The Finance (No.2) Act 1998 has made far-reaching changes in the provisions of Income-Tax Act 1961 relating to the taxation of educational and medical institutions. The reasons for the same, as stated in the Finance (No.2) Bill 1998, are as follows:
COMPENSATION BY WAY OF DAMAGES FOR BREACH OF CONTRACT FOR SALE OF LAND –WHETHER LIABLE TO INCOME-TAX? The expression ‘contract for sale’ is defined in S.54 of the Transfer of Property Act (T.P. Act). As per S.54 of the T.P. Act, a contract for the sale of immovable property is a contract that sale of such property shall take place on terms settled between the parties. It is important to note that a contract for sale, does not, by itself, create any interest in or charge on such property.
In a free market economy, competition plays a vital role in commerce, trade and industry. While healthy competition is a sine qua non of growth and development of business in such an economy, unbridled, unfair and cut-throat competition can also ruin a businessman. It may happen that a person occupying a senior post a business organization is in possession of certain valuable trade secrets of that organization.
Incentive Deduction U/s 80-I of the I.T. Act – A Typical Example Of What One Arm Of The Government Gives, The Other Takes Away- S.80-HH grants incentive to the tax-payer for establishing an industrial undertaking (I.U., for short) or a hotel in backward areas. S.80-HHA grants similar incentive for establishing small scale I.U. in certain areas. S.80-I grants incentive deduction to new I.U. started after a certain date and S.80-IA grants incentive deduction in respect of new I.U. in certain cases.
As per the provisions of Section 10A(6) or 10B (6) of the Income-tax Act, 1961, before their amendment, vide Finance Act, 2003, the undertakings were not permitted to carry forward their business losses and unabsorbed depreciation for set-off against the profits and gains of an assessment year (AY) immediately succeeding the last of the relevant assessment years or subsequent assessment years, viz. AY 2010-11
Section 80-IA of the I.T. Act, 1961, grants deductions in respect of profits and gains from Industrial Undertaking or enterprises engaged in Infrastructure Development, etc. As per section 80-IA (1), where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in section 80-IA (4), there shall be allowed,
Section 135 of the Companies Act, 2013, Schedule VII of the Act and Companies CSR Policy Rules, 2014 read with General Circular No. 21/2014, Dated: 18th June, 2014 issued by the Ministry of Corporate Affairs, provide the broad contour within which eligible Companies are required to formulate their CSR policies including activities to be undertaken and implement the same in the right earnest.
A driver with an accident-free record can make mistakes and end up in an accident. Persons with good demeanor can also commit crimes. Do not think a money conscious person will repay any money owed to others. Do not take the enemy’s strength for granted to make the wrong move. The person steering a car […]
#JanoTohMano In contemporary times, the idea of security, which is associated with traditional investments, is obsolete. While they do provide a sense of security yet the question is – is it a smart move on your part to shy away from huge returns which you can easily earn by investing in mutual funds? Well that’s for you to decide.
A large part of a tax-payer’s income goes away by way of Income-tax. For this reason tax- payer is always on the look-out of ways and means for minimising his tax liability. The best way to achieve this objective is to utilise the services of a tax-expert and get one’s tax-affairs so arranged within the four corners of taxation-laws, that his incidence of taxation is minimised.
