tax liability

FAQs on Tax Deducted at Source (TDS)

Income Tax - 1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G and Form-15H? Difference between TDS and TCS? What is due date for remittance of TDS certificates? (Form-16 and Form-16A)...

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FAQs on MVAT Audit Report in Form 704

Income Tax - What is Audit Report in Form 704? Ans : It is a report under section 61 of MVAT ACT, 2002 to be submitted by eligible dealer within 10 months of the end of a particular financial year....

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Admissibility of deduction from book profit of reduction in revaluation reserve under MAT provisions

Income Tax - This ruling provides guidance that withdrawal from a revaluation reserve is permitted to be reduced from the book profit, computed under the MAT provisions, only in a case where the book profit was increased by the amount of revaluation reserve in the year of creation....

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MAT, Clarification regarding add back of ‘Provision for diminution in the value of asset’ while computing book profit

Income Tax - It was zero-tax companies, which were profitable and paid dividends to shareholders but owing to various deductions/sops available under the tax laws did not have a taxable income and thus did not pay tax, that caught the attention of the legislators and led to the introduction of MAT. Under the existing provision a company is liable to p...

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The Direct Taxes Code Bill, 2009 – Minimum Alternate Tax on Companies

Income Tax - The concept of Minimum Alternate Tax (“MAT”) was introduced in the Indian tax regime to widen the tax net. Often there were situations where companies declared both profits and dividends but were not liable to taxation on account of various incentives and exemptions provided under the income tax legislation. MAT ensured that such comp...

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CBDT order on Mahindra Satyam won't take effect for 2 weeks

Income Tax - The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect for two weeks so that the IT company may challenge it in an appropriate forum....

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$2.6 bn tax on deal with Hutchison unfair – Vodafone CFO

Income Tax - Terming the $2.6 billion tax liability on the company as 'inequitable', UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake. Vodafone exuded confidence that there was no tax payable on its deal for buying majority stake of Hutchison in Indi...

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TDS on salary arrears will make government richer by Rs. 1400 Crore

Income Tax - The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central government employees, who were awarded increased salaries by the Sixth Pay Commission. The first installment of arrears (representing 40 per cent of the increased pay) was disbursed during financial year 2008-09...

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CBDT set up committee to formulate rules to enable acceptance of transfer pricing returns without scrutiny

Income Tax - The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rules that would enable the income tax (I-T) authorities to accept the transfer pricing returns without scrutiny. Transfer pricing refers to the price at which one arm of a company, usually a multinational corporat...

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CBDT may allow companies to adjust the FBT paid against the advance tax due in the March quarter

Income Tax - The government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March quarter, reducing the hazard of claiming a refund and slightly improving profits at a time of rising costs, said an income-tax department official. “The Central Board of Direct Taxes has taken an in-principle...

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Determination of ALP of an international transaction

Gharda Chemicals Ltd. Vs DCIT (ITAT Mumbai) - If we agree with this submission of the Id. A.R that as the ultimate tax liability of the assessee together with its AE does not vary even if the lower price is charged inter se, and hence the exercise done by the TPO be held as fruitless, then the provisions of section 92 to 92F would become redund...

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Validity of agreement for assignment of liabilities and assets by an assessee

MIRC Electronics Ltd. Vs DCIT (ITAT Mumbai) - However, in view of the fact that the agreement has been accepted as genuine in the hands of one of the parties and economic consequences have also occurred because the assignee has made the payment to the Government, the transaction is necessarily be treated as genuine one, and for this reason, ...

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There is no provision for adjustment for short payment of service tax of earlier period against excess payment of service tax in subsequent period

Lilason Breveries Ltd. Vs. CCE (CESTAT Delhi) - Learned Chartered Accountant submits that the excess amount paid in the subsequent period may be treated as mere deposit which can be adjusted against the earlier short payment and it may be paid alongwith interest. I am unable to accept the contention of the learned Chartered Accountant. The assess...

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Admissibility of deduction from book profit of reduction in revaluation reserve under MAT provisions

Indo Rama Synthetics (I) Ltd. (Delhi High Court) - This ruling provides guidance that withdrawal from a revaluation reserve is permitted to be reduced from the book profit, computed under the MAT provisions, only in a case where the book profit was increased by the amount of revaluation reserve in the year of creation....

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If Assessee already paid tax then interest can not be recovered further u/s. 234A, 234B or 234C

CIT Vs Emilio Ruiz Berdejo (Bombay High Court) - In the instant case, the deductee has already discharged tax liability with interest payable under Section 201(1)(a) of the Act. As such no further interest can be claimed by the revenue from the respondents either under Section 234A or 234B or 234C of the Act. The view taken by the Tribunal for the...

