Monday, 28 October 2013
Tax-free bonds: 10 facts you need to know before investing
Tax free bonds have emerged as a popular investment option due to the taxation benefits they offer. The interest income on these bonds, generally issued by government enterprises, is exempted from taxation.
Here are the salient features of the tax-free bonds:
What are tax-free bonds: These bonds are mostly issued by government enterprises and pay a fixed coupon rate (interest rate). As the proceeds from the bonds are invested in infrastructure projects, they have a long-term maturity of typically 10, 15 or 20 years.
Tax benefits: The income by way of interest on tax-free bonds is fully exempted from income tax. The interest earned from these bonds does not form part of your total income. There is no deduction of tax at source (TDS) from the interest, which accrues to the bondholders.
But remember that no tax deduction will be available for the invested amount. Interest rate: The coupon (interest) rates of tax-free bonds are linked to the prevailing rates of government securities. So these bonds become attractive when the interest rates in the financial system are high. Interest payment:
The interest on these bonds is paid annually and credited directly in the bank account of the investor. Tax free bonds vs bank fixed deposits (FDs): The interest earned on bank FDs and other normal bonds are added to the income of the investor and taxed as per the income-tax slabs. As interest earned from tax-free bonds are not taxed, investors in higher tax brackets mostly earn a better post-tax return than from FDs.
But remember, the bank FDs score over tax-free bonds in terms of liquidity as these bonds have a longer maturity tenure. Credit risk: Since tax-free bonds are mostly issued by government-backed companies, the credit risk or risk of non-repayment is very low. Liquidity: The tax-free bonds get listed and then traded on the stock exchange(s) to offer an exit route to investors.
But these bonds might not enjoy high liquidity as they are long-term in nature. Do you need a demat account? The bonds could be issued both in demat and physical mode. Secondary market: Investors can buy and sell these tax free bonds on the stock exchanges.
Though the interest earned on these bonds is tax-free, any capital gain from sale in the secondary market is taxable. Short-term capital gains from sale of tax-free bonds on exchanges are taxed at the normal rate, while long-term capital gains are taxed at 10% without indexation and 20% with indexation, whichever is lower. By indexing, you adjust the purchasing price with annual inflation.
Who should invest? Tax-free bonds are suitable for investors looking for a steady source of income annually and can afford to lock-in their capital for the long term. (Disclaimer: Investors are advised to make their own assessment before acting on the information.)
For filing an application before SetCom limitation period to issue sec. 143(2) notice is irrelevant
Prior to 8-5-2010 sponsorship of IPL teams was not liable to service tax
Assessee needn't be unemployed while going abroad for a job; only stay in India would determine resi
Chidambaram To Drive Voluntary Service Tax Scheme
28-Oct-2013
The Finance Ministry intends to intensify its strategy for service tax mop up, as the collections were below the desired levels.
While Finance Minister P. Chidambaram will meet industry associations on Service Tax Voluntary Compliance Encouragement Scheme next month, the Service Tax Department is in the process of dispatching letters to nearly 10 lakh non- filers/those who have stopped filing service tax returns. The Ministry is also in the process of simplifying the settlement process.
This exercise is taking place at a time when there is a threat of the fiscal deficit exceeding the Budget target of 4.8 per cent. Services (excluding constructions) account for nearly 57 per cent of the gross domestic product.
The Budget has set a target of Rs 1.80 lakh crore for the current fiscal, which requires a growth of 36 per cent. However, in the first six months (April-September) of the current fiscal, service tax collection grew by only 16 per cent to touch Rs 59,000 crore. This tax constitutes nearly 14 per cent of the total tax collection and 32 per cent of the indirect tax (Custom duty, Excise duty and Service tax) collection.
Talking about voluntary scheme, a senior Finance Ministry official said that till date, it has got nearly 5,000 applications with tax payments of little over Rs 1,000 crore. The scheme has been operational since May 10 and will continue till December 31.
The scheme offers ‘no penalty, no interest’ and provides a one-time opportunity to defaulters to come clean. Under it, defaulters have to pay at least 50 per cent of arrears for the five-year period ending 2012 and the balance in another six months without interest.
Now with just two months left in the scheme, the Finance Minister, himself, will steer the scheme by speaking to industry bodies and other associations, the official added. He also said that usually people join the scheme in the last few days, as no interest can be earned by depositing arrears early, while it can fetch some interest if it remains in the bank.
