The existing provisions of section 73A of the Act provide that any loss, computed in respect of any specified business referred to in section 35AD shall not be set off except against profits and gains, if any, of any other specified business. Further, section 80 of the Act inter-alia provides that a loss which has not been determined in pursance of return filed in accordance with the provisions
Government has newly introduced spectrum fee for auction of airwaves. There is uncertainty in tax treatment of payments in respect of Spectrum i.e. whether spectrum is an intangible asset and the spectrum fees paid is eligible for depreciation under section 32 of the Act or whether it is in the nature of a ‘license to operate telecommunication business’ and eligible for deduction under section 35ABB of the Act.
Under the scheme of deduction of tax at source as provided in the Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within specified time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limit.
For availing tax-neutral conversion, in addition to the existing conditions, the value of the total assets in the books of accounts of the company in any of the three previous years preceding the previous year in which the conversion takes place, should not exceed five crore rupees.
It is proposed to amend the provisions of section 50C so as to provide that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of computing the full value of consideration.
Existing provisions of sub-section (1) of section 139 provide that every person referred to therein shall file a return of income on or before the due date. The sixth proviso to the said section provides that every person, being an individual or Hindu undivided family or an association of person or a body of individual
FREQUENTLY ASKED QUESTIONS ON SEBI (SHARE BASED EMPLOYEE BENEFITS) REGULATIONS, 2014 1. In terms of proviso to regulation 3(12) of the SEBI (Share Based Employee Benefits) Regulations, 2014, the un-appropriated inventory of shares which is not backed by grants but has been acquired through secondary acquisition by the Trust has to be sold on the […]
Taxguru has come up with Analysis of Indirect Tax Provisions of Union Budget 2016, Presented by Finance Minister Shri. Arun Jaitley on 29.02.2016 in Association with International Business Advisors (IBA). In our Analysis we have covered the following Topics :- 1. Amendment in Cenvat Credit Provision 2. Key Amendment in Service Tax Provisions 3. Key […]
Finance Minister, in his budget speech, has proposed many incentives to encourage entrepreneurship in India. Some of the tax measures which will be beneficial for new start-ups are as follows- Optional lower tax rate of 25% for newly setup manufacturing companies. Hundred percent deduction of profits for three years (Proposed new Section 80-IAC of the Income-tax Act, 1961):
This Directorate has extracted the data pertaining to cases pending for scrutiny u/s 143(3) and processing u/s 143(1) of the I.T. Act 1961, as available on the AST system, which are getting barred by limitation of time on 31.03.2016, so as to facilitate timely completion of these cases.
