Fwd: TaxGuru : “No income tax on amount received to meet the cost of Annual medical check-ups” plus 15 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Mon, Jun 20, 2011 at 9:43 AM
Subject: TaxGuru : "No income tax on amount received to meet the cost of Annual medical check-ups" plus 15 more
To: palashbiswaskl@gmail.com

TaxGuru : "No income tax on amount received to meet the cost of Annual medical check-ups" plus 15 more

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• No income tax on amount received to meet the cost of Annual medical check-ups
• I-T Dept begins countrywide investigation of charitable and religious trusts, who violated tax exemption rules
• Foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore
• FDI in retail – States permission must to open stores
• DGFT – Cotton exporters to face penal action if fail to ship in time
• PSU banks should be made to bid for surplus funds with the state-owned firms- DPE
• Govt may allow foreign individuals to invest USD 10 bn in Mutual Funds
• If assessee opts not to claim exemption under s 10A(8) in one year, it cannot be denied exemption in future provided it fulfils all the conditions of s 10A
• Expenditure incurred by assessee for obtaining CNG connection to facilitate process of manufacturing is revenue in nature even when payment was made as capital contribution
• In group cases also, each single case must be taken up individually to decide the monetary limits for filing appeal before High Court
• Service tax – Benefit of reduced penalty of 25% applicable only in cases where the tax amount is increased by the Commissioner (Appeals)
• Assessee entitled to deduction u/s 80IB(10) for residential cum commercial building approved by the local authority before insertion of clause (d) in s. 80-IB(10) w.e.f. 1st April, 2005 which is prospective and not retrospective
• Section 115O(5) do not restrict the allowability of the claim u/s 80M
• GST- Way Forward
• Assessee not entitled to benefit of s 220(7), wherein the income which arisen in Russia but not been brought in India and remitted to third country despite there been no restriction on remittance to India
• Where the amount was advanced due to the business exigencies as per agreement executed between the parties, it cannot be considered as deemed dividend

No income tax on amount received to meet the cost of Annual medical check-ups Posted: 19 Jun 2011 08:01 PM PDT In a major relief to employees, the Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups. The Central Board of Direct Taxes ( CBDT )) has issued a notification in this... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T Dept begins countrywide investigation of charitable and religious trusts, who violated tax exemption rules Posted: 19 Jun 2011 07:54 PM PDT Leaving no stone unturned to check tax evasion, the Income Tax department has begun a countrywide investigation of charitable and religious trusts that have been found violating tax exemption rules and are using donation funds for business purposes.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore Posted: 19 Jun 2011 07:51 PM PDT The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last year, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India. The securities kept... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FDI in retail – States permission must to open stores Posted: 19 Jun 2011 07:48 PM PDT In what could be a dampener to the global retail chains, the Centre is considering allowing 51% FDI in the politically sensitive sector with a rider that permission of the states would be a must to open stores, sources said. 'The states' permission... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Cotton exporters to face penal action if fail to ship in time Posted: 19 Jun 2011 07:35 PM PDT Cotton exporters, who fail to ship the quantity allocated to them within the stipulatedperiod, will be debarred from future allocations, according to tough norms of the commerce ministry. The Directorate General of Foreign Trade (DGFT) has said it... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PSU banks should be made to bid for surplus funds with the state-owned firms- DPE Posted: 19 Jun 2011 07:35 PM PDT PSU banks should be made to bid for surplus funds with the state-owned firms, rather than getting them through a common rate of interest, the Department of Public Enterprises (DPE) has said. In a communication to the Finance Ministry, the DPE has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt may allow foreign individuals to invest USD 10 bn in Mutual Funds Posted: 19 Jun 2011 07:34 PM PDT India is likely to allow foreign individuals to invest in mutual funds in the next two weeks but with a cumulative cap of USD 10 billion, an official said today. The detailed guidelines are being worked out jointly by the finance ministry, RBI and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If assessee opts not to claim exemption under s 10A(8) in one year, it cannot be denied exemption in future provided it fulfils all the conditions of s 10A Posted: 19 Jun 2011 07:25 PM PDT ACIT v Headstrong Services India Pvt Ltd ITAT has held that The assessee company is registered as a 100% Export Oriented Unit (EOU) for manufacture and export of computer software for export purposes. The assessee being eligible for 100% tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Expenditure incurred by assessee for obtaining CNG connection to facilitate process of manufacturing is revenue in nature even when payment was made as capital contribution Posted: 19 Jun 2011 07:03 PM PDT CIT v Tata SSL Ltd (Mumbai High Court) - by paying the impugned charges to Mahanagar Gas Ltd., the assessee did not acquire any right or control over the gas facility. The Tribunal held that the facilities served the sole purpose of supplying the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

In group cases also, each single case must be taken up individually to decide the monetary limits for filing appeal before High Court Posted: 19 Jun 2011 06:44 PM PDT CIT v Steinle Machine Fabric India - The Circular is specific that in group cases also, each single case must be taken up individually to decide the monetary limits. It appears that these instructions were issued to avoid unnecessary litigation and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax – Benefit of reduced penalty of 25% applicable only in cases where the tax amount is increased by the Commissioner (Appeals) Posted: 19 Jun 2011 06:28 PM PDT CCE, Trichy Vs. SBI, Kumbakonam (CESTAT Chennani) - The fourth proviso to the said Section 78 provides that the reduced penalty of 25% is available if the same is paid within 30 days of the Commissioner (Appeals) but this proviso applies in the case... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessee entitled to deduction u/s 80IB(10) for residential cum commercial building approved by the local authority before insertion of clause (d) in s. 80-IB(10) w.e.f. 1st April, 2005 which is prospective and not retrospective Posted: 19 Jun 2011 06:19 PM PDT Dy. CIT Vs. Ms/. Shah Builders & Developers,- Uto 31st March, 2005, deduction u/s. 80/B(10) is allowable to housing projects approved by the local authority having residential units with commercial user to the extent permitted under the DC... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 115O(5) do not restrict the allowability of the claim u/s 80M Posted: 19 Jun 2011 06:09 PM PDT Dy.CIT, Pune Vs KRA Holding & Trading Pvt Ltd -The view of the assessing officer was consistent with the decision of the Tribunal in the case of Castle Investment (supra). The judgement in Castle Investment insofar as is material held that... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GST- Way Forward Posted: 19 Jun 2011 06:13 AM PDT Simply put, goods and services tax is a tax levied on goods and services imposed at each point of sale or rendering of service. Such GST could be on entire goods and services or there could be some exempted class of goods or services or a negative... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessee not entitled to benefit of s 220(7), wherein the income which arisen in Russia but not been brought in India and remitted to third country despite there been no restriction on remittance to India Posted: 18 Jun 2011 09:54 PM PDT Ravina and Associates Private Limited and Another v CIT and Others – In the present case, income had arisen in Russia and not in U.K. There was/is no bar or restriction of transfer of that income and remittance thereof from Russia to India. No... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Where the amount was advanced due to the business exigencies as per agreement executed between the parties, it cannot be considered as deemed dividend Posted: 18 Jun 2011 09:37 PM PDT International Land Development (P) Ltd Vs ITO (ITAT Delhi)- The learned CIT(A) has vacated the demand with regard to payment made to Goldman Malls Pvt.Ltd. for the reason that the payments were made for business exigencies as well as Goldman Malls... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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