surcharge

Notwithstanding anything contained in this Act, there shall be levied and collected on the taxable turnover of a dealer registered under this Act other than a retailer in lump-sum composition with the department, an additional tax, in the nature of surcharge, which shall be calculated at the rate of five per cent of the tax, payable by him: Full Article

New perk rules :- Under the new perquisite rules, a distinction is to be made between the car owned by the employer and the car owned by the employee, as the value of the tax perquisite in the two scenarios varies considerably. Even though there could be different permutation and combination, under which the car benefit could be provided by the employer to the employee, this article primarily focuses on two scenarios where the car is either owned by the employer or emplo.. Full Article

Levy of sales tax on a higher percentage on ‘superior kerosene oil' (SKO) (also called white kerosene oil) and also levy of resale tax and surcharge on it by Tamil Nadu Government have been upheld by the Madras High Court. The attack by dealers that levy of different rates for same commodity was discriminatory was turned down by the Court which ruled that such allegation of discrimination would “amount to questioning legislative policy of the State to tax a particula.. Full Article

Finance minister made many changes in rules and section related to TDS in his Final budget presented in July 2009 which resulted in change in TDS rates which created confusion on applicability of surcharge and cess on TDS. It also created confusion about the date of applicability of 20% rate of TDS when PAN not given. In his Budget finance minister made most of the provisions applicable from 1st October 2009. We are presenting below the TDS rates from 01st October 2009 t.. Full Article

Finance Act (2) of 2009 comes with major amendment in TDS provisions, where it withdraws additional deductions of surcharge and cess for Non-Salaried, Resident Payments. This would give a slight relax to the deductors in calculating the rate of tax. Applicable only on Non-Salaried, Resident Payments.The withdrawal of Surcharge and Cess is applicable only for Non Salaried payments, made to Indian Residents. Full Article

SUMMARY OF CASE LAW The benefit of lesser rate of tax conferred by the proviso to section 112(1) of the IT Act, 1961 can be invoked by a non-resident foreign company as well; the expression” before giving effect to 2nd proviso to section 48″ cannot be construed as a condition precedent for invoking the proviso [...] 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

SUMMARY OF ADVANCE RULINGS The proposed partnership firm to be formed by the Canadian company can be assessed as a firm under the Income-tax Act, 1961 provided the requirements of section 184 are complied with; the said firm shall be liable to tax @30 per cent plus applicable surcharge and cess in accordance with paragraph [...] Full Article