taxation

Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retained at existing levels even as finance minister Pranab Mukherjee expressed concerns about challenges facing the economy.In their customary pre-Budget meeting with Mukherjee, industry leaders also demanded that healthcare services be kept outside service tax ambit, and privatise coal mines. Full Article

In case , one earns income which suffers tax outside India, the Income Tax Act has clear provision of relief from such double taxation. The relevant provision are contained in section 90 and section 91 of the I T Act. Section 90 is applicable for the cases when the tax has been paid in a country with which India has signed comprehensive double taxation avoidance agreements. There are Double Taxation Avoidance Agreements with as many as 79 countries .Comprehensive agreeme.. Full Article

Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. However while computing tax on non-agricultural income agricultural income is also taken into consideration. Full Article

Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double taxation agreement. Talks are going on, Mukherjee told PTI when asked whether the government is looking at the possibility of imposing levies on inflows from tax havens. Full Article

Who is Non Resident Indian (NRI) as per Income Tax Act and as Fema Provisions? TDS will be deducted only on those incomes of Non Resident Indians (NRIs) which are liable to tax in India. If the income is tax free in India like long term capital gains from equity shares, there would be no TDS. Another important thing to remember is that you should be an NRI at the time of receiving the income. For instance, you may have purchased a long term debenture of a company whil.. Full Article

Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public domain and will be a collector's item. These will have no extra price, a senior Finance Ministry official said. The special coin was unveiled along with a coin in the denomination of Rs 150 on the occasion of completion of 150 y.. Full Article

India signed Tax Information Exchange Agreements (TIEA) with various countries to avoid tax evasions and fiscal frauds such as money laundering. Talking to mediapersons onboard the aircraft while returning from Paris after attending the G-20 summit, Finance Minister Pranab Mukherjee said: "India has initiated negotiations with other countries to prevent the black money from being stashed in foreign banks. Full Article

November 2010 suggested, Download Suggested Answers, Download Suggested papers, ICAI suggested, PCC suggested, Suggested for November 2010, Professional Competence Course, PCC, ICAI, Cost Accounting and Financial Management, Taxation, Information Technology and Strategic Management, Advanced Accounting, Auditing and Assurance, Law, Ethics and Communication Full Article