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Salient features of Finance Bill, 2008 by Ved Jain

Salaried Class IT Refund information by Income Tax Deptt

Budget 2008 snapshots by Naveen Gupta
 
   
 
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From the Courts
 SC modifies Advance Ruling on FBT and rules AAR with respect was not correct in its view in reading the words 'in India' after the word residence in sub-section (3)
 Whether the amortization loss computed under Rule 9A is subject to or not subject to the provisions of section 80 and section 139 of the Income Tax Act
 Powers of CIT - Cancellation of: Registration of charitable trust, Cancellation on mere search
 Capital Gains: Enhanced compensation received - Year of taxability: Law applicable
 Validity of: Exparte order - Condition precedent: Specific notice
 Validity of: Re-assessment - Fresh facts received
 Quite frequently, allegations of ‘benami-ship’ surface for content and refutation
 Payment of non­compete fee by the Assessee was a business expenditure and not a capital expenditure
 Claim of deduction on customs duty drawback under Section 80-IB of the Act- duty drawback is profit or gain derived from the business of an industrial undertaking
 SC rules a person will become an ordinarily resident only if he has been residing in nine out of ten preceding years; and he has been in India for at least 730 days in the previous seven years
 Full Bench of SC rules special audit of the accounts of the assessee-since an order under Section 142 (2A) does entail civil consequences, the rule audi alteram partem is required to be observed
 Speculation loss - Dealing in derivatives
 No tax in India on sale outside country: AAR
 Gutkha Makers not entitled to Section 80I/80IA Deduction
 Real Estate Developer liable to Service Tax on Residential Construction
 Cash credits: Share-application money - Confirmations from applicants
 DHC on Constitutional validity of Fin Act 2007 amendment
 Twisting and texturising of POY, amounts to manufacturing- entitled for deduction under Section 80IA of the Income Tax Act
 The relief under Section 80-IA should not be deducted from profits and gains of business before computing relief under Section 80HHC
 The State cannot recover or hold back any tax except in accordance with law for otherwise it would be unjustly enriching itself, which is clearly impermissible.
 Penalty: Concealment of income - Bona fide belief, Rejection of assessee’s claim
 Computation of: undisclosed income - Income of the year below taxable limit
 Delhi Tribunal pronounced recently where the parity of treatment of employees contribution with that of the employers has been ruled
 Allocation of work - Representation of CIT(DRs) and Sr. DRs. before ITAT
 Law of precedent: Judicial discipline-Decision of non-jurisdiction High court
 Special Bench of ITAT rules on 16 Important Tax issues
 Registration of: Charitable trust - Limitation for: Passing order by CIT, Effect of: Non-passing of order within specified time
 SC: DTA will override the provisions of Income Tax Act
 Tata Hospital not liable to pay sales tax
 Punjab Govt appeal dismissed
 SC: Arbitration agreements must be adhered to by the parties
 Penalty:Concealment of income - Bona fide belief
 Appealable Order-Challenge to intimation under s.143(1) in appeal agent regular assessment under s.143(3)
 Limitation for: Re-assessment - Findings or directions in appellate order, Findings vs observations
 AO does not have the jurisdiction to go beyond the net profit as per Profit & Loss account except as provided in Explanation to Sec.115JA of Income Tax Act-AO has to levy the tax only on the book profit as per the Balance Sheet
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ITAT-Constitution of Benches
 ITAT Delhi Benches constitution from 12th to 15th May, 2008
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News Headlines
 PWCoopers sued by Randgold & Exploration for failure
 Bombay High Court directs Raymond Limited to deposit Rs 16 crore in cash
 India Inc to adopt global accounting standards
 Tax concessions welcomed
 ‘Liberalising legal services will drive up standards’
 Global meet on opening up legal services
 ‘Taxpayers can object to wrong service of notice before assessment completion’
 Exchange traded funds: Neither fish nor fowl
 Check assets before you put them up for sale
 What do boards do?
 Currency derivatives: The happening scare in the accounting world AccountSpeak
 Cos can’t split contract to evade tax, rules ITAT
 CTT to come into force by July
 Chief Justice of Madras High Court Justice Shah transferred as Chief Justice of Delhi High Court
 Fiscal incentives for IT/ITes players need clear direction
 Judicial cry in the wilderness
 Finally the debate on Finance Bill 2008 is getting over
 ONGC audit raises questions about exploration record
 ESOPs now offer bargaining power to employees in M&As
 Call to hike States’ share of Central taxes, market borrowings to 50%
 Accounting: ‘India could serve as hub for global corporations’
 I-T collection 27% up
 March payments: TDS relief for tax-payers
 Time limit for FBT scrutiny notice to be rationalised
 Govt may retain powers to exempt LLP firms from audit requirements
 State Finance Ministers’ panel moots CST cut to 2%
 US panelists urge outside directors for audit firms
 New Company Law Bill to be introduced in monsoon session
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« Finance Bills »
 Salient features of Finance Bill, 2008 by Ved Jain
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New Forms
 Incometax Return Forms for Assessment Year 2007-08
 Form No. 16, Form No. 16A and Form No. 27D
 Revised Form 3CD with FBT Report
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Latest Circulars
 Mandatory E-payment of Income Tax
 Processing of e-TDS returns - Parameters
 Fringe Benefit Tax (FBT) - Specified securities or sweat equity shares
 DTAA between India and State of Kuwait - Date of enforcement
 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India ) (Amendment) Regulations, 2007
 Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2007
 Notification on Changes in Schedule VI
 Procedure for refund of tax deducted at source undersection 195
 CBDT Order of Extension
 Decision on CBDT draft instruction soon
 Tax lingo poses challenge
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 Income paid or credited to a member of co-op bank
 TDS exemption - Interest on securities
 SEWA-Rural (Society for Education, Welfare and Act)
 Notification on Deduction u/s. 80L
 Working Group to review the existing norms for the empanelment of statutory auditors, for public sector banks
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