"06 December 2017" Archive

Reduce DDT and bring down maximum rate of Income Tax to 20%- Budget Suggestions

Other suggestions include reduction in Dividends Distribution Tax and to bring down the maximum rate of Income Tax to 20% to encourage investment, at par with other development countries. It was also suggested to create Regulations Free Export Zone for setting-up 100% Export Oriented Units both by domestic and foreign investors which in t...

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Posted Under: Income Tax |

IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017

Notification No. IBBI/2017-18/GN/REG/21 (06/12/2017)

(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017. (2) These regulations shall come into force on the date of their publication in the Official Gazette....

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Indian Banks Association is a Public Authority Under RTI Act, 2005

Shri R K Jain Vs. Indian Bank Association (IBA) (Central Information Commission)

Shri R K Jain Vs. Indian Bank Association (IBA) (Central Information Commission) Taking into account that the IBA performs functions as State agency and its majority control vests in Government of India appointed Managing Directors of Public Sector Banks, the IBA qualifies to be a public authority under the RTI Act, 2005. The Commission...

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TDS U/s. 194H not deductible on bank guarantee commission

DCIT Vs. PRL Projects & Infrastructure Lt. (ITAT Delhi)

When the bank issues a bank guarantee on behalf of the assessee, all it does is to accept the commitment of making payment of a specified amount to the beneficiary on demand and it is in consideration of this commitment that the bank charges of fee which is termed as ‘bank guarantee commission’...

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Donation received for specific purpose cannot be regarded as income u/s 2(24)(iia)

Touching Heart Ministries Vs. Income Tax Officer (ITAT Visakhapatnam)

Touching Heart Ministries Vs. ITO (ITAT Visakhapatnam) In the instant case, the donations were received for specific purpose for acquiring the fixed assets. This is evidenced by the letters placed before us from the donors. The funds are not freely available to the assessee society, for utilizing its objectives other than acquiring specif...

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Payments made towards making copies of films- TDS U/s. 194C or 194J?

DCIT Vs. Yash Raj Films (P) Ltd. (ITAT Mumbai)

DCIT Vs. Yash Raj Films (P) Ltd. (ITAT Mumbai) In this case stand of assessee has been that assessee company had deducted TDS on the negative processing charges paid to Kodak India Ltd. as per the provisions of section 194J of the Act, as the negative processing involves specific tasks of editing, enhancement of quality […]...

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Mitusubishi TDS Case: Delhi HC Refers matter to Chief Justice due to difference of opinion

CIT Vs. Mitsubishi Corporation India P. Ltd. (Delhi High Court)

CIT Vs. Mitsubishi Corporation India P. Ltd. (Delhi High Court) Due to difference of opinion on below issues  between Justices S Muralidhar and Prathiba M Singh, Delhi High Court, has referred the Mitusubishi’s TDS case to Chief Justice for appropriate orders:- (i) Whether the ITAT fell into error in holding that Section 40(a) (i) of [...

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Govt increases MEIS Rate by 2% for labour intensive MSME sectors

While restoring the benefits under the export promotion schemes of duty free imports under Advanced Authorization, Export Promotion Capital Goods and 100% Export Oriented Units and thus resolving the problem of blocked working capital for exporters following the roll out of GST, the FTP review has focused on increasing the incentives for ...

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Posted Under: Income Tax |

Give various tax reliefs to plantation companies for expenses incurred by them to provide welfare facilities to workers

It was also suggested to give various tax reliefs to the plantation companies for the expenses incurred by them to provide welfare facilities to their workers under the Plantation Labour Act 1951. Similarly, considering the variations in the Agriculture Income Tax (A.I.T.) from State to State, Rules 7A, 7B and 8 and the Income Tax Rules m...

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Posted Under: Income Tax |

Raise Income Tax ceiling to Rs.5 Lakh and Rs.8 Lakh for Senior citizens

Other demands include the raising of the ceiling for Income Tax purposes for Salaried Class persons and Pensioners up to Rs.5 Lakh per annum; and Rs.8 Lakh in case of Senior citizens. Other suggestions include GDP Growth should be translated in full basket; Income Gap between rich and poor be checked by taxing rich people who can afford t...

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Posted Under: Income Tax |
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