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Amendment to the Maharashtra Value Added Tax Rules, 2005

Trade Circular No. 37 T of 2009 - (30/12/2009) - The sub-rule (1) provides the different forms of returns to be filed by various categories of dealers. Earlier, the dealers. used to submit these forms of return-cum-chalan physically either to the Bank alongwith payment of tax, interest etc., if any or to the Sales Tax Department where tax liabilit...

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MVAT circular on Periodicity of return filing for the period 01.04.09 to 31.03.10

Trade Circular No.26 T of 2009 - (01/10/2009) - Nothing in this paragraph shall apply to the said registered dealer unless he applies to the Joint Commissioner of Sales Tax (Returns), in Mumbai or as the case may be Joint Commissioner of Sales Tax (VAT Administration) in rest of the State....

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Trade Cir-11T of 2009 – Luxury Tax on luxuries provided in hotels from 1st May 2004 to 30th April 2005

LTR-2009/ 1/Adm-29/ B-139 , - (25/03/2009) - TRADE CIRCULAR Mumbai, Dt.25.03.2009,     No.LTR-2009/ 1/Adm-29/ B-139  ,         Trade Cir. No. 11 T of 2009 Sub: Luxury Tax on luxuries provided in hotels from 1st May 2004 to 30th April 2005. Ref: 1) Notification No.LTA-1090/ 179/ Taxation-2 dated 21st January, 1992. 2) Notification No.LTA...

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Recent Posts in "tax liability"

FAQs on Tax Deducted at Source (TDS)

1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G and Form-15H? Difference between TDS and TCS? What is due date for remittance of TDS certificates? (Form-16 and Form-16A)...

Read More

FAQs on MVAT Audit Report in Form 704

What is Audit Report in Form 704? Ans : It is a report under section 61 of MVAT ACT, 2002 to be submitted by eligible dealer within 10 months of the end of a particular financial year....

Read More

CBDT order on Mahindra Satyam won't take effect for 2 weeks

The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect for two weeks so that the IT company may challenge it in an appropriate forum....

Read More

$2.6 bn tax on deal with Hutchison unfair – Vodafone CFO

Terming the $2.6 billion tax liability on the company as 'inequitable', UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake. Vodafone exuded confidence that there was no tax payable on its deal for buying majority stake of Hutchison in Indi...

Read More

TDS on salary arrears will make government richer by Rs. 1400 Crore

The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central government employees, who were awarded increased salaries by the Sixth Pay Commission. The first installment of arrears (representing 40 per cent of the increased pay) was disbursed during financial year 2008-09...

Read More

CBDT set up committee to formulate rules to enable acceptance of transfer pricing returns without scrutiny

The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rules that would enable the income tax (I-T) authorities to accept the transfer pricing returns without scrutiny. Transfer pricing refers to the price at which one arm of a company, usually a multinational corporat...

Read More

CBDT may allow companies to adjust the FBT paid against the advance tax due in the March quarter

The government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March quarter, reducing the hazard of claiming a refund and slightly improving profits at a time of rising costs, said an income-tax department official. “The Central Board of Direct Taxes has taken an in-principle...

Read More

Determination of ALP of an international transaction

Gharda Chemicals Ltd. Vs DCIT (ITAT Mumbai)

If we agree with this submission of the Id. A.R that as the ultimate tax liability of the assessee together with its AE does not vary even if the lower price is charged inter se, and hence the exercise done by the TPO be held as fruitless, then the provisions of section 92 to 92F would become redundant. Since the provisions require the de...

Read More

Validity of agreement for assignment of liabilities and assets by an assessee

MIRC Electronics Ltd. Vs DCIT (ITAT Mumbai)

However, in view of the fact that the agreement has been accepted as genuine in the hands of one of the parties and economic consequences have also occurred because the assignee has made the payment to the Government, the transaction is necessarily be treated as genuine one, and for this reason, ...

Read More

There is no provision for adjustment for short payment of service tax of earlier period against excess payment of service tax in subsequent period

Lilason Breveries Ltd. Vs. CCE (CESTAT Delhi)

Learned Chartered Accountant submits that the excess amount paid in the subsequent period may be treated as mere deposit which can be adjusted against the earlier short payment and it may be paid alongwith interest. I am unable to accept the contention of the learned Chartered Accountant. The assessee paid the service tax of excess amount...

Read More
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