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Written by P.T. GOVINDARAJAN
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Tuesday, 30 June 2009 12:59 |
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Expenses reimbursement not taxable:
In CIT v. Siemens Aktiongesellschaft, 310 ITR 320 (Mumbai), the High Court held that the amount received by way of reimbursement cannot be regarded as revenue receipt particularly when the ITAT had found that the assessee company had received no sums in excess of the expenses incurred. Accordingly, the HC held that the amount was not liable to tax in the hands of the assessee company.
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Written by P.T. GOVINDARAJAN
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Tuesday, 30 June 2009 11:29 |
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The Financial Express reported that International accounting and consulting firm Deloitte expects that the Indian government will increase excise duty and service tax rates in the upcoming budget to harmonize them with the proposed Goods and Services Tax, which is scheduled to be introduced from next fiscal.
The Government has cut excise duty rates by 6% and service tax by 2% in three stimulus packages, which Deloitte expects to be partially rolled back.
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Written by P.T. GOVINDARAJAN
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Monday, 22 June 2009 18:28 |
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CBDT has issued a circular providing salient features of the new system for TDS/ TCS payment and information reporting Background ITD has introduced a scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information relating to payment of TDS and TCS so that the credit for TDS and TCS can be granted accurately and the risk of fi nancial fraud is minimized. The CBDT has now issued circular providing detailed clarifi cation with regard to the new scheme. Some of the salient features of this new scheme are discussed in the subsequent paragraphs.
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Written by P.T. GOVINDARAJAN
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Saturday, 13 June 2009 10:23 |
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Here's relief for companies who live in fear of surprise raids from the I-T department. The Delhi high court said tax personnel cannot resort to snooping on companies as it amounts to 'invasion of privacy'.The court termed a search operation by the department as a "serious invasion of privacy and freedom of citizens'' and held that the department can't indulge in "roving or fishing" exercises. |
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Written by P.T. GOVINDARAJAN
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Tuesday, 23 June 2009 14:34 |
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The Bombay High court has held that facilities/ amenities provided by hotels to its customers is not subject to withholding tax.
The assessee company operated a number of five star hotels in India. The assessee company offered various facilities/ amenities to its customers which include highly trained / experienced multi-lingual staff, 24-hour service for reception, telephones, house-keeping, select restaurants, bank counter, beauty salon, barber shop, car rental, shopping centre, laundry / valet, health club, business centre services, etc.
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Written by P.T. GOVINDARAJAN
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Saturday, 13 June 2009 10:51 |
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The unified goods and service tax rate may be pegged at 16%. The empowered committee of state finance ministers on Wednesday examined the possible rate structure for the new tax regime that is set to replace all indirect taxes at the central and state level from April 1, 2010. An official who attended the meeting said the deliberations were held on the rate structure, though a final view will be taken by August 2009.
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Written by P.T. GOVINDARAJAN
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Wednesday, 10 June 2009 15:27 |
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The growing complexities in companies’ balance sheets due to the global economic crisis and foreign exchange volatility have triggered a debate over one of the basic premises of financial accounting — every company is a ‘going concern’ that will not go out of business or liquidate in the foreseeable future. “There is no doubt that financial statements have become complex due to factors such as the economic situation and the forex volatility,” says chartered accountant Suresh Surana, who is also head of accounting firm RSM Astute. “Today, one cannot say with certainty that all companies are ‘going concerns’.” |
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