- Sunday, January 3, 2010, 14:32
- Income Tax Case Laws
- 10 views
The profits derived from business of providing services in connection with the prospecting for or extraction or production of mineral oil are squarely and exclusively governed by Section 44BB, irrespective of the nature of services, provided the services are intimately connected to Prospecting and exploration of oil. Therefore the ruling in P6 of 1995 cannot be called in aid by the Revenue to sustain its plea.
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- Tuesday, December 1, 2009, 2:31
- Income Tax
- 1 views
The finance ministry has rebuffed the petroleum ministry's recent proposal to give income tax breaks to entities producing natural gas under exploration permits given during the first seven rounds of Nelp (national exploration licensing policy). Explorers like ONGC, RIL and Essar were hoping to book tax-free profits from those blocks.
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- Tuesday, November 24, 2009, 1:03
- GST
- 1 views
Threshold:Different thresholds have been proposed, Rs 10 lakh for SGST (lower for some underdeveloped states), Rs 1.5 crore for CGST for goods and a lesser amount (not indicated as yet) for services. Thus, there will be four thresholds which has been criticised by several analysts but one must remember it is different in many developed countries as well.
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- Wednesday, September 9, 2009, 0:41
- Income Tax
- 0 views
Under the existing provisions of Section 44BB of the Act, which has non-obstante clause overriding the other provisions of the Act, non-resident service providers to oil & gas industry enjoy a tax regime wherein 10% of the gross receipts are deemed to be their income and tax is levied at the rate of 42.23% on [...]
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