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Under the existing provisions contained in section 282B of the Income-tax Act, every income-tax authority shall, on or after the 1st day of July, 2011, allot a computer-generated Document Identification Number in respect of every notice, order, letter or any correspondence issued by him to any other income-tax authority or assessee or any other person and such number shall be quoted thereon.
Foreign companies or firms or associations of individuals operate in India through a branch or a liaison office after approval by Reserve Bank of India. The branch constitutes a permanent establishment of the foreign entity and is, therefore, required to file a return of income along with requisite details. A non-resident does not file a return of income with regard to its liaison office on the ground that no business activity is allowed to be carried out in India.
Rule 4 in Part A of the Fourth Schedule to the Income-tax Act provides for conditions which are required to be satisfied by a Provident Fund for receiving or retaining recognition under the Income-tax Act. One of the requirements of rule 4 [clause (ea)] is that the establishment shall obtain exemption under section 17 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (EPF & MP Act).
Delhi bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of DCIT v. Select Holiday Resorts Pvt. Ltd. (ITA Nos. 1184 & 2460/Del/2008) (Judgment Date: 23 December 2010, Assessment Years: 2004-05 & 2005-06) held that where a parent company merged with its subsidiary, the benefit of brought forward and set off of losses under Section 79 of the Income-tax Act, 1961 (the Act) claimed by the amalgamated company, cannot be disallowed on the grounds that there was a change in the shareholding of more than 51 percent of the share capital of the subsidiary company since there was no change in control and management of amalgamated company pre and post merger.
Section 14A, the heading of which is ‘Expenditure incurred in relation to income not includable in total income’, was inserted in the Income-Tax Act, 1961 (the Act), by the Finance Act, 2001. As per Circular No.14 of 2001 [252 ITR (St.) 65], issued by the CBDT, a new section 14A was inserted, so as to clarify the intention of the Legislature since the inception of the Act, that no deduction shall be made in respect of any expenditure incurred by the assessee
The government today proposed to levy Minimum Alternate Tax (MAT) of 18.5 per cent on the book profits of Special Economic Zone developers and units, which was termed as a ‘setback’ by the players. Both the developers as well as units in the tax free enclaves were earlier exempted from MAT under Section 115 JB of the Income Tax Act.
With a view to encourage power generation and reduce transmission and distribution losses Finance Minister Pranab Mukherjee today extended the tax holiday for the power sector by one more year till March 31, 2012. The extension of tax break is part of the government’s efforts to scale up the country’s power generation capacity to meet the growing needs.
The 2011-12 Budget has failed to bring cheer to the Indian IT sector as Finance Minister Pranab Mukherjee did not make any major announcements to boost the segment. IT companies were batting for reduced tax rates and continuation of sops under the STPI to help the industry, which is seeing a recovery in demand after almost two years of slowdown.
To reduce compliance burden of small taxpayers, Finance Minister Pranab Mukherjee today proposed to introduce a new simplified income tax return form ‘Sugam’. “I propose to introduce a new simplified return form ‘Sugam’ to reduce the compliance burden of small taxpayers who fall within the scope of presumptive taxation,” Mukherjee said in his Budget speech.
Looking at improving investment climate for corporates, Finance Minister Pranab Mukherjee today proposed halving tax on dividends received by an Indian company from its foreign subsidiary to 15 per cent. “It has been represented that the taxation of foreign dividends in the hands of resident taxpayers at full rate is a disincentive for their repatriation to India and they continue to remain invested abroad. For the year 2011-12, I propose a lower rate of 15 per cent tax on dividends,” Mukherjee said in his Budget speech.