On non/stop filers of service tax returns, the official said a common format of letter has been approved and sent to various units of the department. Now, local commissionerate will dispatch reminding them about the scheme and asking to deposit the dues immediately.
Earlier on August 8, the Finance Minister had said that about 10 lakh non-filers or stop filers of service tax are in a way defaulters and they are liable to punishment. The Government in the Service Tax Act has already provided for monetary penalty and punishment. Those who have collected service tax in excess of Rs 50 lakh and not deposited to Government face punishment of imprisonment up to seven years.
Source:- thehindubusinessline.com
Kudankulam Nuclear Plant Generates 20% Of Capacity
The first unit of Kudankulam Nuclear Power Project (KNPP) Monday fed the southern power grid with 20 % of its rated capacity at an average, stated a report Tuesday.
The 1,000 MW unit, which was resynchronised with the grid Oct 25 night generated 200 MW power at an average Oct 28, up from 188 MW generated Oct 27, according to a Power System Operation Corporation Ltd report.
Power System Operation Corporation operates the power grids - regional and national - and is a wholly owned subsidiary of Power Grid Corporation of India Ltd.
On Oct 22, the 1,000 MW capacity KNPP unit was synchronised for the first time with the power grid at 2.45 a.m., and generated 75 MW of power.
The power generation was subsequently increased to 160 MW and nearly two hours later, the unit tripped due to reverse power.
On Oct 25 9.43 pm, the unit was reconnected to the grid and generated around 160 MW.
The power (infirm power) generated by KNPP's first unit will be supplied to Tamil Nadu as the unit has not started commercial generation.
Only when the unit is declared as commercially operational then the power generated will be shared with other southern states, officials added.
India's atomic power plant operator Nuclear Power Corporation of India Ltd (NPCIL) has been setting up two 1,000 MW Russian reactors at Kudankulam in Tirunelveli district, around 650 km from here. The total outlay for the project is over Rs.17,000 crore.
KNPP is India's first pressurised water reactor belonging to the light water reactor category.
The first unit attained criticality July 2013, which is the beginning of the fission process.
In August, the Atomic Energy Regulatory Board gave its nod to KNPP to raise the reactor power levels to 50 % and for synchronisation of the unit with the power grid.
The Nuclear Power Corporation of India Ltd earlier said it would connect the first unit to the grid end-August, generating 400 MW power.
But that did not happen due to issues with the equipments the sorting of which and the testing took time.
According to NPCIL officials, the power out at the first unit of KNPP will be increased gradually and by December this year the unit is expected to touch its rated capacity of 1,000 MW.
Source:- dnaindia.com
Aircraft used by Co. for its business purposes would be exempt from wealth tax
Asia's Export Engine Stuck In Neutral Despite U.S. Uptick
Asia's once-reliable export engine remains stalled two years into a global economic recovery, raising concerns about the region's competitiveness and its ability to motor through the next tough time for emerging markets.
Exports from seven of East Asia's biggest exporters - Japan, China, South Korea, Taiwan, Thailand, Hong Kong and Singapore - grew by just 0.8 percent in the third quarter, according to a Reuters analysis of national trade data, led by a 3.1 percent gain in exports to the U.S. from the same three months of 2012.
The data reinforce a worrying trend in a region where gross exports represent more than a third of its combined economic output: since peaking in 2010 as the global economy rebounded from financial crisis, Asia's export growth has rapidly cooled.
Double-digit growth, common to the past decade, petered out in 2011 and has not recovered.
"There is really no change in the main thing that's going on across Asia - which is no growth in exports the past two years," said Tim Condon, head of financial markets research at ING in Singapore.
"I think it's weak global spending, it's as simple as that."
There is a growing consensus that Asia faces slower growth and more uncertain prospects once the U.S. economy improves to the point where the Federal Reserve begins scaling back five years of radical monetary stimulus.
If exports fail to offset rising interest rates and ebbing global capital flows, economists say, Asia will have to rely on domestic demand to take up the slack - a difficult proposition given aging populations and other structural hurdles.
The failure of Asian exports to rise in tandem with global recovery has sparked a debate among economists about whether Asia might be losing its competitiveness as wages and other costs rise. But Asia's share of U.S. imports, according to data from the U.S. Census Bureau and Bureau of Economic Analysis, has been growing since 2002 alongside a steady climb in China's exports since its 2001 entry into the World Trade Organization.
"There's no compelling evidence that the competitiveness of EM (emerging market) Asia's exports has fallen," said Johanna Chua, head of Asia economics and market analysis at Citigroup in Hong Kong. The sluggish recovery in U.S. imports reflects the lopsided nature of the U.S. recovery, she said, one led by housing and shale gas instead of consumer spending or business investment.
"We're not getting a broad-based recovery," said Chua.
JAPAN'S 'HOLLOWING OUT'
Japan, however, is a different story.
The world's third-largest economy has slowly been losing market share in the United States. Japanese exports fell almost 11 percent to $180.4 billion in the third quarter, leading Asia's export decline.
In local currency terms, Japanese exports climbed nearly 13 percent in the quarter because of a sharply weaker yen over the past 12 months. But the volume of shipments was virtually flat.
And while Japan lost its lead as Asia's top exporter to the United States and Europe a decade ago, it now appears to be losing its edge in China to neighbor and rival South Korea.
Asia's exports to China in the third quarter rose 1 percent, with a 9 percent rise in exports from Korea offsetting an 11 percent decline in exports to China from Japan. Indeed, in the past five years, Korea has edged out Japan as Asia's biggest exporter to China.
That may be a reflection less of declining popularity or competitiveness of Japanese products than a shift of production out of Japan to other production bases in Asia and the United States - the "hollowing out" of Japanese industry.
This phenomenon explains how a weak yen can boost exports in yen and the earnings of Japanese exporters calculated in yen even though shipments from Japan are falling. Japan's exporters are earning more from products sold - and manufactured - overseas.
"Japanese automobiles and general machinery remain competitive and, in fact, Japanese auto sales have increased in the United States this year from last. But exports have not increased as much," said Yasuo Yamamoto, senior economist at Mizuho Research Institute in Tokyo.
"The reason is their continued shift to local production. The weak yen at current levels won't help reverse the trend of hollowing out of industry and is unlikely to boost exports as much as it used to." (Additional reporting by Michael Gold in Taipei; Editing by Mark Bendeich)
Source:- business-standard.com
Maruti Suzuki Sees Higher Import Costs On Weak Rupee
India's biggest carmaker Maruti Suzuki (MRTI.NS) said a weak rupee would increase import expenses in the second half of its fiscal year, after costs cuts led to a better-than-expected tripling in quarterly net profit from a low base.
Maruti Suzuki India Ltd, like all automakers in the country, has been battling a depreciating rupee, while the industry faces a second year of falling sales because of high inflation and meagre urban salary hikes in a slowing economy.
"The depreciation of the rupee made imports expensive but owing to inventories the impact will reflect with a lag in the second half of the year," Managing Director Kenichi Ayukawa told reporters. "We have to be cautious of this."
The Indian rupee weakened 5 percent versus the dollar and 5.7 percent against the yen in the September quarter. Maruti, controlled by Japan's Suzuki Motor Corp (7269.T), is estimated to spend the equivalent of a quarter of its revenue on parts from Japan and royalties to its parent.
Maruti had previously said it expected domestic sales to grow between 0 and 5 percent in the fiscal year that ends in March. "Our target is still above last year ... But that could be a tough target, I know," Ayukawa said.
Still, rural incomes are likely to rise thanks to bumper harvests after strong monsoons, and could be spent on vehicles in the year-end festive season when Indians traditionally buy expensive goods. Maruti is well placed to gain because of a wide dealership network, analysts say.
"This year, the contribution of the rural market has increased to 31 percent for the first six months, and rural markets have grown by around 24 percent plus," said Mayank Pareek, chief operating officer of marketing and sales.
"Going forward, I think personally we've just touched the tip of the iceberg. There should be huge demand yet to be tapped."
Net profit in the July-September quarter was 6.7 billion rupees compared with 2.27 billion rupees a year earlier when a riot at its Manesar factory led to one death, over 100 injuries, a month-long shutdown and a $250 million production loss.
The mean estimate of 12 analysts according to Thomson Reuters I/B/E/S was 5.52 billion rupees.
Revenue rose 27 percent to 102.12 billion rupees.
Operating margin rose to 12.6 percent from 11.4 percent in the previous quarter, calculated on total operating income, helped by a positive foreign exchange impact, despite Maruti being forced to offer discounts to push sales.
Ayukawa also said he expected a small delay in starting Maruti's new Gujarat plant in western India, which is to be commissioned by fiscal 2016, but did not give a new timeframe.
Maruti is the first of the three biggest domestic carmakers to report second-quarter earnings. Analysts estimate profit to fall 2 percent at Mahindra and Mahindra <MAHM.NS, India's biggest utility vehicle manufacturer, and rise 22 percent at Tata Motors (TAMO.NS), India's largest automaker by revenue - rescued by strong sales at its luxury Jaguar Land Rover unit.
Source:- in.reuters.com
Tea Export Earnings Reach Rs 142 B Upto September
Sri Lanka’s overall tea export earnings during the period January – September of the year has increased by Rs. 10.6 billion year on year (YoY) to record Rs. 141.9 billion, according to a Forbes and Walker report.
However, overall export volumes in the first nine months of the year has decreased by 1.4 million kg year on year to 234.5 million kg.
The total tea export earnings in August also increased to Rs. 123.1 billion while tea export earnings in September was Rs. 18.5 billion. The volumes decreased by 3.1 million kg to 28.7 million kg.
CIS, Iran, Turkey, Iraq, Syria, UAE, Kuwait, Japan, Jordan and Libya are currently the Sri Lanka’s top ten tea importers .
“In spite of the erratic weather conditions experienced in the high and medium elevations, the Black tea production for the month of September and for the cumulative period, January to September 2013 have recorded positive variances compared to 2012,” John Keells Tea Market Report said.
High grown production has gained by 18% whilst Medium Grown production has shown an increase of 14% for the month. Cumulatively too, the production of these two elevations have shown increases of 3.47% and 5.55% respectively. In contrary, Low grown production has recorded a significant negative variance of as much as 20% for the month.
Source:- dailynews.lk
Stringent Gold Import Norms May Be Relaxed
28-Oct-2013
The government and the Reserve Bank of India (RBI) are considering easing the 80:20 principle for import of gold. The rule requires importers of the commodity to supply at least 20 per cent of their imports to exporters.
Traders have said this is inhibiting imports and have made a presentation to the government to relax the condition. They have argued that it is troublesome for them to show proof of export for every lot of imports and as a result their consignments often get held up at customs warehouses.
“Some discussions are going on to relax the rule. The government is considering a proposal whether importers can be allowed to make the declaration less frequently, say on an annual basis,” said a finance ministry official, who did not wish to be identified.
On July 22, the RBI had said that a fifth of the gold purchases by importers in every lot would have to be exclusively made available to exporters. It said only 80 per cent of the imports could be used for domestic purposes, and that too for entities engaged in jewellery business, bullion dealers and banks.
Traders and jewellers have argued that the rule is putting them under pressure to export at any given price, and as one would try to recover the loss on domestic sales this would make gold costlier.
In a letter to Finance Minister P Chidambaram last month, All India Bullion & Jewellers Association said the formula was not practical. It said agencies nominated by the government for gold imports were charging from them a “hefty premium” instead of a nominal service charge.
Exports of gold jewellery in quantity were in the range of 35-40 tonnes per quarter in the last six months. Imports, on the other hand, stood at 335 tonnes in the June quarter and 71 tonnes in the September quarter. Due to 10 per cent customs duty and import curbs, the government is expecting gold imports to be below 750 tonnes this year — a drop of 11 per cent from last year.
Source:- business-standard.com
Indian Rupee Down 16 Paise To 61.68 Against Dollar In Early Trade
Increased demand for the US currency from importers ahead of the RBI's policy review meeting led the Indian rupee fall by 16 paise to 61.68 against the US dollar in early trade on Tuesday at the Interbank Foreign Exchange market.
The rupee had lost six paise to close at 61.52 against the dollar in Monday's range-bound session in line with a fall in local equities.
Dealers attributed the rupee fall to a cautious approach adopted by participants ahead of the RBI's second quarter monetary policy review on Tuesday. Dollar's strength against other currencies overseas also weighed on the Indian unit, they said.
Besides, a lower opening in the domestic equity market too weighed on the rupee, they said.
Meanwhile, the BSE benchmark Sensex fell by 38.50 points, or 0.19 per cent, to trade at 20,531.78 in early trade on Tuesday.
Source:- businesstoday.intoday.in
'Incentives Available Only If Imported Goods Are Re-Exported With A New Identity'
October 28, 2013
Can we claim benefits under Focus Product Scheme, Focus Market Scheme or Incremental Exports Incentivisation Scheme against export of imported goods after subjecting them to the processes mentioned in the definition of 'manufacture' at Para 9.36 of the Foreign Trade Policy (FTP)?
