Fwd: TaxGuru : “No disallowance under s 40(a)(ia) can be made for the non-deduction of tax under s 194C in absence of a continuous contract, oral or written” plus 31 more

---------- Forwarded message ----------
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Jul 7, 2011 at 9:37 AM
Subject: TaxGuru : “No disallowance under s 40(a)(ia) can be made for the non-deduction of tax under s 194C in absence of a continuous contract, oral or written” plus 31 more
To: palashbiswaskl@gmail.com

TaxGuru : “No disallowance under s 40(a)(ia) can be made for the non-deduction of tax under s 194C in absence of a continuous contract, oral or written” plus 31 more

---

• No disallowance under s 40(a)(ia) can be made for the non-deduction of tax under s 194C in absence of a continuous contract, oral or written
• If the main intention is to exploit the immovable property by way of complex commercial activities, in that event, it must be held as business income
• Frequently Asked Questions (FAQs) on Fast Track Exit Mode
• Taxmen Now Eye Jewellery Purchases
• Small Scale Unit (SSI) and Clubbing of Turnover
• Constitution of Senior and Junior Standing Counsels for handling Indirect Tax Cases before HC
• FM is Optimistic About Sustaining Growth Momentum in 2011-12 and Coming Years as Economy’s Fundamentals are Strong
• Extension of terminal date of basic custom duty exemption on raw sugar and white/refined sugar
• Master Circular – Lending To Priority Sector
• CBI registers a case against the then Additional Central Provident Fund Commissioner and eight officers of EPFO
• RBI Releases Draft Guidelines on Equity Investments by scheduled commercial banks in subsidiaries and other companies
• FM Says Major Challenge in Short Term is Inflation and Government Takes Various Steps to Contain it
• Information about TAN in Q. A. format (Updated)
• Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011
• Companies Director Identification Number (Third Amendment) Rules, 2011
• Spice Communications – HC rejects Application filed under rule 6 and 9 of the Companies Rule, 1959
• VAT department of Government of Delhi confiscate 56 trucks for evading taxes
• Govt extends duty-free sugar import deadline till August 31
• Allocation of quantities of cotton for export in terms of Public Notice No.55 dated 17.06.2011
• CIBIL launches Credit Information Reports for companies
• Petition filed u/s 433(a)/439 of Comp. Act,1956 dismissed for unjustified ground for Voluntary Winding
• RBI Master Circular- Resource Raising Norms for Financial Institutions
• RBI Master Circular – Guidelines For Relief Measures By Banks In Areas Affected By Natural Calamities
• RBI Master Circular – Guarantees and Co-acceptances
• RBI Master Circular on Inspection and Audit Systems in Primary (Urban) Co-operative Banks
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Friends of the Tribal Society, Kolkatta
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – SEWA-Rural (Society for Education, Welfare and Action-rural), Bharuch – Amendment in Notification No S.O.228(E),dated 4-6-2008
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Mother Foundation Charitable Trust, Navi Mumbai
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Ramakrishna Vivekananda Mission, West Bengal
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Mahila Mandal Barmer Agor, Rajasthan
• ection 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Reaching Hand, Bangalore
• De Nora India Limited Versus Union Of India And Ors- Petition was allowed as per clause 6(III) and the order set aside

