The proposed introduction of section 115BBG providing for a 10 percent tax on income from transfer of carbon credits is a welcome move. This would go a long way in helping to resolve the uncertainty and litigation over the taxability of income from the transfer of carbon credits going forward.
Two incidents from the South African years of Mahatma Gandhi stand out distinctly. The first is the worst kind of racial discrimination that he suffered on the first class compartment of a train. He was heckled and thrown out of the train by a snobbish European at Pietermaritzburg station.
The Finance Act, 2016 had inserted new Section 115BBDA to tax dividend income in excess of Rs. 10 lacs in case of an Individual, HUF and Firm at the rate of 10%.
Since TIPS were received from customers and not from employer these would be chargeable in the hands of employee as income from other sources and section 192 would not get attracted on facts of case.
The Finance Bill, 2017 proposes to amend section 79 to provide that where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested and being an eligible start-up as referred to in section 80-IAC of the Act
Amounts shown as liabilities / Outstanding in the Balance Sheet cannot be deemed to be “cessation of liability” under Section 41(1) of Income Tax Act, 1961 merely because the liabilities are outstanding for several years. Assessing Officer has to bring on record any material evidence to establish that there was cessation of liability in respect of the outstanding creditors balances represented in the assessee’s Balance Sheet.
An issue arises as to whether the proposed amendment intends to take out sale of jewellery completely from TCS levy or intends to retain the TCS levy on jewellery but with lower threshold of Rs. 2 lakhs.
Karimul Haque and Nivedita Bhide have nothing in common. Neither education, family background, resources at disposal nor even geographical location, but one thing that both have common is their willingness to serve.
Governor of the Delhi is pleased to appoint following officer, with effect from date of assumption of charge to assist Commissioner of Value Added Tax, Delhi, in the administration of the said Act, namely
Although I completed my school and college from English medium but my English is not so good or you can say that I don’t have confidence to write anything in my own words on any topic.
