Income Tax : Discover the tax benefits available to senior and very senior citizens under the Income Tax Act in India, including lower tax rate...
Income Tax : The amount donated towards charity attracts deduction under section 80G of the Income Tax Act. Section 80G has been in the law boo...
Company Law : Producer company, overview, basic requirement, tax benefits and government schemes for Producer Company Introduction of Producer C...
Income Tax : If you have receipts of house rent allowance and if you are paying rent, exemption u/s 10(13A) will be available. Section 24, whic...
Income Tax : Explore Section 80C Deduction for tuition fees in India. Learn eligibility criteria, maximum limits, and FAQs to optimize tax bene...
Income Tax : Apex industry body ASSOCHAM has suggested the Union Government to link the India business process outsourcing promotion scheme (IB...
Income Tax : The Supreme Court today dismissed the Income Tax department's (I-T) plea challenging the decision of the Authority of Advanced Rul...
Income Tax : Having given tax holiday to builders, Finance Minister Pranab Mukherjee today warned that if the incentives are not passed on to t...
Service Tax : The recent notification of the Central Government to reduce service tax and excise duty by two per cent is not expected to come to...
Income Tax : 7. In the facts of the present case we find that the assessee undertook work on contract basis. The assessee took contract work of...
In a ruling that will provide great relief to corporates planning to restructure their businesses, the Authority for Advance Ruling (AAR) held that restructuring of businesses cannot be construed as an exercise for avoiding tax in India. AAR, a quasi judicial body for settling tax disputes involving foreign entities, in an order last week on an application filed by the Star Group companies
The Supreme Court today dismissed the Income Tax department’s (I-T) plea challenging the decision of the Authority of Advanced Rulings (AAR) that allowed French firm Timken France SAS to claim capital gains tax benefits.
Having an effective management in India is not a sufficient ground to deny exemption from capital gains tax to a company that is based in Mauritius, ruled a Delhi bench of the Income-Tax Appellate Tribunal (ITAT). The ITAT held that under the India-Mauritius double taxation avoidance agreement
It is indeed heartening to note that the tax rates applicable to non-resident corporates are sought to be brought at par with the domestic companies, to be taxed at the rate of 25 per cent. However, correspondingly, the concept of the branch profit tax is proposed to be introduced (which appears to be somewhat akin […]
In India, the law is settled that tax avoidance is legal and evasion is not. A taxpayer may create a device to arrange his commercial affairs to minimise his tax liability and its acceptance is based on operation of law. While revenue authorities are entitled to decipher the true meaning of a transaction, they cannot […]
Having given tax holiday to builders, Finance Minister Pranab Mukherjee today warned that if the incentives are not passed on to the consumers the same may not be extended in future. I expect the developers to pass on the benefit of the tax holiday to the home buyers. It should reflect in the prices. Unfortunately it happens in our country, that they (builders) pocket it,
20. Five year tax holiday to hospitals located in certain areas 20.1 Sub-section (11B) of section 80-IB provides for a tax holiday for five consecutive assessment years, beginning from the initial assessment year, to an undertaking deriving profits from the business of operating and maintaining a hospital in a rural area. The undertaking is required […]
The recent notification of the Central Government to reduce service tax and excise duty by two per cent is not expected to come to the rescue of the hospitality industry in the current time of despair. The Government directive will only be applicable to the hotel rooms and the banquet and convention facilities.
It’s time to do your tax-saving investments with March 31 just a month-and-a-half away. Given the volatility in the market, investors are taking a cautious approach towards equity-linked savings schemes, say financial advisors. In these uncertain times there are some options available in the fixed-returns space such as tax-saver fixed deposits, LIC Jeevan Aastha and […]
7. In the facts of the present case we find that the assessee undertook work on contract basis. The assessee took contract work of insitu cement lining for water supply project of the Gujarat Water Supply and Sewerage Board (Gujarat Government Undertaking). 8. Vide Finance Act, 2007 an Explanation was inserted with retrospective effect from 1-4-2000 after sub-section (13) of section 80IA, which reads as under:
