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MAT credit to be calculated after surcharge and Cess

March 4, 2016 31258 Views 0 comment Print

As per sec.115JB (2A), the tax credit shall be the difference of tax paid for any AY under 115JB(1) and the amount of tax payable on his total income computed in accordance with the other provisions of this Act.

Infrastructure & Industrial Developments: Shout it out, India is flying – No doubt

March 4, 2016 1192 Views 1 comment Print

Infrastructure and Industries, together they are amongst the few crucial areas of economy which determine the growth of a country by measuring the real development in their current state. Given the fact that investment in infrastructure is directly proportional to high economic growth; India has well utilized and encashed on the equation

SC explains jurisdiction for filing Appeal with Labour Court

March 4, 2016 12391 Views 2 comments Print

Employee Aggrieved By His Termination Can Move Labour Court Where He Had Been Employed Or Where The Company Headquarters Is Located: SC

No Capital Gain on Gold Monetization Scheme, 2015

March 4, 2016 3808 Views 0 comment Print

The Gold Monetization Scheme, 2015 has since been introduced by the Government of India. Wth a view to extend the same tax benefits to the scheme as were available to the Gold Deposit Scheme, 1999 it is proposed to amend Clause (14) of section 2, so as to exclude Deposit Certificates issued under Gold Monetisation Scheme, 2015 notified by the Central Government, from the definition of capital asset and thereby to exempt it from capital gains tax.

Tax exemption on merger or consolidation of different plans in a mutual fund scheme

March 4, 2016 4375 Views 0 comment Print

Under the existing provisions of section 47(xviii), any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating scheme of a mutual fund, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated scheme of the mutual fund is not chargeable to tax.

Exemption of Central Government subsidy or grant or cash assistance, etc.

March 4, 2016 5854 Views 0 comment Print

The Finance Act, 2015 had amended the definition of income under clause (24) of section 2 of the Act so as to provide that the income shall include assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) by the Central Government or a State Government or any authority or body or agency in cash or kind

BEPS action plan – Country-By-Country Report and Master file

March 4, 2016 4588 Views 0 comment Print

Sections 92 to 92F of the Act contain provisions relating to transfer pricing regime. Under provision of section 92D, there is requirement for maintenance of prescribed information and document relating to the international transaction and specified domestic transaction.

New Taxation Regime for securitisation trust and its investors

March 4, 2016 21214 Views 0 comment Print

Under the existing provisions of Chapter-XII-EA of the Act consisting of sections 1 15TA, 1 15TB and 1 15TC, special taxation regime in respect of income of the securitisation trusts and the investors of such trusts has been provided. The regime provides that income distributed by the securitisation trust to its investors shall be subject to a levy of additional tax to be paid by the securitisation trust

TDS on payments by Category-I & II Alternate Investment Funds to investors

March 4, 2016 27157 Views 0 comment Print

The Finance Act, 2015 had inserted a special taxation regime in respect of Category-I and II Alternative Investment Funds (investment fund) registered with SEBI. The special taxation regime is intended to ensure tax pass through status in respect of these investment funds which are collective investment vehicles.

Tax benefits to Sovereign Gold Bond Scheme, 2015 & Rupee Denominated Bonds

March 4, 2016 7603 Views 1 comment Print

The Government of India has introduced the Sovereign Gold Bond Scheme with the aim of reducing the demand for physical gold so as to reduce the outflow of foreign exchange on account of import of gold. The Gold Bond is a mode for substitution of physical gold and also provides security to the individual investor who invests in Gold for meeting their social obligation.

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