tax purposes

Partial and Full Partition of Hindu Undivided Family (HUF)

Income Tax - Partition is the severance of the status of Joint Hindu Family, known as Hindu Undivided Family under tax laws.Under Hindu Law once the status of Hindu Family is put to an end, there is notional division of properties among the members and the joint ownership of property comes to an end. However, for an effective partition, it is not nec...

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Expenses disallowed in the hands of the Company cannot be added in the taxable income of the Director of the Company

Income Tax - The Income-tax Appellate Tribunal, Mumbai in the case of Mrs. Bakhtawar B Dubash v. DCIT, Mumbai (ITA No. 403 1/Mum/03), Mrs. Sudha D Dubash v. DCIT, Mumbai ( ITA No. 4032/Mum/03) has held that an amount disallowed in the hands of the Company for corporate tax purposes, should not be taxed again in the hands of its Director as the same a...

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Tax on Services but What is Service

Income Tax - What constitutes ‘Service’ is certainly a subject matter of discussion. Its plain meaning is an Act of helpful Activity or Rendering of Assistance or Help. Service is generally a feeling in the form of efforts and excludes sale of goods or property or commodities. It pre-supposes existence of a Service Provider. For Service Tax purpos...

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IT professional can't avoid tax on foreign earnings

Income Tax - In a ruling which could affect tax payments of thousands of employees of Indian IT companies earning mega bucks on overseas assignments, the Authority of Advance Rulings (AAR) has said that that there was no escape from paying tax on the amount earned during a stint with the employer's foreign affiliates....

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Services provided during Hindus' marriage ceremony not exempt from service tax

Income Tax - The Hindus' marriage ceremony is not a religious but a social function and various kinds of service providers, including those erecting tents for it, are not exempted from paying service tax, the Delhi High Court ruled today. A bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna gave this ruling dismissing a plea by All India Te...

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Convergence to IFRS require recognition of unrealised profits and losses, what about taxability of the same

Income Tax - The increasing attractiveness of the European and Asian capital markets has prompted emerging economies like-Brazil , China, India, and Russia to converge their existing accounting standards to International Financial Reporting Standards (IFRS). Over 100 countries have now adopted or permitted IFRS or have based their local Generally Acc...

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Bonus stripping under the Income tax lens

Income Tax - After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax....

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Deductibility of premium on forward contracts in the year of entering into such contracts

CIT Vs. Industrial Finance Corporation of India (Delhi High Court) - The Delhi High Court (HC) [2010-TIOL­42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which held that the difference between forward rate and exchange rate prevailing on the date of entering into forward contracts is fully allowable as deduction even if the...

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MVAT circular on activity code to be mentioned in audit report form 704

Trade Circular No. 38 T of 2009 - (31/12/2009) - Activity Codes are numerical codes that are used to define the activities of an economic unit. These codes are developed by National Industrial Classification (NIC) 2008. It is a standardized system of classification of economic activities essential for meaningful collection of data relating to such...

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Recent Posts in "tax purposes"

Partial and Full Partition of Hindu Undivided Family (HUF)

Partition is the severance of the status of Joint Hindu Family, known as Hindu Undivided Family under tax laws.Under Hindu Law once the status of Hindu Family is put to an end, there is notional division of properties among the members and the joint ownership of property comes to an end. However, for an effective partition, it is not nec...

Read More

Services provided during Hindus' marriage ceremony not exempt from service tax

The Hindus' marriage ceremony is not a religious but a social function and various kinds of service providers, including those erecting tents for it, are not exempted from paying service tax, the Delhi High Court ruled today. A bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna gave this ruling dismissing a plea by All India Te...

Read More

Convergence to IFRS require recognition of unrealised profits and losses, what about taxability of the same

The increasing attractiveness of the European and Asian capital markets has prompted emerging economies like-Brazil , China, India, and Russia to converge their existing accounting standards to International Financial Reporting Standards (IFRS). Over 100 countries have now adopted or permitted IFRS or have based their local Generally Acc...

Read More

Deductibility of premium on forward contracts in the year of entering into such contracts

CIT Vs. Industrial Finance Corporation of India (Delhi High Court)

The Delhi High Court (HC) [2010-TIOL­42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which held that the difference between forward rate and exchange rate prevailing on the date of entering into forward contracts is fully allowable as deduction even if the...

Read More

Bonus stripping under the Income tax lens

After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax....

Read More

Expenses disallowed in the hands of the Company cannot be added in the taxable income of the Director of the Company

Mrs. Bakhtawar B Dubash Vs. DCIT & Mrs. Sudha D Dubash v. DCIT [ITAT Mumbai]

The Income-tax Appellate Tribunal, Mumbai in the case of Mrs. Bakhtawar B Dubash v. DCIT, Mumbai (ITA No. 403 1/Mum/03), Mrs. Sudha D Dubash v. DCIT, Mumbai ( ITA No. 4032/Mum/03) has held that an amount disallowed in the hands of the Company for corporate tax purposes, should not be taxed again in the hands of its Director as the same a...

Read More

MVAT circular on activity code to be mentioned in audit report form 704

Trade Circular No. 38 T of 2009 (31/12/2009)

Activity Codes are numerical codes that are used to define the activities of an economic unit. These codes are developed by National Industrial Classification (NIC) 2008. It is a standardized system of classification of economic activities essential for meaningful collection of data relating to such activities. This classification does no...

Read More

Tax on Services but What is Service

What constitutes ‘Service’ is certainly a subject matter of discussion. Its plain meaning is an Act of helpful Activity or Rendering of Assistance or Help. Service is generally a feeling in the form of efforts and excludes sale of goods or property or commodities. It pre-supposes existence of a Service Provider. For Service Tax purpos...

Read More

IT professional can't avoid tax on foreign earnings

In a ruling which could affect tax payments of thousands of employees of Indian IT companies earning mega bucks on overseas assignments, the Authority of Advance Rulings (AAR) has said that that there was no escape from paying tax on the amount earned during a stint with the employer's foreign affiliates....

Read More

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