The issue before the SB was that, while computing the amounts eligible for tax holiday under the Indian Tax Law (ITL), whether the losses of an undertaking of the Taxpayer which is not eligible for tax holiday (Non-eligible Undertaking), are required to be set off against the profits of another undertaking of the Taxpayer which is eligible for tax holiday (Eligible Undertaking)
The greatest advantage of new GST regime is that it addresses fully the concern of tax cascading. Presently tax cascading is found in both- central and state taxes as the exempt sectors of economy (trade, oil etc) are not allowed to claim any cenvat credit of indirect taxes. It neither happens in excise duty nor in state value added tax. Also, on inter state sales, central sale tax (CST) is collected by the origin state for which no credit is allowed by any Government.
A number of representations have been received regarding deduction under Section 80 CCD for contribution made under pension scheme in the light of Circular No-1 /2010 dated 11th Jan’2010 issued on the subject of Deduction of Tax at Source etc.
ORDER NO. 1/FT&TR/2010-Income Tax In supersession of Order No. 173/2009, dated 30th November, 2009 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel(DRP) comprising of three Commissioners of Income-tax/Director of Income-tax as Members of DRP at the places given below with immediate effect and until further orders.
A person who writes a will cannot provide that if there was a dispute among the successors, it should be resolved through arbitration. It would be merely an expression of a wish by the testator that the dispute should be settled by arbitration and cannot be considered as an arbitration agreement among the legatees, the SC stated in the case, Vijay Kumar Sharma vs Raghunandan Sharma. In this case, two sons of the testator sued each other over the will, one of them alleging it was a fake.
When there are two partners, and one of them dies, the firm is automatically dissolved even if there is clause in the partnership deed that the firm will continue in existence. In the case, Mohd Laiquiddin vs Kamala Devi one party claimed that the partnership continued though one partner had died.
The Goregaon (E) police has booked the vice-president of the finance department of a multinational bank in a case of sexual harassment. The 26-year-old victim is a chartered accountant who works in the same department as the accused. The victims ordeal began on December 18, 2009, when her firm shifted its location from Lower Parel to Goregaon (E).
As is now well known, the Empowered Committee of State Finance Minister (EC) had, in November 2009, issued a First Discussion Paper (Paper) on the dual Goods and Service Tax (GST). This paper had set out the EC’s views on the nature of the dual GST, its coverage, the manner of its applicability, its coverage and on several other design aspects of the GST as well, including on treatment of inter-state supplies of goods and services.
Existing Income-tax Act provides that income earned by a non resident by way of ‘Royalty’ or ‘Fees for Technical Services’ (FTS) shall be charged to income tax at 10 per cent. The rates of tax in most of the Tax Treaties are also 10 per cent in respect of income from Royalty or FTS. Recently, India has signed tax treaties with several countries, eg:
Home loan frauds may become a thing of the past with the country moving closer to a central registry for equitable mortgages. Once a central registry is in place, it would be virtually impossible for a borrower to raise loans twice against the same property or raise loans using forged documents.
