In the case of TRF Limited vs. CIT (Supreme Court) Supreme Court had to consider whether after the amendment to s. 36 (1) (vii) w.e.f. 1.4.1989, an assessee had to establish, as a matter of fact, that the debt advanced by the assessee had, in fact, become irrecoverable or whether writing off the debt as irrecoverable in the accounts was sufficient. HELD deciding in favour of the assessee:
The Income-Tax (I-T) department in Mumbai is summoning CEOs and CFOs of mid-size companies with the objective to communicate to them that anything less than the full payment of advance taxes will not be acceptable. I-T department sources said a face-to-face interaction helps in gauging the exact amount of tax payable by companies.
The Income Tax (IT) department’s decision to collect IT from the land losers getting compensation above Rs one lakh from Essar Steel for the company’s pelletisation project at Paradeep has paralyzed the land acquisition process. Land losers have threatened not to concede even an inch of land if the collection of IT is not stopped.
Many of the biggest names in Corporate India are telling the Reserve Bank of India (RBI) not to clamp down on currency derivatives — financial products that have baffled firms that never understood the risks and sparked court feuds with banks which sold them.
Every domestic company is liable to pay a Dividend Distribution Tax @15% on the amount declared, distributed or paid by such company by way of dividends. The effective rate of tax works out to16.995%. The proposed Direct-tax Code also contains similar provision. The only exception is when the dividend is received by a domestic company from its subsidiary.
What is the Budget? Why is it so important? Why does it affect all of us? And, above all, how does one interpret the budgetary lingo flying around? Union Budget is the annual report of India as a country. It contains the government of India’s revenue and expenditure for the end of a particular fiscal year, which runs from April 1 to March 31.
Union Budget is the Annual Financial Statement of India presented every year on the last working day of February. This time, however, the Union Budget will be presented on February 26, as February 28th is a Sunday. Also, since the stock market is closed on Saturday (Feb 27), the finance ministry decided that the Budget should be presented on a day when the markets are open so as to gauge the reaction of the market players. Thus, Budget will be presented on February 26 this year.
In this era of increasing fees, the education of children has become a major component of financial planning. It is important that parents start planning early to ensure that there are no hiccups at the final stages of there child’s education. And that implies planning well in advance. Some points that will help in this planning are as given below:
Shield Plus is a fixed term, 10-year, single premium, unit-linked insurance plan (Ulip) that gives a choice of six fund options. Quite like, most other products in the same genre. The main difference here is that this plan also has a fund called Shield Plus-I, which offers a guaranteed minimum unit price on maturity. The sum assured can be 1.1 or five times the single premium paid.
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on February 12, 2010, Government has approved 12 Proposals of Foreign Direct Investment amounting to Rs. 1045.611 Crore approximately.
