TaxGuru.in - Daily Tax and Corporate Law Update

Assessment of Charitable Trusts and Institutions – A Ready Referencer

CA Sandeep Kanoi — Thu, 23 May 2013 03:29:27 +0000

Many Non Governmental Organizations spread across the world are supplementing the efforts of the governments in promoting social welfare and economic development. Tax administrations have also recognized the voluntary efforts of these NGOs and provided tax incentives to those engaged in charitable...

Download Booklet on Permanent Account Number (PAN)

CA Sandeep Kanoi — Thu, 23 May 2013 03:28:57 +0000

The provision relating to Permanent Account Number in the Income Tax is of immense importance to the taxpayers as quoting of PAN has been made mandatory for most of the financial transactions. The Department has been receiving a number of queries relating to PAN-particularly question on procedures...

Procedure to Form/Incorporate Limited Liability Partnership (LLP) Firm in India

CA Sandeep Kanoi — Thu, 23 May 2013 02:01:34 +0000

Sumit Aggarwal STEP WISE FORMALITIES FOR FORMATION OF A NEW LLP Persons desirous of forming a Limited Liability Partnership Firm must adhere to the step by step procedure as discussed below: Requirement of Partners Apply for Designated Partner Identification Number (DPIN) and Digital Signatures, if...

Trade Mark Registration Procedure, Benefit and Applicability

CA Sandeep Kanoi — Thu, 23 May 2013 01:41:42 +0000

Any person claiming to be the proprietor of a trade mark used or proposed to be used by him may apply in writing in prescribed manner for registration. The application should contain the trade mark, the goods/services, name and address of applicant and agent (if any) with power of attorney

Experience Executive Lounges at Stations but With Service Tax

CA Sandeep Kanoi — Thu, 23 May 2013 01:24:45 +0000

When you travel next by train, you will be pleased to see as a surprise, 'Executive Lounges' at railway stations, just like the ones at the airports which tempt you walk in and experience the whole new world of railway hospitality.

Procedure for Formation of Private Limited Company in India

CA Sandeep Kanoi — Wed, 22 May 2013 19:05:20 +0000

Selection of name for the proposed company: The Promoters have to provide at least 6 names in the order of their preference/priority. The promoters can themselves search for the available names by visiting the MCA website.

Tax Residency Certificate (TRC) – In its new version

CA Sandeep Kanoi — Wed, 22 May 2013 09:45:52 +0000

Provisions of requirement of Tax Residency Certificate were introduced last year. The Finance Minister has attempted to make changes to the existing provisions. The author analyses the changes that are proposed and the possible effects.

Transfer Pricing – OECD revises Safe Harbouring Guidelines

CA Sandeep Kanoi — Wed, 22 May 2013 05:21:49 +0000

The existing language of Section E (paragraphs 4.93 through 4.122) would be removed and replaced with the following language. The enumeration of paragraphs of Section F would be adapted accordingly.

SEBi warns India Infoline to be careful and cautious in conduct of its stock broking activity

CA Sandeep Kanoi — Wed, 22 May 2013 05:00:02 +0000

Shri S. Raman, Whole Time Member, SEBI has passed an order dated May 13, 2013, in the matter of inspection of M/s. India Infoline Limited, warning the stock broker M/s. India Infoline Limited to be careful and cautious in the conduct of its stock broking activity and to adhere to and comply with...

SC dismisses ICAI’s SLP on ceiling on number of tax audits

CA Sandeep Kanoi — Wed, 22 May 2013 03:35:46 +0000

These appeals have been preferred against the impugned judgment and order dated 24.3.2005 passed in Writ Appeal No .1452 & 1453/1998 by the High Court of Madras quashing the notifications issued by the appellant by which it has quashed the notifications dated 25.5.1987 and 13.1.1989 by which...

Online Empanelment with Vijya Bank for Concurrent Audit

CA Sandeep Kanoi — Wed, 22 May 2013 03:30:31 +0000

Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices - Vijya Bank calls applications from Chartered Accountant firms for selection of Concurrent Auditors of the branches/offices for the period from 01.07.2013 to 30.06.2014.

FAQs Related to Income Tax Provisions of charitable trust and NGOs

CA Sandeep Kanoi — Wed, 22 May 2013 03:27:25 +0000

FREQUENTLY ASKED QUESTIONS (FAQs) Q.1 Are NGOs and other charitable and non-profit organizations entitled to claim tax exemption under income tax law in India? Are donors who contribute to such organizations also entitled to any tax deduction? Ans. Yes, such exemption is available to, (i) public...

Income already offered for taxation cannot be taxed again as undisclosed income

CA Sandeep Kanoi — Wed, 22 May 2013 03:06:28 +0000

It is contended by the learned counsel that the sum of Rs. 16 lakhs added by the Assessing Officer as undisclosed income has already been offered as income by the assessee by way of forfeiture of booking advance. In principle, we agree with the assessee’s contention that if the above sum is...

Expense cannot be disallowed merely because assessee named it as short recovery and not bad debt

CA Sandeep Kanoi — Wed, 22 May 2013 02:57:14 +0000

The undisputed facts are that the assessee was to receive the sum of 74,30,575/- from CCIL towards crane hire charges. However, actually, the assessee could receive only 58,39,011/-. The Revenue has not disputed the correctness of the assessee’s contention that it could not recover the sum...

Charitable Purpose u/s. 2(15) of Income Tax Act ,1961

CA Sandeep Kanoi — Wed, 22 May 2013 02:26:04 +0000

Courts have held that the expression ‘charitable purpose’ is sufficiently wide in scope to include a variety of activities. For instance, promotion of sports and games is a charitable purpose

If AO says that assessee not maintained books of account than there is no question of producing the same by the assessee

CA Sandeep Kanoi — Tue, 21 May 2013 19:07:38 +0000

We find that a clear finding was given by the Assessing Officer in para 13.2 of the assessment order in the case of Shri Pranbhai S Fultaria that assessee has not filed any return of income though specifically required u/s. 142(1) of the Act and assessee has not maintained books of account. Ld....

Govt urges taxpayers to Disclose True income and pay Appropriate taxes

CA Sandeep Kanoi — Tue, 21 May 2013 16:38:46 +0000

Government urges all tax Payers to Disclose their True income and pay Appropriate taxes within the Current Financial Year; A Compliance Management Cell has been set-up to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment; 70,000 Letters are being sent in 2...

Protective additions in the hand of minors not required if the same been made on substantive basis in the hand of father

CA Sandeep Kanoi — Tue, 21 May 2013 05:30:05 +0000

The only addition made in the hands of both the above minor children of Shri Kamal Piyush was the protective addition of 2,51,000/- which was added on substantive basis in the hands of Shri Kamal Piyush. As per the finding of learned CIT(A) in paragraph 5, he held that the above additions are...

Rationalisation of Withholding tax on interest payments on borrowings of Infrastructure Debt Funds

CA Sandeep Kanoi — Tue, 21 May 2013 04:43:55 +0000

Rationalisation of With-Holding Tax (WHT) to Encourage Greater Subscription in Indian Debt Securities by Foreign Investors, Encourage Development of the Indian Debt Market and Accelerate the Pace of Growth of the Indian Economy.

Clarification on Revised requirements for Listed Companies undertaking a Scheme of Arrangement under Companies Act, 1956

CA Sandeep Kanoi — Tue, 21 May 2013 04:02:41 +0000

All listed companies undertaking a Scheme of Arrangement under Part IV and Chapter V of Part VI of the Companies Act, 1956, (Amalgamation/ Merger/ Reconstruction/ Reduction Of Capital, etc.) are required to submit a valuation report in terms of Para (I) (A) read with Part A, Annexure I of the SEBI...