"14 February 2010" Archive

Expenditure incurred by the assessee on leased premises, cannot be treated as capital expenditure and has to be allowed as Revenue expenditure

ACIT Vs M/s. SET India Pvt. Ltd. (ITAT Mumbai)

The finding of the Tribunal that 12.5% of net ad revenues is arms length price, was not challenged by the Revenue, we uphold the findings of the first appellate authority. Money received from a holding company with whom the assessee does not have any trading or business transaction cannot be considered as trading receipt....

Read More

Analysis of circular on refund of CENVAT credit under Rule 5 of CENVAT Credit Rules, 2004 and Problems faced by exporters

Background of the Circular:- CENVAT Credit Rules, 2004 ('CCR') permit availment of credit of excise duty on inputs and service tax on input services used for manufacture of dutiable goods or providing output services. In order to zero-rate the exports, Rule 5 of CCR provides that such accumulated credit can be refunded to the exporter sub...

Read More
Posted Under: Income Tax |

Summary of VAT notifications and circulars issued during the month of January 2010 in Delhi

Notification No. F.3(23)/Fin(T&E)/2009-10 (06/01/2010)

Section 74A dealing with the powers of the Commissioner to revise Orders passed earlier was introduced with effect from November 16, 2005. Provisions of the Section have now been made effective retrospectively from April 1, 2005. Extension of time limit for disposal of disputes pending under the erstwhile Delhi Sales Tax Act....

Read More

Summary of VAT notifications and circulars issued during the month of January 2010 in Punjab

Amendment to Notification No. S.O.21/P.O.5/2005/S.92/2005 (31/03/2010)

With effect from the quarter ending December 31, 2009, electronic submission of returns has been made mandatory for: * dealers claiming refund * dealers having transactions of inter-state sales and inter-state purchases, either presently or previously anytime under the VAT regime...

Read More

A Quick Reference Guide For those investing in share market

Risk Revisited :-When you invested, you did so with certain expectations about the performance of the company, the prospects of income from and/or the capital growth of the securities that you now hold, the corporate benefits that may accrue to you etc. While making that investment decision, you should have, obviously, taken note of and d...

Read More
Posted Under: Income Tax |

MMRDA may have to pay IT department Rs. 1,500 crore

Despite being partly a civic body responsible for developing essential infrastructural amenities, Mumbai Metropolitan Region Development Authority (MMRDA), because of its capital intensive deals for various projects, has come under the scanner of the Income Tax (I-T) department. Though the authority has sought exemption from income tax cl...

Read More
Posted Under: Income Tax |

Obama criticised American companies having their operations in India

American president Barack Obama has once again targeted American companies having their operations in India to save taxes back home and called such businesses tax evaders. "If you are a business here, entirely located in the US, and investing in the US, and hiring workers in the US, you are paying a 35 per cent rate," Obama said in an in...

Read More
Posted Under: Income Tax |

In pre budget wish-list Power sector want Tax incentives, stimulus packages and Special Tax benefits

This Budget needs to come up with measures that balance the high inflation and sustainable growth. The continuing fiscal problems and revenue deficit will force the budget to take stringent revenue making measures including looking at introducing or extending the stimulus packages to boost revenues," said G Bala Reddy, chairman and managi...

Read More
Posted Under: Income Tax |

Hospitality sector want tax holiday to extended to 10 years

Sushanto Roy, CEO, Sahara Prime City, has in a pre-Budget wish list of expectations said: "Given the pent-up demand for affordable housing which was discovered during the recent slowdown there is a need to reintroduce tax holiday under section 80IB for housing projects constructed after March 31, 2008." Tax holiday for hotels, under secti...

Read More
Posted Under: Income Tax |

Pre budget wish- Reduction in income tax rates

In a pre-Budget wishlist, Vinod Juneja, managing director, Braj Binani Group, said, "I expect the finance minister to target the GDP growth of at least 8% or higher for the next 3 financial years." "On tax reforms front, I would be very happy to see the reduction in individual income tax levels as it leaves the consumer with more spending...

Read More
Posted Under: Income Tax |

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031