Foreign telecom firms operating without a permanent establishment in India are no more required to pay any tax on income from carrying international calls and data services in pacts with domestic operators. Giving a ruling on an application from Cable & Wireless Networks India which proposed
Medical and Educational Institutions : Extension of time limit for filing applications for tax exemption under section 10(23C) : Now such institutions having receipts of more than rupees one crore can file an application for seeking exemption till 30th September following the end of the financial year for which the exemption is sought. Tax relief […]
Further restrictions on benefits in respect of Housing Projects : In the run up to the budget virtually every stake holder in the real estates wanted that benefits of section 80IB(10) of the Income Tax Act, 1961 be restored which have ceased to be operative except for the projects approved on or before 31 03 […]
Shri. Satish Chandra, former ITAT Member, was appointed judge of the Allahabad High Court on 6.8.2008. The appointment was challenged on the ground that he had not practiced for even a day as an advocate and that he was not eligible for appointment under Article 217(2) and Article 217(1) of the Constitution. It was also alleged that the mandatory process of consultation under the Constitution had not been followed.
PAN is the basic ‘penetrating needle’ for the Income tax Department to rope in every income earning person. It is a fact that our taxbase continues to be a major concern for policy makers. And in order to widen the taxpayers’ base the I-T Department intends to ride the vehicle of PAN in a big […]
The operational procedures for the certification and verification of origin and other related administrative matters agreed under APTA shall be applicable for implementing the said rules under APTA including the following matters, namely.
The parameters for selection of Anchor Investors shall be clearly identified by the merchant banker and shall be available as part of records of the merchant banker for inspection by SEBI.
The existing provisions of section 50C provide that where the consideration received or accruing as a result of the transfer of a capital asset, being land or building or both, is less than the value adopted or assessed by a stamp valuation authority, the value so adopted or assessed is deemed to be the full […]
Employees enjoying perks such as rent-free accommodation, cars, chauffeurs, credit cards and club memberships may have to pay tax on the value of these benefits, with the government proposing a shift in the tax burden on perquisites (perks) from the employer to the employee. Prior to FY06, employees paid tax on certain perquisites. However, with the […]
The assessee purchased bottles and crates costing less than Rs. 5,000/- and was allowed 100% depreciation thereon u/s 32 (1) (ii). When the bottles and crates got worn out, they were sold by the assessee. The question arose whether the said sale proceeds were assessable to tax. Prior to AY 1988-89, the sale proceeds would have been assessable as a “balancing charge” u/s 41 (2)
