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Archive: 13 July 2014

Posts in 13 July 2014

Budget 2014 – Income generated by foreign portfolio investors to be treated as capital gains

July 13, 2014 1199 Views 0 comment Print

Characterisation of  Income in case of Foreign Institutional Investors Section 2 (14) of the Act defines the term “capital asset” to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets as provided in the definition.

Budget 2014 – Concessional rate of tax on overseas borrowing made before 01.07.2017

July 13, 2014 980 Views 0 comment Print

The existing provisions of section 194LC of the Act provide for lower withholding tax rate of 5 per cent. on interest paid by an Indian company to non-residents on monies borrowed by it in foreign currency from a source outside India under a loan agreement or through issue of long-term infrastructure bonds at any time […]

Budget 2014 – No More double deductions u/s. 10AA and Section 35AD

July 13, 2014 8728 Views 0 comment Print

Deduction in respect of capital expenditure on specified business I. Under the existing provisions of section 35AD of the Act, investment-linked tax incentive is provided by way of allowing a deduction in respect of the whole of any expenditure of capital nature (other than expenditure on land, goodwill and financial instrument) incurred wholly and exclusively, […]

Extension of the sunset date under section 80-IA for power sector to 31st March, 2017

July 13, 2014 7897 Views 0 comment Print

Under the existing provisions of clause (iv) of sub-section (4) of section 80-IA of the Income-tax Act, a deduction of profits and gains is allowed to an undertaking which,— (a)     is set up for the generation and distribution of power if it begins to generate power at any time during the period beginning on 1st […]

Investment Allowance to a Manufacturing Company for Investment in Plant & Machinery

July 13, 2014 4261 Views 0 comment Print

In order to encourage the companies engaged in the business of manufacture or production of an article or thing to invest substantial amount in acquisition and installation of new plant and machinery, Finance Act, 2013 inserted section 32AC in the Act to provide that where an assessee, being a company, is engaged in the business […]

Budget 2014 – Amends section 10(23C) to define the term “substantially financed by the Government”

July 13, 2014 8408 Views 0 comment Print

Clarification in respect of section 10(23C) of the Act The existing provisions of sub-clause (iiiab) and (iiiac) of section 1 0(23C) of the Act provide exemption, subject to various conditions, in respect of income of certain educational institutions, universities and hospitals which exist solely for educational purposes or solely for philanthropic purposes, and not for […]

Taxation Regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (Invit)

July 13, 2014 3257 Views 0 comment Print

The Securities and Exchange Board of India (SEBI) had proposed draft regulations relating to two new categories of investment vehicles namely, the Real Estate Investment Trust (REIT) & Infrastructure Investment Trust (Invit). These regulations were placed in public domain for comments. The final Regulations are yet to be notified.

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