Although the length of the Code is much compact with 285 sections, relationship between various sections, clauses, sub-clauses and Schedules makes one wondering from where to start. Should one start reading with Income from Employment or Capital Gain? Or should one start with the Schedule containing the definition clause? Having read it various times, one is still not clear about its ultimate impact on the final tax liability. Such problems arises for two reasons:
Hence, no income from offshore supplies accrues or arises or can be deemed to accrue or arise to the Applicant in India under the Indian Tax Law (ITL). The AAR also ruled that the Applicant does not have a Permanent Establishment (PE) in relation to offshore supplies. Therefore, no part of income from offshore supplies can be said to be taxable in India.
CBDT on Friday directed its field formation to levy the highest penal rate of tax on TDS (tax deducted at source) defaulters.Following a sharp shortfall in revenue from TDS collection, the Income Tax Department has launched a massive drive across the country to detect and inquire into TDS payments of companies and especially on payments made and salaries disbursed.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s / service provider’s point up to the retailer’s level i.e. up to the last level in the chain. It is essentially a tax only on value addition at each stage. The whole structure is devised in such a way that only the final consumer should bear the tax.
Indian companies with a majority foreign shareholding will not get relief from the stringent norms that govern their contributions and donations within the country. A Parliamentary Standing Committee on Home Affairs had recommended relaxing the rules that prohibited Indian companies with more than 50 per cent foreign shareholding from donating money or providing hospitality overseas (like paying for travel, boarding, transport and medical treatment abroad) to individuals and companies within the country.
Finance Minister Shri Pranab Mukherjee has asked Indian Revenue Service officials to consider tax payers as important stakeholders in nation building and to administer taxes with a human approach. He was addressing the 63rd batch of IRS trainees last evening.
In an oral judgement pronounced today 12th March 2010, the Court held that while “works contracts” were subject to TDS under section 194C, “sales contracts” were not. It upheld the arguments of the pharmaceutical companies that the contract manufacturing agreements entered into by them with other manufacturers amounted to a “sales contract” which was not liable to TDS u/s 194C.
Notification No. 15/2010-Income Tax S.O. (E).- In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby declares that any income arising to Sinclair Knight Merz Pty Limited(M/s SKM), Australia having its office at 100, Christie Street, P.O. Box 164, St. Leonards, New South Wales, AustraIia-2065 by way of fees for technical services received
Pledge of shares is a common practice adopted in the securities market by investors and intermediaries to raise finance. Banks and financiers have their own method of advancing money in pledge transactions. They keep a margin against the quotations of the shares. S 172 of the Indian Contract Act, 1972 defines pledge as bailment of goods for payment of debt or performance of promise.
White Butter, Butter oil, Anhydrous Milk Fat upto an aggregate of fifteen thousand metric tonnes of total imports of such goods in a financial year.
