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Corporate Law : Law Related to Formation of Partnership Firm in Maharashtra is contained in Indian Partnership Act 1932 and in Maharashtra Partner...
Company Law : We all know about the dispute resolution mechanism under the provisions of Companies Act, 1956. Till 2002 amendments to the Compan...
Income Tax : The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exc...
Corporate Law : NEW DELHI: The government has decided not to apply an area limit of 5,000 hectares for special economic zones (SEZs) if two or mor...
CA, CS, CMA : Institute of Chartered Accountants of India has issued a notification no. Na.1-CA(7)/116/ 2008 dated 25-9-2008 incorporating vario...
Income Tax : If you are thinking of filing your income tax returns online, think twice. It is very easy for anyone to hack into your account an...
Income Tax : Assessees who fulfill all the conditions are entitled to registration cannot be faulted. The contention of the Revenue that the as...
Income Tax : In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in r...
Income Tax : 3. The applicant contends that the services under various contracts except contract no. 5 cannot be brought within the sweep of `r...
Income Tax : 12. In order to come to a definite conclusion whether section 194H of the Act would be applicable to the assessee-airline in respe...
Income Tax : 5. It would be appropriate to reproduce section 36(1)(viii) of the Act as it stood in the relevant assessment years i.e. A.Y.1997-...
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Income Tax : While computing the income under the head 'Profit and Gains of Business & Profession' a scheduled bank (not being a bank incorpora...
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NEW DELHI: The government has decided not to apply an area limit of 5,000 hectares for special economic zones (SEZs) if two or more such zones are merged, clearing the way for big SEZs in the country. In an amendment to the SEZ rules, the government has also allowed developers more freedom on selecting the […]
In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in respect of production and export of computer software within the meaning of provisions of section 10B of the Act, especially when the AO himself concluded so for the purpose of section 80HHE of the Act. We are also in agreement with the uncontroverted submission of the Id. AR on behalf of the taxpayer that the taxpayer did not claim any deduction in AY 1996-97 and for the first time claimed deduction u/s 10B in AY 19987-98 and this being the 5th year, claim has to allowed.
3. The applicant contends that the services under various contracts except contract no. 5 cannot be brought within the sweep of `royalties’ as defined in Art. XII.3 of the Double Taxation Avoidance Agreement (hereinafter referred to as `DTAA’ or `Treaty’), that there was no permanent establishment in India except in relation to Contract no.6 and that royalty income in respect of the contract no. 5
12. In order to come to a definite conclusion whether section 194H of the Act would be applicable to the assessee-airline in respect of transaction, in issue, we propose to first look at the scope and ambit of section 194H of the Act and then analyse the transaction as to whether it falls within the purview of the said Section. In this context, it would be necessary to extract the relevant portions of Section 194H of the Act.
5. It would be appropriate to reproduce section 36(1)(viii) of the Act as it stood in the relevant assessment years i.e. A.Y.1997-98 in the following terms: – Section 36(1)(viii) : as it stood in the statute during the A.Y.(1997-98) 36(1) – The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28
6. We have thoroughly gone through the averments of both the sides. To appreciate the case of the Revenue, Revenue should have brought to record that Nyco is a consulting engineering firm providing engineering service commercially having been manned by professional qualified engineers. But primary object appears to be sharing of know how to participate in a joint venture to enjoy fruit
Income tax – DTAA – Assessee is incorporated in Netherlands – engaged in airlines business of carrying passengers as well as cargo – gets licence from Airport Authority of India for cargo space – enters into a contract with a company to take care of cargo-booking and handling service on commission basis – While making payments to the outsourced company the assessee adjusts the rent payable to AAI – AO treats the rent deducted from the payments made to the outsourced company as income taxable to tax in India – Tribunal finds it inextricably linked to the cargo handling business for which licence was issued and such rent adjustment cannot be treated as ‘income from other sources – Tribunal has correctly understood the law – Revenue’s appeal dismissed.
Institute of Chartered Accountants of India has issued a notification no. Na.1-CA(7)/116/ 2008 dated 25-9-2008 incorporating various amendment to the Chartered Accountants Regulations, 1988.There are 16 amendments to the regulations. One of the major amendments is provisions relating to multidisciplinary partnership firm.
While computing the income under the head ‘Profit and Gains of Business & Profession’ a scheduled bank (not being a bank incorporated by or under the laws of a foreign country) or a non-scheduled bank or a cooperate bank other than a primary agricultural credit society or a primary co-operative agricultural and rural bank is entitled to claim deduction of provision for bad debt of an amount not exceeding ten per-cent of the aggregate average advances made by the rural branches of such bank computed in the prescribed manner.
