can act as AO of an assessee only when they are conferred with such jurisdiction by CBDT
• RBI extends timing for RTGS transactions to 04.30 in evening
• RBI circular on Self Employment Scheme for Rehabilitation of Manual Scavengers. (SRMS) beyond 30 September 2009
• RBI circular on Priority Sector Lending – Loans to Housing Finance Companies

Income Tax returns received in financial year 2008-09 will be processed up to March 31 2010 Posted: 20 Dec 2009 06:45 PM PST The central government paid Rs.1,983 crore as income tax refund during financial year 2008-09, while it was Rs.1,308 crore in 2007-08 and Rs.1,922 crore in 2006-07, Minister of State for Finance S.S. Palanimanickam told the Lok Sabha. He said the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Interest income from Fixed deposits not eligible for deduction u/s 10A/10B Posted: 20 Dec 2009 06:26 PM PST The learned counsel for the assessee has vehemently argued that in this case interest from deposit was offered as business income and was also assessed as business income and therefore, automatically once it is assessed as business income then the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Merely because liability is outstanding for the last six years, it cannot be presumed that the same has ceased to exist Posted: 20 Dec 2009 06:24 PM PST After hearing learned counsel for the appellant and going through the mpugned order, we do not find any merit in the instant appeal. It is the conceded position that in the assessee's balance sheet, the aforesaid liabilities have been shown, which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Frequently Asked Questions on Stamp Duty related to Indian Stamp Act, 1899 and Bombay Stamp Act, 1958 Posted: 20 Dec 2009 06:21 PM PST What is stamp duty? Why should stamp duty be paid?Ans. It is a tax, similar to sales tax (VAT) and income tax collected by the Government. Stamp Duty is payable under section 3 of the Indian Stamp Act, 1899. Rates of Stamp Duty payable for different... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

File your Income Tax return for financial year 2008-2009 before 31st March 2010 to avoid penalty Posted: 20 Dec 2009 06:01 PM PST The last date for filing your tax returns for the financial year 2008-2009 was July 31, 2009. But even though the process got a tad simpler with the online option, some of you may have missed your deadline. But don't fret. You have a second chance. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Incentive on donation under section 80G of the Income Tax Act Posted: 20 Dec 2009 05:52 PM PST The amount donated towards charity attracts deduction under section 80G of the Income Tax Act. Section 80G has been in the law book since financial year 1967-68 and it seems it's here to stay. Several deductions have been swept away but the tax sop... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

PM panel in favour of one GST slab at central level for both Goods and services Posted: 20 Dec 2009 05:37 PM PST The Prime Minister's Economic Advisory Council, or PMEAC, has favoured asingle slab each for goods and services or one common rate for both under the proposed goods and services tax (GST), unlike the proposal mooted by the states."The Centre could... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Goods and Service Tax (GST) from taxman's point of view Posted: 20 Dec 2009 05:31 PM PST GST is just a VAT :-GST as you are aware is just value added tax (VAT) because when made a presentation to the chief minister this was an issue which I was asked - In three years you have somehow setup VAT and now you are talking about GST. I told... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Perquisites for salaried will be taxed from April 2009 Posted: 20 Dec 2009 07:08 AM PST Salaried employees may burn a hole in their pockets with the Government all set to impose tax on all perks –residential accommodation, conveyance and others -- paid for by the company, under a new law that replaces the already abolished Fringe... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Levy of Stamp Duty in India, Types of Stamp in India, Important Provisions of Stamp Duty and Bombay Stamp Act, 1958 Posted: 20 Dec 2009 12:39 AM PST Under the Constitution of India, the power to levy stamp duty is divided between the Union and the State. The Parliament (Central Government) has the power to levy stamp duty on the instruments specified in Article 246 read with Schedule VII, List... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Provision of section 41(1) not applicable where assessee is still showing some amount as liability in its books and not written off the same Posted: 19 Dec 2009 10:42 PM PST We have heard learned counsel for the appellant-revenue. As far as the addition of Rs. 3,30,000 is concerned, it has been held that during the proceedings under section 143(3) read with section 250 of the Act, the assessee furnished a confirmation... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

