"20 March 2010" Archive

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

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 [...

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Posted Under: Income Tax |

Union budget 2010 and impact on real estate industry

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...

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Posted Under: Income Tax |

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

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 implemen...

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Posted Under: Income Tax |

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

CIT Vs Aimil Ltd (Delhi High Court)

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 co...

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

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

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Posted Under: Income Tax | ,

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

(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...

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Posted Under: Income Tax | ,

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

Umicore Finance Luxembourg (Authority for Advance Rulings)

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)]....

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

Aramco Overseas Company B.V. (Authority for Advance Rulings)

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....

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How to make the arbitration mechanism truly effective?

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 Mechanis...

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Posted Under: Income Tax |

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

CIT Vs. Lokmat Newspapers (Bombay High Court)

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 busine...

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