STT

Net direct tax collections during first eight months of the present fiscal (up to November 2009) stood at Rs.1,83,822 crore, up from Rs.1,77,251 crore in the same period last fiscal, registering a growth of 3.71 percent. Growth in Corporate Taxes was 3.17 percent (Rs.1,13,210 crore as against Rs.1,09,735 crore), while Personal Income Tax (including STT, and residual FBT and BCTT) grew at 4.53 percent (Rs.70,262 crore as against Rs.67,215 crore). Full Article

The Income-tax Appellate Tribunal (“the Tribunal”)  , in the case of First State Investments (Hongkong) Ltd. A/c  First State Asia Innovation and Technology Fund1 (“the  assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject  to Securities  Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of [...] Full Article

Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to UK-based Fujitsu Services, AAR said the company should also be given an option of paying tax at [...] Full Article

Section 98 of Chapter VII of Finance (No.2) Act, 2004, provides for charge of securities transaction tax (STT). It was provided that in the case of sale of a derivative, where the transaction of such sale is entered into in a recognized stock exchange, the securities transaction tax will be at the rate of 0.017 [...] Full Article

Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in income. Certain activities may cause losses too. It would be unfair to tax a person on his income, while ignoring the loss. In recognition of this principle, there are elaborate [...] Full Article

In the wake of the Satyam fiasco, the Income-Tax department now wants more manpower and technical assistance for its investigation wing and closer scrutiny for TDS returns. The department, in its recent report being prepared for cadre review and restructuring, being done after eight years, will submit these suggestions to the government. “With the recent [...] Full Article

Are you a cab operator??? Are you aware that there is service tax liability on Rent-A-cab service? In this article we have made an attempt to provide a brief of this entry. At the outset, rent as defined in the Advanced Law Lexicon means “money paid for the occupation or use of something for a [...] Full Article

INCOME TAX CIRCULAR NO-2/2008, Dt: February 22, 2008 Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/12/2007, has decided to permit all classes of investors (individuals, institutional, etc.) to short sell. Further, with a view to provide a mechanism for borrowing of securities to enable settlement of securities sold short, SEBI has also decided to put in place a full-fledged Securities Lending and Borrowing (SLB) Sche.. Full Article