tax benefit

It is indeed heartening to note that the tax rates applicable to non-resident corporates are sought to be brought at par with the domestic companies, to be taxed at the rate of 25 per cent. However, correspondingly, the concept of the branch profit tax is proposed to be introduced (which appears to be somewhat akin [...] Full Article

In India, the law is settled that tax avoidance is legal and evasion is not. A taxpayer may create a device to arrange his commercial affairs to minimise his tax liability and its acceptance is based on operation of law. While revenue authorities are entitled to decipher the true meaning of a transaction, they cannot [...] Full Article

Having given tax holiday to builders, Finance Minister Pranab Mukherjee today warned that if the incentives are not passed on to the consumers the same may not be extended in future.  “I expect the developers to pass on the benefit of the tax holiday to the home buyers. It should reflect in the prices. Unfortunately it happens in [...] Full Article

20. Five year tax holiday to hospitals located in certain areas 20.1 Sub-section (11B) of section 80-IB provides for a tax holiday for five consecutive assessment years, beginning from the initial assessment year, to an undertaking deriving profits from the business of operating and maintaining a hospital in a rural area. The undertaking is required [...] Full Article

SUMMARY OF CASE LAW The prescription of section 80-IA shall not apply to a person who executes work contracts entered into with an undertaking or enterprise. CASE LAW DETAILS Decided by: ITAT, CHENNAI BENCH `A’ : CHENNAI In The case of: ACIT v Indwell Lianings Pvt. Ltd. Appeal No. : ITA Nos. 1631 & 1632 [...] Full Article

The recent notification of the Central Government to reduce service tax and excise duty by two per cent is not expected to come to the rescue of the hospitality industry in the current time of despair. The Government directive will only be applicable to the hotel rooms and the banquet and convention facilities. Full Article

If you have receipts of house rent allowance and if you are paying rent, exemption u/s 10(13A) will be available. Section 24, which allows a deduction in respect of interest on capital borrowed for purchase/construction of a house property, permits this deduction for the interest that relates to the previous year in which the property is acquired or constructed. Full Article

It’s time to do your tax-saving investments with March 31 just a month-and-a-half away. Given the volatility in the market, investors are taking a cautious approach towards equity-linked savings schemes, say financial advisors. In these uncertain times there are some options available in the fixed-returns space such as tax-saver fixed deposits, LIC Jeevan Aastha and [...] Full Article