Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: due date for vat payment :: form 3cd :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: VAT RATES :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: empanelment :: articles on VAT and GST in India :: VAT Audit :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

ITAT directs Bachchan duo to cough up tax on Maruti Versa
January, 08th 2007

Bollywood icon Amitabh Bachchan and son Abhishek have been asked by a tax tribunal to pay tax on the 'Versa' car given to them by carmaker Maruti Udyog Ltd as part of their professional fees for endorsing the brand.

The case dates back to 2000, when the father and son duo entered into an agreement with the auto major for its multi-utility vehicle 'Versa'. According to the agreement, both the actors were to get Rs 4.02 crore and a Versa as professional fees. The car was delivered in 2001.

However, the Bachchans did not mention the receipt of the car to tax authorities in the income tax returns filed for the financial year 2001-02.

Later, during audit, tax officials found that the car was not shown as part of their income in 2002-03 also.

The department valued the car at Rs 6.34 lakh on the basis of its insurance certificates and directed them to pay tax by adding it as part of their professional income.

The IT department could not, however, establish the time when the car had been actually received, so it added its value to the income of the year 2001-02.

Bachchan had challenged the contention in the Income Tax Appellate Tribunal, saying that a car is said to be received only on the date of registration and if the registration is not done the person is not deemed to be the owner.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions