STI NEWS;Remuneration to partner allowed Even Partnership deed not specified Amount:HP High Court” plus 2 more

STI NEWS;Remuneration to partner allowed Even Partnership deed not specified Amount:HP High Court” plus 2 more

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• Remuneration to partner allowed Even Partnership deed not specified Amount:HP High Court
• TAXMAN 'GIFTED' INDIA RS 72,000 CR
• GOVT TO SOON NOTIFY 'SUGAM' IT FORM FOR SMALL TAXPAYERS

Remuneration to partner allowed Even Partnership deed not specified Amount:HP High Court Posted: 13 Apr 2011 04:13 AM PDT CBDT Circular which specifies that for s. 40(b)(v), the partnership deed should specify the remuneration, is invalid The assessee, a firm, provided by the partnership deed that its partners would be "working partners within the meaning of s. 40(b)" and "be paid a monthly salary as per the income-tax provisions". The AO relied CBDT Circular No. 739 dated 25.3.1996 and held that because the deed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

TAXMAN 'GIFTED' INDIA RS 72,000 CR Posted: 13 Apr 2011 04:10 AM PDT The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here. "The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers in the fiscal year 2009-10 against Rs 57,000 in the previous financial year," Chandra said addressing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

GOVT TO SOON NOTIFY 'SUGAM' IT FORM FOR SMALL TAXPAYERS Posted: 13 Apr 2011 04:06 AM PDT The Finance Ministry will soon unveil the simpler income tax return form 'Sugam', which is aimed at reducing compliance burden on small businessmen and professionals. "Sugam is currently being examined by the Law Ministry and will be notified soon," a Revenue Department official said. Finance Minister Pranab Mukherjee in his budget speech for 2011-12 had announced the new simplified return form... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

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