As per the Income-tax Rules, 1962 (Rules), a return of income which is required to be filed electronically can be filed either under a digital signature or by transmitting the data in the return electronically and thereafter submitting the signed ver
S. 94(7) was inserted prospectively w.e.f. 1.4.2002 to disallow dividend stripping losses. If the argument of the Revenue that even transactions prior to s. 94(7) can be disallowed is accepted, it will render s. 94(7) redundant and also lead to anomalous results.
the unabsorbed depreciation relating to assessment year 1997-98 to 1999-2000 is to be dealt with in accordance with the provisions of section 32(2) as applicable for assessment year 1997-98 to 1999-2000.
In the annual supplement to the Foreign Trade Policy 2009-14 (FTP), the commerce ministry introduced the annual Export Promotion Capital Goods (EPCG) scheme, as a measure of simplification and facilitation. The scheme reduces the need to approach the
A dispute often arises when the payer of the amount to the non-resident feels that the amount to be remitted by him is not recipient’s income chargeable under the Indian Income-tax Act. Should the payer in such a case deduct tax at source? It was bel
Vodafone Essar Cellular Ltd. v. ACIT On this issue, the Kerala High Court observed that it was the SIM card which linked the mobile subscriber to the assessee`s network. Therefore, supply of SIM card by the assessee-telecom company was only for the purpose of rendering continued services to the subscriber of the mobile phone. The position was the same so far as recharge coupons or e-topups were concerned which were only air time charges collected from the subscribers in advance under a prepaid scheme.
The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies (CFCs). The rules on CFCs, proposed under the Direct Taxes Code, are aimed at ensuring that all companies and individuals pay tax on income arising from investments overseas.
On a review, it has been decided to include the National Payments Corporation of India. (NPCI) and United Stock Exchange of India Ltd.(USEIL) as part of institutions forming crucial financial infrastructure. Accordingly, banks’ investments in NPCI and USEIL will also be excluded from the aggregate Capital Market Exposure ceiling of 40 percent of net worth and direct investment ceiling of 20 percent of net worth, till they are listed. After listing, the exposure in excess of the original investment (i.e. prior to listing) would form part of the Capital Market Exposure.
Arbitration in India was earlier governed by the Indian Arbitration Act, 1859 with limited application and the Second Schedule to the Code of Civil Procedure, 1908. Then came the Arbitration Act, 1940. Section 8 of that Act conferred power on the Cou
It has been the constant endeavor of the Board to streamline the procedures relating to processing of departmental litigation before the Supreme Court, High Courts and CESTAT. Several circulars/ instructions have been issued by the Board, in the past, in this regard prescribing the procedure to be followed and precautions to be taken by the field formations. However, it has been observed that more than 50% of the proposals received by the Board suffer from infirmities including delays beyond limitation period.
