Case Law Details
Case Name : Vodafone Essar Cellular Ltd. Vs. ACIT (Kerala High Court)
Related Assessment Year :
Courts :
All High Courts Kerala High Court
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Can discount given on sale of SIM cards and recharge coupons by a telecom company to its distributors under a prepaid scheme be treated as commission to attract the TDS provisions under section 194H?
Vodafone Essar Cellular Ltd. Vs. ACIT (TDS) (2011) 332 ITR 255 (Kerala)
On this issue, the Kerala High Court observed that it was the SIM card which linked the mobile subscriber to the assessee’s network. Therefor
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One is having Demat account and online share trading account. With his saving of Rs 25 lakhs he is investing in purchase and sell of share online on delivery based share trading .With Rs 25 Lakhs makes total purchased and sell of shares around Rs 100 lakhs in a year and earned income of Rs. 10 lakhs . CBDT circular on treatment to given this as business income or capital gains/ investment income based on certain criteria is confusing .
How he should pay advance tax i.e. should he treat this as short term capital gains or as business income? Is covered under compulsory tax audit. How to calculate limit of Rs 40 lakhs for compulsory tax audit? How and who is to decide the INTENTION whether it it businrss or investment?
Good article and appreciable observation/comments.Can any latest move of the Government be communicated to general public including me for a good guidance?