Further amendment in the notification of the Government It of India in the Ministry of Corporate Affairs, published :n the Gazette of India, Extraordinary, dated the 30th May, 2008 vide No. S.O. 1270(E), dated the 30th May, 2008
The assessee, who is a non-resident, brought money into India through banking channel and the manner in which this money was utilized in India is described in the Annexure. We have observed in the above paragraphs that because of the mode of banking channel, admittedly, used for the remittance in this case, the onus on the assessee u/s 69 stood discharged, and therefore it was not taxable in India u/s 5(2)(b) of the Act. The CBDT Circular (supra) squarely supports the case of the assessee. The fact that the transactions and events narrated in the Annexure look curious and suspicious makes no difference to the conclusions that we have drawn in this case, as per law, in the above paragraphs.
13. Amendment to the provisions of sub-section (3) of section 40A of the Income-tax Act 13.1 Clause (a) of sub-section (3) of Section 40A of the Income-tax Act, 1961 provides that any expenditure incurred in respect of which payment is made in a sum exceeding Rs.20,000/- otherwise than by an account payee cheque drawn on […]
The Finance Minister, in paragraph 89 of his speech, while presenting the Union Budget, 2007-08, had announced that the National Housing Bank (NHB) will introduce a reverse mortgage scheme for senior citizens. In pursuance of this announcement, some of the banks have already formulated scheme for reverse mortgage.
45. Commodities Transaction Tax 45.1 Chapter VII of the Finance Act, 2008 has introduced a new tax called Commodities Transaction Tax (CTT) to be levied on taxable commodities transactions entered in a recognized association. 45.2 ‘Taxable commodities transaction’ has been defined to mean a transaction of purchase or sale in a recognized association of – (i) […]
Some persons were exempt from tax and, therefore, not required to compute their income under the head “profits and gains of business or profession”. Upon withdrawal of exemption, such persons became liable to income-tax and hence were required to compute their income for income-tax purposes. In this context, dispute has arisen regarding the basis for allowing depreciation
Stockbrokers who have been taking advantage of the ambiguity in the Income Tax Act rules to reduce their tax payouts could be in for a rude shock. The Bombay high court has ruled that brokers cannot set off losses in the trading business against their other income and that these losses can only be neutralised […]
We have uploaded on this page latest Form 16 Salary Certificate & Form 16A TDs certificate in Excel Format which can be used by the tax Deductor to issue the same to deductee. Forms are easy to use.
In the case of one third of every mid cap company in India, the roles of the chairman and managing director or CEO were played by the same person. A majority of such companies (66%) do not have a policy for rotation for the members of their audit committees.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Appendix 2 (List of Export Promotion Councils/ Commodity Board) of the Handbook of Procedures.
