Capital Gain - Page 51

DTC: Income of FIIs will be treated taxed as capital gains rather than business income

Foreign institutional investors (FIIs) can breathe easy with the Direct Taxes Code (DTC) Bill, 2010 proposing that their income be taxed as capital gains rather than business income. Opinion is divided on whether this will end the uncertainty over FI...

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Posted Under: Income Tax |

Relief provided by DTC to Individual taxpayers

The DTC proposes to increase the limit of income exempt from tax to `2 lakh from the current `1.6 lakh for individual and to `2 lakh from `1.9 lakh for working women. This will result into a minimum saving of `4,000 per annum for individuals and `1,0...

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Posted Under: Income Tax |

Vedanta deal: Cairn Energy may pay $1 bn as capital gains tax

The Finance Ministry on Monday said Cairn Energy Plc is likely to pay close to $1 billion as capital gains tax on the $8.48 billion it expects to get from selling majority stake in its India arm to Vedanta Resources. "This deal will attract a capital gains tax of 11.33 per cent," a Finance Ministry official said. Edinburgh-based Cairn Ene...

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Posted Under: Income Tax |

Suggestions of the ICAI on the Revised Discussion Paper on the Direct Taxes Code

A Revised Discussion Paper (RDP) on Direct Taxes Code (DTC) has been released by the CBDT on 15th June, 2010, taking into consideration the vital and critical issues raised by the various stakeholders on the DTC. It is extremely satisfying to note that six of the eleven significant issues identified in the RDP are as per the specific sugg...

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Posted Under: Income Tax |

Income-tax authorities can ask for evidence from Mauritius government to examine the authenticity of a taxpayer who claims exemption on capital gains tax provided under the Indo-Mauritius DTAA

Taxpayers who claim exemption from tax on capital gains by furnishing a residency certificate of Mauritius had better watch out. Now, income-tax (IT) authorities can ask for evidence from Mauritius government to examine the authenticity of a taxpayer who claims exemption on capital gains tax provided under the Indo-Mauritius Double Taxati...

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Posted Under: Income Tax |

Characterization of income from sale of shares

Management Structures & Systems Private Ltd. Vs. ITO (ITAT Mumbai)

The Mumbai Tribunal, following earlier judicial pronouncements and Circulars, has once again highlighted that the characterization of income from sale of shares as „capital gains or business income is a fact-based analysis. The decision of the Mumbai Tribunal in the case of Management Structure & Systems Pvt. Ltd is significant because ...

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Domestic companies routing their investments through Mauritius may soon have to pay capital gains tax

Domestic companies routing their investments through Mauritius may soon have to pay capital gains tax as the tax authorities are pressing for checking the misuse of the tax treaty with the island nation. The Central Board of Direct Taxes (CBDT) suspects that the government is losing large amount of revenue due to routing of investments by...

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Posted Under: Income Tax |

Focus on Foreign Institutional Investors (FII’s): Revised Direct Tax Code

The draft Direct Taxes Code (DTC) along with a Discussion Paper was released on 12 August 2009 for public comments with the intention to simplify direct tax legislation in India. Subsequently, comments were solicited from the public and examined by the Government. A Revised Discussion Paper which is meant to respond to the major concerns ...

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Posted Under: Income Tax |

Comparison of Revised Discussion Paper on Direct Taxes Code with Proposals in Direct Taxes Code

Revised Discussion Paper on the Direct Taxes Code: The draft Direct Taxes Code (DTC) along with a Discussion Paper was released in August 2009 for public comments. Based on the Feedback, the Revised Discussion Paper has now been released for public comments, before Finalizing the Bill for introduction in Parliament....

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Posted Under: Income Tax |

Highlights of Revised Direct Tax Code

EET :EET will not include Government Provident Fund (GPF), PPF, Recognised Provided Funds, Pension Scheme administered by Pension Fund Regulatory and Development Authority as well as approved pure life insurance products and annuity scheme. These will be governed by EEE....

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Posted Under: Income Tax |

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