In all the above schemes, incentives are not available against re-export of imported goods. Para 9.36 of the FTP gives a wide definition of 'manufacture', including processes such as refrigeration, re-packing, polishing, labelling, re-conditioning, repair, remaking, refurbishing, testing, calibration and re-engineering. Many of these processes do not change the identity of the imported goods. In my opinion, if the process you carry out on imported goods brings into existence a new product with a different name, character or use and you export that new product, then you will be eligible for incentives under the schemes you have mentioned. However, if the product that you export has the same identity as the imported goods, then you will not be eligible for incentives.
Is there any restriction of land routes through which exports under bond/UT-1 or rebate claim can be made to Nepal?
Notifications no. 42/2001-CE(NT) dated 26.06.2001 dealing with exports under bond/UT-1 and no. 19/2004-CE(NT) dated 6.9.2004 dealing with exports under rebate claim do not make any mention of any specific land routes for exports to Nepal. However you must take note of the notification no. 63/94-Cus (NT) dated 21.11.1994, as amended, which lists the Land Customs Stations (LCS) notified under Section 7 of the Customs Act, 1962. You can export to Nepal only through the notified LCS.
As indenting agents, we earn commission from our foreign principals. The Services Exports Promotion Council has advised us to obtain a Registration-Cum-Membership Certificate from them and claim Served from India Scheme (SFIS) benefits under the head distribution services. We are interested, provided we can use the SFIS scrips for payment of duties on import of tanning chemicals for our trading business. Can we do that?
Your services are not covered under Appendix-41 of the Handbook of Procedures, Vol.1 (HB-1), which lists the services eligible for SFIS benefits. Secondly, even if you get SFIS duty credit scrips, you can use them only for capital goods and consumables relating to your service sector.
We have obtained licence / authorisation under Post Export Promotion Capital Goods scheme. However, we are unable to get it registered with Customs because the same is not transmitted from the website of DGFT to ICEGATE. We are unable to file the EDI Bill of Entry under Scheme Code 34, as the system does not accept it. Our goods imported three weeks back are incurring demurrage. What to do?
Please approach the Commissioner with a request to file a manual Bill of Entry. If you apprehend further delay, to save on demurrage, you may ask for permission to move the goods to a public bonded warehouse under Section 49 of the Customs Act, 1962. Meanwhile, you may take up the matter with EDI section in the DGFT's office.
Source:-www.business-standard.com
Cadre Recast Only If Cbec Meets Tax Collection Target
Given that achieving the tax revenue target is critical to keeping the fiscal deficit within the budgeted level of 4.8% of GDP, the cabinet secretariat has told the Central Board of Excise and Customs (CBEC) that the proposed cadre recast of CBEC officials hinges on the board hitting the tax collection figure set for this fiscal. The indirect tax (excise, customs and service tax) target for 2013-14 is R5.65 lakh crore.
The cadre restructuring promises better career prospects for CBEC’s 20,000-strong staff and more secretary-level jobs in the department.
Sources privy to the development said that CBEC has given an undertaking — to meet the revenue target — to the cabinet secretariat in the form of a memorandum of understanding and is awaiting a decision by the Cabinet. Although the cost of the restructuring would only be about R2,000 crore a year, the government wants to ensure that every paisa it spends yields results. Official sources said the cost of hiring more officials is negligible compared to the revenue collected by the department, for which a stronger field force is vital. “We are not even getting replacements for officials who are retiring as the cadre restructuring proposal is pending,” said an official, who asked not to be named.
The direct tax collection target for 2013-14 is R6,68,109 crore, up 19.69% from last year. This now looks difficult as GDP growth has been lower than what the Budget pegged it at.
Following the CBEC’s MoU with the cabinet secretariat, one could expect more aggressive field staff at customs centres and excise evasion is likely to be checked more meticulously. A drive to step up service tax collection is already on.
Although missing the revenue target is a distinct possibility, going by the persistent slow growth in manufacturing, the CBEC's optimism stems from last year's trend of collecting more taxes in the second half of the fiscal. It collected 62% of the total central excise duty, 63%of service tax and 53% of the customs duty in the October-March period last fiscal.
