Wrigley India Private Ltd. v ACIT (ITAT Delhi)- Whether the Tax Officer has, inter alia, erred in disallowing the claim of brought forward losses and unabsorbed depreciation of the Taxpayer post amalgamation? The Tribunal agreed with the position taken by the Taxpayer by holding that: – The conditions specified in Section 72A(2) of the IT Act are applicable only when amalgamating company has brought forward losses and unabsorbed depreciation. However, in the Taxpayer‟s case, the amalgamating company does not have brought forward losses and unabsorbed depreciation and hence, the provisions do not apply
Pakistan maintains a ‘Positive List’ of 1945 items which are allowed to be imported from India. Under SAFTA, Pakistan operates a sensitive list (negative list) of 1169 items. This issue is being discussed at the ongoing rounds of bi-lateral trade talks between India and Pakistan. At the Commerce Secretary level talks in April 2011, Pakistan side has in-principle agreed to move from ‘Positive List’ to ‘Negative List’ trade regime. Pakistan has also recognized that grant of MFN status to India would help in expanding the bilateral trade relations.
1 .How a cooperative housing society can be formed? An application for registration in Form No. 1 should be signed by 60 members who are forming the society. Along with the application the following documents should also be filed. Four copies of the proposed byelaws duly signed by each of the signatory to the application.
Firm is not entitled to exemption – A firm is not entitled to exemption under section 54 – CIT v. K. Gangiah Chetty & Sons [1995] 214 ITR 548 (Mad.). Tax authorities must determine extent of appurtenant land – The expression ‘land appurtenant thereto’ under section 54 has also a secondary meaning as equivalent to ‘usually enjoyed or occupied with’. There is no indication that the Legislature used the above expression in section 54 limiting its sense and meaning artificially to any particle extent.
In this Article we are discussing below the frequently asked question by taxpayers on Income Tax related to Taxable Income, General Question, Tax on Income, Return of income, PAN, Salary Income, Income from House property, Income from business and Profession, Capital Gains, Tax Deduction at Source and Assessment which will provide an insight to the laymen on income tax provisions.
CIRCULAR NO. 145/14/2011-ST It is well known that in our country, Chambers of Commerce, Export Promotion Councils (EPC), some Trade Associations have been authorised by the Government to issue COOC to the exporters. General practice followed is that the exporter makes an application to the Chamber or any authorised agency for issuance of COOC, in the prescribed form, along with a copy of commercial invoice and other documents and pays the prescribed fees. On the basis and verification of the information provided in the application for COOC and the supporting documents with reference to the goods sought to be exported, the Chamber or the authorised agency issues a COOC.
While it is ideal to have a unified admission test for admission to higher education for all students, it is a great challenge, considering the huge diversity of education systems in the country. The underlying principle for having such a common admission test system is motivated by the principle of inclusion for collaborative excellence rather than exclusion through competitive excellence.
1. Presently, deposit of Rs. 25,000 made at the time of registration is allowed to be adjusted against tax liability of the period in which registration was granted and in the subsequent year. 2. From 1 May 2011 such adjustment will not be allowed and the dealer is required to file claim for refund of such deposit.
The Finance Ministry has set up a Directorate of Income Tax (Criminal Investigation) to investigate criminal offences under direct tax laws, the Parliament was informed today. The Directorate of Income Tax (Criminal Investigation) is mandated to perform functions in respect of criminal matters having any financial implication punishable as an offence under any direct tax law, Minister of State for Finance SS Palanimanickam said in a written reply in the Lok Sabha.
IRDA (Protection of Policyholders’ Interests) Regulations, 2002 – Point of sale issues, free look provision, time-limits for underwriting and servicing matters including claims etc.
