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Monday, June 20, 2011

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

Link to TaxGuru.in - Daily Tax and Corporate Law Update

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...

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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....

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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Palash Biswas
Pl Read:
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मैं नास्तिक क्यों हूं# Necessity of Atheism#!Genetics Bharat Teertha

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अलविदा पत्रकारिता,अब कोई प्रतिक्रिया नहीं! पलाश विश्वास

ভালোবাসার মুখ,প্রতিবাদের মুখ মন্দাক্রান্তার পাশে আছি,যে মেয়েটি আজও লিখতে পারছেঃ আমাক ধর্ষণ করবে?

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