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Archive: 20 March 2010

Posts in 20 March 2010

Income deemed to accrue or arise in India to non residents: Budget 2010

March 20, 2010 754 Views 0 comment Print

The question / dispute has been arising that where the Non-resident has rendered services from outside India whether the source of income shall be considered to be lying in India for the purpose of Section – 9. This dispute was settled by Hon’ble Supreme Court of India in the case of Ishikawajima-Harima Heavy Industries Ltd. vs. DIT [2007] 288 ITR 408. The Hon’ble Supreme court has held that to tax the income from fees for technical services, the services must be utilized in India as well as must be rendered in India.

Union budget 2010 and impact on real estate industry

March 20, 2010 447 Views 0 comment Print

Interest subvention on housing loans: A scheme was introduced by the Finance Minister in Union Budget of 2009-10, wherein an interest subvention of 1% was available on housing loans of upto INR1 million, provided the cost of house does not exceed INR2 million. This scheme has now been extended till 31 March 2011. The Finance Minister has allocated a sum of INR7 billion towards the project in year 2010-11.

Budget 2010 and its Impact on Information technology (IT) industry

March 20, 2010 1075 Views 0 comment Print

Budget 2010 proves to be a mixed bag for the IT industry. From a Technology Policy stand-point, the resolve of the Government in setting up a ‘Technology Advisory Group’, to look into various technological and systemic issues for effective tax administration and financial governance (for certain unique e-governance projects, GST implementation, tax administration, etc), is very welcome.

Employees PF eligible for extended time limit given in sec 43B

March 20, 2010 11558 Views 0 comment Print

CIT Vs Aimil Ltd – It was held that if the employees contribution is not deposited by the due date prescribed under the relevant Act and is deposited late, the employer not only pays interest on such delayed payment but could incur penalties also. Those Acts permit the employer to make deposit with some delays. Therefore, these amounts could not be disallowed under section 43B

Applicability of relevant Corporate Laws for the CA Final (Old & New Course) – May 2010 Examinations

March 20, 2010 411 Views 0 comment Print

Applicability of relevant Corporate Laws for the CA Final (Old & New Course) – May 2010 Examinations

Tax rate for AY 2011-12 on Income, Dividend, Wealth, MAT, STT, Capital Gain & Presumptive Income

March 20, 2010 113455 Views 0 comment Print

(a) In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000. (b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000 (c) Surcharge is not applicable (d) Education cess is applicable @ 3 percent on income-tax

No capital gains on conversion of partnership into private limited company irrespective of subsequent change in the shareholding : AAR

March 20, 2010 3639 Views 0 comment Print

No capital gains are accrued or arisen at the time of conversion of partnership into a private limited company under Part IX of the Companies Act, irrespective of subsequent change in the shareholding of such company [Umicore Finance Luxembourg (AAR No. 797 of 2009)].

Taxability of Non-resident on services rendered in India on purchase – AAR

March 20, 2010 715 Views 0 comment Print

This Article summarizes a recent ruling of the Authority for Advance Rulings (A.A.R. No. 825 OF 2009) in the case of Aramco Overseas Company B.V. (Applicant) on the issue of taxation of procurement support services rendered by the Indian liaison office (Indian office) of the Applicant.

How to make the arbitration mechanism truly effective?

March 20, 2010 565 Views 0 comment Print

With a very laudable objective of speedy disposal of cases, Alternative Dispute Resolution Mechanism (ADR) is mooted. Among the modes of Alternative Dispute Resolution Mechanism, Arbitration is most discussed issue always as many agreements or contracts contain an Arbitration Clause now-a-days. The difference between Arbitration Mechanism and the adjudication through Civil Court etc. issues can be summed up as follows:

Speculative loss of earlier years can be set off against profit earned on delivery-based share trading or deemed speculative business profit

March 20, 2010 959 Views 0 comment Print

CIT vs. Lokmat Newspapers (Bombay High Court) (Income Tax Appeal No 3005 of 2009). Speculative loss incurred in earlier years by a company can be set off against profit earned on delivery-based share trading transactions. The HC held that since the business of delivery-based share trading transactions is deemed to be a speculative business for a company, such set off is permissible.

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