Capital Gain - Page 51

Supreme Court dismissed USD two billion Vodafone capital gains tax case

Vodafone International Holdings B.V. Vs Union Of India & Anr. (Supreme Court of India)

THE Supreme Court today simply dismissed the much-hyped USD two billion Vodafone capital gains tax case at the admission stage itself. Before rejecting the SLP, the Bench asked the assesee - why did they not furnish the copy of their original agreement to the Court and also to the Revenue? In reply the assessee spoke about their delayed o...

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The option to or not to avail the benefit of indexation for the computation of capital gains on the transfer of each of the long term capital asset is with the assessee

Mohanlal N. Shah HUF v ACIT - The option to or not to avail the benefit of indexation for the computation of capital gains on the transfer of each of the long term capital asset is with the assessee as provided in section 48; it is only after computing the capital gains as per section 48, can it be aggregated by setting off the loss under...

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Posted Under: Income Tax |

Larger SC Bench Reverses Law on Penalty & Circulars

In a crucial judgment on the scope of penalty provisions in tax and other civil liability laws, the Supreme Court has significantly broadened their scope (Union of India v. Dharmendra Textile Processors, CA Nos. 10289 – 10303 of 2003, decided on September 29, 2008, per Pasayat J.). The judgment of the three-judge Bench on a reference fr...

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Posted Under: Income Tax |

Half-Yearly Audit Rule Puts Small Broking Companies in a Spot

The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent i...

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Posted Under: Income Tax |

Cos with Rs 50 lakh fresh capital induction may come under tax lens

Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT)....

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Posted Under: Income Tax |

Long-term capital gains tax exemption on Investment U/s. 54EC

Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within six months after the sale of his property in long-term specified assets. The Finance Act 2007 limited such exemption to Rs 50 lakh in any financial year. Some overzealous tax assessing officers seem to interpret...

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Posted Under: Income Tax |

Amendments in STT that don’t measure up

The Securities Transaction Tax (STT) was introduced into the income-tax code by the Finance (No. 2) Act, 2004, taking effect from April 1, 2005. It was expected to give a major boost to both the income-tax department in terms of revenue and the equity market. When STT was paid on share transactions, no liability for long-term capital gain...

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Posted Under: Income Tax |

Taxability of damages for breach of contract

When agreements are entered into for purchase of property, rights are created in favour of the parties to the agreement. Failure to honour the agreement can lead to breach of contract and claims for damages or specific performance. Quite often, such breach of contract ultimately results in a compromise settlement of the dispute and monies...

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Posted Under: Income Tax |

Residential property and capital gains

When investors make profits on sale of assets like land, shares and mutual fund units, it is termed as capital gains. The investor has to pay tax on the resulting gains that is commonly referred to as capital gains tax. The amount of money outflow from your pocket depends on how long you held the property. If a residential property is hel...

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Posted Under: Income Tax |

Income from Share Trading – Business Gain or capital Gain?

Indian tax laws As per the Income-tax Act, 1961, capital asset [as defined under section 2(14)] could be either short-term [as defined under section 2(42A) and 2(42B)] or long-term [as defined under section 2(29A) and 2(29B)]. The tax liability of long term capital gains in respect of shares, securities and units (holding period more than...

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Posted Under: Income Tax |

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