Income Tax : The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development A...
Income Tax : In M&A transactions, “Slump Sales” are considered to be one of the most preferred ways of carrying out a deal due ...
Income Tax : Section 45 of the Act, inter alia, provides that capital gains arising from a conversion of capital asset into stock-in-trade shal...
Income Tax : The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the...
Finance : Jaitley presented his third budget on Feb 29, 2016 amidst a global slump with lower commodity prices, slackening of China’s econ...
Income Tax : Whether Income from Sub-leasing of properties will be considered as Income from Profits and Gain from Business or Profession (Sect...
Income Tax : Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business....
Income Tax : Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) We note the fact, that the issue of classification of income on sale...
Re-look at the amended penalty provisions contained in section 78 of the Finance Act, 1994/Section 11AC of the Central Excise Act, 1944:-The provision distinguishing the quantum of penalties in section 11AC in cases where short-payment or non-payments have arisen for reasons other than fraud and restricting penalties upto 10% of the tax or Rs. 5000 whichever is higher was appreciated.
Though Budget is not the only policy initiative available with the Government for making major contributions to economic progress, it has over the years assumed great importance as most comprehensive single declaration from the government every year about its policy intentions.
Previously-in contravention of this section it was provided that 20% of the expenditure will be disallowed in case payment in excess of 20000/- is made otherwise than by crossed a/c payee cheque or Draft. At present it is provided that in contravention of this provision the whole expenditure I e 100% of the expenditure will be disallowed.
The Union Budget 2016 which shall be announced on 29th February 2016 is expected to be a reformist budget rather than a populist budget and could focus on the following aspects: a. Reduction in the tax litigation by bringing in clarity on taxation laws b. Incentivefor the ‘start-ups’ by providing tax breaks c. Rationalization of the corporate tax rates including Minimum Alternate Tax, Dividend Distribution Tax d. Deferment ofGAAR and ICDS regulations
With the budget round the corner, the Department of Ministry of Finance is flooded with the representations conveying the expectations, suggestions, amendments and clarifications in the laws to be implemented in the forthcoming budget. Although, the list of expectations and amendments needed is never ending, but this article is penned to highlight the changes expected by the assessees in indirect taxation laws which if not considered, may create difficulties in doing business in an easy manner thereby refuting the motto of ‘ease of doing business’.
