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We hv decided to send you all the amendment applicable for MAY2011exams from 1st week of Feb(after Results of both Final&PCC/IPCC)
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Income Tax - PGBP

*Exp4replacing electric panel is not current repairsU/s31[S.T.N.TextileLtd(SC)]
*Purchase ofNewTransformer of existingP&M4smooth running of Business=RevenueExp

Income Tax - PGBP

W.e.f. A.Y. 2010–11, Sum received or receivable (in cash or kind) on account of any Capital Asset (other than Land or Goodwill or Financial instrument) allowed as deduction u/s 35AD, being demolished, destroyed, discarded or transferred.

Agricultural Income

*Fee collected4allowing cattle2graze on forest lands of spont.growth
*Compensatn recvd frm InsurancCompany due2damage of tea garden frm hailstorm

Agricultural Income

*Rent4AgriLand recvd frm tenant or sub-tenant
*flowers&creepers
*sale of re-planted trees
*plants&seedlings grown in pot
*growing mulberry leaves

Non-Agricultural Income

*Income from sale of forest trees of spontaneous growth.[Maharajadhiraj Sri Kameshwar Singh (SC)]
*Remuneration of fixed % of Net Profit received by Managing Agent from a company earning Agriculture Income.[Premier Construction Co.Ltd (PC)]

Non-Agricultural Income

*Dividend paid by comp from its Agri Income
*Intt on arrears of rent payable4AgriLand
*Intt recvd by money-lender in form of agriculture produce

Non Agriculture Income

Non-AgricultureIncome
*Fisheries
*water supply4irrigation
*mining royalty
*sale of earth4brick making
*StoneQuarries
*Dairy/poultry farming
*growing mulberry leaves&feeding them to silkworms&obtaining silk cocoons
*Salt Production
*Transfr of urban agricultural land
*rental income frm farmhouse gvn for non-agri purpose

Income Tax

Sec9(1)
Intt,Royalty&Fees4Technical services is taxable in the hands of Non-resident,evenif he has no residence,place of business or business connectn in India

Income Tax

Receipt from transfer of know-how&technical info in the form of dossier under sale & purchase of technology is not chargeable to tax in India
Pfizer Corporation

Income from House Property

Refund of Municipal Tax paid,which was already allowed as deduction in computation of AV,shall not be taxable
INDIA AUTOMOBILE LTD(Cal.)

Agriculture Income

Agriculture Income of minor son of assessee has2b included in income of assessee4purpose of determining rate of tax
SURESH CHANDRA TALERA Vs UOI (MP)

Income Tax

Mr.A sales managr gets salary+commission on sales vol effectd by him.No deductn is allowable of exp incurred for this commission
R.RAJENDRAN(Mad.)

Income Tax

Excess of value of property as per seized diary,over value as per books of a/c is deemed to be undisclosed income
RAMILABAEN RATILAL SINGH(Guj.)

Income Tax

Material supplied byContrctee atFixedCost2CivilConstructn contractr shal NOT b included in computatn ofGrossRecpt ofTurnovrU/s44AD
BrijBhushnLalPardumanKumar.SC

ICAI News - Exam Dates

Next Exams of PCE, IPCE & Final will be held from 2nd May 2011 to 16th May 2011.

Announcement May - 2011 CA Examinations - (14-01-2011)

Notification May - 2011 CA Examinations - (14-01-2011)