"07 March 2010" Archive

Amount eligible for tax holiday is specific to each undertaking of the Taxpayer: Chennai Special Bench

Scientific Atlanta India Technology Pvt. Ltd. (ITAT Chennai)

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 SB held that the amount eligible for tax holiday was specific to each un...

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Fees received on assignment of contractual rights not taxable: Authority of Advance Ruling

M/s Laird Technologies India Pvt. Ltd. (Authority for Advance Rulings)

The AAR held that the fee received by US Co from the Applicant is in the nature of business profits of US Co and the same is not taxable in India in the absence of US Co constituting a permanent establishment (PE) in India under the India-US tax treaty (Tax Treaty). Further, the Applicant is not required to withhold taxes under the Indian...

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Supreme Court rules write off of debt is sufficient for claiming bad debts

In a recent ruling Supreme Court in the case of TRF Ltd. on the issue of whether a taxpayer, while claiming deduction of bad debts in its return of income, is required to establish that the debts have, in fact, become irrecoverable. The SC held that post the amendment to Section 36(1)(vii) (Section) of the Indian Tax Law (ITL), for claimi...

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Budget 2010: Direct and Indirect Tax Proposals for Oil and gas Sector

Last year's budget had introduced an investment linked tax incentive for specified business including the business of laying and operating a cross country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of such network. One condition for availing this benefit was...

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Posted Under: Income Tax |

Major Highlights of Karnataka State Budget 2010 -11

VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year from 1.4.2010. Tax on Masala Powder Mixtures, Macaroni, Sports Trophies, Shields and Medals, all kinds of scrap, Electric generators of less than 15 KVA, railway concrete sleepers, school bags costing up to Rs 200, reduced from 12...

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Posted Under: Income Tax |

New Chinese Weapon: Currency

China has been the prime leader of 2009 in economic recovery competition. The stimulus package has helped china to have a GDP growth rte of 10% beyond the forecast of any economist across the world. China apart from stimulus package the undervalued Chinese currency has played the major role for the prolonged GDP growth of china in the pas...

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Posted Under: Income Tax |

Inflation Shadow is Part of Higher GDP

We have been hearing after the budget that increase in the limits of tax slab followed with some other measures which will result to increase the flow of funds on the street will spook inflation. It has now become caller tune of Indian economy. Before we get in to the platform of endless debate on this topic let us look into some invisibl...

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Posted Under: Income Tax |

CA Placement : Top Salary zooms to 70 lakh

Creating a record in its placement history, the Institute of Chartered Accountants of India (ICAI) has placed three of its candidates at a record salary of close to Rs 70 lakh with Singapore-based Olam International. This is the highest ever salary offered to fresh CAs recruited from the ICAI campus, the apex body that conducts the CA exa...

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Posted Under: Income Tax | ,

Remittance to Non-Residents and Frequently Asked Questions related to Withholding Tax Obligations and recent Challenges before Indian Revenue

The Indian income-tax law requires any person who makes remittance to a non-resident to withhold appropriate tax which corresponds to the income-tax liability of the non-resident. Essentially, there are three modes available to the remitter to determine the Withholding Tax (WHT) liability. The remitter could approach the Authority for Ad...

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Posted Under: Income Tax |

Search and seizure under the Income Tax Act, 1961

"Search and Seizure", the origin of these provisions will in a few years celebrate its golden jubilee. It was since 1956 that the provisions of search and seizure made its first entry into the Income Tax Act. Section 132 was totally substituted by the Finance Act, 1964. After section 132 underwent a through overhaul in the year 1976, to c...

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Posted Under: Income Tax |

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