No disallowance under s 40(a)(ia) can be made for the non-deduction of tax under s 194C in absence of a continuous contract, oral or written Posted: 06 Jul 2011 07:22 PM PDT Dy. CIT v Niten Hasmukhbhai Shah (ITAT Ahemdabad)- Since the finding of Ld. CIT(A) that there was no oral or written contract with the assessee and the Roopal Roadways which is confirmed by the clarificatory certificate issued by Roopal Roadways,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If the main intention is to exploit the immovable property by way of complex commercial activities, in that event, it must be held as business income Posted: 06 Jul 2011 06:42 PM PDT ITO vs. Shanaya Enterprises (ITAT Mumbai) - Merely because income is attached to any immovable property cannot be the sole factor for assessment of such income as income from property; what has to be seen is what was the primary object of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Frequently Asked Questions (FAQs) on Fast Track Exit Mode Posted: 06 Jul 2011 05:48 PM PDT What is Fast Track Exit (FTE) Mode? Ministry has issued Guidelines for 'Fast Track Exit (FTE) Mode' to give opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956 in time... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Taxmen Now Eye Jewellery Purchases Posted: 06 Jul 2011 09:21 AM PDT Recently, Income Tax Department searched a large number of private lockers and vaults in the city which resulted in unearthing of unaccounted or unexplained jewellery, gold, diamonds and cash in the lockers belonging to people whose whereabouts are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Small Scale Unit (SSI) and Clubbing of Turnover Posted: 06 Jul 2011 09:09 AM PDT While presenting his budget proposals for 2011-12 on 28th February 2011 the Finance Minister Shri Pranab Mukherjee proposed certain changes in the Central Excise rate structure to prepare the ground for the transition to GST, beginning with a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Constitution of Senior and Junior Standing Counsels for handling Indirect Tax Cases before HC Posted: 06 Jul 2011 08:45 AM PDT Constitution of panel of Senior Standing Counsels and Junior Standing Counsels for handling cases of Indirect Taxation cases before the Hon'ble High Courts/other Judicial forums [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM is Optimistic About Sustaining Growth Momentum in 2011-12 and Coming Years as Economy’s Fundamentals are Strong Posted: 06 Jul 2011 08:41 AM PDT The Union Finance Minister Shri Pranab Mukherjee said that during the global financial crisis of 2008, our GDP growth rate lowered to 6.8 per cent in 2008-09 but the economy rallied back with an 8 per cent growth in 2009-10. Shri Mukherjee said... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Extension of terminal date of basic custom duty exemption on raw sugar and white/refined sugar Posted: 06 Jul 2011 08:28 AM PDT Notification No. 55 /2011 - Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Master Circular – Lending To Priority Sector Posted: 06 Jul 2011 08:24 AM PDT The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to banks on lending to Priority Sector. In order to enable the banks to have current instructions at one place, a Master Circular incorporating... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI registers a case against the then Additional Central Provident Fund Commissioner and eight officers of EPFO Posted: 06 Jul 2011 08:17 AM PDT The Central Bureau of Investigation has registered a case u/s 120B IPC r/w 420 IPC and 13(2) r/w 13(1)(d) of P.C. Act 1988 against the then Additional Central Provident Fund Commissioner and other 8 then officers of EPFO Delhi who had entered into a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Releases Draft Guidelines on Equity Investments by scheduled commercial banks in subsidiaries and other companies Posted: 06 Jul 2011 08:15 AM PDT Following the announcement in the Second Quarter Review of Monetary Policy 2010-11 (paragraph 107) that guidelines stipulating the prudential limits to regulate the investment of banks in companies engaged in forms of business other than financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM Says Major Challenge in Short Term is Inflation and Government Takes Various Steps to Contain it Posted: 06 Jul 2011 03:22 AM PDT The Union Finance Minister Shri Pranab Mukherjee said that during the global financial crisis of 2008, our GDP growth rate lowered to 6.8 per cent in 2008-09 but the economy rallied back with an 8 per cent growth in 2009-10. Shri Mukherjee said... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Information about TAN in Q. A. format (Updated) Posted: 06 Jul 2011 02:03 AM PDT 1. What is TAN? TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011 Posted: 05 Jul 2011 10:38 PM PDT These rules may be called the Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011. Designated Partnership Identification Number (DPIN) means an identification number which the Central Government may allot to any individual, intending... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies Director Identification Number (Third Amendment) Rules, 2011 Posted: 05 Jul 2011 10:27 PM PDT These rules may be called the Companies Director Identification Number (Third Amendment) Rules, 2011. They shall come into three with effect from 9th July, 2011. Director Identification Number (DIN) means an identification number which the Central... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Spice Communications – HC rejects Application filed under rule 6 and 9 of the Companies Rule, 1959 Posted: 05 Jul 2011 10:10 PM PDT SPICE COMMUNICATIONS LIMITED & ANR Company Applications No. 578-579/2011 have been filed by the Department of Telecommunication (in short ‘DOT’) under Rules 6 and 9 of the Companies (Court) Rules, 1959 for recall and stay of this Court’s order... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