If Assessee already paid tax then interest can not be recovered further u/s. claimed u/s. 234A or 234B or 234C Posted: 19 Dec 2009 10:39 PM PST In the instant case, the deductee has already discharged tax liability with interest payable under Section 201(1)(a) of the Act. As such no further interest can be claimed by the revenue from the respondents either under Section 234A or 234B or 234C... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Whether individual asset is put to use in a particular year or not is of no consequence for purpose of allowing depreciation thereon Posted: 19 Dec 2009 10:35 PM PST All these appeals are filed by the Commissioner of Income Tax against the same assessee, viz., Bharat Aluminum Company Ltd. There are various common issues, which have arisen in these appeals relating to different Assessment Years. It is for this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

In the case of remittances by banking channel the onus on the assessee u/s 69 stands discharged, and therefore, section 5(2)(b) does not apply Posted: 19 Dec 2009 10:31 PM PST The assessee, who is a non-resident, brought money into India through banking channel and the manner in which this money was utilized in India is described in the Annexure. We have observed in the above paragraphs that because of the mode of banking... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Dismissal of appeal for failure of pre-deposit, Interpretation of Section 35B & 35F of Central Excise Act Posted: 19 Dec 2009 10:17 PM PST It must be understood that right to appeal is not an absolute right nor essential ingredient of process of natural justice. Supreme Court held in Vijay Prakash v. CC [1989(39) ELT 178(SC)], "Right to appeal is neither an absolute right nor an... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Taxability of Income of a non-resident shipping company can in India Posted: 19 Dec 2009 10:09 PM PST Merely because assessee is doing booking of different cruise tour packages for a foreign company, that cannot per se be decisive for holding that said foreign company is having "business connection" in India within the meaning of section9(1)( i) [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Terms "any trade, commerce or business" occurring u/s 2(15) refer to trade, commerce or business pursued by recipient to whom service is rendered Posted: 19 Dec 2009 10:07 PM PST From the nature of activities being pursued by the petitioners, particularly as contained in the 'memorandum of association' extracted by the respondent in the statement filed in WP(C) 6899/2009 (stated as more or Jess similar in the other case as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Interest expense cannot be claimed if TDS not deducted Posted: 19 Dec 2009 10:00 PM PST It will also be relevant to mention that in the Memorandum explaining the provisions relating to direct taxes in the Finance Act, the above clause has been described under the head `Measures to plug revenue leakages' and the relevant portion of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Merely because the department did not issue a show cause notice within the specified period, supplier of manpower cannot escape the liability Posted: 19 Dec 2009 09:56 PM PST 5. I have considered the submissions made by both the sides. First of all it is required to be examined whether the service is covered by the definition or not? To appreciate the facts better, the annexure to the contract which is relevant &... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

When assessee cannot be declared as an assessee in default u/s 201 of IT Act, 1961 for non-deduction of TDS Posted: 19 Dec 2009 09:45 PM PST In case the revenue has issued certificate u/s 197 and the assessee-company has acted on such certificate and has not deducted tax at source, then the revenue subsequently cannot declare the assessee as an assessee in default u/s 201. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ACIT or DDIT can act as AO of an assessee only when they are conferred with such jurisdiction by CBDT Posted: 19 Dec 2009 09:43 PM PST From the above provision, it is clear that the authorities mentioned in the definition of AO in section 2(7A) of the Income-tax Act, 1961, must be assigned the jurisdiction to any authorities mentioned in the definition by the CBDT under the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI extends timing for RTGS transactions to 04.30 in evening Posted: 19 Dec 2009 09:38 PM PST On a review of RTGS timings and the volume of business handled by RTGS on Saturdays, the RTGS Standing Committee has decided to extend RTGS timings for customer and inter-bank transactions on Saturdays. Accordingly, the revised time window for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Self Employment Scheme for Rehabilitation of Manual Scavengers. (SRMS) beyond 30 September 2009 Posted: 19 Dec 2009 09:34 PM PST Please refer to our Circular RPCD.SP.BC.No 117/09.03.01/2008-09 dated June 30, 2009 advising the banks to complete implementation of the Self Employment Scheme for Rehabilitation of Manual Scavengers (SRMS) by September 30, 2009. The implementing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Priority Sector Lending – Loans to Housing Finance Companies Posted: 19 Dec 2009 09:30 PM PST Please refer to paragraph 7.5 of our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which loans granted to Housing Finance Companies (HFCs), approved by National Housing Bank for the purpose of refinance, for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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