The board is now paying extra attention on collecting tax arrears and tackling possible
Source:-www.financialexpress.com
India Allows Bangladesh To Import Motorcycles Through Land Route
NEW DELHI: India has allowed Bangladesh to import motorcycles through the land customs stations, a move that is expected to give a big leg-up to exports of country's two-wheel makers.
"Bangladesh had requested India and it has been permitted after inter-ministerial consultations," said a finance ministry official.
A decision to this effect was taken at the India-Bangladesh joint group of customs in Dhaka led by revenue secretary Sumit Bose and Ghulam Hussain, chairman of National Board of Revenue of Bangladesh, last week in Dhaka, the official said.
Motorcycle trade was allowed through the sea route but that pushed up costs in the local market in Bangladesh. This was one of the key demands of Bangladesh that has been met by India and motorcycles can now be shipped from Petropole and Agartala land customs stations.
Both sides have been scaling up land customs infrastructure to boost bilateral trade.
Bangladesh has also agreed to review the restrictions on goods that can be imported or exported through each land customs station as part of reciprocity.
New Delhi is developing integrated check posts, state-of-art infrastructure and all regulatory agencies under one roof at Agartala, Petropole and Dawki to be inaugurated in November 2013, 2014 and 2015, respectively.
Both sides have also agreed to open Petrapole land customs station on all seven days from next calendar year to help speedy clearance of cargo.
There are 53 land customs stations between Bangladesh and India. Both sides have identified 16 out of them as of 'high bi-lateral importance' to upgrade infrastructure. The meeting also agreed to allow cross border entry of trucks up to the land custom station for discharge of cargo and return. "This measure is expected to reduce time and costs for business community since, in its absence, the truck of the exporting country has to off-load the cargo onto the truck of the importing country at zero line (in the open), which is neither secure nor safe," the official said.
Both sides will also synchronise working hours and days at these land customs stations and New Delhi has decided to observe Friday as the weekly holiday as part of goodwill gesture.
Source:-economictimes.indiatimes.com
Winding up petition dismissed as Co. honoured all its obligations towards creditors and was financia
TP adjustment quashed as comparables chosen were improper due to functional differences and higher t
Indians, Chinese not saving enough for comfortable retirement: Study
According to the global professional services firm, workers in both countries are facing challenges accompanying increased life expectancies and post-retirement days, and they are at risk of not saving enough for a comfortable retirement. Given high rates of savings, it is hard to envisage a retirement crisis, but there are clear risks in translating them into a comfortable standard of living in retirement, the report said.
According to Towers Watson's Savings Attitudes Survey (India and China), approximately 90 per cent of workers in China and 80 per cent in India expect to retire at the age of 60 or less, with only moderate reductions in their spending power thereafter.
The most popular means of investment in India is purchasing gold or silver, with 41 per cent people considering buying jewellery a form of saving. In China, the most popular savings methods are bank deposits, mutual funds, pension plans, insurance products and equity investments. "Secure retirement benefits, whether mandatory or voluntary, are critical for an employee's future. With benefit costs ever increasing, employers need to facilitate retirement savings and raise awareness among employees by going beyond mere provision," Towers Watson India Benefits Director Anuradha Sriram said.
Sriram added "avenues such as the National Pension System will definitely attract employer attention as a sustainable retirement investment vehicle for employees going forward". The survey further said that in India, across age groups, "rising living cost" emerged as the single largest risk factor to live comfortably post-retirement. Housing and children's expenses (wedding/education) are the top two motivating factors for Indians above 35 to save. Moreover, there is a strong correlation between health status and financial decisions, it said.
INCOME TAX APPELLATE TRIBUNAL,CHENNAI BENCHES,CHENNAI.CONSTITUTION FOR THE WEEK COMMENCING FROM THE WEEK COMMENCING FROM 21.10.2013 TO 24.11.2013
INCOME TAX APPELLATE TRIBUNAL,HYDERABAD BENCHES,HYDERABAD.CONSTITUTION FOR THE WEEK COMMENCING FROM THE WEEK COMMENCING FROM 28.10.2013 TO 07.11.2013
Mess, hotel charges and laptops given to students not includible in value of ‘Commercial Training Se
Allowability of revenue exp. can't be judged merely on basis of treatment given to it in books: HC
Developing Geographical Information System software by converting raw data into Maps gets sec. 80-IB
Any exp. paid during year without TDS to be disallowed; Amritsar ITAT distinguished Merilyn Shipping
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