Parliament’s Standing Committee on Finance has criticised the government for not doing a review of the tax exemptions given to Special Economic Zones (SEZs) and an evalutation of the losses due to these. In April, the committee had asked the government for a study group on the issue.The finance ministry, in its response, said it had initiated steps to constitute a study group but wouldn’t say by when.
In the recent past, the Reserve Bank of India (RBI) has revised the maximum amount that can be sent abroad without special permissions. However, these properties should not be agricultural land, a farm house or a plantation. An NRI/PIO is allowed to
Don’t you hate it when you look at your salary slip and find that sundry deductions have pared it down. But believe us, you should actually feel happy about one of these deductions-the monthly contribution to the Employees’ Provident Fund (EPF). The
The AO held the assessee to be a trader in shares & assessed the gains as business profits on the ground that (a) there was high frequency & sale transactions, (b) there were instances where delivery was not taken and shares were sold within a short period,
Full Bench: whether MAT credit admissible in terms of Section 115JAA has to be set off against the tax payable (assessed tax) before calculating interest under Sections 234A, B and C of the Income Tax Act, 1961. There is no provision under Section 115JAA which postpones the right of the assessee to claim set off to the determination of the total income by the A.O. in the first assessment year. Entitlement right to claim set off is different from the quantum quantification.
Income Tax – Section 158BD – Whether recording of satisfaction is mandatory before notice u/s 158BD is issued – Whether statement of one of searched parties can have the sactity of ‘books of accounts’. – Revenue’s appeals dismissed
In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance.
In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.08/2010-Service Tax, dated the 27th February, 2010, published in the Gazette of India, Extraordinary Part II, Section 3, Sub-section(i), vide number G.S.R. 152 (E), dated the 27th February, 2010, namely.
In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.07/2010-Service Tax, dated the 27th February, 2010, published in the Gazette of India, Extraordinary Part II, Section 3, Sub-section(i), vide number G.S.R. 151 (E), dated the 27th February, 2010, namely.
Reimbursable expenditure and the fee payable for technical services under DTAA between India and USA- the reimbursable expenditure received by the assessee cannot form part of the total income. – since the development of infrastructure falls within the industrial policy of Government of India specific approval may not be required for claiming exemption u/s. 10(6A) of the Act. – what was reimbursed is the service tax paid by the assessee to the Government account. therefore, such an amount cannot form part of technical fee. In other words, it cannot be treated as trading receipt. In view of the above, in our opinion, the reimbursement of service tax cannot form part of the total income of the assessee. – fee received by the assessee towards technical services / consultancy would fall under Article 12 and not under Article 7. Therefore, tax has to be levied only at 15% and not at 20%. – there is no liability to pay the advance tax wherever the tax was deducted at source. Therefore, interest was not chargeable u/s. 234B of the Act.
