"21 September 2010" Archive

Mode of filing income tax return for taxpayers liable to Tax Audit

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...

Read More
Posted Under: Income Tax |

Loss on dividend stripping transactions cannot be disallowed for years prior to introduction of specific anti-avoidance provisions

CIT Vs M/s. Walfort Share & Stock Brokers P. Ltd. (Supreme Court of India)

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....

Read More

Treatment of unabsorbed depreciation of financial year 1996-97 to 2000-01

The DCIT Vs M/s Times Guaranty Limited (ITAT Mumbai)

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....

Read More

EPCG scheme cuts visits to licence office

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...

Read More
Posted Under: Income Tax |

TDS on foreign remittance deductible only if tax is assessable in India

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...

Read More
Posted Under: Income Tax |

Discount allowed on sale of Sim Cards is nothing but commission and TDS is applicable under section 194H of Income Tax Act 1961

Vodafone Essar Cellular Ltd. Vs. ACIT (Kerala High Court)

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 positio...

Read More

DTC propose to tax companies and individuals on income arising from investments overseas

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....

Read More
Posted Under: Income Tax |

Items excluded from Capital Market Exposure

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 p...

Read More
Posted Under: Income Tax |

Appointment of Arbitrators and making the Domestic Arbitration Mechanism effective and affordable?

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...

Read More
Posted Under: Income Tax |

Processing of departmental litigation before Courts / Tribunal- reg

Circular No. 935/25/2010- Central Excise 21/09/2010

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 ...

Read More

Search Posts by Date

February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728