If you avail of a home loan for buying an under-construction apartment, the tax law provides for a deferred deduction on interest payable during the pre-construction period. The total amount can be availed of as deduction in equal installments over five years starting from the financial year in which the construction is completed.
Meaning of Gratuity :-Gratuity refers to the emoluments received by an employee from his employer in gratitude for the services rendered. Such sum can be paid on retirement, resignation, superannuation, death or disablement. Under the Gratuity Act, the sum can be paid only after an employee has rendered continuous service of not less than five years. Exceptions being termination of employment on account of death/disablement.
In a recent ruling Mumbai Income Tax Appellate Tribunal in the case of Ashapura Minichem Ltd. (ITAT) [[2010] 5 taxmann 57 (Mum.-ITAT)] on the issue of taxability of payments made by the Taxpayer for services rendered outside India, under the provisions of the Indian Tax Laws (ITL) as well as the India-China Tax Treaty (Tax Treaty) held that such payments are taxable in India both under the ITL as well as the Tax Treaty and the Taxpayer is liable to withhold taxes (WHT) from such payments.
under the India UK Tax Treaty (UK Treaty) reaffirmed some general principles relating to PE, the Tribunal further ruled that the Taxpayer does not have a PE under the basic rule or the agency rule. The Tribunal remanded the matter to the first appellate authority to determine if any part of the consideration could be taxed as royalty for use of equipment by the customer.
On the heels of Australia announcing 40 per cent tax on bumper profits of miners, India said it proposes a similar windfall tax on iron ore. “We have already moved the Finance Ministry…we are for it (windfall tax). We have sent the letter,” Mines Minister B K Handique told PTI in an interview.
DCIT vs. Indo American Jewellery (ITAT Mumbai) :- Assessee’s TP study cannot be rejected lightly, “comparables” have to be comparable on all parameters, no incentive to shift profits offshore if tax rates there are higher.
Former Infosys co-chair Nandan Nilekani will head a committee that will recommend to the finance ministry on how best to tap information technology for an effective tax administration and financial governance system. Called the technical advisory group for unique projects, the panel has been given a time frame of six months to make its suggestions, a finance ministry communique said Monday.
approval committee for the sector specific Special Economic Zone for information technology and information technology enabled services-C at Village Ulwe, Taluka Panvel, District Raigad in the State of Maharashtra by M/s. Navi Mumbai SEZ Private Limited
Australia has invited Indian companies that are scouting for mines here to join a consultation process to explain its proposed controversial “super profit” tax on domestic mining companies. “Well, we currently are on a consultation process with the mineral and energy industry.
The Insurance Regulatory and Development Authority (Irda) has not cleared any unit-linked insurance plans (Ulips) for nearly two months, following the recent changes to the norms and the regulatory tussle over the investment-cum-insurance products.