VAT department of Government of Delhi confiscate 56 trucks for evading taxes Posted: 05 Jul 2011 10:03 PM PDT In a major haul, the VAT department of Government of Delhi has confiscated 56 trucks in the capital for transporting goods without paying the required taxes. The trucks were confiscated in an operation carried out by 15 teams comprising officials of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt extends duty-free sugar import deadline till August 31 Posted: 05 Jul 2011 10:02 PM PDT The government today extended duty-free import of sugar for two months till August-end amid inflationary pressure. The zero-duty sugar import deadline, which expired on June 30, has been extended till August 31, this year, a notification issued by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allocation of quantities of cotton for export in terms of Public Notice No.55 dated 17.06.2011 Posted: 05 Jul 2011 09:58 PM PDT Trade Notice No. 12/2011 Dated the 6th July, 2011 Public Notice No. 55(RE-2010)/2009-14 dated 17.06.2011 had stated that the declaration of allocation of quantities against the applications received from 20.06.2011 to 25.06.2011 will be made on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CIBIL launches Credit Information Reports for companies Posted: 05 Jul 2011 09:55 PM PDT Leading credit information company, CIBIL, on Wednesday launched Credit Information Reports for companies to help them access the system data before they go for raising a loan or other financial dealings. Till now, Credit Information Bureau India... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Petition filed u/s 433(a)/439 of Comp. Act,1956 dismissed for unjustified ground for Voluntary Winding Posted: 05 Jul 2011 09:51 PM PDT Advance Television Network Ltd. Versus The Registrar Of Companies (Delhi High Court) - Mr. Beri submits that the petitioner-company has not done any business since 2001-2002 and thus, it has not earned any income for the last ten years. He states... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Master Circular- Resource Raising Norms for Financial Institutions Posted: 05 Jul 2011 09:33 PM PDT DBOD.No.FID.FIC.1/01.02.00/2011-12 The process of reforms in the Indian financial sector since the early nineties has had profound implications for the resource raising of all India Financial Institutions (FIs). With the gradual phasing out of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Master Circular – Guidelines For Relief Measures By Banks In Areas Affected By Natural Calamities Posted: 05 Jul 2011 09:32 PM PDT RPCD. No. PLFS. BC. 8 / 05.04.02/ 2011-12 Periodical but frequent occurrence of droughts, floods, cyclones, tidal waves and other natural calamities takes a heavy toll of human life and causes wide spread damage to economic pursuits of human beings... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Master Circular – Guarantees and Co-acceptances Posted: 05 Jul 2011 09:32 PM PDT DBOD. No. Dir. BC. 8 /13.03.00/2011-12 An important criterion for judging the soundness of a banking institution is the size and character, not only of its assets portfolio but also, of its contingent liability commitments such as guarantees,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Master Circular on Inspection and Audit Systems in Primary (Urban) Co-operative Banks Posted: 05 Jul 2011 09:30 PM PDT It has been observed that quite often the internal inspection machinery in banks has failed to highlight and pinpoint the existence of gross and serious irregularities such as improper credit appraisal, disbursement without observing the terms of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Friends of the Tribal Society, Kolkatta Posted: 05 Jul 2011 09:30 PM PDT NOTIFICATION NO. 64/2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) Number S.O.901(E), dated the 20th September, 2001, issued under sub-section (1) read with clause (b) of the Explanation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – SEWA-Rural (Society for Education, Welfare and Action-rural), Bharuch – Amendment in Notification No S.O.228(E),dated 4-6-2008 Posted: 05 Jul 2011 09:29 PM PDT NOTIFICATION NO. 63/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.228(E), dated the 17th March, 1994, issued under clause (b) of the Explanation to section 35AC of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Mother Foundation Charitable Trust, Navi Mumbai Posted: 05 Jul 2011 09:28 PM PDT NOTIFICATION NO. 62/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 121(E), dated 12th January, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Ramakrishna Vivekananda Mission, West Bengal Posted: 05 Jul 2011 09:27 PM PDT NOTIFICATION NO. 61/2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) Number S.O. 1586(E), dated the 11th November, 2005, issued under sub-section (1) read with clause (b) of the Explanation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Mahila Mandal Barmer Agor, Rajasthan Posted: 05 Jul 2011 09:26 PM PDT NOTIFICATION NO. 60/2011 Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ection 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Reaching Hand, Bangalore Posted: 05 Jul 2011 09:25 PM PDT NOTIFICATION NO. 59/2011 Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

De Nora India Limited Versus Union Of India And Ors- Petition was allowed as per clause 6(III) and the order set aside Posted: 05 Jul 2011 06:47 PM PDT De Nora India Limited Versus Union Of India And Ors (Delhi HC) The challenge in this writ petition by De Nora India Limited („DNIL‟) [formerly known as Titanor Components Limited („TCL‟)] is to an order dated 12th August 2010 passed by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from TaxGuru.in - Daily Tax and Corporate Law Update To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/