The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-10. The unadjusted amount, if any, may be claimed as refund in the return of income for AY 2010-11 to be filed later this year.

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A payday loan has many names. Some call it a cash advance loan. Some call it a check advance loan. Another name is a post-dated check loan. Payday loans are popular for a number of reasons.

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It has been held by the Hon’ble Delhi High Court that no addition under section 68 of the Act can be made to the income of the assessee company on the basis of facts recorded at the time of search. For making addition under section 68 of the money received on account of share application money the burden is on department to bring out material on record to show that the allotees from money was received were bogus.

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Rhe in the Finance Act (2) 2009, three new services has been added. Accordingly in which category of Export of Services Rules and Import of Service Rules the same will fall will decide their exemption benefit also. To clear the position, now CBEC issued Notification no. 37/2209 and 38/2009 (annexed below) to classify the new services into different category.

1. In the first clause (i) of Rule 3, categories of services which provided in  relation to an immovable property situated outside India will now includes the new services (zzzzm) i.e. Legal Advisory Services.
2. In the clause (ii) of Rule 3, categories of services which are performed outside India including partly performed outside India will now includes the new services (zzzzk), and (zzzzl) i.e. Cosmetic Or Plastic Surgery and Transport of Coastal goods and goods through national waterway.
3. In the clause (iii) of Rule 3, categories of services where such recipient has commercial establishment or any office relating thereto, in India, such taxable services provided shall be treated as export of service only when order for provision of such service is made from any of his commercial establishment or office located outside India, will now includes the new services (zzzzm) i.e. Legal Advisory Services

In this case it has been held that the issue of export entitlement is rightly answered by the ITAT relying on the judgment of Jamshri Rajitsinghji Spinning & Weaving Mills Ltd. Vs. Inspecting Assistant Commissioner (41 ITD 142) with which no fault can be found.

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Making a strong case for delaying the withdrawal of accommodative monetary stance of the Reserve Bank of India, some of the bank heads who met Governor D Subbarao in the customary pre-credit policy meeting said credit growth might fall short of the central bank’s projection of 20 per cent.“We said the RBI that loan growth for the current year may be around 15-16 per cent

The Delhi Stock Exchange (DSE), which was to start trading on its platform from October, has postponed its plan.On October 7, the Securities and Exchange Board of India (Sebi) issued a circular telling regional stock exchanges to seek its approval before starting trading on their respective platforms if they have not been functioning for over six months

Delhi Stock Exchange Limited (DSE), one of India’s premier demutualised regional stock exchanges, has received 110 membership applications from brokers for its deposit based trading memberships. DSE will become operational soon and trading is expected to commence from next month onwards. Read the rest of this entry »

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