Sachin Tendulkar allowed deduction u/s 80RR on advertisement Income as an actor

1 comments Tuesday, May 24, 2011

MUMBAI: An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements.

The two-member tribunal, which gave its order on May 20, upheld the cricket legend's argument that he was an 'actor' while appearing in commercials.

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No penalty u/s 271B if assessee is under bonafide belief that his turnover doesnot exceed audit limit-Delhi ITAT

Delhi ITAT in a case namely Saurabh Kumar Agarwal Vs. Income tax Officer (2011) ISI C-184 Del. (Trib.) has held that where an assessee is under a bonafide belief that his turnover doesnot exceed  audit limit and therefore doesn’t get his accounts audited then it will form a reasonable cause for his failure for not obtaining the audit of his accounts u/s 44AB and hence no penalty u/s 271B can be levied.

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Punjab VAT- Uploading of information on bills made optional- news

There is a news that uploading of information relating to certain sale bills which has been made compulsory by Punjab Govt as per a public notice, has been made optional instead of being compulsory. This  was to be made compulsory w.e.f 01-06-2011, but now as per a news in a newspaper it has been made optional. The news is produced herebelow for ready reference

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